All Forum Posts by: Michael Thorne

@Ryan Talmadge that’s wonderful advice - I love it! That’s the kind of thing that I like doing (the recognition) and I appreciate you helping me keep it front and center. 

Good morning BP - 

Direct mail is tried and true - but based on the number of postcards and letters I get on my rentals, I am thinking some efforts may be wasted or getting tired.  I am wondering what ideas experienced investors have used successfully other than out-of-state owners or different address owners. Are there any demographic info you have found that indicates people may be open to discussing a finding a way out of their property? Do you look for certain implied equity or length of time in a home? What has worked for you?

Thanks!!

MT

Hi BP Community - 

I am starting my marketing efforts and one of my tactics I am using is direct mail.  I am wondering what ideas experienced investors have used successfully other than out-of-state owners or different address owners.  Are there any demographic info you have found that indicates people may be open to discussing a solution for their property?  Do you look for certain implied equity or length of time in a home?  What has worked for you?

Thanks!!

MT

@Scott Ashworth thanks, that’s great on the written contract. I agree and will use that approach.

@Evan Polaski Thanks for the reply. The wholesaler representative is the one that said I would not have access - i will have to press on that one. Could it be because there is a double close?

Having everything lined up day one is why I asked this question in this post - that’s my goal.

Good words on doubling the timeline - I have (in my mind) padded expenses so as to have a good estimate, but based on what you are saying I may not have padded the timeline enough.  Even more reason to have everything lined up ahead of time.

@Stephen Kehoe thanks I appreciate it. I figured there would be something on BP.

@Debbie Fales thank you, I will check it out!

@Debbie Fales are there online resources or maybe even in BP for a detailed SOW?

HI BP Community - 

I have contracted a house for my first flip in Arlington, TX. I got it from a larger wholesaler and the margins are thin, so to get the best return, it needs to be "nice" - have a little bit of that wow to it to maximize ARV to compare to comps, but with a real cap on expenses. Plus, I am using hard money so time is of the essence. I close 4/21.

What advice/guidance do you have out there for getting things in order so that when I close I can hit the ground running on 4/22?  E.G. lining up contractors & getting bids while i can’t go through the house?  Buying/ordering supplies? Is there an order that you like to do things? (Ceiling, walls & paint, floors).  What mistakes have you made that I can learn from?  Thanks!!

@Matthew Manzi ditto on what was shared.  I saw a presentation last month that there was less than a month of inventory in most of the areas in DFW.  It looks to be that way for a while. While not as wild as Austin right now, DFW selling very quickly right now, multiple offers, just a few days. I am new to investing and getting my team/process in place - I have not yet found a deal that as a new investor I am willing to pull the trigger on due to thin margins. That translates as risk to me right now.  Let me say too, if you need some “boots on the ground” to go take a look at a property, take pictures, whatever, I can help you out as an experience gaining endeavor.