All Forum Posts by: Steven Stokes

I have had really great success with sticky notes as well. They grab the owners attention immediately and they have an urgent quality about them. The "Handwritten" look is by far the best way to address it too.

Just a tip, when I used to do this I would write

I have a good buyer interested in buying your house. I can make an offer in 24 hours. Please let me know, xxx-xxx-xxxx Steven

Do not leave the website because it makes you look like a dealer. I quick note is by far the best.

I don't say anything about price or cash or anything. I've tried it several different ways and that one seems to work the best. But you should see what works for you.

Hope this helps and good luck!

1. Some investor friendly title companies you all use that double close and assign in all 50 states.

Call, Call, Call.

Talk to someone in the title company. I can't tell you how many times I've heard such and such title company does X type closing and then I contact them and they either don't do it anymore or never did it.

Call and ask them pointed questions as to what they will and will not do.

And don't fall for calling one title company and hearing them say, "We don't do that because it's illegal." Don't fall for that because what one title company says is illegal another one down the street says its fine they do it everyday.

2. The closing process in general. We know that we take the A-B contract and the B-C contract and give to the title company and advise we are collecting a assignment fee, but do we stay for the check until after the A and the C close together or do they send it in the mail? Also is it that easy...just drop off and collect?

If you're new, my advice would be to stay and watch and learn everything you can about the process. You can close and not be there but being new it's best if you watch the process.

3. Can you do deals in other places other than in your hometown?

Yes. I do it all the time and many people on here do it all the time as well.

A couple of tips though:

1. Have someone on the ground there that you trust.

2. Know the market, know the area and know the seller. You can get burned in so many ways investing out of your area. Have all your eggs lined up and your exit in place before putting your money in the deal.

If so, how do you close and/or collect your fee?

Depends on the deal. It could be the title company that cuts you a check or if you're dealing with an investor or assignment you should get your money in advance of the deal. It really depends on the deal but don't leave it up to trusting someone to give it to you at the end of the deal. Know how you're going to get your money.

Do you close virtually?

Yes. You can.

Do you send a representative?

You don't need one unless, you're not getting a check from the title company.

How does that work?

You can use a real estate agent, attorney, or give someone a power of attorney to sign for you. Still every deal is different.

My recommendations is don't go outside of your local area until you have experience unless you absolutely have no deals in your area.

But I hope this helps!

Good luck :)

The $170k mortgage is killing this as a wholesale deal.

Would the owner consider a lease option? What is the rental market like in the area?

There are ways to make money on this deal but I don't see this as a wholesale deal.

Good luck, let us know how it goes :)

@William T.

Super congratulations on hitting this hard!

I personally think it's the only way to succeed at this. I just joined BP and I'm super impressed by the quantity and quality of the people here.

If I could offer you just a small tip that I believe will help you get more deals accepted, it would be my honor to share this with you.

Here is what I've learned

Biggest Tip.

Knowing your Seller is more important than knowing the numbers -

When I first started RE investing, I pushed out as many as 20 contracts in one day. I got a few deals a week but the overwhelming majority of them were rejected. I was just playing the numbers and honestly I lost so much time, money and resources that it almost caused my failure.

Now before I make an offer I send or talk to the Seller asking them a full set of questions about them and their property. I find out what they want and what they need. Now it takes more time to do it this way but half of my offers get accepted because I know what they want and what they need.

Remember quantity is a poor substitute for quality. I think if you make quality offers, you will find more of your offers being accepted and your time being more well spent.

I hope this helps. Good Luck!

Welcome I'm new to BP too. I'm in Tacoma.

Hello my name is Stephen. I'm new to BP. Just found it and signed up today.

I do have some real estate investing experience but I'm looking to get back into it because it's not my main focus.

I'm hoping to meet some fun people in the Tacoma Washington or Seattle area to network or just find new friends. I'm just learning the area so any advice or tips would be great!

Thanks and I look forward to meeting everyone.

Those were good tips I'm glad I read it first!

Thanks