All Forum Posts by: Dane Peterson

 Wayne, amazing that I'm working with my 2nd title company that's done it this way (the way I mentioned).  You brought up a great point and I even reread my assignment contract and it states the assignee is paying the assignment fee + assuming all terms & conditions of my original contract! 

I just emailed the title company and will let you know what they say.

The REI mtg is a great place to start and usually they will let new guests stand up and introduce themselves. I'd plan for this opportunity by having a little elevator introduction about what you want to gain from the meeting and real estate investing. Be honest and direct about what you want.

Paralysis by Analysis is probably what keeps most would be investors out of RE. I ripped the bandaid off and left my W2 job last November and haven't looked back.  Every day is different but I know my success will only come from the drive and desire to succeed.  For me, I needed to make the change.  I do have a mentor/partner that I'm working with but it came from stating what I wanted and showing it!

Best of luck! 

So, I'm now on my 3rd wholesale deal and it's been a great learning experience and adventure that I'm enjoying.  I've searched the forums but don't have time for hours of searching.

My question for the wholesalers out there with experience do your seller's ever push back on paying the doc stamps on the assignment price vs what they put under contract with me??? I WOULD if I was the seller...

I'm thinking going forward I need to add something into my assignment contract that addresses this.  "The Assignee is responsible for the difference in DOC STAMPS ON THE DEED from Assignors purchase price vs Assigned purchase price"

Any feedback or experience with this would be great.  The dollar amount is nominal but it's still money.  

Example, seller agrees to a $100,000 sales price ($100k/100*.70 = $700 in doc stamps)

I assign for $110,000 ($110k/100*.70= $770 in doc stamps)

seller now pays an additional $70 for something they would have never thought to ask. If this comes up on my closing on Friday I would ask the title company to change the hud and take this out of our assignment fee as it's nominal but I'm going to address this on my contracts going forward.

 lol. Was a good read

I'm working numbers out to purchase my first property as well and it's all about the creativity and figuring out how to get these properties for the lowest amount out of pocket. Congrats!

What are these new PRO features up the sleeves.... ? I've had one of my features stripped from my uniqueness!

I'm with Stephen in terms of putting these marketing dollars elsewhere.  To each is own and every market I suspect will be different.  In the two months I used it specifically for Sarasota County I got maybe 6 new leads.  I also went back and contacted about 40 leads total, this includes past leads up to 6months old and majority of the time the information was either inaccurate or after a couple attempts never got a reply.

In the past 3months I've sent out about 6,400 mailers to UNIQUE addresses.  Out of those 6,400 mailers:

1400 were a signed letter with a total of 14 responses, 1 closed deal, 1 under contract

5000 were postcards with 8 responses, 1 closed deal

So in total I've had 22 responses but it's gotten to a point where I'm averaging a call a day.  I don't count a response as someone asking to be removed from a list or calling about a property that's not our specialty like a call yesterday for vacant land sale.  I'm very specific about not sending to the same address for different types of lists and returned signed letters get updated immediately so that they aren't resent.

I'm just now starting my 2nd mailing to these same groups but will continue to create unique addresses at least until I hit 10,000.  My ultimate goal is to take ALL responses and see if there are similarities in what the underlying factor is to getting a response.  

I also want to add that I always provide a unique link to a form that can be completed on my website and of the 22 responses, 3 have gone directly to my site to provide their info.  Just wanted to share that.

My lists are comprised of specific neighborhoods my partner and I want to "farm", absentee owners, properties from Driving for dollars, evictions, code compliance.

I handle all the marketing myself, from creating the material, lists and stuffing my own envelopes.  Postcards were my design and just get uploaded to a mailing house.

Hope something in here was useful.

That's a small enough list that you could just mail to all of them to see what type of results you get.  I think mailing to people with ownership change within the last 3years and purchase prices that are higher than you'd offer is a waste of time, BUT, you never know... On a larger scale I typically leave those out, but that next person mailing might not and I could lose out on a deal because of that.  I think every owner is different and if you want a very targeted area then take ownership of it and be the name everyone knows around there.  

I say with a list that small you spend the $15 and mail them all.

Bill is spot on. Just get started. I'm recently new to wholesaling as well and have a local mentor. I've built my lists through various channels but at the end of the day, it comes down to getting a good DEAL! When you have a good deal it sells itself. Whether through Bandit signs, craigslist or a local REI meeting you'll quickly get people reaching out. When you have a buyer that isn't interested, make sure you ask why they aren't interested. This is sometimes all it takes to realize the price you are asking doesn't make sense.

My local REI group had a members directory and first thing I did was start reaching out to all of them. Told them I had my license, I market in the local area for motivated sellers before they hit the MLS and asked if they were interested in getting emails, txts or calls from me when I came across deals. Not many people will say no to that. When they give you permission, don't forget to find out what type of properties, location and price range they are interested in.