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Rehabber, Landlord, Marketing, Wholesaling

Marketing, social media, advertising

MKHB

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Well I HATE my 9-5. So I would rather be working in the field I enjoy while investing as opposed to not wanting to get up in the morning. Have you seen this clip from We're The Millers?



All right I just caught my breath... that is hilarious.

I'm with ya on the 9-5 thing...however.

Take your own little VIX (buyer sentiment) survey...call 10 investor/flippers/agents and ask them if they are buying -
I bet you get all 10 to say yes (of course with the caveat that they have migrated to a can't miss type of asset class or location and somehow they are staying ahead of the pack, uh huh.) Kind of scary.
 
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Ryan D.

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All right I just caught my breath... that is hilarious.

I'm with ya on the 9-5 thing...however.

Take your own little VIX (buyer sentiment) survey...call 10 investor/flippers/agents and ask them if they are buying -
I bet you get all 10 to say yes (of course with the caveat that they have migrated to a can't miss type of asset class or location and somehow they are staying ahead of the pack, uh huh.) Kind of scary.
If you haven't seen that movie its worth watching as long as you don't mind that kind of humor. I love that scene.

Not sure I follow you with the end part. Clarify please?
 

MKHB

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If you haven't seen that movie its worth watching as long as you don't mind that kind of humor. I love that scene.

Not sure I follow you with the end part. Clarify please?

When everybody is buying, you might want to be selling.
 

Andy Black

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When everybody is buying, you might want to be selling.
Hmmm... I wonder what it would mean if the shoe-shine boy was to advise us to sell shovels?
 
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Andy Black

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Chitown

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@Ryan D.,

First, thanks for a wonderful AMA.

Second, with regard to your marketing materials...

How many touches do you make before you typically have a deal?

Are you identifying yourself as an investor in your materials or a buyer?

Are you making an offer in the initial marketing piece or is it a lead gen package meant to get the phone ringing?

Thanks for your time and efforts.
 
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Ryan D.

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@Ryan D.,

First, thanks for a wonderful AMA.

Second, with regard to your marketing materials...

How many touches do you make before you typically have a deal?

Are you identifying yourself as an investor in your materials or a buyer?

Are you making an offer in the initial marketing piece or is it a lead gen package meant to get the phone ringing?

Thanks for your time and efforts.

Hey that's what I'm here for. No offer is made in the marketing. It's simply just to open the door. I do not identify as an investor that's a good way to turn people off.

My phone that the leads go to has a

"This is Ryan sorry I missed your call. I'll get back with you ASAP".

The letter states along the lines of

"I am looking to buy a home in __________ and I saw your home located at _____________. If you are interested in selling please give me a call. I pay cash and close as is. etc."

I hit the same list for 6 months. Typically month 6 is the most successful. However I've got deals off of every other month as well. My first drop we got our deal in like 2 weeks. While its not "guaranteed" it happens. They recommend that you have enough $$$ to be able to market for 6 months without getting a deal. I have never gone 6 without.
 

Chitown

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Hey that's what I'm here for. No offer is made in the marketing. It's simply just to open the door. I do not identify as an investor that's a good way to turn people off.

My phone that the leads go to has a

"This is Ryan sorry I missed your call. I'll get back with you ASAP".

The letter states along the lines of

"I am looking to buy a home in __________ and I saw your home located at _____________. If you are interested in selling please give me a call. I pay cash and close as is. etc."

I hit the same list for 6 months. Typically month 6 is the most successful. However I've got deals off of every other month as well. My first drop we got our deal in like 2 weeks. While its not "guaranteed" it happens. They recommend that you have enough $$$ to be able to market for 6 months without getting a deal. I have never gone 6 without.
@Ryan D.
Great to know - thank you!
 

ProblemSolver

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When you first got into this industry, what prior knowledge/experience did you have?

How do you handle your direct mail campaigns? Do you write them yourself, hire someone to do it, or use a service?
 
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Ryan D.

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When you first got into this industry, what prior knowledge/experience did you have?

How do you handle your direct mail campaigns? Do you write them yourself, hire someone to do it, or use a service?

I had worked in a call center dealing with Direct Mail. Actual Real Estate experience? ZILCH.

I pay a provider to do it for me. I did it myself and once you've stuffed 2k envelopes you realize that is for the birds. The .20 it costs to have it all done for me is worth my time.
 

Ryan D.

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One of my favorite ways to get a property is by taking over a failed flip. Typically folks will pay retail not knowing that there are contractors who work volume exclusively with investors.

Ex: New concrete driveway and back patio, complete guy/remodel of the kitchen and bath, paint the entire home, new hvac, new concrete porch/steps, 900sqft of hardwood refinished, all trim redone, new plumbing stack, electrical issues, landscaping, and other odds/ends for under 15K. If I called a company I saw on Tv or in the YP I guarantee I would have paid double if not more.

I just got a call on one of these. People watch the house flipping shows on HGTV and think its easy. Then they get bored. Then I pick it up for less. They can't unload it in its current shape to a retail buyer, Realtors don't want to mess with the miniscule amount of commission, and typically there is a financial or time constraint.
 

Ryan D.

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Well I decided it couldn't hurt to get my Real Estate License. I just passed the Indiana exams this morning. I'm meeting with an investor/managing broker on Wednesday to discuss hanging my license with them. I'm also partnering with another gentleman in Michigan to do direct mail up there as well. (no not Detroit) Its been a decent week of "growth" so far.
 
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aldenatienza

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Thank you for sharing your knowledge it's good to know that there are people like you out there who gives time in providing information. May I ask do you consider doing some mentoring or coaching in the future?
 

Ryan D.

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Thank you for sharing your knowledge it's good to know that there are people like you out there who gives time in providing information. May I ask do you consider doing some mentoring or coaching in the future?

Absolutely PM me for details. I'm not a "guru" by any means. But I would love to help you anyway I can.
 

LateStarter

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We've been doing a few buy and holds in recent years and are happy with our returns on those deals. In Canada we don't do wholesaling, so it's either flipping or rentals really. We haven't networked enough (or the right network I suppose) to identify investor partners to help grow our portfolio. My wife is an agent and a little gun shy about taking on external partners too. So for now, we're finding growth difficult. We have duplexes and a triplex and toyed with the idea of larger, purpose built multiplexes. The challenge is we're in the Toronto area and prices are insane. I'm not sure if you have any advise for this kind of a market, but I'm all ears. :)
 
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Ryan D.

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We've been doing a few buy and holds in recent years and are happy with our returns on those deals. In Canada we don't do wholesaling, so it's either flipping or rentals really. We haven't networked enough (or the right network I suppose) to identify investor partners to help grow our portfolio. My wife is an agent and a little gun shy about taking on external partners too. So for now, we're finding growth difficult. We have duplexes and a triplex and toyed with the idea of larger, purpose built multiplexes. The challenge is we're in the Toronto area and prices are insane. I'm not sure if you have any advise for this kind of a market, but I'm all ears. :)

I have a friend who is up in your area. Honestly as long as it makes sense with the exchange rate he purchases properties in the US. If you know what you're doing/partner with someone down here there can be some great deals/returns.

One of the common strategies used down here is BRRR. Buy, Rehab, Refinance, Repeat. You basically continually roll over the same 100k over and over again. You buy cheap, rehab it, do a cashout refi, and start over.
 

Chazmania

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What do you do to protect yourself from lead paint disasters (lawsuits)? It's not covered by home owners insurance or a personal umbrella policy.

It's pretty scary too because some of the more degenerate tenants discussed earlier don't seem to have a problem mixing up some paint chips in the little kid's oatmeal and then suing the "evil landlord" for toxic exposure. And even years later too.

I've been reading some articles online that are extremely disturbing. I'm really starting to dislike landlording more and more. Not so much for the business side of it, but how easy it is for sidewalkers to bend you over the barrel if they really put their mind to it.
 

Ryan D.

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What do you do to protect yourself from lead paint disasters (lawsuits)? It's not covered by home owners insurance or a personal umbrella policy.

It's pretty scary too because some of the more degenerate tenants discussed earlier don't seem to have a problem mixing up some paint chips in the little kid's oatmeal and then suing the "evil landlord" for toxic exposure. And even years later too.

I've been reading some articles online that are extremely disturbing. I'm really starting to dislike landlording more and more. Not so much for the business side of it, but how easy it is for sidewalkers to bend you over the barrel if they really put their mind to it.

You either buy homes post 1978 (I believe was the year) or most states have a standard disclosure form that you make your tenants sign. I also have a commercial insurance policy for my legal entity that covers it. Maybe look into potentially setting up an LLC or other entity and looking into the insurance benefits available? Your safest bet though is just buy homes without it. The commercial policy covers several MM and was dirt cheap.
 
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LynnD5000

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Great question. It all comes down to how good you are. Really.... I watched a guy drop over 65k on marketing and he only made like 98k back. That is HORRIBLE. I would not waste my time. Typically my ROI is double to triple my amount invested. However that value can vary. It depends if I keep the home as a rental, wholesale it, or flip it myself. It also depends on the time factor. I have made 10k in 45 minutes and 1 phone call. I have also spent 30 hours marketing, networking, and showing a deal to make $3,500. It really all depends on what your exit strategy with the deal really is.

I know people that are happy if they make a few grand on a deal. My average profit per deal is over $8,300. But that's not including the deals that are an actual rehab/flip where 20k+ is on the table.

Lets see - $98,000 - $65,000 = $33,000 - From where I sit in the slowlane trying to get to the fast(er)lane - I'd take that much all day long....If the money was separate from my day job - That might give me what I need to pick up one of those "producer" instead of consumer deals - Everybody has to start somewhere...So Ryan, How long have you been doing what you do to get that good at it & what's your secret to make it work?
L
 
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LateStarter

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What do you do to protect yourself from lead paint disasters (lawsuits)? It's not covered by home owners insurance or a personal umbrella policy.

It's pretty scary too because some of the more degenerate tenants discussed earlier don't seem to have a problem mixing up some paint chips in the little kid's oatmeal and then suing the "evil landlord" for toxic exposure. And even years later too.

I've been reading some articles online that are extremely disturbing. I'm really starting to dislike landlording more and more. Not so much for the business side of it, but how easy it is for sidewalkers to bend you over the barrel if they really put their mind to it.


Easy. Don't rent to degenerates. Know your property, know your tenants.
 

Ryan D.

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Lets see - $98,000 - $65,000 = $33,000 - From where I sit in the slowlane trying to get to the fast(er)lane - I'd take that much all day long....If the money was separate from my day job - That might give me what I need to pick up one of those "producer" instead of consumer deals - Everybody has to start somewhere...How long have you been doing what you do to get that good at it?
L

If you were tying to get those guys #'s hardly any experience/skills. You will get calls (I just had one last week that is set to close on the 14th making me $9500.00) of people who are like I will GIVE you this house for X. You just have to understand the % you can pay and how to move the property. That one took me 45 minutes. I have only done Real Estate fora little over a year. I have worked in call centers handling inbound leads for 3-4 years. But that's nothing special.
 
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Ryan D.

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Easy. Don't rent to degenerates. Know your property, know your tenants.

A good portion of the drama can be screened out. Also if you own nicer homes you tend to get better tenants. I get a kick out of folks who own slumlord properties and wonder why they get drama.
 

Chazmania

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A good portion of the drama can be screened out. Also if you own nicer homes you tend to get better tenants. I get a kick out of folks who own slumlord properties and wonder why they get drama.

Totally agree with that.
 

Chazmania

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Easy. Don't rent to degenerates. Know your property, know your tenants.

That's the truth and I agree.

My post was to point out that lead paint is quickly becoming the new EPA debacle like asbestos was, and anyone owning anything (including decent areas) should understand what's involved with it. If you do any kind of remodel, renovation or even a simple repair to a rental, you are required to be RRP and Leadpaint certified and follow procedures to cover your rear-end. It's a pain in the neck but contractors and landlords are the ones getting taken to court.

Not looking to go tit for tat here, just informing anybody in the biz that may not be clear on the realities of it. It's apparently only covered by a commercial pollution liability policy. A general commercial policy won't cover it. If there's any doubt get your insurance agent on the phone and ask specifics.
 
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Ryan D.

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Broker or agent?

The state of Indiana did away with "agent and salesperson." They increased the pre licensing from 60-90 hours. Which makes me a Broker. After two years I can go out on my own as a "Managing Broker".

Good looking out though!
 
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JustAskBenWhy

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I currently drop over 3,500 pieces of direct mail a month. I wholesale, own rentals, flip, network with private lenders, and I'm in the process of getting my Real Estate License.

Ask me anything you want.
Fancy to see you here, Ryan :)
 

Ryan D.

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Fancy to see you here, Ryan :)

My worlds just collided! :) This is a pretty cool group. Fun to see people having success in other areas. I've picked up a few hobbies already! PS: I'll be in Lima next weekend. Some distant friend of my wife's parents are getting married.
 

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