Author Topic: Lets talk about Prospecting  (Read 1821 times)

Kroaler

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Lets talk about Prospecting
« on: December 02, 2016, 09:33:47 AM »
Just as the title says, Id like to discuss the different forms of prospecting or advertising that has worked to generate leads for your real estate endeavors.

Im just now ramping up my prospecting, so far Ive mailed a few letters to distressed looking houses.
In the future I plan to start *legally* putting out bandit signs.
Im also going to place a large sign in my front yard    (I live on an Ultra high traffic road)
Ive also been giving out my business card to local real estate agents and explaining (and writing on the card) exactly what type of houses im after and at what price point.

Im also looking at the ROI on bulk mail campaigns but havent made a conclusion on that yet.



So enough about me, Id like to talk about how everyone else here finds the investment houses they buy.  What kinds of marketing did you find most effective for lead generation? Any tips or tricks you would like to share?


sammybiker

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Re: Lets talk about Prospecting
« Reply #1 on: December 02, 2016, 10:32:29 AM »
Prospecting = wholesaling?  Or you're a real estate investor that buys and holds or buys and flips?

The best deals I've purchased were from other investors that had to liquidate asap as they were trying to raise funds for a larger deal and wanted someone that could close with cash quickly with no issues.  No direct mailers or any of that - just old fashioned getting your name out there with your local investor market and having the reputation of closing when you say you'll close.

Kroaler

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Re: Lets talk about Prospecting
« Reply #2 on: December 02, 2016, 10:44:22 AM »
Not wholesaling.   Just real estate invester looking to keep a healthy supply of opportunity. 

I wouldn't have guessed your best deals came from other inventors.  I speculated they would pursue top dollar when selling.

sammybiker

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Re: Lets talk about Prospecting
« Reply #3 on: December 02, 2016, 10:52:23 AM »
Cool, sounds good!

And yeah, I would have figured the same.  But sometimes they need to exit and quickly.  This doesn't mean they aren't still making money on the exit but they are trading top dollar for a quick exit.

arebelspy

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Re: Lets talk about Prospecting
« Reply #4 on: December 04, 2016, 06:49:27 AM »
Prospecting = wholesaling?

Prospecting is lingo in some real estate circles for "marketing."

(The first mainstream/popular use I saw of it was in Robert Allen's 1980 book Nothing Down, but if anyone knows of popular earlier use, feel free to chime in.)

Think: Where/how do you get your leads?

(A few examples off the top of my head: Yellow letters, probate or divorce lawyers, cold calls, driving for dollars, bandit signs, SEO marketing, networking, etc. etc.)

Wholesaling would be one disposition strategy (others could be hold and rent out, flipping, owner finance, etc. etc.).  But "prospecting" is about the many ways to acquire a property, wholesaling would be about one particular way to dispose of it.

:)

Man, I sort of miss real estate.  Being FIRE'd and traveling is great, but real estate is just fun.  I had fun just writing this post and reminiscing about different real estate strategies.  Thanks for posting the thread, OP!
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

Rubic

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Re: Lets talk about Prospecting
« Reply #5 on: December 04, 2016, 12:50:19 PM »
Man, I sort of miss real estate.  Being FIRE'd and traveling is great, but real estate is just fun.  I had fun just writing this post and reminiscing about different real estate strategies.  Thanks for posting the thread, OP!

Except for a few years as an accidental (albeit profitable) landlord, I have no
interest in getting into real estate.  However, I really enjoy reading about RE
strategies.

Arebelspy, you once mused about starting a blog.  Since one of your areas of
expertise is remote landlording, it would be really interesting to read your
thoughts on this subject -- not that you don't already share quite a bit of
knowledge on these forums.

A second way to scratch your RE itch might be to provide mentoring services
for wanna-be remote landlords.  Someone who could guide newbies and assist
them in evaluating risks, avoiding mistakes, and producing adequate cash flow
could provide a valuable and cost-effective service. 

Just food for thought.


Kroaler

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Re: Lets talk about Prospecting
« Reply #6 on: December 04, 2016, 03:18:46 PM »
@ arebelspy:

Divorce lawyers, haven't thought of that one yet!

arebelspy

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Re: Lets talk about Prospecting
« Reply #7 on: December 04, 2016, 04:43:28 PM »
Arebelspy, you once mused about starting a blog.  Since one of your areas of
expertise is remote landlording, it would be really interesting to read your
thoughts on this subject -- not that you don't already share quite a bit of
knowledge on these forums.

I do have a list of RE posts I want to write for the blog, yet somehow posts on remote landlording wasn't on there!  Added, and thanks for the idea.  :)

Quote
A second way to scratch your RE itch might be to provide mentoring services
for wanna-be remote landlords.  Someone who could guide newbies and assist
them in evaluating risks, avoiding mistakes, and producing adequate cash flow
could provide a valuable and cost-effective service. 

I do enjoy teaching, and real estate... that could be a fun way to combine them.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

raquel1208

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Re: Lets talk about Prospecting
« Reply #8 on: December 04, 2016, 08:51:17 PM »
Arebelspy, I second on the mentoring services.  Let me know if there is one coming up :) 

Kroaler

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Re: Lets talk about Prospecting
« Reply #9 on: December 05, 2016, 05:49:57 AM »
Be sure to let us know if you start that real estate blog! I would enjoy reading it.