All Forum Posts by: Robert L.

There's many factors to consider (i.e. area & your design, if doing a postcard). I've received a decent response off of hand written yellow letters and everyone (if they are nice about receiving it in the first place) says how impressed they are. Keep in mind, your letter or postcard is likely not the only one they've received. But, like anything in life, if you don't do either you won't get a response at all. So, what do you want to do or what's your gut telling you to do? Do you choose postcards because they may be easier for you than hand writing your letters? Or do you give the personal touch and put the hard work in of writing the letters? I've heard great success from a kid who attended our REI club meeting. He hand wrote one letter and photo copied it (doesn't always come across well). Worked great for him. He also didn't go through a listing service. He drove for dollars and sent the letters to those houses that looked to need him. THEY DID! Listen to your gut and follow through.

@Will Zena Have you been to a local Real Estate Investor's club? You could find a Hard Money lender. The thing with hard money lenders is that they are often experienced RE investors. If they don't want to loan you the money, then you may be able to lean on their knowledge and what to look out for. With this route, you trade on percentage and points for their experience.

It could give you a good start without your house as collateral.

Listening to the BP Podcasts is a great first step. Only way I would involve my primary residence house on a flip is to partner with someone experienced and successful. Someone you can trust too. But, that's me. It depends on the level of risk you're willing and able to take.

As mentioned above, it depends on your relationship with your agent. Some agents are more open to helping their buyers than others. We did it through a program, where the agent was part of the program.

As far as phone service, I'd highly recommend Google Voice. Forward the calls to your cell phone. Have a voicemail greeting. Works great and is free. When you receive a call, it'll ask you to press 1 to answer, so it gives you an idea that the party calling has dialed your Google voice number. A land line is really not that great, since unless you have that forwarded to your mobile phone, you can miss calls. If you wait long to get back to someone, that can very well be a missed opportunity. And why pay more for that?

Yes, use the phone call to get to the house. Also, to build a little rapport by listening to their situation. If you have a pad of paper, try to jot down notes while they're talking. If they need to know more about what you're doing, just speak the truth, disclose what you need to disclose (so as not to be found shady later). Starting out, I had the same question. There's a podcast that actually covers some details you want to try and find out about the house, but if you have to find it out in person, don't make the phone conversation robotic for the sake of the info. Remember, they are calling you because they have a need. You're just finding out if and how you can help them.

Technically, I don't think they'll spy on you. But, they do ask about whether it's a primary residence. Are you going to start the relationship off by lying to them?

Welcome. Best of luck to you.

Being that we're in California and do get hit with that annual $800 for the LLC, I've been on the fence for whether it is worth it. But, since starting it and hearing that it needs to get seasoned for creditors to take it serious, I am glad we've opened it now. If real estate investing was a new concept to me, maybe not so wise. In case we decided REI is not a venture we want to pursue, since it would mean more work to undo. But, already waiting several years to get started with REI, I know that it is something I'm going to continue to pursue, come hard/rough times. I know I want to operate through the LLC as well, so starting it sooner than later sounds like it is the right thing to do for us.

Hi Ruben, I wish I remembered the podcast number that helped me with various questions. One of the earlier ones. You really just want to listen and respond with acknowledgements. If/When needed; Start off by asking, "Why...they are selling?" Or How you can help them. I get pretty nervous each time my phone rings, but I always remind myself that whomever is calling is another person. Sometimes a salesperson. Sometimes a person with a chip on their shoulder want to vent. With them, listen, be humble and sometimes you might be able to get them on your level. Listen to the negotiations podcast with Michael Quarles, what he does for negotiations can also be useful for turning a venter into a friendly. Look for opportunity, while listening, to casually get the seller talking about the property details. A fellow wholesaler at our local REI Club mentioned he got a couple leads just by driving for dollars and looking for distressed properties. That's an inexpensive way. And in a relatively expensive area. Best of luck to you