All Forum Posts by: Stinson Bland

I would focus my efforts on learning how to buy properly and how to market for motivated sellers. There is a ton of info on both of these subjects here at BP. Curt also had great advice about joining and attending as many REIA meetings as possible.

First and foremost... I always assume sellers are lying about the property, title, liens, loans, repairs, and pretty much everything. I always do my own DD or hire someone that can; i.e. a Title Company.

I would take my contract to the title company and get the process started asap. I would then wholesale the property and let my buyer know that he/she pays for all closing cost (including title searh). Your end buyer will want a title search and they should be prepared to pay for it.

I know a few people that use this model very successfully in lower-end neighborhoods. I plan to use the wholetail model on a $70K-$80K home that I bought in heavily Hispanic neighborhood. This house in particular has good bones and would make a great house for a handyman. I plan to replace a broken window, the roof, and fix minor cracks in the interior walls. The house is 60 years old but it has been very well maintained.

I will have approximately $24K into the house once I complete my repairs. My goal is to sell it to a cash buyer for $36K. This represents less than half of the tax value ($79K). I have been told by many local REI guys that people in that area really focus on tax value. I believe I will be able to attract a buyer by using flyers, yard signs, and bandit signs.

This will be my first wholetail flip. If this experiment is successful it will give me the confidence to buy homes in areas that I normally would not buy.

Wish me luck!

Check out this thread for an example of the post card that I use.

I uploaded images of my post card to the BP Fileplace. You can located them in the Marketing Docs section. They're titled Absentee Postcard - Front and Absentee Postcard - Back.

Good luck!

I forgot to mention that there is a big "NOTICE" running down the side of the bright yellow postcard. I've been told that seeing their name and the NOTICE grabbed their attention when sift the mailing.

I believe they read the postcard because it is short, it has a lot of personal information in bold (name, address, city), and it identifies a situation they are in (absentee owner) in the first couple of lines.

"Are you tired of managing a property that you do not occupy?"

First and foremost, you're making rather large generalizations that could be interrupted as racist.

"Also this landlord is one of those forieners from a country with constant human rights violations so this is business as usual for him. He hasn't learned this is America and you are accountable here."

Based on the communication skills that have shown on this thread; I assume you're not getting a response from the owner because of how you're approaching the situation with him...

I'll also assume that the renters are going out of their way to aggravate you for the very same reason. I know I wouldn't be happy if you were showing anger towards my kids and recording them with your camera.

I'm with Brian, you can't sue the landlord for every little thing a renter does. And to be honest, it doesn't sound like any laws have been broken (other than the dogs) and you don't have a case. If laws are being broken, wouldn't the cop be concerned and help you with the problem?

Here's what I used on my last mailing. I got a decent response rate (.040% of 850). Sadly all of the callers wanted FMV or higher. On to the next mailing.

FRONT of the postcard:

Dear NAME,

I am interested in buying your property at ADDREESS in CITY. I buy several houses each month and I'm looking to buy more in CITY.

Are you tired of managing a property that you do not occupy?

If so, I can offer you a fair CASH price for your property at ADDRESS. I buy 'as-is' and I will close quickly, cover closing cost, and pay you all CASH with no fees associated with the deal. I am easy to work with and treat everyone fairly. I'd like to offer you a win-win situation to relieve you of the stress related to your property.

Call me today for a FREE, No obligation, confidential conversation about your property: PHONE REMOVED

If you're not interested in selling now, please keep this card for future reference.

For free recorded info on our home buying process call: REMOVED

BACK of card:

(Top section)

[b]NAME, I'll pay you CA$H for
PROPERTY ADDRESS[/b]

Call me today - Get a cash offer tomorrow!

(side section next to address area)

Call me today to
SELL YOUR HOUSE FAST!

PHONE REMOVED

- Pay you cash
- Buy your house as-is
- Close Quickly
- Handle all of the paperwork
- Cover the closing cost
- No Fees

- And TREAT YOU FAIR!

Hope that helps!

Katie,

I am HomeVestors Franchise and will openly admit that I wouldn't be where I am today in my REI career if it wasn't for the quality of mentorship that I have received. I was lucky enough to get assigned to a mentor that is very active with his Associate Franchises and successful using the system.

If you're interested in a Franchise; I would contact HomeVestors corporate office and ask them who the mentor is in your area. I'd then set up a meeting to speak to that person face to face. I'm also willing to speak to anyone about my experience with HomeVestors (phone number in signature). I, like many others, was VERY skeptical about buying a franchise until I had completed the proper due diligence.

I'm very happy with my decision to buy a franchise. HomeVestors has a powerful and well recognized brand in my market (Dallas) and we have a huge marketing-arm that allows us to get in front of very motivated sellers.

Like others have posted: Each office is independent and there are very successful office and there are franchises that have failed. HomeVestors provides you with a system and you have to work the system to be successful. They do provide training, guidance, and mentorship.... but ultimately it is up to you to get deals done.

Tommy,

Tell us about your wholesaling experience with high-end properties. What's the largest deal that you've moved? How do you expect to get in front of these big time sellers? Why would someone trust you with a $1B dollar property? How many $1B buyers do you have in your network?

I imagine you would have a lot of legal work to get such a property under contract. I also imagine any seller of that size would be sophisticated and put a non-assignment clause in the contract. And I also imagine they'll want you to put a lot of collateral up to get the deal under contract. They most likely would also want to check your history of buying moving large properties and they'd want to look through all of your financials to ensure you have the capability to do what you say.

I appreciate your ambitious goals but it's best that you're realistic with them. Great salesmanship alone is not going to get such a deal done.