Flipping Houses And Drilling For Oil

Twenty Third Week – 2 More Under Contract

Danny Johnson / 32 comments

These are the results of the Twenty Third week of opening up my house flipping business for you guys to see how my wife and I are building back up to 30 deals a year. If you missed the first post explaining what I am doing, please visit this page: See How We Are Flipping Houses.

Motivated Seller Leads This Week: 25

These are the things I did this week:

Bandit Signs Put Out

I had 50 bandit signs put out over the weekend in some new areas. There are 150 more that will go out about every other week. If you don’t know what bandit signs are, you can find out and see mine on the First Week Post.

Added House Inspection Checklist To The Resources Page

You can download a pdf copy of a house inspection checklist that I’ve used in the past when viewing potential house flips. Just go to the: House Flipping Resources Page.

Two Deals Put Under Contract!

Picked up a deal on a house that needs a mid level amount of repairs. I will be posting the before pictures and scope of work after we close (about 2 weeks). Read about it below in the leads section.

The other deal is a tract of land with an oil well. The well was capped in the 90’s and I have some investigating to do. Should be interesting and I will keep you posted.

Wife and I Made A Big Decision Within A Couple Hours

If you do not know about the rules regarding selling your home and capital gains, you really should keep reading and do some thinking. The rule is that if you live in a house (as your primary residence) any 2 of the 5 years prior to the sale, the first $250k ($500k if married) in profits is free from capital gains tax. Basically, you won’t have to pay federal taxes on the profit made from the sale. If you use the property as something other than your primary residence for the other years of ownership, the percentage of exclusion might change. Read more on that here (warning: not a light read): IRS Pub 523.

Now, on to our big decision.

My wife was over at the Expensive House doing the staging on Tuesday. When she came home that afternoon, she told me she had something to ask me. She went on to ask how I felt about considering a move to that house. Immediately, my gut was telling me it was a great idea. Then, my brain had to get overly active and start considering all the pros and cons.

We took one of our daughters to dance class and decided to go over the house from there and talk about it. After about 4 hours from the time she got home and asked me, we had decided to go ahead and do it. We are moving into the house and will be putting ours up for sale. Now, because of the rule I told you about a second ago, we will not have to pay capital gains on the profit from the sale of our house because we have just now lived in it for over two years. Lucky timing. This will be our third time doing this over the last 8 or so years.

Now I am really glad we replaced those brass fixtures and removed the wallpaper! πŸ™‚ We just really love the open layout and the view of the water from most of the house. Very peaceful and relaxing. Also, the kids will be able to go to where I went to school (supposed to be one of the top districts in Texas).

So, sorry that you will not be able to see how that deal works out. If enough of you writes and tells me that you’d rather see us sell it as an investment, I will ask my wife to change her mind. Just kidding! Never!

We’ve already picked out some new tile for the master bath and fireplace in the living room. We will redo those before we move in.

Frustration House Being Staged

The Frustration House is being staged and I will have some pictures for you next week. The tile turned out really nice and I am glad we spent the money to do it.

Looks Like We Are Headed To Mediation

The frustrating incident regarding the sale of one of our existing houses has continued and it looks like we are heading to mediation. I’m not letting it stress me out because I know we are in the right. That is all that matters.

I don’t always go into mediation, but when I do, I prefer to stay positive. Stay positive my friends. – The Most Interesting House Flipper In The World

Experiments Page Taking Shaping

Arghhh! Just can’t seem to get this page up. This week brought with it a flood of leads and I have been busy sorting through them and seeing some of the houses.

Ok….so we were busy figuring out what we were going to do with the new house. Can you blame us?

I have written the two different probate letters and our mailing person is working on printing and stuffing the letters in envelopes. There will be 75 addresses that each probate letter will be mailed to. I will keep track of the responses for each and let you know which one pulled better. The experiment will continue on to see how a sequence pulls and so on and so forth. When the page is up, I will have the letters available for you to see as well. Soon.

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Marketing

Total Motivated Seller Leads This Week: 25 πŸ™‚

Lead SourceLeads This WeekNotes
Bandit Signs550 went out over the weekend.
Yellow Pages2For a picture of my ad, visit the ‘The First Week’ post.
Buying Website6For a link to my site, visit the ‘The First Week’ post.
Drive For Dollars1About 100 went out to existing list.
Wholesale Deals1Hmmm. No good.
Absentee Owner Mailing10From almost 1000 postcards.

And A New Feature – Total Leads To Date [326]
This is the total number of leads for each source since I started posting about the leads (late March 2011).

Lead SourceTotal Leads To Date
Buying Website:167
Bandit Signs:56
Yellow Pages Ad:38
Driving For Dollars:17
REO Realtors:7
Probate Letters:6
Referrals:6
Absentee Owners:16
Wholesalers:7
Realtors:3
MLS Search:2
For Sale By Owner:1

Leads Analyzed

  1. Father-In-Law Moved Out

    [Source: Website]

    Homeowner wants to sell a 3 bedroom, 2 bath, 1300 sf house in a so-so neighborhood.

    Here are the numbers:

    Asking Price:$60,000
    Amount Owed:$0
    Repairs:$23,000
    After Repaired Value:$90,000
    Max Offer:$35,000 ($58,000 – $23,000)

    Caller’s father-in-law moved out of this house and is looking to sell it. The house has foundation problems, needs a new kitchen, two new bathrooms, new flooring, paint….basically everything other than a roof and AC. I saw the house and offered him $30,000.

    He was not thrilled about the offer and mentioned that they needed $50,000 and that that would still put them $10k in the hole. I questioned him about that because he had told me they did not owe anything on the house. He informed me that the wife had spent approximately $60k over the years, or something like that. So this is how they are treating it.

    I will follow up with them because they do live out of town and their motivation may increase soon.

  2. Daughter Going Through Divorce – Honk The Horn House

    [Source: Website]

    Homeowner wants to sell a 4 bedroom, 2 bath, 1500 sf house in a good neighborhood.

    Here are the numbers:

    Asking Price:$75,000 (says least will take is $70k)
    Amount Owed:$65,000
    Repairs:$15,000
    After Repaired Value:$120,000
    Max Offer:$80,000 – repairs

    Seller’s daughter had been living in the house but is now going through a divorce and the house is vacant. The house needs repairs and they don’t want to mess with it. Smart move.

    Went and saw the house. Not too bad. I had to offer what he owes on the house and he did not hesitate to take it. I really enjoy these opportunities. They are just so relieved that you are going to buy the house so that they don’t have to mess with it. There really was no negotiating. I could only offer what he owed and he was happy to be done with it. We signed the contract right then and there on the trunk of my car.

    The reason why I am going to call it the ‘Honk The Horn’ house is because his grandson was with him and he wanted to pretend to drive his car. While we were signing the contract, the grandson was constantly honking the horn. It was really pretty funny.

    This one is under contract and set to close within about 2 weeks.

  3. Mother Too Old

    [Source: Bandit Signs]

    Homeowner wants to sell a 4 bedroom, 1 bath, 1400 sf house in a not-so-good neighborhood.

    Here are the numbers:

    Asking Price:Make Offer
    Amount Owed:$0
    Repairs:cosmetic (unconfirmed)
    After Repaired Value:$50,000
    Max Offer:$25,000 – repairs

    Mother is in her 80’s and needs to sell the house. Says the house does not need many repairs but it sure looked like it did on Google maps. This is in a pocket of a neighborhood that is not so good. Seems like a deal can be had, so I passed this one to a friend.

  4. Husband Passed And Have Two Houses

    [Source: Bandit Signs]

    Homeowner wants to sell a 4 bedroom, 2 bath, 1600 sf house in a so-so neighborhood.

    Here are the numbers:

    Asking Price:$80,000
    Amount Owed:$0
    Repairs:cosmetic (unconfirmed)
    After Repaired Value:$75,000
    Max Offer:$48,000 – repairs

    Seller’s husband passed away last year and she has this house that has been sitting vacant. The problem with the area is that there are houses built in the 60’s (as was this one) and there are houses that were built over the last 5 years. All of these houses are competing for buyers and the ones from the 60’s are not selling well.

    I decided to give her a ball park offer saying that I would probably be in the 40’s to see if she would be interested. I did this over the phone because of how much she was asking. This can save you some time. You might miss a deal here and there though, because sometimes they will ask a lot. Then when you meet them and make an offer, they start dropping their price.

    She is going to get back with me about whether they would consider that. If I don’t hear from her, I will follow up in a couple of days. That is one of the nice things about postcards and bandit signs. You don’t have to worry so much about competition.

  5. I WANT $150,000

    [Source: Absentee Owner Postcards]

    Homeowner wants to sell a 2 bedroom, 1 bath, 800 sf house in a not-so-good neighborhood.

    Here are the numbers:

    Asking Price:$150,000
    Amount Owed:$0
    Repairs:cosmetic (unconfirmed)
    After Repaired Value:$50,000
    Max Offer:$25,000 – repairs

    I don’t think he really wants to sell. What do you think?

  6. Want To Sell But Owe Too Much

    [Source: Absentee Owner Postcards]

    Homeowner wants to sell a 2 bedroom, 1 bath, 700 sf house in a so-so neighborhood.

    Here are the numbers:

    Asking Price:$43,000
    Amount Owed:$43,000
    Repairs:cosmetic (unconfirmed)
    After Repaired Value:$50,000
    Max Offer:$25,000 – repairs

    Would like to sell but he owes too much. Next.

  7. Are You Kidding Me!

    [Source: Absentee Owner Postcards]

    Homeowner wants to sell a 2 bedroom, 1 bath, 900 sf house in a not-so-good neighborhood.

    Here are the numbers:

    Asking Price:$50,000
    Amount Owed:$0
    Repairs:cosmetic (unconfirmed)
    After Repaired Value:$50,000
    Max Offer:$25,000 – repairs

    Called me from a post card. He had told me that he wouldn’t take less than $50k but I wanted to see how he felt about a ballpark figure to see if he had any motivation. Big mistake in this situation. He was not at all happy that I threw a number in the 20’s at him. It was a short but sweet rant that I had to endure. (Doesn’t mean I won’t keep doing it. :)) Next.

  8. I Want At Least $100,000

    [Source: Absentee Owner Postcards]

    Homeowner wants to sell a 3 bedroom, 1 bath, 900 sf house in a so-so neighborhood.

    Here are the numbers:

    Asking Price:$100,000
    Amount Owed:$0
    Repairs:cosmetic (unconfirmed)
    After Repaired Value:$65,000
    Max Offer:$40,000 – repairs

    Called me from a post card. He has it rented and is just kicking some tires. Even though he said he wanted $100k, I still offered about $40k. No go. (Told you I would do it again :)) Next.

  9. Has Tenants – Make An Offer

    [Source: Absentee Owner Postcards]

    Homeowner wants to sell a 4 bedroom, 3 bath, 1200 (?) sf house in a so-so neighborhood.

    Here are the numbers:

    Asking Price:$65,000
    Amount Owed:$0
    Repairs:cosmetic (unconfirmed)
    After Repaired Value:$65,000
    Max Offer:$40,000 – repairs

    Called me from a post card. I’m not sure how this house has 4 bedrooms and 3 baths and is only 1200sf. He is not motivated in the least and was adamant about not accepting less than $65k. Next.

  10. Wants $140k For $100k House

    [Source: Absentee Owner Postcards]

    Homeowner wants to sell a 3 bedroom, 1 bath, 1500 sf house in a so-so neighborhood.

    Here are the numbers:

    Asking Price:$140,000
    Amount Owed:$0
    Repairs:cosmetic (unconfirmed)
    After Repaired Value:$100,000 maybe
    Max Offer:$65,000 – repairs

    Another postcard caller tire kicker. Next.

  11. 10 Acres With Oil

    [Source: Yellow Pages]

    Seller wants to sell 10 Acres of land with mineral rights and oil. I am looking into this one as I’ve never really dealt with this before. She says that they had pumped oil there for years but shut it down when the family was getting into disputes. Not sure what to think about that. More details to follow after closing.

    I will leave you with what I told my wife when I mentioned this deal. I told her that if we bought and there did turn out to be oil, I would buy an old, super tank of a white Cadillac convertible and drive it to the land anytime I went down there. Would have to get the horns for the hood as well. πŸ™‚

    When I talked to my attorneys office about a couple things, I mentioned that I might become an oil man and they asked if I meant in the oil fields or down at the Jiffy Lube!

    If I do get that Caddy, I will have to put a big Jiffy Lube magnet on the side. πŸ˜‰

  12. Wholesaling Listed House

    [Source: Wholesale]

    Investor wants to assign a contract on a 3 bedroom, 2 bath, 1300 sf house in a decent neighborhood.

    Here are the numbers:

    Asking Price:$75,000
    Amount Owed:$0
    Repairs:lots of updating (unconfirmed)
    After Repaired Value:$110,000 maybe
    Max Offer:$71,000 – repairs

    Wholesaler wants to assign a contract on a house that needs a lot of updating. His asking price was high but I decided to make a verbal offer anyway. Based on the pictures of the house, I figured the rehab would be about 15k (mostly updating) and this is conservative to cover something I might not have seen. Warning: don’t do this unless you are experienced. Based on this I told him I could offer $56k. He has a lot of re-negotiating to do in order to sell it to me. We’ll see what happens.

  13. Son Needs A Fresh Start

    [Source: Website]

    Homeowner wants to sell a 4 bedroom, 2 bath, 1600 sf house in a decent neighborhood.

    Here are the numbers:

    Asking Price:$85,000
    Amount Owed:$68,000
    Repairs:cosmetic (unconfirmed)
    After Repaired Value:$109,000
    Max Offer:$71,000 – repairs

    Son got mixed up with the wrong crowd, got in trouble and “went away” for a while. He is coming home and they want him to have a fresh start. In order to do that, they have to get him out of the neighborhood. Hmmmm. The numbers are very close.

    Told them I would need to buy really close to what they owe, depending on the repairs needed. It’s not what they wanted to hear. Next.

  14. Relocating Does Not Want To Sell Through Realtor

    [Source: Website]

    Homeowner wants to sell a 3 bedroom, 2.5 bath, 1700 sf house in a good neighborhood.

    Here are the numbers:

    Asking Price:$80,000
    Amount Owed:$0
    Repairs:minor foundation (unconfirmed)
    After Repaired Value:$100,000
    Max Offer:$65,000 – repairs

    Owner wants to relocate and does not want to deal with hassles of selling his house the conventional way (I don’t blame him! But, I digress.) I went to see this house and make an offer.

    He called me about 10 minutes before our scheduled meeting telling me that he had a change of heart. I told him I was almost there and might as well see it and make him an offer.

    The house was built on a steep hill and was shifting down the hill. Nothing some piers wouldn’t fix. They were not in a hurry to sell and had decided to go ahead and have the work done themselves. I went ahead and told them that I would be in the 50’s and let them know that if they changed their minds, they could call me.

  15. Vacant For 2 Years

    [Source: Bandit Signs]

    Homeowner wants to sell a 3 bedroom, 1 bath, 800 sf house in a bad neighborhood.

    Here are the numbers:

    Asking Price:$20,000
    Amount Owed:$0
    Repairs:everything (unconfirmed)
    After Repaired Value:$40,000
    Max Offer:$15,000 – repairs

    Inherited house that has been vacant for a really long time in a bad neighborhood. Perfect for another investor. So I passed it on. Next.

  16. Received A Postcard

    [Source: Driver For Dollars – Postcard]

    Homeowner wants to sell a 5 bedroom, 3 bath, 2400 sf house in a good neighborhood.

    Here are the numbers:

    Asking Price:$90,000
    Amount Owed:$0
    Repairs:cosmetics (unconfirmed)
    After Repaired Value:$135,000
    Max Offer:$87,000 – repairs

    Got a postcard from us and decided to see how much we would offer. When I kept asking to give a number that he would be interested in, he finally mentioned in the 90’s. Not too far off, depending on repairs.

    I worked up what I figured the numbers would be and called to try and set up an appointment. He has not yet called back. Maybe I should not have mentioned being in the 80’s in my message.

  17. Inherited and Want To Sell

    [Source: Website]

    Homeowner wants to sell a 2 bedroom, 1 bath, 900 sf house in a so-so neighborhood.

    Here are the numbers:

    Asking Price:$65,000
    Amount Owed:$0
    Repairs:$20,000
    After Repaired Value:$70,000
    Max Offer:$20,000 ($40,000 – $20,000)

    Probate is being wrapped up for this property and the seller wants to sell as soon as they are finished. Her sister lives there and the place is a wreck. Their asking price is really high but they mentioned that that is just what a Realtor told them. I am almost 100% positive there is no way a Realtor actually went to that house. If they did and still told them they would get that much, they are being ridiculous.

    Told them I could give them $18,000 for the house. She said she would run it by the family. We’ll see. I will wholesale this one if they accept. Batter up.

  18. Father’s House – Son Wants To Sell

    [Source: Bandit Signs]

    Homeowner wants to sell a 3 bedroom, 1 bath, 900 sf house in a no-so-good neighborhood.

    Here are the numbers:

    Asking Price:Make Offer
    Amount Owed:$4k
    Repairs:a lot of work (unconfirmed)
    After Repaired Value:$50,000
    Max Offer:$25,000 – repairs

    Son wants to sell dad’s house that dad is currently living in. He says it’s because the house needs a lot of work and the dad needs help. Not sure if the father is 100% on board. I birddogged this one as I am just not interested in the area and question whether the father would accept selling, especially for what I would need to buy it for.

  19. Parents Went Into Nursing Home

    [Source: Website]

    Homeowner wants to sell a 2 bedroom, 1 bath, 800 sf house in a not-so-good neighborhood.

    Here are the numbers:

    Asking Price:$25,000
    Amount Owed:$0
    Repairs:A lot (unconfirmed)
    After Repaired Value:$50,000
    Max Offer:$25,000 – repairs

    Strange that this would be the very next lead. Not in an area that I would be interested in so I birddogged it.

  20. Another Tire Kicker

    [Source: Absentee Owner Postcard]

    Homeowner wants to sell a 2 bedroom, 1 bath, 1000 sf house in a so-so neighborhood.

    Here are the numbers:

    Asking Price:Make an Offer
    Amount Owed:$30,000
    Repairs:foundation and cosmetics (unconfirmed)
    After Repaired Value:$70,000
    Max Offer:$45,000 – repairs

    Got a postcard from us and decided to see how much we would offer. He has the house rented and is in no hurry to sell. I decided to make him a ballpark offer in the 30’s. He said he was going to think about it. Follow up.

  21. Tire Kicker With A Big Boot

    [Source: Absentee Owner Postcard]

    Homeowner wants to sell a 3 bedroom, 1.5 bath, 1100 sf house in a so-so neighborhood.

    Here are the numbers:

    Asking Price:Make Offer
    Amount Owed:$25,000
    Repairs:cosmetics (unconfirmed)
    After Repaired Value:$65,000
    Max Offer:$40,000 – repairs

    Got a postcard from us and decided to see how much we would offer. He has paying tenants and was just curious. I made a ballpark in the 30’s and he informed me that that was ridiculous. Maybe to him it is. To me it’s realistic. Next.

  22. Wants To Downsize

    [Source: Absentee Owner – Postcard]

    Homeowner wants to sell a 4 bedroom, 2 bath, 1600 sf house in a decent neighborhood.

    Here are the numbers:

    Asking Price:$70,000
    Amount Owed:$59,000
    Repairs:cosmetics (unconfirmed)
    After Repaired Value:$70,000
    Max Offer:$45,000 – repairs

    Got a postcard from us but did not want to sell the house mentioned on the postcard. They want to sell the house they are living in. She said that she doesn’t like having an all electric house and wants a smaller one to save on utility bills. The problem with this house is that there are a lot of nice new houses selling all around her. I think this house was there before all of the new ones. The picture of this house on Google maps shows the house has no character whatsoever. Box with a roof. The county has the house assessed at $100k for taxes, but I feel this is way off. Next.

  23. Relocating To Be Closer To Paralyzed Sister

    [Source: Yellow Pagse]

    Homeowner wants to sell a 3 bedroom, 2 bath, 1000 sf house in a decent neighborhood.

    Here are the numbers:

    Asking Price:$75,000
    Amount Owed:$54,000
    Repairs:cosmetics and finish some updates (unconfirmed)
    After Repaired Value:$95,000
    Max Offer:$62,000 – repairs

    This seller has done a lot to the house. She went on and on about everything they had done. They need to move to be closer to her sister who has recently become paralyzed. The house sounds great but we are don’t usually buy great houses. We want houses that people are not proud of. I figure I would have to buy for about what they owe and told them that. They were not interested.

  24. Same Tenant For 17 Years

    [Source: Absentee Owner Postcard]

    Homeowner wants to sell a 3 bedroom, 1 bath, 1400 sf house in a decent neighborhood.

    Here are the numbers:

    Asking Price:Make An Offer
    Amount Owed:$0
    Repairs:a lot (unconfirmed)
    After Repaired Value:$70,000
    Max Offer:$40,000 – repairs

    Caller is a friend of the family that has been helping them get rid of the rentals as a dying wish of one of the family members. This guy is ready to be done with this. The other houses he had to wait until the tenants vacated, fixed the houses up and then had to get offers. This one has had the same tenant in it for 17 years.

    I will make an offer on it because it seems pretty hassle free (as long as the caller was being honest when he said the tenants doesn’t ask for anything – which might not be a good thing either). I’ve got to go by and see it and then will probably present a written offer. Too easy for people to turn down verbal offers, especially over the phone. Get the other side to commit more time to the deal.

  25. 3 Houses – 1 Rented

    [Source: Bandit Signs]

    Homeowner wants to sell three houses in a so-so neighborhood. Only one is rented and the tenant has been there for years. The others have been vacant for a while and the city is hassling the owner to fix them. She kept mentioning how she is sick of them and doesn’t want them anymore. This is who I want to get calls from. πŸ™‚

    Need to go by and see the houses and work up some kind of offer and put it in writing. We’ll see what happens.

Summary

Tons of leads this week! The postcard mailing really started pulling and I think there will be more coming over the next week. Bandit signs helped pull in some new leads as well. It really is all about keeping your marketing going and working the leads. Deals will come.

Plans For Next Week

  • Put the Frustration House On The Market.
  • Get Experiments Page Up – Third Week Is A Charm?
  • Mail More Postcards
  • Have Contractors Do Minor Repairs To Our House So That We Can List It
  • Find Contractor to Start Work At Expensive House

Please ReTweet and Like this post because it’s a nice thing to do and I truly appreciate it.

-Danny

Bonus: Click Here to Download My Top 5 Motivated Seller Marketing Methods Guide pdf that will show you, in awesome detail how to use 5 different marketing methods to generate great leads consistently.

“Employ your time in improving yourself by other men’s writings so that you shall come easily by what others have labored hard for.” -Socrates

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32 awesome responses to “Twenty Third Week – 2 More Under Contract”

  1. Blake on

    Danny:
    How would a rise in interest rates affect your business and the business of flipping properties as a whole? Thanks in advance for your time.
    Blake

  2. Ginny on

    Moving 3 times in 8 years!! What an adventure!! Great looking house, and with low interest rates, and the success you’re having, why not!! Way to go. Have been following your blog and appreciate all the information you freely give. Thanks!!

  3. Nick on

    Danny – another great post. I have a question about lead #16. You mentioned: “Got a postcard from us and decided to see how much we would offer. When I kept asking to give a number that he would be interested in, he finally mentioned in the 90β€²s. Not too far off, depending on repairs.”

    Do you always try to get the seller to commit to a number before you start with your offer? Thanks

  4. Ben Clardy on

    Hey Danny,
    I really enjoy keeping up with your blog. It seems that you usually flip, wholesale, or bird-dog properties. How do you decide if you are going to wholesale or bird-dog a particular property that has potential?

  5. Bilgefisher on

    Danny,

    I’m on my 2nd house doing just that. I rather enjoy the process of setting up a new home. My wife on the other hand…

    I think you picked a good one to move into. Hard to beat a ranch of that size in a good location. (better hire a house cleaner though lol)
    Good luck with the move. You might have to upgrade from Budweiser’s for your brothers on this one.

    Jason

  6. Shola on

    Hi Danny,

    What are the best ways to optimize my Buying website so I can begin to generate leads in the New Jersey area. I noticed from your post that most of your leads come from your Buying website?

  7. Tamara on

    I have a question…do you ever get returned postcards after you’ve mailed them out, if so, what do you do with those, if anything at all? Nice posting, great inspiration!

  8. Eli on

    Hi Danny,

    Seemes like you only getting 1% responce on your postcard to absetees. Have you thought about doing yellow letters? Its more expensive but I heard the responce rate is 11%-15%

    The oil field opportunity seems quite intriguing, hope that works out for you!

    Eli

  9. Dave Tower on

    Another awesome post Danny! Your consistency with providing great content is impressive…there really are no “filler” weeks.

    To respond to Nick’s question above….Another reason why you never want to give the first number is because every once in a while, you’ll hit a home run when the seller comes in LOWER than what your ballpark number would have been.

  10. Bryce on

    Hi Danny,

    If you don’t mind sharing, about how much do you estimate you will have saved on taxes by moving into the historic house? Do you plan on selling after 2 years?

    Thanks!

  11. Justin on

    Danny – Another bird dog question. How do you track whether the investor you bird dogged the deal to closed on the property and subsequently owes you a bird dog fee?

  12. Eric on

    “I don’t always go into mediation, but when I do, I prefer to stay positive. Stay positive my friends. – The Most Interesting House Flipper In The World”

    Nice Danny, well played. That was funny.

  13. Nicholas on

    Great posts! I have really enjoyed reading them. A few questions…do you use Google voice for bandit sign phone number then forward to your cell? What do use for mailing address return-Po box or actually home address? What type of mailing for absentee have you had best response with-letter or postcard?

  14. Kyle on

    Hey Danny,

    I’ve never done Absentee owner’s and I was wondering where I should get a list from. If I use my title company, I wouldn’t be able to go by equity% or loan to value ratio like you can on listsource.com. Is there some other type of criteria I could go by to filter for a smaller, more focused list, through a title company, or is it just smarter to go with a site like listsource.com/reisource.com?

  15. Kyle on

    Thanks! I called around and none of the title companies in my area can do any type of equity search. Listsource.com won’t work for me either because they have very ltitle property records pre year 2000 for my counties. This is very discouraging, now I have almost no idea on what I can do to get Absentee & Owner occupied lists, as well as free and clear.

    I can continue to look around for ways to get lists with equity as a filtering criteria, but I doubt I’ll have much luck. Since I can’t use equity%, I’m wondering what filtering criteria I could use at a title company to make up for this, so that I still get a relatively targeted/specialized lists? Do you find ordering Absentee owner list’s without an Equity/LTV filter to be a waste?