"Getting Started In REI" Checklist, Did I Miss Anything?
I have made the decision to pursue full time REI. I have the negotiating skilla and savvy from my previous career on wall street, at the end of the day I can get the deal closed. So on that note I have put together a Cecklist of things I have done to begin my journey into the lucrative and rewarding field of REI. I look forward to any input or dialogue or constructive criticism that anyone has who is or once was in my shoes as a rookie in this business!
1) Read a) Buying RE FC`s by melissa Rice ( explains the fundamnetal )
b) Making big money in FC`s by Conti & Finkel ( Real life strategies and creative financing methods )
2) Subscribed to an online Database of Pre and FC info including but not limited to pre and fc, Lis pend lists, bankruptcy lists, local resources and useful links.
3) Found my local newspaper Legal advertising section where I found Auction FC listings for free.
4) Assembled a list of names and properties from both of those sources of about 35 names ( was able to track 16 phone numbers via reverse lookup online)
5) Started mailing campaign to the above list intro letter
6) Put up 3 different General ads online to generate leads
7) From those ads Put together my Buyers list composed of 7 Investors and over 20 retail buyers ( those results from approximate 5 days running the ads on free website )
Located 3 Hard money lenders. Best deal I found so far was 70% ltv no income or employment ( please let me know if i should find better %)
9) Located a title company 5 minuntes away from my home who does "double closings " if i decide to wholesale during the learning curve
10) Contacted a reputable local RE attorney who specialezes in REI and creative financing
11) Contacted 3 local bank REO departments and 2 of them are sending me there inventory lists and bidding procedures and 1 said they had no invetory right now to try back in a few weeks ( wonder how true that is )
I am hoping the above mentioned steps in wich I have taken are a good foundation to begin my journey into REI !
I feel confident that I am ready to begin following up with my letters by pounding the phone and pavement in search of the MOTIVATED SELLER and get a deal under contract. I value the opinions and experience of anyone who is willing to share with me anything that I might of left out or should also be doing . I am interested in the PRE FC arena and REO so please feel free to respond with any info or elaboration that you feel will help . I look forward to your responses as I am always intrigued by the economy of knowledge that this web site has to offer! Best of all things , Joey from staten Island
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Please excuse the typos my pc is on the outs and I just wanted to get it posted LOL!
Looks like you have a good plan in place just remember the human factor no amount of advertising, form letters, emails, or other contact will ever add up to equal looking someone in the face with a smile and talking with them.
I am a firm believer of Personal networking... Yes it takes guts but they will see your courage and determination and will reward you for it.