All Forum Posts by: Jennifer Lee

@Account Closed that hillarious but very true

A is good school good job, where everyone would prefer to be in. I dont have issues showing anytime

B is okay school, usually ppl who can't afford A. Safe and good job, I don't have issues showing anytime

C is inner city, or outskirts, I would still feel safe to show at 9-2pm, maybe, if later I will wait in car til client shows up

D is warzone, low income, on the news for crime, I try not to show, if I do, I try to make it in broad daylight, Bring flashlight, bc it's most likely distress with no utilities.. I also make sure a relative will check on me, or call during the show

@Herman Herrera I think she meant SELLER ASSIST, agree to pay for buyers closing cost.

I agree, you can try to talk the commission down.  It's not realtors fault. It happened to me, both listor and I were shocked the appraisal come as low as it did. We both comped the price at our asking.  But this house was in an off street in a good area.  

My buyers opted to walk b.c the difference was like yours. They were FHA and they couldn't come up with any more deposit,

Also the seller won't come down in price. and FHA required the seller to fix too much so both party walked.

@Joel Owens

Ground lease is what I was thinking as exit plan.   behind the land is TURNPIKE.  this location is central, but it is behind the big box, so needs to be a destination location.  

I agree with you on buying already built stuff ;p  thanks again.

Let me do more due diligence and talk to township 

@Joel Owens

This is Behind Costco, and neighbor to the north is FEDEX distribution center, Neighbor to south is community college.  that is why I am interested... but lot is issue

@Joel Owens 

Thank you as always, thank you for being there for me in all my projects ;p

This lot is the last in this commercial development area.  All the other lots in the township are 10x more expensive hahaha

I just posted the rendering, I don't really know how to read this.... learning

My due diligence to make sure the cost of building the bldg makes sense....  I am looking at 10+ unit, and not having luck... 

I am an investor that got my license for me, and I don't mind being an agent... Let me say, that working with investor, you don't make $$$. It's a volume thing. That is if you are in my market. 

I love my investor clients, they give me steady business.  I don't actively do Realtor stuff, I don't make cold calls or get listing.  And once you do this enough,  you will realized you have to VET the investors.  Investors aren't the most loyal group.  They require a ton of work, so this is a relationship that needs to be earned on both sides.   

My clientele are mostly distressed buyer/seller or investors. I get the occasional first time home buyer and relocations from my network.  

I don't have a dream to run my own brokerage. My income is from my rentals.  That is why I have the patience, time and resources to help investors.  When you work with investor you have to realize you may have to put 100 offers before getting a deal.  you also have to work 100x as fast to get them the diamond in the rough at a drop of a hat!

And  when you get a newbie investor, you have to be a teacher... and teach 

My 2 cents

wow! great job!!!

Hi 

I did a 1031 exchange last year. we sold our boston condo and replaced it with a commerical 6 units in Pittsburgh, PA.  I got my info from BP and my attorney

Because I did it in 2 states I need a QI, I think in MA an Attorney can do it, but I would double check.  My realtor from MA was confused with that.

We had an attorney in MA, our QI in Philly and my Attorney in Pittsburgh, 2 closing company, one in MA (condo) and one in PA (commercial unit). 

WHAT was a problem for me, was the the condo was once our primary home, so the house was under our names in trust. So we had to buy the commerical unit in the same structure. We didn't want to hold it in our names. so we found a good attorney, and we arranged to buy with 2 LLC my husband and I owned "separately". so it's still 50% me and 50% him.

AS for timeline, ours was a prefect storm, as I already had my replacement inline.  but I would not start till you have a prospect, b/c they require you to list the units you intend to look at.  

THE KILLER was PA didn't recognize the Tax deferment so we had to pay the PA state tax.. MA was fine, it was recognized.  SO dont' forget your TAX ACCOUNTANT, ours was in the loop the whole time too

wow good question

When I started out we had a number and a plan.  I think my number freedom number was 15 units. 

So yesterday I was excited, we did a 1031 exchange last year, and we are at 14 units.  

So we did our freedom numbers again with TODAY'S numbers.... hahahah we need 30 units! I m only 50% of where we want to be now.

SO lesson, is the plan keeps changing, I like to do 5 yr plans, we are now in our 15th yrs as investor.  and the market had ebbed and flowed drastically in my time, we need to be able to move with the market.

What suggestions can you guys give to make this a reality sooner rather than later? 

KEEP at it, look for value add and cash flow deals for buy-hold.  Flip to afford more buy-hold

Whats a realistic timeline for executing a plan like this? 

It depends on your motivation, I bought my first property in 2001, second in 2003, third 2007, fourth in 2008.....I found BP and I bought a property a yr 2010+ and I bought 3 properties last year hahahaha It's BP, it's experience, and I am now a realtor. so I m more comfortable.

BUT I always have a 5 yr plan.

Or is this plan not the most efficient way to achieve this? Can this be done in 2yrs?

I went from 1-2 unit (11 yrs), to now owning 14 units (in a span of 2 yrs),  the 1031 exchange had a lot to do with it, but again it's timing and numbers