All Forum Posts by: Mike G.

Thanks for the replies!

@Russell Ponce , Aaron's idea isn't bad, though there is no reason software couldn't easily do this.  Seems a little silly to pay someone to do this over and over again when it could just be automated in the process of importing the list.

@Recia Davis , I've begun to check out Podio.  It seems like it will do what I want, though it's a bit clunky.  It seems like the developers have gone out of their way to make a generalized system (which is cool), but as a result it's a bit confusing until you get used to it.  Also, they seem to be ignoring some basic functionality, such as being able to bulk edit a field across multiple entries or select which fields I want to have exported.  However, right now it looks like a workable solution, and if they flesh out the functionality a bit more, it looks like it will be a great tool.  I'll try to remember to report back here if I have any more insights or updates regarding Podio.

@Jerry Puckett , you obviously do a lot of direct mail, so if you have a system you're happy with, it must be pretty good.  I'm going to have to listen to your BP podcast.  Thanks for chiming in here!

@Darryl D. , I have my source lists in Excel, but I want to be able to put them all into one database, rather than having multiple Excel docs floating around that I have to compare.  I really appreciate your offer on this.  Let me check out the other ideas first.  Also, I know that fellow BP member Scott Costello has a mail management software system in beta that is worth checking out.

If your friend is willing to just give a fixed interest loan, that's the simplest way to go.  I can't believe people are throwing around 15%.  That seems like a lot to me, but money is cheaper here in California, I guess.

If your friend wants a percentage of the profit, I would give him 50% of a portion of profits, based on how much cash he put in compared to the total cash that was required.  For example, let's say he puts in $50k and you put in $50k.  Let's say you profit $50k.  Because he put in half the money, he would get 50% of half the profit, in this case $12.5k.  If he had fronted all the money ($100k), he would get 50% of all the profit, or $25k.

I really don't think Robert G's suggestion above works in the general case.  Let's say you put in $90k and he put in $10k.  Is it really fair that he receives 50% of the profit after you pay yourselves for your work?

I am in the process of looking for a program to manage my mailing lists and leads. I need something that lets me import lists which I will later export to send to a direct mail printing company. Because I may be getting lists of different types (inherited, absentee, high equity, whatever) or even a list with the same criteria in the future, it is quite likely that there will be duplicates from one list to the next.  I would like the software to be able to identify (and optionally remove) these duplicates based on the property address when I import a new list or manually enter an individual lead; I obviously don’t want to send out multiple letters/postcards to the same person in a given mailing. I would also like the software to be able to identify (and potentially remove) entries with the same Owner Last Name and Owner Mailing Address – this is for the case when someone owns multiple properties.

I would have thought this would be something inherent in CRM programs, but a look at a program like Zoho reveals that it does not do this at all. Any recommendations on a software package (or online hosted service) that handles this kind of duplicate entry removal for list management? Do I need separate list management and CRM programs, or is there a solution that provides both list management and lead management functionality?

It seems like an obvious thing to want a central database of all the people you are mailing, with the ability to have subsets of lists.  And also, when you get a returned letter or someone asks to be removed, that person gets flagged so that you don't mail them.  There must be some program out there that does this, right?

Thanks for any ideas or suggestions.

What am I missing here?   How does this help?  Wouldn't he just end up going through the hassle of a short sale, and still end up with nothing?

@Adam Zachmy , what you mentioned initially is typically referred to here as one method of "wholesaling".  If you do a search here in the forums, you will find many many posts about it.

Seems like it's just part of the business.  And, in fact, the most important part of the business.  I wouldn't be lazy when it comes to tenant screening.

If they want to sell for $175k, the house needs $50k in repairs and will resell for $325k, that sounds like an excellent deal.  If I had this opportunity, I wouldn't play games.  I'd buy the house for cash and be thrilled.  Refi with a hard money loan after purchase if you want.

As @Jaren Barnes said, if you prefer to buy locally, you can get rentals with better numbers further away from LA, like out in the desert areas.

When flipping houses, you pay regular income tax on your profit, not capital gains tax.

As for the 90 day resell restriction, the FHA restriction is on hold through the remainder of this year. However, some banks will put restrictions on time periods for reselling when they sell REO properties, or approve short sales. You may be able to negotiate with them to reduce the time period.

 I second this, with the caveat that sometimes things arrive broken.  So, it's best to order at least a couple weeks in advance of when you need the item in case you need to reorder.