13: How Drew Pulled 6 Deals From His First Direct Mail Campaign With Ryan Dossey (Mentor) and Drew Wiard (Mentee)—Part 2

05/27/20 • 66 min

1 Listener

Everything you've ever wanted to know about direct-to-homeowner marketing... but may have been afraid to ask!

From exactly what Drew writes in a letter, to how he builds rapport when running an appointment, to making offers and getting to the closing table, it's all here in plain English.

This episode follows up on show #9, where mentor/mentee duo Ryan Dossey and Drew Wiard broke down how Drew built a brand and zeroed in on his target market. Today, they walk us through everything that happens after a lead comes in, including how Drew was able to close three deals and get three more under contract in the past three months—despite the pandemic.

If you're tired of seeing all the good deals go to other investors, take matters into your own hands and put some of their tips into action! And be sure to subscribe to Real Estate Rookie in your favorite podcast app so you won't miss the next one.

In This Episode We Cover:

Drew's results from his first direct mail campaign
Marketing to an "absentee owners with equity" list
Keeping your marketing message simple
Why Drew's letters don't acknowledge the homeowner's hardship
Why response rate is the wrong metric to focus on
Using "75% of ARV minus repairs" to formulate offers
Overcoming objections when you're negotiating a price
Putting an inspection period in your contract
Finding real estate agents who work with cash buyers
Drew and Ryan's personal real estate investing MVPs
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie13

Learn more about your ad choices. Visit megaphone.fm/adchoices

Everything you've ever wanted to know about direct-to-homeowner marketing... but may have been afraid to ask!

From exactly what Drew writes in a letter, to how he builds rapport when running an appointment, to making offers and getting to the closing table, it's all here in plain English.

In This Episode We Cover:

Drew's results from his first direct mail campaign
Marketing to an "absentee owners with equity" list
Keeping your marketing message simple
Why Drew's letters don't acknowledge the homeowner's hardship
Why response rate is the wrong metric to focus on
Using "75% of ARV minus repairs" to formulate offers
Overcoming objections when you're negotiating a price
Putting an inspection period in your contract
Finding real estate agents who work with cash buyers
Drew and Ryan's personal real estate investing MVPs
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie13

Learn more about your ad choices. Visit megaphone.fm/adchoices

Previous Episode

12: What Works (and Doesn't) in a Recession & the Untold Story of J Scott's Messy First Flip

BiggerPockets legend J Scott was once a rookie, and he's got the stories (and scars) to prove it!

Today J stops by to give us a primer on economic cycles and how they impact real estate investors. You'll learn what to expect when housing prices soften and which strategies work best in each economic phase. Plus, J shares the tale of his first (years-long) flip, tells us what he's learned along the way, and delivers a surprising top tip for today's rookie real estate investor.

For more on this topic, pick up a copy of J's newly updated book Recession-Proof Real Estate Investing here.

In This Episode We Cover:

Economic cycles throughout history
Which strategies tend to work well at each point in the cycle
J's first flip as a complete newbie
The systems he developed over the years
How he's shoring up his cash position
Opening credit lines
Adjusting to a new lending environment
And SO much more!

Links from the Show

Check the full show notes here: http://biggerpockets.com/rookie12

Learn more about your ad choices. Visit megaphone.fm/adchoices

Next Episode

14: 4 Keys to Building a Portfolio While Working Full-Time With Robert Leonard

Between his career and a podcasting side hustle, Robert Leonard's a busy guy. So how does he—and how can you—build a small but mighty rental portfolio in your spare time?

For Robert, it comes down to 4 major elements:

1. Use a series of house hacks to lower expenses and build equity.

2. Find an MVP real estate agent.

3. Align with a partner.

4. Invest out-of-state.

In this episode, Robert goes into detail on each of the above and explains how they helped him break through "analysis paralysis" in his early 20s. If you pick just one of these strategies and do it well, you'll be way ahead of the game. When you combine several, you're on your way to financial freedom.

Be sure to check out Robert's two podcasts, Millennial Investing and Real Estate Investing over on The Investor's Podcast Network, and subscribe to Real Estate Rookie so you won't miss our next show.

Links from the Show