All Forum Posts by: Stephen Fryer

Any suggestions?

Hi BP Community.

My private lender just left me high and dry 8 days before close. I have a great starter home in South Bend under contract. We are at only 61% of the ARV. The following are some of the details:

• ARV $85K
• Purchase Price $32.9K
• Rehab $17.65K
• Closing Costs $1K
• Total Project Costs $51.55K

Hey @Mayra Guevara. 

Like you, I invest in South Bend from out of state (country). Great community and lots of opportunity. Word to the wise, develop a team of people who can be your boots on the ground. Real estate agents, contractors, property managers etc. Local people are essential to avoiding problems in future.

I would be happy to share my experience investing from afar. Feel free to PM me. 

HI @Brandon Addison. 

Some good advice here. I think your instincts are good. Having someone that you can trust to be your boots on the ground is essential when you are investing from afar. Make certain that roles and responsibilities are well defined to avoid conflict in the future. I invest in South Bend from out of state (country), but my partner is home grown and very familiar with the community. Keep in touch with @Immanuel Price. He can definitely help you when you are ready to pull the trigger.

Feel free to PM me if you want to discuss investing from out of state.

Hey Marilou. 

I am a Canadian actively investing in markets in both FL and IN. I would be happy to share my experience. Feel free to PM me.

Hey Jesse.

To steal a line, trust but verify. Always do your own analysis when you are dealing with any seller. 

Thanks @David Panzera. Words to live by, whether you are doing property management, wholesaling, fix and flip. Integrity is everything.  Look forward to reading the blog on your site.

@Steve Rozenberg. Thanks for the narpm referral. I'll do some surfing on there. I'm certain that some of their courses would be invaluable.

@Nathan Miller. Read your article about building the business. Some great suggestions about building a stream of referrals. Will definitely implement the incentives in my existing investing business.

What would you guys say are the 5 most important steps to a successful PM business?   

Hi @Rick Santasiere.

I use a VA to respond to all incoming calls from my direct mail campaigns. They gather basic property details, determine levels of motivation and upload all the information to Podio where I can track and manage the details, creating tasks for my partner and I. Great investment.

Presently my partner and I are doing fix and flips in addition to my buy and hold investing. We are thinking of adding property management to our repertoire, practising on my purchases before seeking out new clients. In your collective BP wisdom/experience, any suggestions for resources we could use to get started?