All Forum Posts by: Ian Patrick
Ian Patrick has started 1 posts and replied 41 times.
Post: Experienced Investor will Answer Questions for next few days
- Real Estate Consultant
- Philadelphia, PA
- Posts 42
- Votes 10
No worries. Just trying to help out. Enjoy
Originally posted by Richard Johnston:
Happy 2010! A New Year, A New Decade and a New Opportunity to Succeed Indeed!
Just wanted to post a "Thank You" note for all the pointers and so happy that you did not walk away when you were capped on. We are newbies here and appreciate the good folks with good intentions! Thanks again! Sincerely, D and R
Post: Experienced Investor will Answer Questions for next few days
- Real Estate Consultant
- Philadelphia, PA
- Posts 42
- Votes 10
Don't let the holidays be an excuse to slow down your business. There is still plenty of money to be made during them. Enjoy the holidays!
Post: Experienced Investor will Answer Questions for next few days
- Real Estate Consultant
- Philadelphia, PA
- Posts 42
- Votes 10
just to clarify, i dont do deals with ryan, that was in reference to the other question in the quote
Originally posted by Ian Patrick:
we split all of our deals 50/50 for the ones we send him. we dont usually sell to retail buyers.
Originally posted by G. Founder:
how do you find retail buyers?
Post: Experienced Investor will Answer Questions for next few days
- Real Estate Consultant
- Philadelphia, PA
- Posts 42
- Votes 10
yea. listen to ryan.
we split all of our deals 50/50 for the ones we send him. we dont usually sell to retail buyers.
Originally posted by G. Founder:
how do you find retail buyers?
Post: Experienced Investor will Answer Questions for next few days
- Real Estate Consultant
- Philadelphia, PA
- Posts 42
- Votes 10
Chris
You are correct in that short sales can take a lot of time and energy. If you have other parts of your business in REI that are running well, it might be worth the outsourcing route. My answer was geared more towards someone just jumping into the business. At this point, you already probably have a very good handle on transactions and what you are up against. It is worth doing atleast a couple yourself and then pushing it out to a 3rd party. Just my opinion. I noticed you are from Amarillo. I know a great wholesaler down there. He is top notch.
Originally posted by Chris Trook:
Short sales take a lot more time and energy then any of my other techniques so the only way I would consider short sales as being productive in my business plan would be to outsource them.
I guess I was asking to confirm what I had already believed. A smart savvy investor will outsource short sales. (once they understand it themselves)
Post: Experienced Investor will Answer Questions for next few days
- Real Estate Consultant
- Philadelphia, PA
- Posts 42
- Votes 10
Good answer. I agree. For someone just starting, it is very true. It will help shorten your "floundering" time. If you dont understand a part of the transaction/process, you are doing something wrong. You need to know every part of your business better than someone else. This can be debated, but I would say that I am yet to see how this isnt the case for a mid to small size REI company.
Originally posted by nationwidepi:
Originally posted by Chris Trook:
Do you guys handle them in house or do you outsource them?
Post: Experienced Investor will Answer Questions for next few days
- Real Estate Consultant
- Philadelphia, PA
- Posts 42
- Votes 10
We have a 3rd party handle them. We use a small local guy that does decent volume. I know there are these bigger national short sale guys, but we liked a guy that was local to our market
Post: Experienced Investor will Answer Questions for next few days
- Real Estate Consultant
- Philadelphia, PA
- Posts 42
- Votes 10
Which ad for sellers are you talking about? For mailers we simply use the public records on our local MLS. We dont do much with NOD's as they tend to be saturated but we have done a few deals with responses from mailers with them. Most of the homes we deal with are not in default. 1/4 probably are.
Originally posted by Tyler H:
Can you share exactly what you look for in the "ad" for potential sellers? And for mailers, how do go about getting the name and addresses to mail these out? Do you have title company do a search for you for NOD lists?
Originally posted by Ian Patrick:
1. Sellers - Newspaper ad and mailers
2. Buyers - Networking events
Find a couple of cash buyers at your local networking events and see where they buy and at what numbers. Then market to those areas.
Originally posted by Charlotte Lucchesi:
I am new to investing and I would appreciate any help and I think it is great that you want to help as I have received so much information from these forums. I do not have any one working for me so, My question to you is: How would I go about finding both sellers and buyers so that I could wholesale properties?
Post: Experienced Investor will Answer Questions for next few days
- Real Estate Consultant
- Philadelphia, PA
- Posts 42
- Votes 10
yes
Originally posted by nationwidepi:
Post: Experienced Investor will Answer Questions for next few days
- Real Estate Consultant
- Philadelphia, PA
- Posts 42
- Votes 10
Maybe I read your response wrong, but arent we more or less saying the same thing? Maybe I should have expanded my answer for that asked, but yes, the reason it is 50% is better explained by Jon.