OfflineHey everyone. I'm having a hard time with all of this. I know what I'm doing and know how to do it but it's not working. Maybe I'm missing something or not doing something correctly. If anyone can help me out please feel free! I'm having a huge money battle right now, I'm maxed out in debt and no one is hiring!!! I need a deal to work for me.
I send out about 20 letters a week to homeowners that have just been issued their lis pendens. I am sending a letter every 1,14,30,60 and 90 days and I still have not got one response. The letters are different for every time I send them but they are all nice letters, they aren't rude and they get to the point.
I have no credit and no income so there is no way for me to get approved for a loan so what do I do? I've read BARM twice now and still I can't find the answer.
Please if anyone has any advice I would love to hear it. Thanks again everyone
Kai
Money won't fall into your hands, you have to earn it!
Letters aren't very effective. The hit rate on letters is about 1:250. So if you haven't sent out 250 letters then that is why. Bandit signs are very effective and super cheap. I also run an ad in the newspaper, but that can be expensive. Word of mouth is also very effective and doesn't cost any money.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Yeah I bought 250 bandit signs and put out about 50 the first day. I got about 5 responses first thing in the morning, none of those worked out and then I didn't get one call. So I was leaving home one day and had one at the end of the street, I see someone taking it down and I go up to him and say, "what are you doing with my sign?" he said, I'm saving you 1000 bucks. Come to find out that in the city of Fort Collins CO, where I live, they are illegal in city limits. LAME!!! I was ****ed. I've told everyone I know and everyone I meet that I invest in real estate and without a loan I really can't do much. Or is there something else, another alternative to letters. I've got ad's on Craigslist looking for distressed homeowners and motivated sellers. Also have one for Investors and Rehabbers. I've received plenty of info from other investors looking for properties but no homeowners. Should I try calling homeowners? or is that a bad idea? Thanks for the advice.
Kai
Money won't fall into your hands, you have to earn it!
Then put up the bandit signs outside the city limits. Hand written signs work the best. Use white paper not yellow. Just buy the cheap pre-laminated paper from Wal-Mart. You can get a 10 pack for a couple bucks. Use a permanent blue marker and put up about 20 signs in about a 5 block area. If you get complaints then just get a pre-paid cell phone that way it can't be traced back to you. Bandit signs work.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
KAI, Maybe you can try the FSBO web sight. Some owners on there may carry a mortgage or work out a deal where you can take over their mortgage. some just want to get out but don't like going through realestate companies.If you can get a deal that makes sense, you can rent it out for cash flow or pass it on to a end buyer.
Just trying to give you another avenue to look at.Hope it helps.
Richie.