All Forum Posts by: Michael Spencer

Rob K Do you have experience doing this? How long do wait to call the families?

Hmm, just a thought but would you guys consider it shady or resourceful to call the HR at companies in your county and ask them the names for the individuals who recently got let go? You could tell the company you have a business opportunity for that individual let go and would like to work with them.

Sounds kind of shady but would be a new and profitable demographic if you could specifically target them.

Adam Gerig, I'm doing Yellow Letter's and the the response rate has been great so far. I'm at a 2.8% response rate for this last mailing and i'm only 4 days in. I haven't used bandit signs before so i'm not quite sure how many calls 50 or 100 bandit signs will yield.

I think having a higher response rates (though less quality caller) is great when first starting out because you gain some valueable experience talking to leads and learn to control the conversation faster.

Some ways to cut costs for marketing is do it yourself. You can write your own yellow letters and the bulk of your expense will be postage. Later on you can research how to print yellow letters yourself with font that looks handwritten to save some time.

Thank you everyone for your responses!

I have been offering the lease option if they meet this criteria but they usually aren't interested in that either even after explaining the benefits (I guess my sample size is too small). How often do leads jump on the lease option from your experiences?

I was just making sure there wasn't something I was missing here and potentially costing me a deal.

Grant Kemp One of my leads wanted to sell her house ASAP for cash because she "needed" to buyback an old house she had regrettably sold a year prior. She had very high equity, needed no repairs but needed cash for her old house so I offered her 72%. I explained that because I can give her all cash that she would pay no closing costs, no hassle of having to list it or pay both Realtors their commissions, and could have the property closed in as little as 2 weeks.

...Then she told me she was a Realtor and wanted market value for her property. I told her to save my phone number and that if that number ends up working for her to give me a call. That seems valuable to me since she expressed regret for selling her property and what stuck out to me was she "needed" to buy her old property.

Hey BP,

I'm encountering a lot of leads who have high equity in their homes but the current value is a lot lower than what they purchased it for, so they are reluctant to sell at a price that works for me (60-75% minus repairs of market value).

My question is, is there a strategy out there to try to convert these leads to a deal or is this just the way of the land and a deal will come when proper motivation is present?

I'm trying to not waste any leads as much as I can and have tried offering lease options as an alternative without any success.

So what do you tell them?

Any and all input is appreciated!

My current lead criteria is as follows:

Absentee Owned (in & out of state)

Equity > 50%

No Trust

No Corp

Ownership > 7 years

Welcome Sunny!

@Karen M. http://www.meetup.com/ORANGE-COUNTY-FIBI/ is where I would enjoy meeting up wih different people from BP.

ATMs are a very nice way to make some passive income. Machines are 2k-5k (depending on what you need them for) and should pay for itself relatively fast (6mo - 1 year) if you place it in an area with decent foot traffic. I want to pursue this option for some nic

Good Job David!

What yellow letter did you end up using?

Keep us updated! I always like to read about response & conversion rates after a mailing!

Good Luck!

Barima Opong-Owusu, Standard Canary Yellow paper. I print the lines on the paper to make it look like notepad paper.

Brandon Turner & Jason Bohan, I don't know if this still works, but my wife had some issues with her credit when we were looking for our first property. She raised her credit score a substantial amount by getting added to her parents and my parents credit cards that were in good standing. Over a 3 month period her credit score jumped ~85 points.