All Forum Posts by: Oz Pariser

Hi all,

I have always found success stories very inspirational and I've looked forward to posting my own for a long time. I can finally say that my first deal is done, and my partner and I walked away with a net profit of just under $25k.

I found this property through a direct mail marketing campaign. I mailed letters to a list of absentee owners with over 70% equity. The seller had a large delinquent tax bill and was defaulting on his payment plan due to a financial crisis. He told me he had a "gun to his head" - most definitely a phrase that a motivated seller would use. 

He owed 70k on a private mortgage and the delinquent taxes were around 22k. We offered him 97k so that he could walk away with 5k cash in his pocket, and he accepted. We initially considered rehabbing the project, but realized that selling as-is would bring us a bigger profit. So we cleaned it out, did some minor landscaping, and put it on the market at 140k and got a cash offer at our asking price within 2 weeks.

So now I have my check for half that profit and I'm ready to more than triple my marketing efforts using this money! I can't wait to ramp my business up and take things to the next level! Thanks BP for all the education thus far and here's to much more success before the year is up!

Oz

I tried it and I didn't particularly like it so I cancelled. I wanted tax delinquent and probate leads but they don't offer that information in my market so I cancelled. I imagine it might work well for some but it wasn't for me.

Hi everyone,

I'm looking to expand my cash buyer's list and I figure BP is the perfect place to do it. I just finished up a successful marketing campaign and am gearing up for another one soon (in Hartford County). If you're interested in seeing the deals I come across, shoot me a PM with your email, phone number, and criteria and I'll put you on the list. Thanks guys!

Oz

I'm no expert by any means, but I can try to explain it to the best of my understanding. Say you find a house with an after repair value of 200k and you can buy it for 120k, put 30k into it - so you're into it for 150k, then you refinance it and the refinancing lender gives you a 75% loan to value refinance, you've now pulled back out your original 150k plus you have 50k worth of equity already. This works if you pay 150k out of your pocket or if you get a hard money loan to originally finance the deal or whatever. The refinance reimburses the 150k to whomever put it in. So you can now use that for the next deal. As I understand it this only works with value add deals, ones where you can get forced appreciation by rehabbing the property. If you bought a property at retail value there would be no value add so if you were to refinance and get 75% LTV you wouldn't get all your money back to use for the next deal.

I'm also wondering how those who use automated follow up contracts go about pulling the seller mailing address from your mailing list into podio without manually having to enter it. This has proven to be a challenging process so far

Hello BP,

I have a question for you. I hear a lot of people talk about sending filled contracts with a final offer as a method of follow up if you couldn't come to an agreement with a seller. That way they have it if their situation changes and you're likely to be the one they call. My question is, how long do you make these contracts valid for? Do they expire? Most contracts expire after a set number of days, but that wouldn't make sense for this situation would it? Because the seller may not be ready for 6 months, a year, who knows how long. Would love to hear your thoughts on this.

Also, I'm trying to set up this follow up contract system so that it's automated through webmerge, podio and zapier. Do I need to fill out the buyer initials and signature portions through docusign as well? That seems extra complicated. It seems like I should just send the contract without signatures and initials, and if they are interested they can sign and send back, and then I can sign and initial my parts. What do you all think? Do you use automated contracts as a follow up method in your business? Thanks in advance for your replies

Oz

there's a great one right in west Hartford, done by the greater Hartford association of realtors. There's a rolling start so as soon as there's an open spot you can register for the course. It's around 500 bucks. Mondays and Wednesdays 6-9pm.  Has to be in person, I tried to find online as well but no such luck. Good luck!

That is awesome Michael Noto ! That sounds like an excellent deal. Interested to hear further updates and how the negotiation went down

Read 'The Miracle Morning' by Hal Elrod. It's an absolute lifechanger. I first heard him on the BP podcast and it blew my mind. The miracle morning routine is what I do every day now and it has had a huge impact on my growth as a human being and an investor.

Check out investor carrot and lead propeller, both are very affordable. I use investor carrot and I'm pleased with their services. As with anything else, you get as much as you put in. If you want tons of Internet leads you have to spend the money and put in the work to get your website ranked and generate traffic. Good luck