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All Forum Posts by: Isaac El

Isaac El has started 49 posts and replied 257 times.

Post: Wholesale Marketing Technique (Rank order of effectiveness)

Isaac ElPosted
  • Springfield Gardens, NY
  • Posts 258
  • Votes 63

@Paul Tibok got it, thank you, learning the lingo

Post: Wholesale Marketing Technique (Rank order of effectiveness)

Isaac ElPosted
  • Springfield Gardens, NY
  • Posts 258
  • Votes 63

@Cody Evans sorry im new to this, whats a bird dog???

Post: making a cash offer without a realtor

Isaac ElPosted
  • Springfield Gardens, NY
  • Posts 258
  • Votes 63

@Antoine Martel looking to buy 1 and 2 family homes.

Post: making a cash offer without a realtor

Isaac ElPosted
  • Springfield Gardens, NY
  • Posts 258
  • Votes 63

@Jody Schnurrenberger thank you Jody, I have started driving for dollars, I know a lot of people buy lists, but I was thinking of making my own list, not sure if thats stupid or smart, but every week adding 50 - 100 properties it will get big quick, but atleast not wasting money sending mailers on waste, thinking this way it will be a leaner list, and better than industry average of 1 - 2%, again I have never done a direct mail campaign and have been getting lots of helpful information here, anything you can give me for advice, greatly appreciated.

Post: making a cash offer without a realtor

Isaac ElPosted
  • Springfield Gardens, NY
  • Posts 258
  • Votes 63

@Mike Dorneman - thats beuatiful, I wish I could do that, trying to learn as much as possible to get to that level, sounds like it went very smooth.

Post: making a cash offer without a realtor

Isaac ElPosted
  • Springfield Gardens, NY
  • Posts 258
  • Votes 63

@Antoine Martel Hi - I am new starting out, what advice do you give for finding deals off market?

Post: My Direct Mail Campaign Results Have Been Atrocious

Isaac ElPosted
  • Springfield Gardens, NY
  • Posts 258
  • Votes 63

@Jerry Puckett  Hi Jerry, you mention 

The only number I ever give is what the house is worth TO ME. This should carry through to your appointment with the seller, negotiations, and offers also. 

I have read this entire post - and been taking notes, getting my list and going to start my DM campaign.  I agree with you offering the price its worth to you, but what are some strategies of doing that when your offering somebody an offer way lower, do you get a lot of rejection?

Post: REO Help and Advice for someone new starting out

Isaac ElPosted
  • Springfield Gardens, NY
  • Posts 258
  • Votes 63

REO question.

I am new to real estate and trying to learn as much as I can - BIGGER POCKETS community is great!

I have been going to the real estate foreclosure auctions, so when a property goes to auction either people bid on it and win (yay) or the upset price is too high and "it goes back to the bank" After that is where I am getting lost. From what I understand this is where it becomes an "REO/Bank owned property" and the Bank has agents it works with that is supposed to get a number of bids - with proof of funds, and submits them to the bank and they will resell it. (that is what I am understanding is supposed to happen....)

But lets say the auction for purpose of example was on January 1 - and it goes back to the bank, is  there any general rule to when or how long does it take to get listed or available through the bank now?  Do banks list the agents they use locally?

Any "REO" I found - and I have been calling tons of them I always get the same response, "ohh we are under contract already" I am kind of get a feeling something else is going on.... like the agents have their go-to buyers they have been working with for years and it goes to them,

I don't even believe its going to the real highest offer - 

Kind of lost on this - any help/advice greatly appreciated!

Post: Buying from Wholesalers

Isaac ElPosted
  • Springfield Gardens, NY
  • Posts 258
  • Votes 63

@John Thedford  John that is an incredible reply and very informative

Why would you want to deal with people that skirt laws? Most of them are operating illegally. Here is what I warn people about before they deal with these types:

BEFORE you deal with any unlicensed broker consider these ideas:........

I can tell you here in the NY market, specifically the city, queens, brooklyn, bronx - there are so many investors a wholesaler wont do any of those things, actually here its like you have to beg these guys(gals) to even give you a call, and they flip it fast to somebody they usually know and have been working with, in other words here the responsibility is on the buyer, like if you told the guy to give me a comp or whatever - he will hang up on you, yes they will say "the house is $300k, you need to put $80k into it, and you can sell it for $450k"  but your right, they have no idea and their numbers make it look good, where it might cost way more to repair it, (actually now that you mention it I am sure their are great wholesalers here that might do some of what your saying, but they wouldnt waste their time with somebody like me yet because I am not known yet, or like the big guys that do 20 - 30 properties at a time)

or I had one guy offer me one (after I kept calling him) and "This is a 2 family house, etc etc" and when I looked it up "it was actually an illegal conversion from 1 family to 2 family - very common here, and from what I am gathering very costly to and time consuming to fix"

Post: My Direct Mail Campaign Results Have Been Atrocious

Isaac ElPosted
  • Springfield Gardens, NY
  • Posts 258
  • Votes 63

@Leo Goykhman - can you give any examples?  I am new to real estate and this thread has been great.

When creating a marketing piece stick to these couple of points and you should see a pretty decent increase in the rate of response.

1) Write a good headline (write 10 before picking one!)

2) Use benefit driven bullet points (people want to know "Whats in it for me?)

3) Give them a REASON to want to communicate with you. (Create a USP/unique selling proposition)

4)ALWAYS, ALWAYS, ALWAYS, have a clear "Call To Action" Meaning be very clear on what specifically you want your reader to do next (I.E. visit your site ....or call a free 24 hour recorded message etc...you get the point)

Essentially you want them to know that you are a smart business person who is able to add value to their lives.

If you follow this very basic outline, you should see an increase in your response rate.

Hope this helps!

-LG