First, It's been a month since my last post... Beggers can't be chosers right? (Just kidding, I do apologize)
Anyway this mornings post is from a caffienated conversation I had just a couples hours ago, as a fellow investors and I remember just
How We Lost 39 Grand in
Brain-Dead Obvious Deals
Brain-Dead Obvious Deals
(I should mention though we were just starting out) So here's the story.
We'd spent about 10 nights out on the town during the wee hours of the night posting signs, and I dropped about a grand in to some post-cards, which took another day or two to pull off. We did all this over a period of two to three months, and had what to show for it - 200 motivated sellers.
From this we had a pretty solid short-sale worth $10-20k, a $15k retail deal where we had taken the deed, a $5k wholesale deal in an 80K neighborhood and another $14k wholesale deal to be had in a $150k neighborhood (aka nice for B'more).
So I bet you're thinking wow Ted you made $44k your first three months in Real Estate - Hah -no! Not even close...
We had an RE Agents scare a seller away from us, followed up with one seller an hour late (literally!) and I ticked off a bank rep. When the circus was over there was only one flip deal was had.
Point is: market for 4 deals to get one done! Don't market to try and get a deal, when you start out, you're bound to mess up a lot.
Peace out, cub scouts.
-Ted
3 comments:
hello, Ted
have you used anything other than bandit signs and postcards in the beginning of your career?
In the very beginning I spent a lot of energy working over the MLS.
When the REO Market of B'more went pot ('round when I was making my way into the market) I had to find new ways of getting deals.
In the first year I: flyered, mailed post-cards, used band-it signs, left business cards everywhere I went, had signs on my car and others, and flew a banner over the interstate (ala Dave Lindahl style).
Thanks, Ted.
What did you mean by "flew a banner over the interstate" ?
Also, did you receive any phone calls from the business cards that were distributed? Did you use the website?
THX A LOT ! Love you blog!
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