Posted by Mitch on April 24, 2002 at 08:01:44:
Separate phone line? We have one phone line for all calls. Check with your phone company about “distinctive ring”. We pay about $3/month. Now I know when tenants or a fax comes in.
(Doesn’t stop telemarkterrs though…)
Taking the plunge - Full Time Flipping! - Posted by Emily (NC)
Posted by Emily (NC) on April 24, 2002 at 24:30:14:
Hello Wonderful Friends,
I am really excited for several reasons, so I thought I would share my enthusiasm with you. Maybe you can help me home in on areas of my plan that I need to improve.
I am moving to a new city (Winston-Salem, NC) when I graduate from college in May. My extremely generous and understanding parents are getting me a vehicle for graduation (and then closing their eyes and holding their breath as I forge ahead in this venture. I am trying to decide between a car (honda accord, miata, elantra) or maybe a truck (toyota tacoma?) I’m consdiering gas mileage because I plan to drive the neighborhoods a lot and also what would look best with my “We buy houses” magnetic signs on the sides–I want to project professionalism, trustworthiness and a down-to-earth attitude. I also thought a truck would look more as though the signs belonged there giving the “company car” type image. Hopefuly I will also be able to find a free/cheap live (rent in exchange for eldercare, chores, etc. I have a few leads…)
I have given myself the summer to fully commit to trying wholesaling full-time. I will be using my savings to get a cell-phone, internet connection, and possibly fax machine and web site. I am also considering investing in a service that can provide me with comps and one that gives foreclosure lists, etc.
For food money, I may also try to get a part time job in the off hours. For you vetrans out there, what ARE the off hours. I would like to answer as many of my calls as I can, and go visit the sellers immediately. Is there any particular time of day when most of the calls do or do not come in? (Morning/afternoon/evening)
Then I will begin to advertise in the Thrifty Nickel, get names at the courthouse and visit folks at home, cruise neighborhoods, schmooze realtors, pass out business cards, mail postcards, blanket with bandits, etc. etc.
I am really excited and hope to see some results within the first three months. Calls at least. If I have trouble with closing deals, well presumably that will improve with time. Otherwise, I may have to get a serious job, hopefully at a title company or bank, so I could at least keep learning to prepare myself for another try later.
Any thoughts on this plan? Specifically
-the truck/car option (I’m hoping for a toyota tacoma, I don’t want to look like a realtor, do I?)
-Cell phones that work reliably!
-Advertising techniques
-efficacy of a web site for reaching sellers and buyers
-whether I need a separate business phone line
-when is it most important to be available to answer the phone/visit homes
-any good services that have court house info on file
-good/reliable comps (not necessarily free)
Emily C!
Re: Taking the plunge - Full Time Flipping! - Posted by dave (bal’mer)
Posted by dave (bal’mer) on April 24, 2002 at 20:29:30:
-the truck/car option (I’m hoping for a toyota tacoma, I don’t want to look like a realtor, do I?)
Honda is very reliable. I enjoy being lower to the ground, a truck sits me up too high. Maybe test drive them and see what feels right. If you plan on being a landlord, or managing rehabs, the truck may come in handy. The car also allows you to keep a lot of junk in the trunk that will not get stolen.
-Cell phones that work reliably!
*I like nextel, One of my companies does work for cell phone companies and I am always amazed at Nextel’s reception in remote areas.
-Advertising techniques
Check out HUD and MLS fixers, take a look at Steve Cook’s materials and website. People like band** signs. But I do not want to start a giant arguement over them 
Best bet, is to speak to people in your market and find out what works.
-efficacy of a web site for reaching sellers and buyers
get a free website in the beginning if short on money. If you build a real one with a unique domain you can just place a link on the old free one. Tripod has good free sites. When choosing a domain choose something that is easy to say over the phone. If you have to tell people to enter “hyphen tilda backslash, P D E T Z C B P” chances are they are going to type it in wrong.
-whether I need a separate business phone line
one line should suffice. Place your cell number on your answering machine IF you will always answer your cell phone.
-when is it most important to be available to answer the phone/visit homes
I am working with MLS type deals, so I do not know how to answer this except to say, be on call, so you can get there and solve the sellers problems before they call another I buy houses ad.
-any good services that have court house info on file
-good/reliable comps (not necessarily free)
http://homeowners.homepricecheck.com/street.jsp
http://homeseekers.domania.com/homepricecheck/index.jsp
http://yahoo.iplace.com/sales_search.asp
I purchased a good plain paper fax/ copy machine with 2.4 ghz phone and digital answer machine for 179. at sams club, it was 229. elsewhere.
Write goals and read them every day. They will change as you grow, but that is alright atleast you are heading in a certain direction.
I feel like I am sending you off on a journey
N-E-Wayz,
Best regards,
dave (bal’mer)
Re: Taking the plunge - Full Time Flipping! - Posted by DavidV
Posted by DavidV on April 24, 2002 at 12:00:08:
Hi there Emily. Glad to see the enthusiasm is still there from the convention. A seperate phone line is nice but if you are really on a tight budget one line would be fine. Fax machines are great. Get a fax and answering machine that will recognize the fax tone or ring and send it to the right one, only requiring one line to start. They may all do that now.
The calls i get vary as the times they come in. Sat, Sun, and Monday are my biggest call days.
As for budget advertising, bandit signs are good. You can get creative and make some home made ones for about 50 cents each. Printing up flyers and putting them up anywhere there is traffic, like the Wal-Mart board, etc. And get some business card and pass them out like Candy. Look for willing Realtors, I think Steve Cook makes most of his offers through them from what i have read here. You may want to wait on the web site operating on a budget. Once you get established you might want to try it. I can’t remember the site addresses, but there are some places you can build free sites, with limited space. I use my web site in all my advertising.
The vehicle in my opinion is mostly personal choice. Go with what you will enjoy. Having said that, get the truck! LOL.
If you want the courthouse info, go down there and nose around and learn to look it up yourself. What i did starting out there was to pick an empty house and with just the street address, then see just how much info i could kind find out about the property. Owner’s address, lot dimensions, liens owed, etc. You may never need to know that stuff but if you’re gonna be dealing with real estate a lot learn all you can.
Let me know when you get that first deal.
David-n-Gulfport
Re: Taking the plunge - Full Time Flipping! - Posted by Nathan(oh)
Posted by Nathan(oh) on April 24, 2002 at 10:31:06:
Awesome! with your enthusiasm I know you will succeed. Toyata Tacomas are my favorite truck, so if you get one, I envy you. They look nice with magnetic signs and you will probably need a truck anyway.
My website is www.the-property-people.com and I have success getting leads from it as well as getting my name out there. I use it on all my advertising.
You can use realtor.com, realestate.yahoo.com, domania.com, etc for decent comps, as well as enlist the help of a realtor.
I highly recommend a seperate line for biz. or else you will never want to answer your home phone again. Trust me, it makes it much simpler.
Advertising needs to be a multi-tiered attack. Use sings, ads, flyers, biz cards, mag. signs, and direct mail to fsbo’s.
Your calls will be spread out through the day. I even get calls at 3am. So make sure you have set hours and then use a voice mail of some sort.
Good Luck and Keep us posted!
Nathan
Re: Taking the plunge - Full Time Flipping! - Posted by LeonNC
Posted by LeonNC on April 24, 2002 at 01:30:44:
You’re on the right track. I’m not sure what your experience or knowledge is but I’d suggest getting Steve Cooks course on flipping houses. I don’t have it but I know for a fact he is the man when it comes to doing what you want to do. I really don’t know but I’m guessing you are moving to a good area for that technique.
Best Wishes,
LeonNC