Vintage Ventures - Creating Endless Possibilities

Hi Jonathan

Welcome to the DG family. Sense you have been visiting for awhile you know what goes on here. So I'm glad you joined in.

And Happy Thanksgiving.

Jim Kendrick

Thanks Jim!

Well, I really wanted to throw a question about to everyone and see if anyone has some advice. I am the type of guy that isn't afraid of knocking on doors and talking to the homeowner directly. I do send out letters/postcards, but I feel that being passive about things isn't always the way to go. My question is this though, of all the doors I have knocked on, I have only been able to really talk to two people, one I have under contract and well the other we are still waiting to see.

Does anyone have a good script or suggestions as far as what I should say when I knock on the door? Right now I basically tell them that I am with an investment company looking to purchase homes in the area and if they are anyone they know would be interested? Should I just be completely up front with them and tell them I know they are in pre-foreclosure?

I also have my real estate license and I was thinking about offering them options, one of course would be to list the property with me and as a fall back we would purchase and assign or flip ourselves. What do you think about that strategy? Should I leave out that I am a Realtor or do you think that would help?

Sorry for all my ranting but I feel as though I would have a leg up on a lot of investors that are scared to knock on doors, but I just need help as to what to say when they open that door and hopefully open the door for me to purchase their property.

Thank you for all your help.

Jonathan G.
Vintage Ventures

Hi Johnathan

I would not mention the foreclosure, or they might slam the door in your face. If you get to talking with them they will bring it up.

I'm not a Realtor but I think you are supposed to tell them, I'm sure someone else will come on and tell.

Jim

To tell you the truth I have not door-knocked since I got my new business cards. The times before I would just hand them my real estate business card and tell them I work for a group of investors and usually if they say no I would give them my card and tell them if they needed anything to please give me a call.

I will alway mention that I am a Realtor because I am not willing to lose my license over not disclosing and such. I also have a partner who signs all the documents for the company so in all respect I am not apart of the contract, I'm just making it happen.

Thanks for your reply.

Hi Johnathan,

Welcome to the site as a member. It's much more fun this way.

MichaelMangham had a thread about door knocking. Maybe this will have some info for you. If not, you could always try PMing him.

http://www.deangraziosi.com/real-estate-forums/my-deals/64290/doorknocki...

Karen

I haven't been knocking on doors like I should. I have been letting my fingers do the walking instead. I have placed a few ads on Craigslist trying to build my buyer's list and I have been keeping up with my own property that I have under contract.

Is anyone familiar with Oklahoma probate laws? The house I have under contract right now is in pre-foreclosure but it is also going through probate (which I had to have the heir initiate so he could sell me the property). I went to a REI meeting and met a Lawyer who stated that I didn't have to wait until the probate ended to have them sell me the property (which is what I thought) but I actually have a family friend who is a probate attorney and he stated that since she died intestate (without a will) it has to go through the probate before the heirs can sell it for less than 90% of the appraised value. Which one is right? Anyone know? I would hope the family friend wouldn't screw me over, but who knows anymore.

The good news is that the heir finally brought the Probate Attorney the death certificate so now the probate can actually start. I am going to have to delay the foreclosure, but I have been talking to the bank for some time now so I think that will be easy.

I am reading Dean's book "Your Town Your Real Estate Profits" and it really has gotten me energized for 2011. I have been calling local small banks and since I have my real estate license, I set up a search for foreclosed homes that have been on the market for over 180 days. I plan on low balling the bank, especially the ones that have been on for almost a year! We need to get our buyer's list built up though because we will have to use Transactional Funding and to do that I have to have the end user all lined out to get the money.

Anywho, I wanted to share the deal Keely and I have under contract. Again, pre-foreclosure and also going through probate. The lady that passed away only owed $38,000 on a 4 bedroom 2 bath 2 car garage WITH a pool. After some doing we located one of the heirs in California and called him. He was actually moving back to Tulsa so we met him at the house and we looked it over. We offered him $50,000 on the spot and he accepted it.

Here's where it gets good. The house next door is similar in size without a pool listed for $163,000 and the house across the street, again, similar size without a pool for $160,000. I am planning on completely remodeling the house and cleaning the pool up and selling it myself (since I have my real estate license) for $150,000, a potential gross profit of $80,000!

I plan on going to a bank and trying to get a construction loan that will allow me to get the money and the fix up money all at once. I like so many nowadays, have pretty crummy credit so if that doesn't work I have already lined up a private investor. What would be a good return for him? I plan on asking him when the time comes but I would like to know what anyone here pays a private investor usually.

Sorry for the book everyone, I will try to get on here more often so I don't have to type as much.

If anyone is looking to invest in the Tulsa, OK area, I will be more than willing to Bird Dog some properties for you. We have a very wide range of properties but our average sales price right now is probably around the $120,000-150,000. But I can find you $10,000 properties all the way up to $500,000+.

Again I have my one deal but I would love to make some quick cash assigning contracts or using transaction funding or just a straight bird dog fee. Please let me know if you are interested and what you are interested in so I can get all the numbers to you.

Jonathan G.
Vintage Ventures