All Forum Posts by: John Collins

If you are in CA, AZ, NV, OR, or WA - PropertyRadar hands down. Their Trustee Sale Tracking is the best if you're going to go for properties at auction. I live in CA so I'm fortunate to have access to PropertyRadar. $79 for 5 states. No brainer.

@Sunshine Chow Sorry I missed your response and for the delay. It's really hard to answer your questions broadly other than to say mastering nuance is the real opportunity.

The best way to get at those answers (and market yourself in the process) is to do the research.

I learned this from Sean at PropertyRadar.

Pick a specific target that you believe have the attributes that might make them a great potential deal. Let's say there's 1,000 of them.

Start by knocking on doors and asking them questions. Call some. The point is NOT to find a deal, but to confirm your assumptions that lead to that list of 1,000.

Guess what, they're going to be so much more willing to talk to you and answer/confirm assumptions than they are going to be to hear a pitch. Have some InkJet printed mockups of a 'couple postcards. Ask them which they like, do not like. What would get their attention, not. People for the most part LOVE giving their opinion (right or wrong) - hence why BiggerPockets is so big.

By the time you've talked to 100, you will be an expert in that local niche. You're goal is to make find out the nuances that matter. That will significantly improve the chances getting more response from the 900.

BUT! You don't just send to that 900. You test. Send 100 of one creative. Send 100 to another. Then call.

Again, market research. I'm terribly shy and hate cold calling. So I warm it up with just a small ask:

"Hi Sunshine, it's John Collins. I'm calling to ask if you recall seeing a postcard from me. I'm trying to determine if people noticed the bright pink paper. That's all. Not selling anything. Just trying to see if I'm wasting my money or not."

Almost every conversation that starts with research leads into why I am doing the research. "Oh, well since you asked..."

And what have they learned from me with that small interaction? That I'm a professional. I care deeply about not spamming people, that my message resonates. That I'm a good guy. Honest. Interested. Care about my community.

And you know what? People like to do business with people they know, like, and trust. People are STARVING for real honest interactions. Again, hence why BiggerPockets is so big.

In the long run, you rinse and repeat this process and you will not only become a local expert, you will uncover deals at a rate that exceeds the folks looking for the easy "secrets" and expect everything to be handed to them pre-packaged with a bow on top.

Are you going to make mistakes!?

Heck yeah you will. That's what is called EXPERIENCE.

Just make lots of small mistakes. Far better to screw up $100 than $1000.

My rule is 20/30/50: 

20% of my time is looking for market and deal opportunities and managing/organizing my lists.

30% research and really getting into the nuance that helps...

50% trying to connect and qualify

Inexperienced folks, in my observation, spend too much time in analysis paralysis.  You only gain experience by doing, so while as terrifying as it may be, you gain the same skills making one postcard as you do 1,000. So start with one. Then 5. Then 10. Same with calling (which I personally hate but am getting better at). I avoided it and avoided it until I set a goal I knew I could achieve. I made ONE call. Then TWO.

Hope this helps!

I'll third that. PropertyRadar. And as @Jay Hinrichs said: so much more. And that's important. It's hard to just focus on foreclosures these days. Not that they don't exist and "fortunately" the Sacto area still has some volume. But you have to be good at finding deals someplace other than the courthouse steps to bring consistency, frequency, and volume to your opp funnel. That's where PropertyRadar shines. It's a yes, and... here are 1,000 other ways to slice and dice up your market and find deals.

@Mike Wheless I use PropertyRadar. Flat price for unlimited access. I haven't purchased a list since I started using them. For $39.00 per month I can make as many lists as I want. And they keep them persistently up-to-date. For $79 per month I get phone numbers, email, social media profiles as well as foreclosure tracking. If you go to an auction in Sacto you'll see 9/10 folks bidding are using PropertyRadar.

@Donna Hardie besides Listsource, PropertyRadar.com lets you make as many lists as you want with 100s of criteria to narrow your lists down to be very specific.

"Lists of motivated sellers" are, for the most part, a myth. Lists of properties and owners with certain discrete characteristics that create a propensity for them to be receptive to a very deliberate, clear, and persistent offer from you do exist.

Many investors "blame the list" when the list does not perform to their expectations. In reality, it's their lack of effort in crafting and delivering clear offer persistently. Be certain to test and validate any list. And know that frequency matters. Better to send 12x to 1000 than 1x to 12,000.

@Anton Watt This is the technique I use to identify active investors doing flips in CA. Great video overview: https://www.propertyradar.com/blog/finding-flippers-know-your-competition-find-active-investors

I like how @May Emery is thinking. There's 42 absentee owned SFR/CNDs in Maricopa that are underwater and the owners are over the age of 75 and live in Washington. "Underwater Snowbirds Over 75" If you use PropertyRadar, here's the list: https://goradar.it/C000389B

@Alejandro Sanchez Short answer is yes. Long answer is if that you're new to this, know that chasing foreclosures is starting off in the more competitive end of the market. Foreclosure volumes have retreated to pre-recession levels - or even lower. But the recession created 1,000s of foreclosure investors...

Go visit a few auctions and get a feel for what competing for a home at the courthouse steps is like. There's 7 scheduled for today at 11:00 AM at 4808 N 22ND ST, STE 100, PHOENIX.

In the long run, your success will be more about what strategies for finding opportunities fit with your skills, motivations, and talents.

For example: I'm a small older guy. I've been told my personality is like Spock. In other words, door-knocking is not my thing. I'm intimidated by it. And my personality does not do me any favors when that door opens. I'm about as engaging as a rock. Cold calling I can deal with, but I don't get too excited for it. Not my thing. A warm call and I'm great.

I'm a data-driven desk jockey. I'm good at that. I love Excel. I'm not intimidated to send direct mail and email. I can out-research most seasoned vets. And write marketing copy as if I worked for David Ogilvy.

Meanwhile I know a relatively new young lady who is very personable. Her smile is infectious. Smaller than I and yet is not intimidated the least bit to drive for dollars and knock on doors. She's doing great.

There's 1,000 ways to find a deal. 100's of lists to start with to attack your market. There are ZERO secrets in this business. 

You will find amazing advice and insights in here, just as you will encounter forumalic uninspired regurgitations or methods that lost their sizzle a decade ago. And I can't reccommed enough that you join a local real estate investor club. Club - be sure it's a club, not a funnel for some investor network. Make friends. Talk to local experts. Most love to help a newbie get started. And that club network will come in handy should you get your first fish on hook.

Hard, persistent, process-driven work wins. Find what aspects of that toil gets you motivated, fits your talents and you will do awesome. Even if your talent is a big smile, or the ability to listen. That's about all you need.

 @Hannah Shadrick good question, I'm in northern California and have PropertyRadar to do that. They are not in Texas yet. I don't use ListSource so I can't speak to that specifically.

I'd focus on properties within ADU zoning, lot size, and then the typical characteristics for motivating an owner to sell. Marketing to owners who have the equity to pull off an ADU on their own may not be smart.

Focus on a "first-mover" advantage that the owner can unlock "sudden, unrealized equity" that over time will melt away as more ADU is built. At some point the market for larger lots will catch up in value if ADUs cashflow well in your region.

Hi Pauline. There are many services to choose from. Personally, I'm a fan of PropertyRadar.com. Unlimited access to every property and owner with tremendous detail and investor-specific analysis tools. And if you decide to reach out to that owner, those tools are built in.

Their mobile app is amazing. I probably lookup 100+ properties a day on it.

The only downside is they only cover California, Washington, Nevada, Oregon, and Arizona. But there's a rumor they are going to be nationwide at some point this year.