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All Forum Posts by: Joe Barletta

Joe Barletta has started 1 posts and replied 20 times.

Post: Biggest Hurdle Getting Started As A Real Estate Investor

Joe BarlettaPosted
  • Real Estate Broker
  • North Haven, CT
  • Posts 20
  • Votes 10

Hey everyone! 

Getting started is perhaps the hardest part of being a real estate investor. Everyone has different challenges and difficulties getting that first deal. 

I thought it would make a good topic for discussion.

Post your number number 1 biggest hurdle about getting started and I'll be happy to do my best to help you work through it. 

Other experienced investors are more than welcome to chime in with their advice and opinions as well!

-Joe

Post: what value can you bring to a mentor?

Joe BarlettaPosted
  • Real Estate Broker
  • North Haven, CT
  • Posts 20
  • Votes 10

Demonstrate you are a capable person and you will attract capable people and success. Provide value to them by bringing deals or leads that you are working on now to show your potential. Even if they are not a fit for the investor you will get  feedback. 

Also bring examples of deals you have done in the past that have made money for other investors. If you dont have any past deals then you need to learn as much from this investor about the types of deals they are looking for. And dont settle if they tell you "just bring us anything you get"...you WANT details. 

An experienced investor will give you all the necessary criteria you will need to get them the type of property they're buying. 

Then you actually HAVE to provide what you say you are going to do... nurture those relationships they will pay off over and over and over. Good Luck with the meeting.

Post: Turnkey

Joe BarlettaPosted
  • Real Estate Broker
  • North Haven, CT
  • Posts 20
  • Votes 10

Hi Kim, 

I have out of state rentals and work with turn key providers. The bigger companies that provide that type of service will have vendors they work with that they can recommend. If you are working with a reputable company you should be able to arrange representation. If you'd like to discuss inbox me and I'd be happy to help. 

Have a great day! 

Post: New Member from Connecticut

Joe BarlettaPosted
  • Real Estate Broker
  • North Haven, CT
  • Posts 20
  • Votes 10

Hey Regie, 

Welcome! ~ How are your real estate endeavors coming along? Im located in North Haven, if you need help with anything specific please let me know. 

Have a great day!

Joe

Post: Starting a Wholesaling in Tacoma-Puyalluo-Lakewood

Joe BarlettaPosted
  • Real Estate Broker
  • North Haven, CT
  • Posts 20
  • Votes 10

@Rudy Manna Yes you will always get a better deal by doing your own marketing and getting directly in front of sellers first before another agent gets involved. 

It is especially crucial in hot markets when investors are all over the MLS. If you get a real deal and numbers make sense you can have droves of buyers.

Post: Starting a Wholesaling in Tacoma-Puyalluo-Lakewood

Joe BarlettaPosted
  • Real Estate Broker
  • North Haven, CT
  • Posts 20
  • Votes 10

Hi Rudy, 

Direct mail is in my opinion the best strategy for leads. Before you scale up big make sure you test small and know your response rates/metrics so you have something to measure and project off from.

You are correct the best deals dont need to be sent out in an email blast. If I get a lead and it meets my criteria to rehab i'll keep it inhouse if not I go to my tiered level of investors. 

Once you have established enough relationships with experienced investors you know who you want to work with. When you get a deal and the numbers make sense they will sell with a phone call to your top investors. 

No need for email blasts, I utilize that only when a deal is tight or outside my normal area. Most rookie wholesalers inflate ARV, underestimate repairs and try to make too big a fee.

It doesnt take long for people to see that and unfortunately its done too often. 

Best Regards, 

Joe

Post: Business has hit a plateau ):

Joe BarlettaPosted
  • Real Estate Broker
  • North Haven, CT
  • Posts 20
  • Votes 10

Hey Trey, 

First off Kudus to you for having come this far at only 19. Great Job. 

I could give you an entire book of a response here but Ill try to give you some bulleted thinking points. 

- First off with your partners are you working together as a team do you each have assigned capacities as to roles and responsibilies? Is there an over lap or confusion as who is getting what done and when? Is that person the right fit for the role? 

- Are your goals clear, how often do you meet to discuss progress?

- Your marketing plan seems appropriate. How long and consistent have you been deploying 1000 weekly DM pieces, 50 Bandit signs, 20 door knocks, and 20 meetings?

- How many total leads have those efforts converted? How many offers were made? Once you get a lead and make an offer, even if seller says "NO" you have that lead in your database and Follow up routinely until the sell to you or someone else. BUILD THE PIPELINE  - THE $$$ IS IN THE FOLLOW UP>

- NEXT If you are marketing consistently you should be tracking your numbers. What are the number of calls you can expect from 4000 DM pieces? Statistically DM response is 3% average depending on the list you use that can be higher or lower. Test repsonses with different lists and mail pieces, with marketing it is always test and tweak. Continually look for ways to improve and track the results. DM will be your biggest expense but will also be the biggest driver of deals. 

- If you know your numbers Key Performance Indicators KPI's that will give you an insight into the business. For instance - For every 30 leads that come in we make about 10 offers which translates into 1 deal. Know how much your costs per lead, costs per deal and that will give you an ROI on your marketing.

- Bandit Signs are labor intensive but drive good leads. Systemize the routes, plot the locations, use an ap called simpleCrew and hire someone to do the routes on a routine basis. If its off your plate and some elses' job it will ensure they go out every week and it will burn out your compettion if they are going out on there own.  

- Lastly, we all hit resistance in this buisness. It wont be your first or last time embrace the process. Its part of the hustle.  

- Keep communicating with your partners, delegate responsibility and roles, continue to improve your marketing, track your Key Performance Indicators and look for ways to improve response rates - Make offers, make offers, make offers - follow up follow up follow up- convert a deal => rinse and repeat. 

Best Regards, 

Joe 

Post: Newbie from Connecticut

Joe BarlettaPosted
  • Real Estate Broker
  • North Haven, CT
  • Posts 20
  • Votes 10

@Raymond Murray How are your real estate endeavors coming along? It is very easy to succumb to analysis paralysis. There is soooo much information available and not to mention being constantly bombarded with different types of strategies it is difficult to get the ball rolling. 

I always say you can read every bit of information in the world about cars and driving but until you get in, grab the wheel, and put your foot on the gas is when you learn how to drive. Investing is the same way. 

Break it down to its simpliest forms. 

IF Buy and Hold is your strategy and you want to purchase 1 deal by year end. 

Step 1. What are your financing options? If you can afford to go conventional with a down payment, look for the best lenders and get pre approved. If you are light on capital perhaps buy and hold is not the best strategy to get started, perhaps wholesaling to get some capital built up or you will need to seek out seller financed options or Private money lenders to come up with that down payment.

Step 2. Target your market. Once you have your financing options in place and with a pre approval for funding amount or private money lender, parter etc. Target areas where you want to invest that you can afford. Meet with realtors, go to open houses in the area. Talk with investors who work in the area, learn values and rents.

Step 3. Start Making Offers - It may take some time looking at plenty of houses and working with sellers who are not motivated enough to accept and offer that makes sense from us as an investment standpoint  but dont be deterred. Make you offers based on numbers and returns and stick to that. Make sure you write offers with proper contingencies that will allow you to limit your risk while you are able to lock up a good deal and still give you the time for your due diligence. 

Joe B.

Post: DIRECT MAIL (CHARLOTTE, NC)

Joe BarlettaPosted
  • Real Estate Broker
  • North Haven, CT
  • Posts 20
  • Votes 10

Hi Chris, 

Welcome. Direct mail is arguably the best way to generate consistent motivated seller leads for your business. All marketing needs to be done consistently, so set aside your budget, divide it into weekly amounts and deploy come hell or high water. 

Determine a list to target whether Probate, Inherited, absentee owner with high equity, pre foreclosure are the usual suspects. You can look up data providers. Good place to start Alesco data and List source. 

Then decide if you have it in your budget to out source to a mail house or your are going to self fulfill. Trust me the quicker you can get the stuffing stamping and writing off your plate the better off you will be. 

We use yellowletterscomplete.com for our bigger campaigns. Hope that gives you some direction. 

Cheers!

Post: Real Estate Training CT

Joe BarlettaPosted
  • Real Estate Broker
  • North Haven, CT
  • Posts 20
  • Votes 10

@Robert Harlacher Sure thing, I will send you some info check your inbox for colleague request. Have a great weekend!