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And I have a great life, but not working 80 hours a week.
And so I want to really dig in today on the nitty gritty of what are you doing to find deals in this crazy competitive market? And I think you above almost anybody else I know have like really nailed that. But really some of the things that I talk about will really depend on your goals, your end goals, what that looks like, your budget, how much time you have allocated to real estate investing.
And so kind of that consistency, stick with instant personal loan it, to witness whatever that word is that people are calling it. And so a lot of people quit at month two when they should have stuck with it, because the golden nuggets are in month four or five, six of consistency, at least when it comes to something like direct mail. But I think like kind of the fundamentals of that question are, do you have any kind of accountability?
I know when I was writing the book I had Brandon to keep me on track. I only made 45, and so like you self identify as a loser.
David:And so what I found is the best thing you can do is to humble yourself and jump in with other people that are doing well and talk about it because it brings that 50 number that Anson is talking about to the front of your mind. And I know Anson, that you and I have used it both in our lives.
David:If your goal is two units in the next two years, like run that race. I have a 25 year old kid who is just killing me and like just dominating, but then how do I not compare? So the real question is, are you running your race or are you sitting down and watching TV on the side of the road? David, real quick throwing that at you, how do you balance the comparison versus inspiration with what you see in the online world? People like you that are married with kids, so I have more time to put towards it.
And frankly, I may even have more ambition because my energy is not split amongst several different areas. But I do this with other things, I do it with fitness, you see someone in the gym with an insane body. So this goes back to what you and I were saying earlier, Brandon, people are going to have to know what their goal is. I mean, I think I instant personal loan was just scrolling through my podcasts and it just seemed like, and I get it. And so yeah, it instant personal loan just kind of occurred to me like, oh man, some people could be very discouraged by this kind of arms race of things or be absolutely inspired by it, like Brandon said. Because it can help to find a lot of how you find those deals for your first step.
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So once you find those people, then what do you do with them? Once you know who they are and have some information about them, have their address and maybe their phone number, depending on how big the list is and your goals or whatever, I would advise you to start just calling those people. Brandon:Do you find newbies tend to work too hard on non-motivated sellers? They feel like, oh man, I got these five people that I talk to.
And then they hammer those people for like two months and they kind of spin their wheels and waste their time without really doing a needs analysis on, hey, are they actually motivated?
Your nature is going to be, how do I take every tool that Brandon Turner gave me and apply it to these five people and figure out which one of these deals is going to work. So if you have no money, but you got some time, driving for dollars is an amazing way to get started with off-market deals. And so, I think what we were just kind of chatting about on the side there is exactly what I was going to say, which is you can absolutely hire in these things that take up a lot of time. I was like, I really want to own a bunch of mobile home parks and now get into multi-family, even larger stuff. I hired Ryan to go and do all the due diligence and kind of lead things. And so these guys just kind of took over and they do it way better than I could do anyway. Brandon:And so, but again, I had the money in the beginning to actually do that, which is cash register store why I chose that route. Not everybody has the money in the beginning to be able to do that. Brandon:loan without cosigner All right, so first of all, who do you mail these letters to? So lists could be its own three hour thing, but in general, besides the driving for dollars list, of course, we already talked unsecured personal loans with cosigner about that.
And so when foreclosures are published on Wednesday, everybody who has an internet connection knows that, that property has some motivation and can be bought basically. And so as far as niche lists, think more like, okay, utilities shut off list or people who are being evicted, kind of an eviction list. Who can you get in front of, who can you talk to to help you get lists like this?
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One of the counties in Denver, the only way to get a probate list is to go down in person and, well this is pre-COVID, but go down in person, you can only pull 20 records a day. And so it was very labor intensive, very time payday loans san antonio tx intensive, but I guarantee that we were probably one of the only people who were actually putting in the work to do it, so our competition was much lower.
And I think a lot of the wealth is where things are difficult. And then I want to dig in a little bit more on that. Sometimes if they do die with a will, but it could be contested or something, it goes through court. And by the way, people want to know more about the probate stuff of way back, bad credit unsecured personal loan eight years ago, on episode number 12, with Sharon Vornholt on the BiggerPockets podcast, we dove deep into the world of probates. I think that there are a lot of ones that are probably good.
It was weird because I got something similar where all of a sudden, like every other Facebook message is like, hey, I pull lists. But I would say definitely vet those companies, vet those people. Or what kind of lists do you think I should pull and have them do it? But if somebody is just offering a course or program or some random person in your Facebook messages, I would be very wary of that kind of list because I could pull you any kind of list source list. As I once did a direct mail campaign to great Harbor Washington, which no one was doing direct mail. And I sent 300 letters and out of them I got 40 phone calls and I literally just pulled the most basic list. Like I went to ListSource, I bought like absentee owners who had owned their properties over five years. Over five years, I got 40 phone calls from 300 letters because nobody was doing that in that market. So a lot of it depends is your area saturated, is there a lot of people doing direct mail there.
And then other markets like this one and a lot of the top metros are exactly like that.
Do you have any good tips there on how to get a better response rate on your direct mail? So a lot of things are gentrifying and changing around there. And he said, he gets about 10 letters a week per property.
He called me because he actually just liked my mailer. So it makes me look like a professional company versus just an anonymous yellow letter or something like that. And my goal for direct mail is handcrafted and high quality.
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And your market is a little unique in the sense that Denver is one of the hottest markets in the entire country and has been for five years, at least. And in a market like yours, I think agents can really help with just getting somebody into the game or getting a deal that you can house hack. And then that becomes a rental, or maybe even finding a rental property with an agent. Obviously, different markets have different things. You can wait until they hit 90 days on market or 120 days on market and then go in with a lower offer.
Anson:So in a market like mine, you almost have to go off market to get anything done. You can do kind of a more appreciation, friendly rentals on market all day long. You need something with so much meat on the bone that you can buy it, pay your closing costs, pay your rehab cost, pay your holding costs, pay your acquisition costs, pay the team of people that you put together, pay your direct mail- David:… and still make a profit. And you said something that was gold, that had to do with the days on market. In my opinion, this is like the best tip I could give anybody. I set my on-market filter to whatever the average day on market is. And I say, okay, I only want to see houses been on the market for this long. So I have two in contract right now in Kihei that were both on the market for over 250 days. Anson:I learned that through REO because they would always do price reductions at a 30, 90, 120 day increment.
So I knew if it was 89 days on market in one or two days, we should be seeing a price compare loan reduction. And so that trained me to just look at days on market like a hawk. So we got to wrap this pretty soon, but I want to know, we talked about on-market stuff, working with a real estate agent.
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