Bandit Signs WORK!!! Put'em out!!

RENinga

The house that needs $10000 repairs, owes $68000, wants $65000
Do you know what the house would rent for
Do you know what her payment is per month (PITI)

Just got my first call from bandit sign, however it came from Burbank, CA and we are in NW Arkansas. The msg said they are ready to make a cash offer even though they don't even know any details of the property. I am skeptical of this and unsure if I should even reply. Has anyone run across this sort of thing before?
should I investigate the phone # and website before responding?

Thanks - Cindy
BTW - I love dg.com
everyone is so helpful...so glad I'm a part of it

I would ABSOLUTELY reply. So many people are moving out of this state (CA) because it is SO expensive. There can be so many reasons someone is wanting to move there. Maybe they are "from" there and their family is still there. Maybe their job is transferring them, or they just want to invest in a state where it is much cheaper to buy investment property.

Who knows if it is legit, but you will never know if you don't call back. What do you have to lose? Only a DEAL!

Karen

Cindy, I think I would just keep my head about me watching for red flags but definitely give it a chance to work.

Would you mind sharing their info? Maybe I can interest them in some Seattle properties.

take action!!!

Answer EVERY call.....it could be worth $10,000!!!!!

definitley contact them. Thank you all so much for your input.
I'll keep y'all informed.

Cindy

House is in area where houses are worth 50,000. It isn't in a good enough area to justify paying 65,000. Rent? Between 400 and 600 I think. I don't know for sure.
My dad estimated the payment to be something like 450.

RENinja

My three calls today again! Yeaagh!
First caller wanted to sell a house in texas, second seller wasn't motivated, and I missed the third call.
Gonna get some flyers out now.

RENinja

I don't understand why you would put out a bandit sign, receive a phone call and not return the call, When I'm in the field and I see a bandit sign I always call the number, and have never talked to anyone. I just don't understand why you would waste your time and effort to get the signs out and not respond to your caller? Don't be one of these people call them back, always, just do it....:)Remember to answer your phone, the more people you talk to, the more offers you make the more deals, the more money, but it all starts with getting the phone ringing.....John H.

Did I say I didn't call back?
I did.

RENinja

Have signs out in Des Moines, Ia. I was talking bout the signs in my market area.

Theres a Des Moines, LA . Got it.

RENinja

Its a numbers game. The more calls you get....The more deals you will get. You cant hit a home run if you don't get up to bat. You are at the plate. Keep going, the deals will come! Also, keep in mind if a deal seems like there is no profit -check on Lease option. It is possible to create lemon aid from lemons. Look at all the options. If there is no profit to be made as an investor it may be a deal that you can pass to your Realtor.
Success to all!

Ok, Ima have to talk to a lawyer about the lease options. My realtor is telling me that lease options aren't good, because too many of the tenant buyers are backing out down here? I'm not sure if this is a contract problem or a qualifying problem. I need to have a better understanding of how they work IN Louisiana before I can start offering that to sellers though.
Thanks for the tip!

RENinja

I understand your frustration about calling a Bandit Sign and NOT getting a call back. While I was working for Matt one of my normal tasks was to always be on the lookout for deals. I would call every Bandit Sign out here in the QC area to see if they had anything available. One sign I would call about once a week, I kept seeing his signs at different intersections and I assumed he was active in the business. He never returned my calls but after awhile he responded to me via email.

So hear comes a little lesson about communication about "Never Assume, Get it in writing". This wholesaler gave me a lead on a house he knew was for sale. He gave me the address and phone number of the owner and asked that if we did the deal to pay him a finders fee. Here is the lesson, we bought the house but did not pay him a finders fee. In about 48 from the time he gave me the lead the house had already been put under contract with another wholesaler. That Wholesaler Assigned us the contract and we bought the property. After Closing and the deed had been recorded with our company as the new owner, the guy who gave me the lead asking for the finders fee sent me an email saying where we could mail him a check.

I explained to him that we had not purchased it directly through the owner from his lead and we had to get it on an Assignment from another Wholesaler. He was not happy about that. I don't know why he did not get it in contract, but never let that be your position in Real Estate. If you get the phone call make an offer, get it in writing, and make the assignment fee!

The parish called monday and told me to pick up my signs. Man, that was my BEST SOURCE OF CALLS!! Oh, well I'll figure out something else. I lost four signs, but three days netted me about twelve calls.

RENinja

Use Yellow letters to expired listings and vacant properties you find.

so you can avoid the parish calling to pick up your signs during the week. It's not over! It will just take some "weekend work" to get it done!

Good luck. You are on a roll!
Louisa

@Lane okay, I was thinking of blanketing neighborhoods with flyers on the door and going after abandoned homes too. I'll do as you say.

@Louisa, I'm gonna let the planning and zoning director chill for awhile till he forgets about me. Then I'll start putting them out again.
Thanks you two for the encouragement!

RENinja

Got two calls today even though I picked up my signs last night!

RENinja

A hilarious call last night. I called back a gentlemen wanting to sell his rent houses. On the initial call, I only got the street name(I know, bad practice, but I'm learning). So I checked out the area and realized the houses were in the worst part of town. So I called the guy back and told him I had to pass because of the area. He says "Well why you want to pass because the area?" I said "Well sir its a high crime area and thats not a part of town I want to invest in"(Now that I think about it, I should have told him something a little kinder, cause he may have been living in that neighborhood. ). So he says "You don't wanna come evaluate the properties because it's a high crime area?!" This is repeated three times,lol. After two minutes of getting him to remember why I called. Then he says, "Well I guess I can understand that. But you don't want to come see the properties because its a hiiigh criiime area?!!" I was thinking, Oh boy here we go again. Then my dad was like tell him you have to go now. So I tell him that and he says "Well let me call you back". Now wait it gets good. He FORGETS TO CALL BACK!! L.O.L!

RENinja

I got 8 calls THREE DAYS AFTER I PICKED UP MY SIGNS!!
Bandit signs are that good!

RENinja

People write down the number but sometimes don't call right away.

are you looking to buy and hold, flip or wholesale off your bandit sign leads?

Just a gentle reminder: if something comes through your lead pipes/marketing techniques and it doesn't fit exactly to what YOU want to do, CAN you still pull a deal out of it? What doesn't work for you may be perfect for another buyer and/or strategy. You can 'create' the deal and still wholesale it to an end buyer.

Always keep an open mind. Focus on HOW you can make it work rather than is this property exactly what you're looking for. Keep a forethought of is there ANYWAY possible I can help this seller. It always helps me to get the creative juices flowing. Trying to figure out IS there a way I can pull a deal out. No, we aren't looking to take on another persons headache, some are completely unrealistic and inflexible and make you question if they bumped their head getting out of bed that morning! lol Granted you can't turn a turkey into an eagle, but if they are motivated and flexible you can create a smoking deal (price and/or terms). Cheap properties are a dime a dozen but with terms just about ANY buyer will step into if they're able to get in with extremely little to no money into the deal, no major property issues, it cash flows, EVEN with a lower/no equatable position and yes even in low income/high crime areas. Guarantee if you search tax records for those streets 9/10 will be held in an LLC or Trust. (aka investors are already in the area - side nugget contact those as well to see if looking for addl properties) (those are the 'ANY' buyers I referred to, to target!)

Note: (Creative deals will work like an assignment of contract, you buyer will pay you a fee for the deal you created. I've used Flex Options and it's been very clean. But of course check with your legal counsel, state guidelines/regulations)

Keep at it! YOU'RE DOING GREAT!! Don't feel you have to know everything about every strategy. Keep 'running' and scoop up the knowledge as you go!
Never stop working it, never stop learning it, stack your team with the professionals that will assist in making sure you are covered and kosher)

Keep on killing it, Making it happen! You are learning TONS by doing it! Been watching you, and you have already grown soooo much! You are starting to pick up some momentum. Proud of you!

Great job!

God bless,
Jen

You should think about using a magic jack phone number on the signs in the future. There untracable, that way you can leave them out, and gennerate more calls, just an idea.

I use Google voice for bandit signs and have not had any issues.
you can even send text messages.

I also have my Google voice number on my website.

Do you really want to get in touch with the guy? I think I still have the number.
First call, told me it was four houses. When I called him back he told me it was five houses. I tried to ask about them, but all he could remember was that two of the houses were 2 bed/1 bath. He wouldn't quote me a price either.

RENinja

I plan on wholesaling, using an assignment of contract.
Actually what is happening is that some of my calls are people thinking I buy and MOVE houses OFF lots or I buy them and TEAR them down for materials. I'm trying to think how I could turn these calls into deals, but I can't think of anything. Maybe find a landlords who has a big or empty lot?

@Plan-E, Google Voice is working out really good for me so far.

RENinja