All Forum Posts by: William Goss

@Adam Bileckyj try listsource, Mellissa lists, and also search around on Fiverr for people who either have lists or are willing to create lists. They are often times more affordable. 

@Christopher G. this is exactly why there is such importance in establishing a trusted team that you have ready to go for when you are ready to purchase. Spend time now establishing a team of contractors, agents, lenders, etc. and have an upfront conversation of your goals and that you are looking to move quickly so you can have a plan in place for when you come across the right property. 

@Adam Bileckyj Yes, you can customize a list with any criteria that you would like. In my opinion in acquiring off-market property the more narrowed down, the better - especially to start. This can cut costs and eliminate wasted time in reaching the right audience for you. If you would like any other advice, let me know!

@Ryan Veil like Jaron said if they are truly good deals you should be able to get funding. Search and network with local private money lenders to fund the next purchases. 

@Emily Beatty it's a tough situation, but I am sure a common one right now. I would ask the appraisal company what their updated procedures are to ensure safety for all parties. 

@Kevin Romero When I was first trying to get my foot in the door of the real estate industry, I found using LinkedIn as one of the best tools out there to network with real estate professionals that opened many doors for me. Specifically, I used LinkedIn Sales Navigator (month trial) to connect with many local agents, wholesalers, investors, and various other REI professionals. The Sales Navigator feature allows for very specific (and unlimited) searches so you can better pinpoint the best people to network within your area.

Once they accepted my connection I then reached out to them just asking if they were open to meeting and offer up any advice they may have. You'd be surprised by the number of people willing to just sit down and chat. By meeting as many people as you can in the industry, you are given the opportunity to learn super valuable insight into starting out in real estate, as well as opportunities to collaborate. If you can network with real estate attorneys, agents, lenders, etc., they will be able to offer you great advice on contracting a deal.

Good luck!

@Fe Alexandra 

Is this for a fix and flip, or is this as a rental? Typically, for fix and flips, I like to ensure that I at least have 30-35% profit margins on my upfront cash. In your case, you would be in that range, which is good. For buy and hold rentals, I focus on rental rates to back into my cap rates. I won’t invest in anything that doesn’t get me at least 10% cap rates annually. No matter what though, you have to be able to put in an offer that makes you comfortable and start negotiating on the low end. Don’t be afraid to put in an offer of $25-$30k and go from there if your criteria and numbers add up for you based on the deal/location. Good luck!

Thanks for the advice. I totally agree with making sure you are putting in maximum effort and exhausting all channels of acquisition. With that said, my question was more in terms of time allocation and personal success you've seen leveraging each different channel so we could all learn what has worked for others and get more efficient together. In this business, we know there are many different ways to allocate your time, but my goal is to eliminate pitfalls and follow the success of others who have done it well in addition to the success I have seen.

Hi Everyone - For all the fix and flippers out there, I would love to hear about your experiences on your most successful acquisition strategies. I specialize in rehabbing SFRs for rental properties throughout Indiana which are typically <$80k and do not currently have a partnership with a wholesaler for a steady stream of deal flow.

However, I am looking to scale up so I am curious to hear from all of you on what your best successes have been in terms of cost of acquisition, rates of return, etc. between acquiring properties from wholesalers vs. running your own yellow letter or similar marketing campaign. Do you typically see that the overall cost (time and money) is more efficient working with a quality wholesaler, or do you find that your return on investment is better for running your own acquisition marketing initiative?

@Michael Gabin this is just my opinion, but I agree with Will. You need to be very careful when stocks are volatile and have recently taken a big hit. I would discuss with a financial adviser and put together a plan to create a more diversified overall investment portfolio that is done slowly in phases at the right time (in the mind of a financial adviser). Real estate is a great investment, but it needs to work hand in hand with your overall investment portfolio, and it needs to align with your long term goals.