All Forum Posts by: David Tipton

I have no data to back any of this up, so I will defer to those who do.  This is my impression from listening to others.  Handwritten letters have a higher response rate, but take a lot more time to do.  Postcards are solid because they are cheaper to mail and don't require someone to open the envelope.  Bandit signs are considered effective, but cheesy and require a permit.

How are you generating leads, through driving for dollars or buying a list?  If you buy a list, I would say to try postcards and send out several mailings at regular intervals.  Track your results so you can see for yourself which is effective, tweak, and repeat.  If you are driving/walking around, I would consider handwriting letters to give it a personal touch - assuming you have the time for that - or just knocking on doors/leaving a note.  Bottom line is you need to try it out and see what works best for you and your time constraints and budget.  Personally, I would avoid bandit signs but again it's up to you.

If you haven't looked yet, there are several good BP podcasts on wholesaling that may give you good ideas.  You may want to start with #12 with Sharon Vornhold and #18 with Danny Johnson.  Danny Johnson also has his own podcast called Flipping Junkie that is worth listening to.  Word of warning though is most markets are different from LA so take it with a grain of salt.

Good luck!  And if you find a good deal on a small multifamily, let me know!

Originally posted by @Account Closed:

Hi Alvin,

Your attorney gave you some sound advice. There really isn't any way to tell when the best time would be to do your mailing. I'm do a lot of probate real estate sales. I work for several different attorneys in the Los Angeles area. The attorney will contact me to give them a valuation of the property, so he/she has a good understanding of the value and usually submits that value to the courts during the Inventory and Appraisal of the estate. So, I usually know of these properties to be sold, months before they hit the market. It gives me time to talk to investors, even thought I don't have the listing, yet. When I do get the listing I usually have a buyer or two lined up and we get it into escrow the day it is listed. What I'm trying to tell you is that I think earlier is better. Let it be know that you are interested in the property. Send the attorney a letter stating your financial ability and time frame. Believe me, you may not hear back form the attorney, but he will pass on that information to the listing agent. You want to get in the game early. For example, I am the Realtor in Los Angeles for a fairly large estate. I've know of these properties for months before I listed them. I contacted an investor in the area and got 8 of the properties under contract to the same investor 2 months before the estate was ready to list them. I brought them an offer they couldn't refuse. Also, from my experience it helps if you add a few things to you marketing, such as, you are an all cash buyer, can close escrow form 10 days to several months, depending on the estate (they may need time to clear the property of tenants) and you are willing to take the property in its "as is" condition.

I hope this helps you and anyone else that reads this.

Brian

 Really great information.  I'm in Los Angeles and interested in learning more about the probate process.  Are there any sources you would recommend?

Welcome!

I feel your pain. It's a tough market out there. Have you looked out toward Santa Maria/Lompoc? I haven't looked that far north but I would expect to find lower priced investment property out that way.

I think it's a good idea, so long as you and your bro get along.  I would just treat it like any other partnership and make sure you define carefully in advance what is expected of each person in a partnership agreement.

First off, congrats! El Segundo is a great area to work.  I used to work there myself.  Unfortunately, there won't be anything there in your price range.  Last time I checked a house there was going for at least twice what you're looking to spend.  Neighboring Manhattan Beach is the most expensive area in terms of price per square foot in Los Angeles County, so it's not looking good in that direction.  Going north, there are some fairly affordable condos in Playa Del Rey, but they will be much smaller than 1500 sq. feet.  Like most people in LA, you will probably need to commute to get the type of house you're looking for or adjust your expectations.  The housing market in LA is ridiculously hot right now, but perhaps that will change by the time you move.

If you're stuck on those numbers, I would consider Inglewood where you might be able to get close to what you're looking for in terms of price/square footage.  It's traditionally a rougher area, but the Forum has been revitalized in recent years as a music venue and there are approved plans for an NFL stadium and complex there.  (Keep in mind, no guarantee it will be built or that an NFL team will come).  It would be close enough to El Segundo and has some long-term upside in my opinion.  Just something to consider but obviously you would need to put boots on the ground and see if it's a place you could live. 

Torrance/Carson/San Pedro may also be options, but will probably still be difficult to find the right deal.  West Adams/Midcity is also close enough and is undergoing revitalization, but may already be getting too pricey.  Otherwise, you're probably looking at a long commute or a condo somewhere.

If you have other questions about LA, let me know and I can give you my take on it.

Welcome. What parts of town are you interested in?

Welcome! Mind sharing your grandmother's story?

I'm just starting out myself, but I would highly recommend the BP podcast for learning while you commute.  

I am new myself, but have really enjoyed the podcasts as a great way to learn while on my daily commute.  I would recommend show #6 with Arthur Garcia because he's in your area.  They have all been very enjoyable thus far.  I would also recommend #11 as a good overview version of the ultimate beginner's guide:

www.biggerpockets.com/ubg

Good luck!

In addition to Dimitry's suggestions I would also recommend Danny Johnson Flipping Junkie podcast, since you have a specific interest in flipping:

http://flippingjunkie.com/flipping-junkie-podcast

I'm pretty new to this as well, but I found it really helpful.  He definitely has a tech savvy, modern approach to marketing.

I would also echo the suggestion of the BP podcast.  I'm currently working my way through that as well and have found it very helpful so far. TL;DR - read Rich Dad Poor Dad.  You'll get that once you start listening.

Good luck!