All Forum Posts by: Nick Hedberg

@Austin N. - I would recommend talking to a lender about the FHA self-sufficiency rule. If you need a referral for a lender, I can help out.

Most areas of Torrance you won't be able to cashflow. You'll have a better chance in Long Beach & Carson, but it will still be tough depending on your assumptions. Cashflowing with 3.5% down in LA is not easy.

As an agent I use Landvoice to get the phone numbers of all pre-foreclosures in LA County. It automatically populates to my dialer where I can dial 3 numbers at once. Saving a TON of time. I can after 15-20 conversations an hour! However after the first week they stop picking up their phone. I also use Intelius to skip trace leads and abandon homes I find doorknocking and driving for dollars.

I'm always looking for deals. Please send me off market properties to: [email protected]

Hi Ryan,

I live in Venice and have several lenders that could help. I'll shoot you a message.

Nick

Many of my client's are doing cash-out refi's and using the money to purchase additional properties or for rehabs. Lock in low interest rates for 15-30 years? Yes, please.

I would stay away from HELOCs unless it's fixed, many are variable. Also make sure the investment is worth the costs. You can easily dump a ton of money into a property and not see a return.

@Shawn Ward - Fantastic job and congrats on getting under contract so fast. Keep up the great work!

Looking great! I can't wait to see the finished product.

Paul Horn is a prominent Probate attorney in LA, he speaks at lots of events and I know agents that have used him with good results: http://www.learnprobate.com/

My title guy raved about the attorney @John Erik Fraker mentioned. I have talked to Schott Schomer and he seems like great guy. I wouldn't think twice about using him.

@Shawn Ward - Thanks for having me out to the house today and it looks great! Can't wait to see the finished project!

@Shariyf Grevious - No problem, answers below.

1. How many doors are you doing per day? 30-80. My record is 100 in a session and you will be exhausted!
2. What times and days are you knocking? The best time to door knock is whenever you are free. Just get out there and knock on some doors (as long as it's light out...). Personally I like to go between 4-8 because people are generally getting home from work. Roughly 30% of people are at home any time of the day.
3. What would you say is your "door knocked" to "door answered" to "listing" ratio and what is your "door knocked" to "door answered" to "wholesale/flip" ratio (example 1000 doors knocked, 300 doors answered, 1 listing, 1 wholesale).
   1. Door knocked to door answered: 20-35%
   2. I go by leads and I as an agent I generally get at least 1 lead per 50 doors. Once I've knocked an area multiple time I'm closer to 1/30 that might convert in the next year. I'm also knocking in hyper-competitive areas like Venice, Santa Monica and the Del Aire area of Hawthorne. 
   3. Other comments: I do geographic farming (knock ever door in the neighborhood) and targeted knocking (NODS, NOTS, affidavits, divorce, etc.) I've noticed you will get a much nastier response from the targeted groups and maybe 10-15% open their door. They are being knocked, called and bombarded by people that want to buy their house. Keep your head up and don't take it personally.
4. Would you mind sharing your script with the forum?

My agent script:

Me: Hello, I'm Nick Hedberg, your Venice neighbor and local real estate agent. Here is a local market update (hand them update) and I just wanted to see if you have any questions about this crazy real estate market.

Them: No - I don't want to sell (Yes, they say they don't want to sell even though I didn't ask them)

Me: I understand (step back and throw my hands in the air)! I live here and I'm not selling either. WHO do you know that might be looking to sell in the near future?

Them: (No one or starts talking about neighbors)

Based on their reaction I'll either ask how long they have lived in the neighborhood to continue the conversation or offer referrals and end the conversation. It's a numbers game and it's rough at the beginning. Build your confidence and expect to knock on a quite a few doors before you get leads. Name of the game is follow up. Don't expect to buy a house while door knocking, aim to get their contact info and set an appointment to come back. Follow up, follow up, follow up!

After you have knocked on the door take a step back and don't crowd the door. Stand at a 45 degree angle and let them get a look at you through the peephole. Smile. Wear lighter or pastel colors to appear less intimidating. Wear a name tag and look professional. People are terrified of being robbed or scammed. Once they have opened the door take a small step back to give them space and make them feel comfortable.

The key to a script is finding something that works for you. Read a bunch of scripts and figure out what you like. Find a way to add value and build rapport. Leave a flyer or a value add with them. Let them get a couple "No's" out of their system. The answer to the first question is almost always "No" regardless of what you ask them.