Thanks
I just wanted to say thank you to all the individuals putting posts up day in and day out. Especially the people who already have succeeded in there own chosen are of real estate.
I have been reading post for months along with real estate courses and books trying to get a grasp of the big picture. I think it is sinking in at last and sorry for stating the obvious but marketing appears to be the key.
Every book our course I have read talks about buying houses below market, finding motivated sellers and what ever else. Very few take more than one sentence to talk about the courthouse, mailing list and generating a network of people to do the work for you. It is a bit obvious even with this site that people put up twice as many posts on subject to investing or foreclosures than they do on marketing.
Also Negotiation and how to deal with people are just skimmed over for the most part. You have to know both of those subjects well to make your marketing material have the desired effect and get the deal going after the initial contact.
I guess I feel that I have seen the light and in part that is due to many of the posts on this site. If you really want deals you have to make your own and get ahead of the other 99% of the people out there.
I am 6000 miles away from where I want to start up my real estate business (Washington State) but I am not going to let that stop me. If any thing it has been a big help by letting me read more before jumping in and making some big mistakes.
I am already starting to set up a small network of family and friends to look for houses along with a bit of a direct mail campaign targeted towards motivated sellers. For people new to this site if you read the posts you will see time and time again the same questions asked repeatedly. Read them!!! They are the important ones for the most part and also pick up some books and read (Negotiation, marketing, sales)……..
Thanks again for all the post. I think I should write and article because if I continue this message it will be a darn book! [ Edited by JohnLocke on Date 07/14/2005 ]
It is a bit funny that all the big wigs didn’t say anything when I posted the first thank you. I thought I would hear one(that was just my little ego wanting a rub I guess)….maybe even a your welcome but I guess not. It is a bit of marketing I guess(I didn’t word it right). You need to have the right subject to get the views on this site and that wasn’t quite my objective. It was just to say thanks and maybe give a small bit of advice. I will say that things are going well as a bit of an update. I did do a mail test and it has turned out pretty good. I am getting right around a 10% response. Some might say that is great. I don’t think it is. I think I could have 30% response if I was living in the area that I am writing the sending the letters. I am writing to homeowners and telling them that I live thousands of miles away and that I want to buy their homes. As I said I live thousands of miles away but they are still writing me back. Why? Because I am not giving them a commercial by mail. I had a bit of it in my last post but I guess my main theme is read. The most expensive advice you can get is for free. Search your self …read and look at what’s out there. Much of the information is recycled crap but there is some good stuff you just have to dig threw the garbage. Most people I know don’t trust 90% of what they see in print so you have to figure out a way past that. Read your own stuff to your self… what you would believe some one else will for the most part. Admittedly there are other perspectives and you need to see those but if you won’t go for it some one else won’t either. I seem to be making these things pretty wordy but I just want people to know if you believe in your self you can do it. If not you are going to be like every one else who bought some course. Read, learn and do it. Don’t cop into perceived value with what is out there(that is an entirely different subject)You do not need to spend thousands to make money in real estate. You need to set your sights on what you want to attain and then go for it 100%. I guess I would also like to add…thanks again. Reading the information on this site has reaffirmed to me that 99% of the people out there are not doing what they need to do to make it. I don’t mean for that to offend people but it is the truth. Paying 4,5, 6 hundred or seven thousand dollars four a course doesn’t mean you will make it. I believe that the real estate courses and information is really about 5% of what you will really need to succeed. There is plenty more but that is another post for another day. You are the key to your own success!! Unlock that and go for it!!!!
sorry it came out twice!!!
Great questions John...
Proof is an important ingredient when someone wants to quantify ones ability, as we both know, there are too many people saying they’re experts and few are.
When I look at numbers I look at net return numbers in relationship to systematic lead generation.
let me explain, most investors can luck into one 50000 net deal but cant sustain a lead generation system to take down 15 houses a month at a triple net of 25000.00 .
Now to the short answer if you hire a mentor who has established a minimum pull down rate of 10 flipped properties a month with a triple net return of 25,000 per deal and has consistently done that for a recent, and recent is important issue, 12 months than I would say they’re qualified to give an opinion worth paying for. The pay scale in my opinion should be a minimum of 2500.00 per deal.
Now I am sure I just lost some folks but who wouldn’t pay a mentor 2500.00 if that person paid you 10 times that amount back.
The mentor should be careful not to violate any department of real estate laws, which may define the 2500 as a commission.
I once read that after reading seven books you can become an expert on any field.. i think a lot of Investment book writers are great readers and have little experience.
It has always amazed me that an investor would trade a 300,000 monthly income to go on the seminar circuit.
Hope this answered your question
Much respect to you John
[ Edited by IBuyHousesInc on Date 07/14/2005 ]
Johnlocke, Jason, and Ibuyhouses
I appreciate the comments. I have read many of your posts and do respect all of your opinions. I will keep my nose to the grind stone and keep plugging away. I thank you guys again for all the help and the post that you guys keep putting up. I know you all have helped many people on this site and as I said THANKS!! Hopefully I will have a few success stories to post of my own soon
Interesting post!
"Towering genius disdains a beaten path...It scorns to tread in the footsteps of any predecessor, however illustrious. It thirsts for distinction."
By Abraham Lincoln, 16th US President
As one of those course writers and seminar teachers I find that failure comes by way a person lack of putting forth the effort to reach for success.
Success comes by way of hard work, education and the most important ingredient of all "Never Giving Up"!
If one faces failure one tends to blame the message giver and not within ones own self.
Good luck!