All Forum Posts by: Will Barnard

Plenty of ideas and comments regarding marketing for leads above so I will just comment on finding cash buyers.

Attending meetings as stated above and networking is always a plus as meeting people face to face and getting to know what others are doing and looking for is a good thing but the single and most easiest format to finding real cash buyers is through your title company. Have them do a search in your area of choice for all cash transactions that closed in entity names and find the entity names that repeat in one year. That is your proven cash buyer right there. Next step would be to locate their info and contact them direct.

Here is a good start:

https://www.biggerpockets.com/forums/93/topics/58383-the-truth-about-wholesaling-

I understand the position of @Marcus Auerbach but would premise that by the fact that every market in the country is different and as price points of RE are much higher in some areas, these standard % commissions fluctuate by location due to values and market conditions. Here in So Cal, you will not find any agents complaining about a 5% commission as it is standard now and many are even below that (and I am not talking about discount brokerages. There is no more extra work or difficulty factor for an agent here to sell a 3 bed 2 bath 1500 sf home in So Cal for $800,000 than it takes an agent in the mid west to sell the exact same house for $200,000. But the gross commission on 6% here is 48,000 and $12,00 in mid west. So the standard of 5% here brings that $48k to $40k which is still $28k higher than the agents get in the mid west.

I don't know the RE market in WI but I can guarantee the price points are not as high as here in my area so it could very well make sense that agents would frown on those you go below their local standard. Bottom line, local standards will vary in different parts of the country.

Tough to say without knowing value of your house, what your neighborhood competition has in their kitchens, etc. Best to see what all the other rental comps have. The cost difference between quartz and granite are not that much these days and quartz is much more modern and "in". Your rental rate suggests this is a higher end home so I would go with higher end finishes to match. Again, check with the competition, that is your leg work to do right now.

So generally speaking, condos have HOA's with HOA dues and HOA rules which can hinder your cash flow and make repairs/upgrades more difficult, then there is the risk of HOA assessments for anything that could happen (legal issues, new roof replacements, etc.) Also, (and generally speaking again), condos crash harder and faster in downturns and appreciate slower in up times so keep that in mind.

If you can not take down anything more than $500k as of today, you can go after private money, investment partners, seller financing (which can include subject to purchases), or invest in a syndication. You have many options available out there, so you must open your eyes and ears to the possibilities and go after what makes sense for YOU.

I would only separate bank accounts if the two properties were held in two different entities, if not, then just one bank account, but in Quickbooks (or any other accounting software you choose), each property should be classed so you know what each property is doing financially.

 Hey brother, how about wearing one of those shirts from line item 11! LOL

I love the comment that all the agents on BP are in the top 2% of agents in the country and killing it, funny stuff. BP should use that for marketing - "Want to be an agent and kill your competition, get on Biggerpockets and join the 2%!"

Agency representation is a small part of what I do and almost all transactions I do are for my deals or other investors plus a few family/friends. So agent commission was not really affected too much in 2021. In fact, I had a pretty good year and next year, I already have listing agreements that will make it the best year ever with over $19M in gross sales scheduled on the books here in So Cal where prices are skyrocketing. So I guess I am adding to the BP top 2% crew, ha ha.

Those two sections have nothing to do with your loan.

My question to you is, why is your agent representing you NOT telling you what this means? The two items checked that seller is responsible for are all government retrofit standards meaning proper water heater strapping/bracing, any glass doors to be tempered glass, earthquake shut off valve on gas meter, smoke/carbon detectors installed per code, etc. Seller to also pay for the 9A report (required in LA City) which is about $90.

 You can have your contractor inspect before you write or after you have it under contract. Your contract can stipulate an inspection contingency (fill in amount of days) to protect you, but note that any and all contingencies weaken your offer. Additionally, your contractor probably will not want to go do a bid on a property you don't have under contract unless you pay them for their time so it is best to wait until you have one under contract. You should still walk the property and identify as much as you can on your own so you have a base scope of work and price that out accordingly. Learning how to estimate rehab costs is essential if you want to be successful in this business.

Thanks to all who joined us last night. The new investors received some valuable steps and info from the more experienced, and the more experienced got to talk shop and hopefully do deals together. Great mix for the first meet up.

We plan to do another in late January 2022 and will post info once it is finalized.