All Forum Posts by: Joseph Back

@Eddy Salinas @Andrew Kougl Glad to see more investors interested in the Lexington, KY market. The city continues to grow and properties are appreciating at a healthy rate. Would love to connect with you all. I own 9 rental units myself and work full time finding off market opportunities for other investors.

@Bryan Dennis I would say biggest thing starting out is mindset and education. Try to consume as many real estate podcasts and books as you can and surround yourself with people who work in the industry. Just listening to the BP podcast each week gives me a ton of education and inspiration, keeps me going with things are tough. In my opinion the most important differentiation between the professionals and those who never have success is persistence and taking action.

@Cody Godfrey Pretty simple for most deals.

1) Put target property under contract. Take a bunch of pics and create a detailed scope of work while onsite

2) Creating marketing piece for property that includes address, asking price, pictures, scope of work, ARV with comps to back it up

3) Send marketing email to potential buyers. Use a blitz campaign, post on any real estate investing FB groups in your area, post on Craigslist and also call anyone investors you think might be interested

4) Conduct some showings and get end buyer to sign an assignment contract in which they agree to assume the buyer's rights of the original contract for a set fee. If the assignment is larger than $10,000 might be better to just sign a new and separate contract with the buyer at the higher price and then do a double close. That way the buyer doesn't know how much you are making.

5) Once contracts are signed send them over to closing attorney to run title search and get closing scheduled

6) Attend closing and collect check

@Brock Lile I have never used REI Automator but our company uses "Beast Mode CRM" from the REI Automation Squad and are big fans. Would recommend you to check them out as well.

@Godwin Ashley Dilibe Offiah I could spend hours and hours speaking to just list finding and generating. I would say when you are just starting out to focus on absentee owner lists from Listsource. Also, you should check out Sean Terry's Flip 2 Freedom podcast and listen to it starting with episode 1 back in 2010, he walks through every aspect of wholesaling.

@John Loscalzo Your local tax assessor's website should have the most up to date records on the current owner's name and mailing address. I would say the best site for finding phone numbers starting out is White Pages, pretty cheap too.

@Robert C. I would recommend starting with researching and learning about lead generation because that is the first step for either of these businesses. If you can create a good consistent lead generation strategy you can then choose your exit strategy one a deal by deal basis. The most important aspect of any real estate business is finding motivated sellers.

@David Wrenn $100 is not much, I would say the absolute best way to spend it driving for dollars then mailing all vacant/distressed looking properties you see. Also, use the money to skip trace and cold call those owners as well. This is the only method I could see resulting in a deal for just $100.

@Doug Johnson Welcome. I am an investor and wholesaler right here in Lexington as well. Your point about the urban service boundary land locking and therefore creating a shortage of housing in Lexington is definitely true. However, I would say there still is a lot of opportunity here and would encourage you to join the Bluegrass Real Estate Investors Group FB group, local group of a bunch of investors who meetup and discuss all thing real estate investing once a month.

@Chris Seveney Interesting point. Never thought about this sort of situation. Still think there is some opportunity in the space but definitely some pitfalls to be aware of.