All Forum Posts by: Victor Barboza

Hi, so I've done the basic marketing strategies. Bandit signs, yellow letters, cold calling, door to door, and obviously tried to target social media also. However, my social media marketing resulted with zero leads or zero referrals. Maybe if I offer a pay per referral (if the deal closes of course) can help generate more leads. What are your thoughts on this? 

Also, I'm trying to average about 12k per wholesale deal, I understand some will be lower possibly even significantly lower, and some will be higher. But that is an average that I want to stick with. Based on the number and considering all other marketing expenses, what do you think would be an appropriate amount to offer per referral? I was thinking somewhere between $100-$200, since they would just bring a lead to me and I would have to do the rest of the work.

Last, what is a creative marketing strategy or strategies that you have used that have produced leads? 

Thank you!  

@Larry Higgins

Awesome, I will give that a try next time! I do see the idea of it, is if the homeowner pretty much shows that he is not interested, and wants nothing to do with it. It is kind of like the last try by showing that you are sorry and your intentions were not to bother him. I think this is great because if they are feeling somewhat motivated or in the near future have some type of motivation to sell than this strategy can help win them over the other callers that have called previously and just threw an offer or did not mind how they felt about all the calls. Thank you, this will be my go to strategy for the next person that yells at me saying they've had tons of calls! 

@Cody Evans

I actually have, I was a salesman at Livingspaces (they have a few in California). But I did deal with a lot of different types of costumers there, I learned to work differently with different types of people. I took the idea of being the chameleon and put it to use, and I was specifically really good at working with angry/complicated costumers or costumers that had a lot of objections. I just felt like this situation with the cold call was a little different because I am the one reaching out to the person trying to buy their house, versus a costumer coming in and them showing intention 

As far as rehab cost, I am not 100% prepared for, I know to ask about the A/C, look for cosmetics damage, water damage, etc. As far as estimating the cost, I have practiced very little working the numbers and researching. Is there any advice you can give for estimating the rehab cost? 

@Etienne Martel Yeah you can definitely run into some negative people. About 5 minutes ago I called another person, the son answered and I was searching for the homeowner obviously. And right away, she takes the phone from her son and says: "is there any reason as to why or how you got my sons phone number?". She sounded as if she was pretty bothered by the fact that I found her son's phone number, and maybe thought I was some type of creep or something. But I just told her that I'm a real estate investor and passed by their house which was vacant and was interested in it if they were considering selling. I also let her know right away that I used a third party search to try to get in contact with her and that phone specific number was the one that was shown.

I recently started cold calling in search of motivated sellers. I would drive around and any house that seemed distressed or vacant I would search up on my local tax assessor's website. I would find the owner, than do a reverse search to find their possible phone number. I've only began doing this, this week and two calls have gone very well and I set up an appointment with them. 

However, I did call one person, and once I stated that I was interested in his house he tells me: "You're the 5th person that has called me this week about that house.". I froze after that, I didn't know what to say, so I just apologized and said if he was ever interested in selling to give me a call. Is there any better way that you guys have used to overcome this? Maybe something into trying to set up an actual appointment or something to switch the topic away from everyone calling him. 

Also, is there any other objections that you have come across that I should be prepared for? This one really threw me off and I'm almost positive he could tell in my voice that I didn't know what to say. I would definitely not want this to happen again. Thank you!

@Brian Pulaski Alright, so ultimately the best way to determine a solid offer is: Max Offer = (ARV) - (rehab costs) - (Profit)? I've seen formulas before, but like I said this is the first time I actually get this far with a lead, since my first potential lead went to jail. So, the formulas didn't really make sense until right now when I have to apply it

Last thing, since I've talked to him previously and he isn't answering me, should I give it some time before I got and knock again? And what do I say since he hasn't been responding? I don't want annoy him, and push him away since he seems like a possible deal 

@Cara Lonsdale when I spoke to him, I knocked on his door and he didn't open. Than I figured there was no one there, went to my car and he came out barefoot/shirtless running out to the car waving at me. When I told him that I'm a RE investor he said he wants to sell his house quick and wants quick cash for it. When I tried to find a motivator he wasn't budging, and first said he wanted retail value, than started to chip it down a bit saying, he at least wanted 90k which is about 45k off of the ARV. I called him the following day to see what was going on and to get more information, but he didn't answer. Should I give it like a week or two and go to the house again? or give him a call?

Also, would it be ok if I PM you just had some questions regarding my purchase and sale agreement 

@Roland Paicely Okay, that is good to keep in mind Roland. I won't get to attached to it. What would you suggest be my max offer price? The house has very little issues with it and has been kept up very well. For the most part it is just exterior work that it needs such as painting, the yard needs fixing, however the roofing looks good and no mold, or nothing big. 

I was driving around to day, and going door to door knocking in hopes of finding leads. I did find on really motivated seller. He purchased his home 13 years ago. The ARV of the home is $135,000, he owes $60,000 according to him. He wants retail value. I did however tell him that that wouldn't be possible due to the repairs the house needs, and the fact that I am giving him a cash offer and willing to close within a few days. What should be my starting price, and what should be my absolute max price, if I am trying to make about $10,000 on this deal? This is my first seller that we get this far with. I was working with another one previously but he ended up going to jail.

Do the purchase & sale agreement and assignment agreement need to be notarized?