All Forum Posts by: Rick Pozos

Direct mail is not a once and done thing. You have to keep mailing out every month. 1000 cards cost $490 in postage. After 3 months if you get one wholesale deal that makes you 3k, then you doubled your money. Not a bad return.

Remember, this is not a get rich quick scheme.  Be patient and persevere!!!

I send out about 800 to 1000 cards a month and I end up getting about a deal a month from them.  But also, I hand out business cards everywhere I go, facebook page for distressed homeowners, website and everyone who knows me knows what I do. Try the cards along with other marketing.

I would send a postcard, then a letter and then a postcard again.  Somewhere in between all of that, I would go knock on their door(take someone with you). As said already, they are getting tons of letters because many people have that same information. To really stand out, make sure that your postcards and business cards are all the same bright yellow or orange or whatever color that jumps out at you. Keep sending to them every week or two.

MLS is one way of many. When you go to MLS you have a trained(hopefully), licensed real estate professional listing the property. I think that they are going to advise the seller to price the property at the fair market value. Deals?? Not really. You might be able to find something that has been on the market for a while, but deals or bargains have to be tracked down and sniffed out off of the MLS. This is just my opinion.

Most of the properties that I buy are never on MLS nor were they going to be. Distressed homeowners tend to be a little more flexible when it comes to price and/or terms.

I usually send the "Authorization to Release Information" form along with a power of attorney to the bank. You would want the seller to call the bank first and let them know that it is coming or if they have a certain form that they use. Some banks will only use their form. You can email me and I will send you the form that I use.

If you have to go to traditional financing, then I would pour almost all rental and personal income into paying down the properties to get them to 30% equity.  In the mean time, try wholesaling a house or two for some extra "paydown" money.

Perhaps you could find a private lender at one of the investor meetings. 

What about partnering with someone who has money to put in, but does not want to have such an active role??

@Account Closedwhat was your offer?? and what was the asking price?? 

Actually, I have never thought about an alarm system. Nothing is usually left in the house overnight except maybe for some material, but it is usually tile or sheetrock. Material is usually too heavy and not expensive enough to be worth it for a quick smash and grab.

I guess people could cause some damage to your property that you have just fixed up. When I do a rehab I usually talk with neighbors and ask them to keep an eye out for me. They have my business card for referrals and for late night calls of burglary if needed.

When I bought my first home in the 90s, we barely had enough to close the deal. After a few days the anxiety fades away. Yes it is normal to have doubts, fears, anxiety, etc. with your first home.

You sound like you are in a good position financially. Dont sweat it. Enjoy!!!

Get in front of the seller and ask. What can it hurt to have a serious conversation. Dont email, text, or go through the broker, talk directly with the seller in person.

Let him know that you can help with the timing of his deal, but want to be compensated for moving things around to his schedule.

There are lenders out there who will do portfolio loans. B2R is a sponsor here on BP. If the terms are not favorable to your partner, find another partner who is OK with the terms. Private money can be had from self directed IRAs. Just have to keep making the calls and finding out who will do the deals with your terms.