Seth, this is very helpful. It does seem like there is such a balance between the need for a lawyer and the need to preserve cash but still protect yourself in situations. These sound like they will be great resources.
You mentioned a couple of docs that you often use. Would you mind giving a bit of advice on how to protect a deal in the following situation?
I am sure this is common but I have sourced a desirable deal that I will need to find an investor for. Basic economics are 45k purchase and ~120k-140k market value. My fear is that if I share the details with potential investors, they could just approach the seller themselves and cut me out of the deal. Is there any sort of non-compete or similar that I could pursue? Thanks in advance!
Yes, I hired a handyman during the sale of a recent flip to make some buyer inspection repairs for me. He did great for me on that house, really fair pricing, good quality. Unfortunately, we hired him for a few things on a second project, and it's like a switch flipped and it didn't end so great. With that said, I frequent Thumbtack even still, as well as Home Advisor. I think there are some solid options on there depending on what you're needing and the market.
David Ludwig - yeah, every business has its set of strengths and weaknesses. Land clearly has the highest ROI of anything I've seen to date, and the competition is still very low. At the same time, vacant land isn't infinitely scalable, and it's ultimately not a product everyone wants or needs (as opposed to a grocery store, where everyone needs to buy food and general merchandise, it's just a question of whether they'll buy it from you or your competitors... of which there are many).
An online business definitely has huge advantages in its scalability and low overhead in the beginning, but as things grow, the overhead absolutely grows with it, there is usually some form of competition out there. Not to mention, most people want and expect things for free these days, so if you expect anyone to pay you for anything, you'd better be offering something remarkably valuable while also proving that you're trustworthy and reliable.
I've never seen a business that didn't have huge challenges to deal with, it's just a question of what those challenges are and how well the business owner can deal with them.
Thanks, @spencer-anderson. I love the approach, and totally agree. I too am most comfortable going with honesty versus some slick sales pitch when dealing with prospective sellers.
I am curious, though. You mention sending an email to the angry responders. Are these people who gave their email address to the Lex phone rep, even though they're disgruntled, or are you finding their email addresses some other way (included from your list source, or skip tracing, etc.)?
I appreciate the info about Trello. I'm still 100% based on Excel at this point, but am starting to think about CRM. I think what I'd be most interested in at this stage, though, is a database solution that's at least as much geared towards the properties that I'm mailing for, as it is the owners, if that makes any sense. For example, I'm still routing people to a voicemail greeting, and I often get messages where people will leave the parcel ID in their response, but no name (and often no county). I'll also pull a list for a county that I mailed to last year, and have to go through and figure out who I might have already mailed to, or chosen not to mail to for a specific reason, or maybe even had some post-mailing interaction with that wasn't positive and isn't worth repeating. It's not a huge deal at my current scale, but I've been thinking it would be nice if I had something with a better interface than Excel where I could track all of the property details (as well as the owner details) that currently live in umpteen tabs on a Master Spreadsheet, in various formats depending on the data source for that particular list. I don't know if that makes sense or not. Maybe I need to check out some more widely-used CRMs to get a better idea of how they work.
I used to worry about my phone running out of battery as I go about my business. Getting a portable power bank for my phone lowered my anxiety level significantly. I no longer have to stop someone else on the phone and apologize that the call may drop soon. 😄