All Forum Posts by: Zackary C Dunn

As a prior contractor the fact he won't give you an itemized estimate is smart on his part and shows he's not desperate for your business. Homeowners and investors alike take up a lot of time having contractors come out and do estimates just to shop around. There is a major push for professional contractors to not do free estimates and to not provide itemized estimates. I would not worry about this. I would worry about the guy who gets you an estimate the same day and says he can start Monday. 

Also due to common issues Contractors run into many of the reputable ones will ask for 50% of the project cost upfront. I've had $70,000 contracts signed and cleared 3 weeks off my schedule, just to be 2 days in and she tells us to stop work (another contractor gave her a lower quote). I didn't take 50% down and struggled to shift my schedule around to get those weeks booked only to have to waste time in court a year later to make sure I kept the 20% I did take down. After that you bet I made sure to get 50% down

What's keeping you from finding your own deals?

What is your overall goal?

Consistency and volume is the only way to go. One thing I wouldn't start out with is mail due to the cost.

As others have said multiple exit strategies are key. 

I like to make sure as a long-term rental I will cashflow a minimum of $300 with the rent staying within 20% of my counties average rent. 

In my local market buyers have lost 40% of their buying power and the home prices have corrected roughly 20%. When I calculate todays ARV I take off 30%. 20% to meet the current loss of buying power and an extra 10% because I believe the economy will be in worse shape in 6-8 months when the project will be complete.

With the price of gas right now I personally wouldn't use strategic door knocking as my main source. Personal interaction is the best to build rapport but if they see some of your marketing before it will help soften them up. If you do it right, they will recognize who you are before you say anything. I like direct mail, but it gets expensive at .70 a touch or more. I started running targeted internet ads for other Realtors and Investors. We have been averaging .18 a touch and getting great results. Message me if you want and I can either get you signed up or show you how to do it on your own. 

P.S Just noticed this is 7 years old... Not sure how I stumbled across this, but my advice remains the same hahaha. I hope you have gotten some results in the past 7 years that have pushed you along on this journey.

Typically, when I get a lower cash offer, I always accept no matter what the amount. With the contingencies the remainder of the amount is paid by check!!!! HAHAHA

Seriously though as an investor and agent I never recommend offering any different based on the cash sale unless other factors are in play, and you are comfortable losing the deal. For example, with cash you can usually close quicker so if you know the home is vacant and has been on the market you have a greater chance of having a low offer accepted with a quick close, inspection waiver, and cash. 

I love the No's just puts me one step closer to a yes

First off, I wouldn't be too hard on yourself Rome wasn't built in a day and your Real Estate empire won't be built after 6 weeks of commitment.

That being said the team that helped you get to where you are today is usually not the same team that will get you to your ultimate goal. Dont worry about leaving people behind who aren't on the level you are striving for.

As far as the actual investment the most important thing to do is make sure you have a great deal especially in this volatile economy. Most of which you will need to find on your own. It's also extremely important you have your own qualifications that you do not shift away from. For example, I only by rentals that will cashflow $500 a door. 

Always do your calculations factoring market rates for every activity you perform. For example, many flippers skimp on their budget for the repairs because they will paint themselves. I can't tell you how many "flippers" have made $30k on a flip by doing $40k in labor at no cost... (including myself).  I know ensure I calculate paying myself full market rate as the agent, contractor, bank, and investor. 

Whatever you do just keep at it and know you will figure it out. Reading and learning is important but making the moves is what pays the bills.

Hey Erik, I use and love PropertyRadar. To me it has the easiest navigation and most accurate skiptracing.

I would always be open about it. But make it sound sexy!!!!

"I'm an Acquisition Specialist focusing on assisting homeowners in need. My job consists of locating homeowners in need and working alongside them to develop the best solution to their situation. I then have a network of partners that actually close on the home. The entire time I'm doing everything I can to get you to the optimum outcome we just discussed."

Haha sounds better than I'm locking you into a contract then I will attempt to mark up your property to make a profit for myself and if I can't best of luck.