Vistaprint is a great service to make postcards online and be able to mail them! It’s a game changer as there’s no more putting addresses on each postcard, then a stamp, and then going to the post office! It’s only 20 bucks for this service and they get a bulk mail rate on the postage.
Direct mail marketing is responsible for about 1/3 of all the deals I find. Vistaprint makes this really easy to do!
This was a somewhat uneventful week. I did make a couple of good new contacts though. I met both the park owner (by phone) and the park manager (in person). I’ve had very little contact with actual park owners so I hope this can be an opportunity for me to learn more about what they do. In the long run, I would like to own a park but I’m at least 5 years away from that.
All in all I think I’m situating myself well to the Santa Clarita Valley (SCV) considering we only moved here 10 days ago.
The plan from here on out is to meet the rest of the park managers in this area in the next 2-3 weeks and get a deal in that time period as well. The clock is ticking as always so it’s time to make hay.
Man all sort of things have been happening!
First off, my wife and I moved about 30 miles north of where we lived before. While this was somewhat unexpected I think it will work out much better professionally for me as there are many mobile home parks within a 25 minute drive of our new place.
To put this in perspective, I was driving a minimum of 45 minutes to an hour each way before.
I’ve met three new park managers in the last week and they all seem very willing to do business with me. One interesting opportunity might be to help a park manager find homes for the park to buy and move into the park. While this is not something I normally do, if someone is willing to pick up the tab for the moving and purchase of the home and pay me a finder’s fee, I’m in!
I’m also talking to another park manager about buying some homes at an auction the park will be having in a few weeks.
I’m making a conscious decision to be very proactive with my networking as well. I’ve joined two investment groups as well as the local Realtor’s Association. I think this will be somewhat of a permanent move for us so I really want to get entrenched in the community and make a name for myself here. I see big potential and I’m really enjoying things as they are developing!
Well my wife and I are moving in one week, so I’m balancing the business with the relocation. I sent out over 1000 postcards last week in the new area that we’re moving to. Ideally I’ll be able to drum up a good amount of business there and won’t have to drive quite as much.
I’ve had 3 more leads in the last few days because of postcards and another one this past Saturday from a park manager referral. I don’t think any of them will happen because they’re really not quite what I’m looking for and given how far away I’m moving, it will bump up the drive to an impractical level.
Because of the move, I’m going to relocate where I’m focusing my business. Previously I had been mainly in the Inland Empire about 45 min – 1 hour from Los Angeles. Now I will be doing deals mainly in the Santa Clarita / Antelope Valley area, which is about 45 min -1 hour north/northeast of Los Angeles,
I’ve joined the local Realtor division as well as signed up for a local investment group. I look forward to getting really entrenched in this area for at least the next five years.
I’m also taking the course work to become a Licensed Distressed Property Expert (LDPE). I think there could be some great short sale business opportunities in the mobile home world and I think this can give me an edge in finding out.
This was a little slower of a week due to Memorial day and some personal business I had to take care of. The good long term progress was I met three new park managers. I’m pretty sure I can do business with all three and I like the parks they manage so I’m looking forward to this.
I made one offer on a home. I didn’t hear back but I will touch base with them in a week or two. Sometimes it takes a while for someone to realize my offer might be the best thing they are going to get.
I also went through numbers on a home I had planned to buy in a park I really like. I got the home inspected and talked to one of my contractors about it. I was hesitating on pulling the trigger on it as it just seemed like there was too much wrong with it. The roof had leaked badly and there was a lot of damage inside. I was actually on my way to meet another contractor about the property when I heard from the park manager.
It looks like they have been able to sell the home to someone who wants to buy it, fix it, and live in it. At the price point we were discussing, I think this deal makes sense. For me to buy it, just didn’t. I would have to have gotten them to lower the price another 30% or so.
I’ve still been reading Danny Johnson’s book at Flipping Junkie. His basic approach is to buy homes at 70% ARV minus repair costs. I think that’s a pretty easy, simple, and accurate way of doing things so I will use that basic blueprint for a while to see how that works.
There is another territory I’m going to expand to and now it looks like I will be moving to that area as well. So I’m studying my notes of the parks and will be doing a postcard mailout in the next few days.
This past week I sent out about 1600 postcards. I use Vistaprint to design and send all my postcards. It’s a huge timesaver to do that. Altogether it cost me around 45 cents/per postcard to design, print, and mail it.
So far I’ve had 10 calls on these cards which is not a great number. However all of the calls have come from one particular town: Covina, which I’ve been interested in expanding to. So going forward I may just mail to that area which should drastically decrease my advertising budget and increase my response rate.
My rule of thumb is always go to the parks I like that have the best response rate. I don’t force these things.
I made two offers. One was rejected and one was accepted. The accepted offer may still not happen as I need to really crunch my numbers and see how it looks. As of now it looks like things might be too expensive. I really like the park managers on this one and want to keep doing business with them. But a bad deal is a bad deal.
I have one more offer I need to make and have one home I’m scheduled to go see this Friday. I’ve also got another 350 or so postcards that should be arriving by the end of the week. By shutting down most of my online business ventures, I’ve freed up a pretty solid advertising budget and I intend to take full advantage of this.
There is a very definite investment goal I have. It’s clearly in my head and written down. But I’m not going to put it here yet.