Epic Real Estate Investing - Who to Send Your Yellow Letters to? | 3rd Degree Thursday

Episode Date: October 23, 2014

Today Matt is answering a listener question about how to target your direct mail pieces.  Before spending money on your lists, it’s important that you know your end result.  This means you must define your ideal property criteria before you start your marketing campaign.  Learn exactly how to set your criteria and more on today’s episode. ------- If you have a question, comment or concern that you’d like Matt to address live on the show, send it to him at [e-mail] and type "3rd Degree" in the subject line… or leave him a voicemail on the Epic Hotline at 1-888-891-7203.      See you tomorrow for a new episode of Financial Freedom Friday!     Learn more about your ad choices. Visit megaphone.fm/adchoices

Yes, hello, and welcome to third degree Thursdays, the show where I subject myself to you giving me the third degree. All righty, so got a question that I found in my inbox from way back as, you know, I'm continuing to try and catch up and clear out my inbox. So if you've been expecting a response from you, if you sent me an email a long time ago, I'm getting to you. We're several months behind, but I'm going to get through them all. and this one comes from Joan Courtney and Joan writes, Hi, Matt, I have a quick question about the yellow letters. I printed out a list of pre-foreclosures. Do you recommend sending the letters to the condo listings and multifamily listings,

or is it best to just send them to the single family listings? Let me know, thanks, Joan, smiley face. All righty, so great question, Joan, and there's a very quick and easy answer to this. actually there's a quick question to your question of which your answer will answer your own question. So my question is, what is your investment criteria? You know, who do you want to call you back? Do you want to invest in condos? Or do you want to invest in multifamily properties?

Or do you want to invest in single family residences? I'd recommend sending your Yale letters, your white letters, your postcards, send all of your mail to the people who own the time. type of property that you want to build your business around. Send your marketing, or I should say direct your marketing to the person that you want to respond to it. This is why it's one of the first things that we do inside the academy. I mean, inside the free course even, it has to be done right up front before spending

one dime on marketing and before burning even one calorie looking for a deal. You have to define what a deal is to you. because a deal to me might not be a deal for you. You might not want to invest in St. Louis. I do. You might not want to invest in Memphis in multifanilities in Memphis. I do. You might not want to be in Cleveland with duplexes.

I do. So you have to define. That answer is going to be different for everybody. A deal to you is not always a deal to me and vice versa. So how are you going to get your deals to call you if you don't even know what your definition of a deal is. So let's start there. In defining your investment criteria, here's the basics. You can get really specific, but here are the basics that you want to cover. Start with the location. Okay. What areas do you want to work in? Do you want to work in your own backyard? Do you want to

work in your surrounding counties or do you want to work in the state next to you? Wherever. You define, that's a very personal question and it's entirely up to you. And there is no wrong answer. Okay. So start with the area. Then next, what type of properties? Do you, you? want to invest in condos, do you want to invest in multi-family, do you want to invest in strip malls, do you want to invest in single-family residences or mobile home parks or whatever it may be? Okay, what type of properties do you want to invest in? And then what configuration of those properties? Do you want two-story multifamilies or do you want flat multifamilies on one level?

Or do you want three bedrooms? Do you want four bedrooms? Do you want two bedrooms? Do you want to invest just in single bed, single-bath homes? There's a strategy around that. That works. That's not a wrong answer. There's no wrong answer here.

So what configuration of those properties do you want to invest in? And then the last general area I would say you want to define is at what price point? Do you want to go into the low-income areas? Do you want to go into your blue-collar neighborhoods, have your white-collar neighborhoods, or do you want to go into your luxury homes, wherever that may be? So that's, you want to get those basic criteria defined for yourself so you can, so you'll know where to exactly, you know, who to send your marketing to. You'll know exactly who of the pre-foreclosures list that you printed out.

You'll know exactly who on that list to send your letters to, the people that fit your criteria. Got it? All right. So, Joan, thanks for the question. I hope that helps. Should you have any questions, comments, or concerns, or rants that you'd like me to address here live on the show, go ahead and send them to Matt at epic real estate.com and type

third degree in the subject line or leave me a voice. mail on the epic hotline at 188-8-891-7203. I think there's a couple messages in there waiting for me right now and I'll get to those next episode. Okay. I will see you tomorrow for Financial Freedom Friday. This podcast is a part of the C-Suite Radio Network. For more top business podcasts, visit c-sweetradio.com.