Systems for the Serious Investor - Posted by messerb
Posted by messerb on April 06, 2000 at 17:23:51:
David Alexander posted about a week ago that his key to investing success was having proper systems in place to “keep finding you deals and putting checks into your account.”
What SYSTEMS are necessary for the SERIOUS INVESTOR?
We’ve just dove into the deep end of the pool – quit the job and doing our RE investing full-time. We’re a big proponent of having systems in place (aka “being a B” from Kiyosaki’s Cash Flow Quadrant). We learned the hard way in our last business venture about what happens when you don’t.
Here’s what we’ve done so far:
GETTING BUYERS TO CALL US:
>> created and sent direct mail pieces to attract buyers
>> established a relationship with a mortgage broker to help us screen buyers’ credit when we sell with owner-financing
GETTING MOTIVATED SELELRS TO CALL US:
>> placed a “we buy houses” ad in the newspaper
>> created a direct mail campaign using postcards to attract sellers in our target subdivisions and to folks whose homes are in the legal notices section for foreclosure (these go out tomorrow)
>> put an answering service in place – a live person who does an initial screening of calls from sellers who respond to our newspaper ad or respond to the postcards going out next week – we’re going to get rid of the service and answer all calls ourselves
>> we periodically leave our advertising business cards at strategic places in our target neighborhoods
>> we’ve sent letters to realtors about our desire to buy any homes that they are having difficulty selling (not much response on this one – we’re going to use a different approach and try this one again)
>> created a tickler system (combination of ACT and scripted worksheets that work for us) for following up on interested sellers and buyers
Finally, we see the power of the L/O and sandwich leases. We’re going to crank up our marketing efforts to find deals like these, put our buyers into the homes, and wait for the checks to come.
What systems are others using? We’re eager to create the right systems NOW that will payoff for us for years to come.