Strategies/Technique/Sources

I was listening to something the other day and thought I would share part of it.

Generally in Real Estate there are a few Strategies that you can follow. You are not limited to just one of these paths but those who do well, focus on only one. These strategies are buy & hold, flip and wholesale. If the numbers however work out right on a place, any of these trails can work out.

Techniques are the methods you acquire properties within that strategy. Some techniques work better with strategies than others. You can picking up Sub2 properties which works out nicely for buy and holds. Sub2 doesn't work well normally if you decide to whole sale the property as a Sub2 deal. If that mortgage payment doesn't get paid, who is that original selling going to be going after? Some other techniques can be Sherrif sales, buying/selling at auction, REOs, or even the MLS. Getting a "deal" in the MLS and then trying to wholesale it is plum crazy.

With in the next level are your sources for the leads that fed the techniques that you have picked. These can include, direct mail, door knocking, referrals, probate, bird dogging. email and texting. What makes these methods tick? Having a message customized for that niche that connects to the source. If you are looking for burned out landlords then a post card asking them what your tired landlord price on your property is. If you are targeting probate properties, letters to the person who died from the yellow letter lady asking if they know of anyone selling a property.

If you are having difficulty in your area doing things one way in your backyard, have these laid out so you can try things with either a different message or using a different source.

I try to target a single lead in a variety of methods in marketing campaigns. You probably will not reach the right people at the right time the first time you reach out. To most, you will never be successful in giving them the message that you are there to help them solve their real estate problems. So often, we think of what we do to be a business about bricks and mortar. The truth is we are in the problem-solving business. Some folks want to be secret agents and others want automation to do the heavy lifting for them.

People need to Know you

People need to Like you and

It is definitely a people business more than anything else. People in todays world aren't very trusting, and rightfully so, as humans tend to do things for their own benefit. There are a lot of crooks out there and it is possible that people in these conditions are on guard to that. Pushy tactics don't work either.

Just a thought: It is possible that there has been too much of the "we buy houses" push out there, as it seems everyone is doing it now and constantly posting signs, doing commercials, mailing post cards, ect....Also during the scamdemic houses were bringing a premium with no inspections. People may have realized that they were better off listing their home on the market instead of contacting the investor who lowballs them. There may have been a shift in mentality. Before, people didn't realize things that they may now realize. Thus, being honest and earning trust is going to be important. Another thought is like you allude to in that people can't get to know you through automation. The human connection has turned into a computer generated connection and doesn't have the same affect. Humans, at least most, are social creatures by nature, not digital creatures. Again, just random thoughts.

Ken, thank you. By next phase, do you mean when people start loosing their houses to foreclosure and there are a lot of houses on the market?

Does it make the business easier because a lot of investors drop out?

You all are too kind. All that I am doing is paraphrasing something I heard and sharing it in hopes someone gains a nugget of knowledge.

The bigger challenge for all of us is implementing what we learned to gain time or efficiency. If something isn't working out after a certain amount of time - what will we do?

I am slowly building up to doing this. I need to clear a few important items off my plate before I can jump into this.

Now I realize that sounds like an excuse, and it probably is, but I have started to get a bit overwhelmed with all the new things I need to do.

So much so that I am almost frozen in place, thus doing nothing at all.

Once I get a big item marked off my list I feel the floodgates will open again and I can move forward with more things at once.

I suspect 6er, most of the poster on this site do not have an actual goal. For many, at best is they have a pipe dream.

If you say are 50 years old and want to have an income stream of $3,000 to help out with retirement and you want to retire at age 62, you need to do the math to say I'll need to buy one house every other year. That is as far as it goes. Any idea what is going on when they turn age 62? They still have one rental property.

They will wait for that perfect set of things to happen to buy that next home. Deals are not found, they are created. There are lots of folks out there waiting for the market place to change before they act. Guess people don't die, divorce, relocate or file for bankruptcy in these locations.

Meanwhile, the latest national data is out from NAR and delinquency in SFH and MFH have remained stable for the past three months. Office sector did raise up from 5.2% to 6.1% but all other areas seem to be stable. Can I explain it? Nope, just not lots of inventory out there so you have to have a plan in place and now what you are looking for before you start looking.

Oh, so often, I hear there aren't any deals, any good tenants or any good contractors out there. Where they are tougher to find - they still exist. It's not like Jeffery pays for airplane tickets to takes qualified people away from our towns. You can use the stumble method and try to find what you are looking for or you can write down the plan of attack.

I guess there is a fear that if they don't do everything, then it will not get done.