All Forum Posts by: Account Closed

Thanks for the info guys!  I'll update next week when the auction closes.

BP, I'm looking at purchasing an REO going to action on Homesearch.com. It's a 4/4 duplex that will need some moderate rehab work done (about $37k), but it's on a pretty decent block. I'm confident in my ARV calculations, so I know what my MAO (including the 5% buyer's fee the auction site charges) will be however I'm unfamiliar with the auction process, and could use some guidance. The property will only come with a Special Warranty Deed. I'm working on getting my financing in order (FHA 203k), and was wondering if that will cause any major hang ups. Because there is no financing contingency, I need to make sure all my bases are 100% covered before I bid. Just from doing a basic search on the property appraiser's website, I see there are nuisance leans on the house. Should I go ahead and pay for a full title search before the auction? Finally, what should I expect from the bidding process? The house is listed on the MLS for $99k. Is what it's listed for typically the reserve price? Any advice would be appreciated. Thanks, Jordan

Thanks for the advice guys!  I'll impliment some of those changes.  

Thanks Karen!

Hey BP,

I've got my first marketing campaign getting ready to start, and I have some questions  that some of you more seasoned investors could help answer for me.

1. I ordered 500 bandit signs that I'll be putting around town over the next several months.  I've heard of some other investors putting them out late Friday night, and picking up what signs are left Sunday night.  Since I'm on a pretty tight budget to start, this sounded like a good way to save $ if all it cost me was some additional leg work.  Do you see this being worth it?

2. I've budgeted to mail to a list of 500 absentee owners once a month for 5 months  (small time I know).  Is it worth it to spend the extra $ for each card to have to homeowner name and address printed on them?

3. I want to order the cards in bulk to get the best price, but I just want to send 500 of them a month to the same list of homeowners each month.  Is there a company that will store the cards for me, and send them out each month, or am I better off just getting them all delivered to me, and sending them out myself each month?

4. Here's what I drew up for the message on the postcard.  Can I get some feedback on this?  Appreciate the input!

Dear (homeowner name),

I’m interested in purchasing your home at (homeowner address).

Call today, and your property problem could be behind you by next month!

I’ll make you a simple, all $$$CASH $$$ offer, and YOU decide when we close. You don’t even need to be in town to finalize the deal!

Don’t put this postcard down until you call (phone number) for your free consultation!

Jordan

Thanks for the replies!  Derek, in your opinion, what's the most effective business structure that will benefit me, and where I'm at right now?

Hey guys,

New here, and to the business, so I'm just looking to get some insight from you more experienced investors.

1) I've drawn up a budget of $500 per month for the next 5 months to use towards marketing.  I've read some good literature and talked to a lot of people about best strategies, but with such a limited budget to start off with, I want to make sure I get all the advice I can to maximize every dollar.  What have you found to work for you guys?  Yellow letters, postcards, bandit signs, car signs?  What's the best way to utilize that money?

2) I've never started a business before, and I want to know if it's worth it at this stage, or should I wait until I start making some income?  What are the advantages and disadvantages, and what's the best way to go about that when it's time?

Thanks for the advice!

Jordan Marshall