I don't know if this is the best place for this post, but I'd like to give some feedback on the action I have taken as a new real estate investor.
Per my bio, I worked for a very prominent real estate investing company from '09 - '12 in the greater St. Louis area, managing SFR homes, roughly 140. I learned a ton in real estate, but I was a salaried "employee" as Kiyosaki states in his book.
I wanted to earn some real money in real estate, but got burned out in the PM side. I worked corporate for 2 years, all that time, reading books, going to seminars, etc. Not taking any action.
This past July I took the plunge full-fledged; I truly believe part-time work = part-time results.
Well let me tell you what I've done....I door knock on people 2-3 weeks before their foreclosure date, discussing their options of doing a short-sale. My conversion is great, and I was pleasantly surprised how positive the response was. While out, I took notes down on vacant homes, taking pics, cross-reference tax records to see if a bank owns it, if not, send a yellow letter, or a different method that has been articled on here (take pic of house, print on letter and envelope). I would also use zaba search to try to track down the owner and call.
In a little over 1 month's time, I have 1 short in the works (not me doing it, refer it to someone) and have had zero return calls on my letter.
I've worked with an associate who has a few properties under option, but they are in North City, which is truly a war zone and very tough to find a buyer. I've called absentee owners on the block, thinking they are landlords, reaching out to everyone I know, but can't find a buyer.
I guess the purpose of this post is, to show those that are new how much action you can take, and still have no results. I also know now why I was always reluctant to jump into this; all these seminars say how you need no money, free stuff to generate leads etc. I've done everything free you can do, and while I'm not trying to be negative or say that it doesn't work, but I have made $0 in a month. I can't go much longer without making money.
I wouldn't trade what I've done, because I now know what it takes. Cold-calling, door knocking, negotiating, it all seemed like this scary thing to do, but it really isn't. However, it is tough to hear how people have had success doing the "free" things, and not having results. While everyone says there are no secrets in this game, it sure seems that way. Or, it really does come down to direct mailing, which doesn't really seem like that many people say is definitely the way to go. And if it is...well, I have to get a full time job again, just to pay to be able to do it. Bandit signs alone, if you want to put out 25 a week, for 2 months, will cost you around $250.
Just something to think about if you want to go to the next level with direct mail, which also costs you in getting the list.
If anyone has suggestions or is willing to mentor a new but not-so-new guy who has a strong desire to make some money in this game, please let me know. I would really appreciate it!
