Thursday, July 22, 2004

Quick Summary & Update - Lots of Movement, No Traction

Ok - Sorry for not being more punctual in updating this - I promise to be better from now on
A lot has happened since last time so let's summarize:

* My newspaper ad drew no calls - yes, NO calls! I did not run it again in that paper...I will consider a larger daily paper next time.

* Attended meetings for both of my local REIA groups and saw Ken Williams the Wholesale Wizard, and Scott Rister. Both were very good, but I did not buy any products this time -- I have spent way too much for right now...more than I can absorb!

* I have been distributing business cards everywhere I go including shopping carts, store shelves, ATM machines, everywhere...no calls yet, but no complaints either.

* I have been getting pre-foreclosure leads via email for my hometown. I developed a 3-page colorful and sympathetic letter providing options for those in pre-fore and of course ask them to give my 800 number a call. So far, I have sent out about 12 letters.

* I bought the domain name IbuyNJhouses.com - for now just forwarded it to my other site www.ophiucus.com... not sure what I'll eventually do with it. Choices are create a lead generation site, or re-sell it.

* I also sent out a letter to a distant owner (obtained via the tax records) of a vacant house asking if he wanted to sell. (No call)

* I sent a letter to a local landlord who had a For Rent sign up. The letter offered her no tenant hassles, full tax benefits, and guaranteed rent for at least 2 years - it was a Lease Option sandwich offer essentially. (No call)

I think the key to all of this is follow-up. That is what both Scott Rister and Ken Williams said during their presentations. I created a direct mail tracking sheet in Excel, but might have to go to something more sophisticated.

I have been avoiding using bandit signs, but from everyone I talk to, this seems to be the best way to generate leads randomly - unless you have a really good direct marketing campaign.
The biggest issue so far has been juggling my "day job" duties, with family, and now my new "hobby" of RE Investing. Hopefully, once I get a deal or 2 under my belt I'll start to get some sort of system going.

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