Its been a tough month! I had some close calls (no pun intended) and some leads that had potential, but just fell through! Even other investors said its been a slow month for them as well.
I made some progress in advertising though, and I expect to get the business kick started.
Here's a summary of my incoming calls for the month of March:
Bandit Signs: 13
Response from drivers wanted ad: 9
I try and maximize all incoming calls because these calls are already pre-screened and they are sellers that WANT to seriously sell their houses. I do get some tire kickers from time to time, but for the most part they are motivated.
Unfortunately, a lot of calls were double wides 10-20 miles outside the city! I try and keep away from manufactured housing since they don't appreciate like single family residences. In addition, its harder to sell these types of properties. Do you want to live in a mobile home 20 miles from anything?? However, I need to make sure these leads don't get wasted and I will do more research to make sure I not missing out on any opportunities.Offers:
Only offer #5 - This was a close one and would have closed if the house did not have termite problems. There just wasn't enough profit to take on the termite issues.
When I make offers, I usually get a house signed within 10 offers. If I was making offers from unscreened sellers, I would need to make at least 30 to maybe buy one.Milestones of this Month:
1) I hired a college kid to distribute bandits signs. He was trained last week, and is ready to kick ass. I am going to paint the city yellow with signs.. Bandit signs will be over 50% of my marketing. I am a big fan on bandit signs right now.
2) Looking for birddogs. In the effort to look for birddogs, I wrote to appraisers and attorneys. I sent a sent a total of 50 letters that were sent by mail or fax. How many professionals responded to me? NONE!
I'm real surprised. I would thought a few people would call me. I guess getting an extra $500 -$1000 is not worth their time for delivering leads?? I didn't go crazy with this campaign, I tested the waters and the results are I did something wrong. I need to mix this up and present birddogging in another way. The most powerful way will be to talk to people personally. I just received free business cards from www.vistaprint.com
that promote birddogging. I am distributing these everywhere.
3) Tried to line up private money for fix and flips. I was hoping to have this done by now, but its just beginning.. Any millionaires out there that want to use their self -directed IRA funds to create notes secured by real estate?? I'll give you %10-%12 interest. ;-)Plan for next Month:
I will focus on the following:
2) Door Knocking
3) Incoming calls from advertising
This is a good plan and will keep me busy. I have to admit, after the last three weeks of doors slamming in my face, brokers jacking w/ me, and deals falling threw, I am burned out on REI. I don't have any motivation this weekend. I think I will work around the house on Saturday and take the family fishing on Sunday. That should recharge my batteries!