All Forum Posts by: Dan Miller

In addition to buying signs, can anyone recommend the metal stakes (w/ vertical flute signs) vs. the cheap wood stakes (w/ horizontal flutes)? Is one better than the other for the "we buy houses" signs?

I'm looking for some general guidance on rehab costs that I can apply to my MAO formula when making offers. I know it depends on a bunch of things, but looking for general rules of thumb (incl labor). I work in DC, so I know costs may be higher here than other parts of the country, but just looking for general estimates of labor + materials:

1) Kitchens: what should I assume for cost per linear foot (incl. cabinets--uppers and lowers, countertops (granite), sink, fixtures. What about kitchen flooring? any rules of thumb? I've heard $200-300 per linear foot.

2) Bathrooms: general costs to gut a bathroom, including tub and put in all new stuff (tiling, tub, vanity, flooring, toilet, lighting, etc.). I've heard about 5k.

3) Installing nice new windows

4) New roof

Thanks,
Dan

There is an ugly REO (looks like the foreclosed owner had a going away party), and it has a realtor sign in the yard. However, when I called the realtor, I was told that the bank hadn't figured out how to price the property yet, so it wasn't actually listed. I'd like to put in an offer on this house or talk directly with the bank, but as a newbie, don't know who to contact (it's an international bank). Should I just call the realtor directly to do the paperwork? It would be an all cash offer, so we're talking about 50-60 cents on the dollar.

It's worth about 375-400k ARV (3BR/1BA) and probably needs about 50k in repairs. Thus I was going to offer about 200k or so in cash.

Thanks,
Dan

I'm still a bit confused on the toll-free phone numbers for taking calls. I can't figure out what I need to set up as a new investor. I don't want to put my cell phone number on my marketing pieces, so at a minimum I need a different number that will at least get forwarded to my cell phone and include voicemail (not my personal cell phone voicemail though).

Second, I think I'd like an answering service. I know these also provide toll-free numbers. Where I'm confused is whether I should use view those two pieces separately (one company for voicemail/toll-free phone service and independently determine if I need an answering service). Can someone explain all of this to me?

What companies are good for toll-free numbers? I've been googling stuff, but I'm really confused.

Thanks,
Dan

I am in the DC metro area and trying to find out local ordinances in the various counties for bandit signs. Any suggestions with where I can look on the Internet or whom I can call?

Thanks!

Dan

I'm a new investor and trying to figure out how to get the best bang for my limited buck. Let's say I have $500 a month that I can spend on marketing until I get my first deal completed. What is the best way to market (I'm looking to either wholesale ugly properties or lease option pretty ones).

My original thinking was:

a) get an answering service and a zero option for a live operator to capture leads (probably $75 per month on average)

b) bandit signs (buy 200) "we buy houses" at a cost of about $350 or so (one time expense). don't know if stakes are included or not (metal or wood?)

c) some limited and very targeted direct mail (no idea on costs to acquire a target list, such as out-of-state owners or expired listings, etc.).

d) hand out flyers/business cards that say "we buy houses" etc.

If you had $500 per month to spend, I think my original thinking would be over budget, not including the one-time expenses of bandit signs, but not sure. Where would I get the best bang for my buck?

Thanks!

I'm a new investor, just getting started and trying to start both my marketing and set up my virtual office (if I need one). Before I order bandit signs, I'm tryig to determing if I need a 24/7 answering service. I have a full time job and I'm generally hesitant to have random people calling my cell phone, so I was thinking it may make sense. However, I don't know how much it would cost since the costs vary depending on minutes and # of calls. Can anyone give me a sense for a) if I should get such a service; b) which companies are reputable; c) general costs per month for this type of service for someone just starting out?

I'm also confused on 800 numbers, answering services, and live operators. Are all 3 different? Do I buy an 800 number first, then pay for an answering service which or may not include live operators?

Thanks,
Dan

I'm about to order my first batch of bandit signs--probably online. Was thinking 18x24. Where do I get stakes? What kind of stakes? Do the online shops provide them? Home Depot?

Thanks!

I'm a newbie, looking to wholesale. I've been farming thorugh my realtor/MLS in one specific neighborhood, where I'm getting very used to the house style, ARVs, and repair costs. Problem is that 85% of the listings are short sales, and I don't really know how to do those. More specifically, given that they are listed with an agent, I'm sure that agent doesn't really know how to negotiate a short sale any more than I do
(which is not at all right now).

Should I even bother putting in low all cash offers on those properties or just skip right on past them? My current approach is to go at 65% of ARV - rehab costs - wholesale fee to get to my max offer. Obviously, the bank loan is more than ARV or it wouldn't be a short sale. Am I wasting my time making offers on these listed properties?

Thanks,
Dan

Hi Charles,

Nice to meet you as well. Since that January post, I have decided (for now) to focus on Northern VA. I am looking for a rehabbers to whom I can wholesale properties, so please let me know if you know any that operate in the NoVA region.

Thanks,
DAn