All Forum Posts by: Jarrod Frankum

@Alfonso Aceves

The meeting yesterday was the pay to play group. I don't go to those but i am connected to their Facebook. They did a brrrr strategy lesson. I just don't find value at the moment in paying $200 per year for the networking when we have a free group in town with all the same benefits. If you have spent any substantial time on bigger pockets, the classes they give are quite elementary even at both groups. However, the networking and real life numbers examples they give are where I find value.

@Evan Rattray

Welcome! There are two Lubbock REIAs. One meets at Keller Williams and has membership dues. The other is free. The free one is meeting this coming Tuesday, noon at Orlando's on Q

@Jakob Savage

when you did driving for dollars, how many houses did you find and mailers did you send?

Historically on average for widespread direct mail campaigns the response rate is around 2% on the first mailing. But the response rate goes up substantially higher after each campaign.  In one of the podcasts, the guest mentions an 85% response rate after 5 repetitions.    Forgive me for not remembering which one.. I think its podcast #12

This is definitely a numbers game.  I am very close to closing my first wholesale deal. I have been driving for dollars very faithfully.  I sent out a 149 letter campaign and got a call from a very motivated seller.

If I were in your shoes (In fact I very much so am...)  I would keep at it.  Ive spent around 40 actual hours in car driving for dollars and have near 300 leads.  I am knocking out large blocks at a time.  I also consider doing this a big plus because I get to see the market in my city on a very granular level.  So even if I don't get sales off of the bat I am considering it great education.   I firmly believe this takes some time to get the ball in motion, but once you do, momentum builds and will carry you forward.

My mentor recently just shared with me that there is a 'wall of the 1st deal.'  It seems so difficult to get all the steps in order to get your first deal, but once you do, the second becomes substantially easier.

I wish you the best!  Feel free to PM me if you'd like to hear my story so far.

Hey everyone! I just wanted to share with you all that I just got licensed in Texas! I shared this at the REIA meetup and everyone congratulated me. I feel like this was such a huge step for me. I feel that it helped prove that I mean business with RE. I am planning to begin wholesaling here via driving for dollars. I just sent out a 149 letter campaign and am now negotiating a deal with a motivated seller! :D

I am in Lubbock and am wholesaling to raise enough capital to begin B&H

Taking action is what matters.  Small steps at a time will lead to big change.  

Are there any other licensed wholesalers in Texas who have some tips for me to expand my business?

I was encouraged to begin looking at finding ways to establish a line of credit.  I do not own my own home and am a college campus minister. My *salary* only allows me to tinker with about $200/mo in marketing atm.   Once my first wholesale deal passes, I intend not to eat the profit, but roll it straight back into my business.

I am considering a few things.

1.setting up an S-corp (or LLC taxed as an S-corp?) I need to do more research.

2. building a website (thinking of using oncarrot/fiver)   Any recommendations?

3. Learning Podio for CRM  -  I have been told there are some preset podio packages available.  Any recommendations?

4. Business Cards -  This is a priority for me.  - any recommendations on design for handing out to potential bird dogs?

thanks again everyone for your continued support/encouragement/advice

@Kevin Sack

Houses here in town typically rent at about $0.85/sf on average. That may be a helpful tool for you

Welcome Bo. You are making the right steps to begin.   Really spend the time to educate yourself. I recommend a few books to take care of you while you continue your search.

Millionaire Real Estate Investor - Gary Keller
Investing in Real Estate - Gary Eldred
Investing in Real Estate with low and no money down - Brandon Turner

There are a few good local guys in Lubbock and they are on here at BP.   

I encourage you to go out and begin looking for deals.  Spend time just getting familiar with the process and if you find the right deal, the mentor will be there.  

@Jim Cummings Thanks very much. It wouldn't be difficult to carry those with me. Im looking forward to moving forward on this deal.

@Ryan Blake Thanks for the input. I will check with an attorney. So as far as locking up a property, that is the only form that is needed. What about the sellers disclosure, lead based paint etc. I just completed the Texas Licensing course but haven't taken the test yet. The information I have is all about buying through a broker/agent and I am unsure about the nature of off-market FSBO.

Hello everyone. I have a potential lead regarding an off market property that is paid off by owner. The house is in Irving Texas and I am unclear about which documents I would need to bring with me when the seller decides to sell to me. I am assuming I should use the TREC form for the seller but I want to make sure I am doing this right. This deal has potential to be a lease option. This property does have foundation issues, needs electrical updated, probably new roof. Interior is a time machine back to the 70s. I'm hoping some much more experienced than me can reach out and lend a hand. This would be my first deal. I am open to having someone mentor me if we can be a good match. This would be my first deal and has some strong potential. Thank you everyone for your time!

@Ana Karina Salazar hope to see you there