The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Tuesday, May 31, 2005

No grass growing under my feet..

Real Estate Investing (REI) in the last month has been like playing tennis with one player. Its hard to play the game when you hit the ball and no one hits it back!

In the interest of getting my phone to ring again, I am increasing my marketing. If this doesn't reach my goals, I will increase my marketing again until it happens.

Old marketing:
  1. Business cards everywhere
  2. Bandit signs (at least 100 signs a month, placed in good locations that stay up for while)
  3. Letters to preforeclosures in my farming area.
  4. Realtors/birddogs
  5. Magnetic sign
  6. Dirty 30 (letters to vacant/or worn down properties that I see in neighborhoods)

Additional marketing:

  1. Min of 3 letters to preforeclosures.
  2. Now sending out to a divorce list (more letters)
  3. Submitted classified ad in local paper
  4. Translate my letters into spanish for certain zip codes.

So, more work, and an extra hundred bucks a month in marketing..

I'll tell you folks, I feel that this still isn't enough to reach my goals. We'll see..

In addition to the marketing changes, I am changing my paradigm on prescreening the owners. Typically, I try and screen them to the point that I pretty much know If I can make a deal when I come over to the property.

I haven't gone to very many houses in the last few months, so I haven't made many offers. No offers , no potential to buy. SO, I am now going to fully work over my leads as if they were gold. After I confirm some level of motivation and the basic numbers, I will get off the phone to do more research. After getting comps, I will run through the numbers and create at least thre ways to buy the property. If the seller is interested, I will than go straight to the house and negotiate!

Good investing,

Bginvestor

|| Bginvestor, 12:12 PM

4 Comments:

4. Translate my letters into spanish for certain zip codes.

This is an excellent idea. Matter of fact, I was talking with my MIL over the weekend, and she suggested putting up Spanish-only bandit signs with her cell phone number. Living in the southwest, it is unthinkable not to market to Spanish-only speaking homeowners. I bet your marketing goes up for just this lone tactic, Brian.
Blogger Steve, at 12:48 PM  
Thanks and I'll keep you posted on the results..
Blogger Bginvestor, at 6:13 PM  
Hi, great site - one of the few I check daily.

Just wanted to make a comment on the spanish letters... don't know how AZ is, but CA (where I am) is an extremely litigious state. Especially when dealing with pre-foreclosures, the state is VERY wary in making sure homeowners in foreclosure are not "taken advantage of" and that they have full disclosure of what's happening...

When signing contracts with a non-english speaker, you will probably depend heavily on the translator. But, especially when you're involved with a "creative" deal, it's very easy for the owner later to say in court that s/he didn't understand what was going on, and then it could be a big headache. (I work for a real estate attorney, and see MANY cases like this!)

So, unless you personally speak a foreign language yourself, you may want to take extra caution in protecting yourself in any venture like this.
Blogger Helen, at 6:36 PM  
I can totally see a judge saying that the agreement was not reasonable since he did not speak english. I will close with a spanish speaking attorney..

Got that one lined up!
Blogger Bginvestor, at 5:59 PM  

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