All Forum Posts by: Daniel Francis

Sometimes the way to find out the value of a property is to test the market.  Get it under contract with an option period, then test the market.

Put it out at 35k on local real estate investor boards

Send it to other local investors you connect with on LinkedIn or here.

Drive the area and call any and all "For Rent" signs (looking for landlords... its ok if you are calling an agent... offer to cut them into the deal with 3% if they have a cash buyer).

Put it on Craigslist.

If 35k is a deal, you will get calls... if its not, you won't... then renegotiate for a lower price or excercise your option and terminate the deal.

Hi Chase.  That's great.  Good place here to ask questions!  I have partners and agents in the Metroplex.  Be sure to shoot deals you find my way!

@Roseanna Medellin Look up Alan Ceshkar, attorney in Austin.... he's very approachable and good at getting stuff like this cleared quickly (if there's a way).

@Kirk Gore We used to outsource but now its all internal as my brokerage has a short sale processing staff.  I wouldn't have a recommendation, but I would imagine if you google "short sale processor" you'll find many.  No need to wait.... Its way easier than you think!

If anyone in Texas has the same question as Jenni, you can just call me :)

I would highly recommend getting a license.  :)  Why leave this money on the table?  That's a short sale listing.  And no, that doesn't mean you'll sit at home calling banks, or showing people around to houses or sitting in a real estate office listening to sales meetings.  Find a broker that let's you be, outsource the short sale work to a processing company, list it, collect.  Rinse.  Repeat.

At least... that's what I would do (did)

I would get on my knees and praise Jesus for the wonderful problem he has given me.

I wouldn't change what you are doing based on a weird experience or a few antidotes, but instead do the the following:  Run an A/B test (which you should be doing always anyway).  There are probably plenty of tools, etc. you can find with a good google search to help you track your mailers.  But essentially, what you do is this....

Split your list in half (make sure its a random split and you don't split along geographic lines or anything else that make introduce bias).... and send 1/2 one letter, the other 1/2 the other letter.  Do this for a long time.  See which performs better.  When you figure it out... make that one the A, tweak it a little and make that the B... rinse and repeat.

Don't sweat the crazy's and the "take me off your list" calls.  Makes you wonder if those people also call Bed, Bath & Beyond to scream about the annoying coupons they get in the mail, eh? :)

Of course, if they have equity and motivation.  Don't take what I said as hyperbole.  I could also walk up randomly to a house not even for sale and get lucky and find a wholesale opportunity.  One story does not make a pattern.

My point was that it will be very inefficient to look for FSBO's. The more efficient route to bring a lot more GOOD leads is to market for distressed sellers.

@Forest Williams : I consider FSBO's to be those who are actively marketing their property for sale (without an agent). A distressed seller is one with significant motivation who may or may not be marketing their property for sale... often times they don't even know they CAN sell as a solution to the problem. That problem could be the property is in disrepair, they are significantly behind on payments with the lender or have other financial debts/pressures that cash for their house could solve, etc.

@Alisa O. 

I thought your idea was a good one.... Hence, the "Nice, Alisa!".  Nothing I said was in disagreement.... just a warning about the danger in trying to wholesale to retail buyers, in general.  The biggest obstacle is usually the lender.