All Forum Posts by: Account Closed

Hey @Sean OToole, I can't thank you enough for this. I've heard that absentee owners are the way to go, so do you still suggest door knocking as my primary initial source?

Also, what other option besides listsource.com would you recommend? Thank you!

Hello, 

I am beginning my journey as a wholesaler, and I am starting to realize that direct mail is one of the major ways to get leads. Now my question is about the structure of your direct mail campaign. I was wondering if some of you could share how you direct mail when it comes to how many a month, what frequency, etc. I know that it takes a couple times of sending yellow letters or postcards to individuals (i.e. 5 to 6x) to get a reaction. Let's say I were to focus on pre foreclosures. I go to listsource and I get a list of 100 specific people. I send each of them a yellow letter. How long should i wait until I send them another letter? Also, in the meantime, do I look for another list of preforeclosures in another area? Or maybe look at absentee owners now and get a group of 100 absentee owners and send to them? Because essentially, even in your own county, especially Los Angeles, there will be hundreds of thousands of people you can always mail to. My point is, at what point do you stop? Do you stop when your funds stop? what would you recommend to someone that has limited funds and is just starting out. Any advice & personal success stories and tips would be appreciated. Thank you in advance. 

@Eddie Prosser

Hey thanks for the response Eddie. I don't what you mean exactly by "Another option would be to get a new first loan which would include a holdback for rehab $'s". This would be another senior loan? How would that work?

@David Oldenburg@Bill Gulley

I appreciate the help guys. I have a much better grasp now!

@Ned Carey yes thats true, and I appreciate all of you helping to clear it up for me. 

@Manolo D.

Got it, thank you. Too many big players in Cali lol 

@Renee CatoYes, this helped a lot. Thank you. Essentially, its the first process of the two that I presented. 

@J Scott@Account Closed

GOT IT! Everything is cleared up. Thank you guys for helping me out. 

@J Scott@Ned Carey

I am sorry to have confused both of you. My question was regarding getting a big enough loan, not a loan that's too small. In a place like California, where you can purchase a home for like $500,000, and an investor is looking for private lenders. he says that the minimum you can lend is $50k. Lets say that private lender puts up only $50k. Essentially, the investor can't do anything with that money right? Because the property is worth $500k, so I guess unless he wants that money strictly for rehab (unsecured loan), or he wants to put only 10% LTV (not likely), then this situation wouldn't make sense, right? Again, I apologize. I realize my wording in the beginning was confusing.

@Ned Carey Thank you so much Ned. I appreciate your advice. It helped a lot.