All Forum Posts by: Andrew Brannick

I have helped in a bulk package deal in phoenix where there were tenants still living in the houses. Out of the 30 or so units that needed to have the tenants move out, there were only two that needed to have and actual eviction. I can tell you first-hand experience, try to see if there is anything that you can do to have the tenant move out with mutual terms. Give them back the security deposit (I know that you got the house in a cash auction, but the tenant still will feel entitled to it), set them up with a realtor to find them another house, whatever you can do. You will be spending time and money on attorneys; write the money off and get more time!

@Nick Rice

The sidelines are for the water boys and the cheerleaders! 

Do something today to move you forward! Call five brokerages, feel them out and let them know what you are looking at doing!

Every Day! Do something that will impact your REI Life!

Have you done any deals yet?

Make sure you know what you are doing before you buy any land deals. It's a different beast! 

If you are looking to get a better return while having a possible big upside, you should check out tax liens and trustee sales. You can get 12-16% returns.

I want to tell you something that was great advice to another investor in a situation kinda like this. They didn't listen and are still stuck with their mistake! It was told to a rehabber that was going to do a teardown/new build on a house after only doing two remodels.

-This isn't an easy rehab; this isn't a rehab that any beginner should do; you should have at least 20 or more rehabs done before taking on a job like this; you can get your numbers to work on paper but the little mistakes and unknown problems are going lose any profit. 

Before taking on a project where you are counting on refinancing as an "exit strategy"; have an LO or the bank that can do a refinance on the property come out and confirm that you will be able to get what you are looking for. Have your GC there to explain the changes that will be made.

RED FLAG! It sounds like the previous investor (assuming it was an investor that bought it for 40k) started work on the unit. The investor now wants to back out of the situation and still make a profit, without adding any value. 

-The investor realized that they were in over their head, sell to minimize losses

-Projections for the property were off, this is last opportunity to make a profit

-No money left for project, need to get out

There is a reason that the current investor is looking to get out of the project. You exit strategy is different than the typical investor, and could possibly make the deal happen, but it is still unlikely. This is also a very complex deal. 

Greetings!!! (It feels like Christmas time!)

I don't think it makes a difference if you have your real estate license or not. 

I do find it kinda funny how you talked about getting your license for real estate to learn more about the business and laws around real estate. Most realtors are forced into ultra compliance by their brokers. The brokers are liable for the agents. Brokers will over enforce rules so that there is no possibility of an issue arising. The realtor soon has an altered view of what the rule is; they see the rules as they were told. This typically leads to an over conservative view for realtors. (I still think getting a real estate license is the best for a new Real Estate Investor)

I think that you should focus on either wholesaling or fixing and flipping, they are two different fields to go into. It is like saying I want to be a football player and a baseball player; choose one and after you have become great at what you do (football) you can transition into the other field (baseball). As an experienced wholesaler, it is very easy to use your resources to start doing fix and flip projects. As an experienced fix and flipper, you will start to receive more flips than you can handle; which will allow you to start wholesaling the extra properties.

When you are out looking for deals make sure they are deals! There is a buyer for any deal. Most of the time any deal that you have done before building a buyers list needs to be a great deal! If you come across a great deal, I will buy it! If you find another buyer that is looking for a property in Maryland, you will get a bonus. Building a buyers list is important, but the real money for the deal is making sure you have a deal!

My first real estate mentor began in the time share business. He taught me a few things that he said he learned at the time share gig;

-Control the conversation

-Make the person you are talking to make a decision, one way or another

-Get reps in! Look at what you did wrong/other people did right, make adjustments and have more reps!

I had these drilled into my head! You will learn the same thing from either residential or timeshare. Look at the managers for both sectors; look at the amount of work that you will be doing- pick the option that allows you to learn as much as possible and develop your skills as a real estate professional (the job/manager that is fun might not be the best for you to grow). 

Mentor's are a great tool, especially starting out! Watch out for committing yourself to one person or company off the bat. You don't want to limit your opportunities immediately. 

If you are ready to learn from the people around you and work hard, I would suggest not shelling out 20k on the real estate training courses out there. Those courses will teach you what you will learn while actively investing.

I believe that working with investors that are doing consistent deals and investors that are just getting the ball rolling are the perfect people to learn from. They won't mind having another Investor learn more about the industry, they want you to succeed... and get deals from you.

Best skip tracing service on the market.... CLEAR!!! Google- "skip tracing clear"- and click on the link to access this skip tracing resource. 

I was doing my research on skip tracing companies and what the best service for me to use a few months ago. I had to factor in pricing as well as the rules for service. I wanted to check out the best-reviewed skip tracing services and work my way down. Real estate investors had great reviews for TLO and everything else was just part of the crowd. While doing my research I saw another company that was being regarded as the cream of the crop, the crème de la crème!!! I called up the service representative and scheduled an appointment to do a walk through. We went over the pricing fo the service; if I recall correctly the base price of the service is around 1k a month and goes up from there. I then asked the service representative what the difference between TLO and Clear was...

"The difference between TLO and Clear?... Think of TLO as a bicycle, and think of Clear as a Formula 1 race car! There is no difference!"

I was trying to think of the best skip trace company and I remembered Clear. Then I realized that I stole Clear's analogy and used it for TLO. I had to set the record straight! (TLO is still great)

@Michael Dunn - USA-PeopleSearch.com is like a bicycle and TLO is like a NASCAR, there isn't even a comparison. You will be able to find what you need with TLO... they might not let you use their service if you tell them that you are going to solicit people to buy their house. 

Another option that is to scan social media, everyone is using it nowadays, plus its a good way to advertise what you do!