All Forum Posts by: Brittany Moreland

It's not completely unreasonable to stretch the search into a different area but you need to have enough good comps to be able to adjust prices accordingly.  In the pricier area with similar homes find 3-4 houses that are comparable to houses in the area you're looking at.  If there's a basic $25k/$50k/$100k difference between the values you can use the houses in the other neighborhood as comps then deduct the value difference for location to determine market value.  It's not a preferable method but is sometimes necessary and a method appraisers will use when push comes to shove and comps are lacking.  

One small thing I want to mention as a side note, that at least holds true in my market area, houses that don't conform with the neighbourhood are more often than not trickier sales.  If a neighbourhood is all 1000sq ft ranch homes a 3000sq ft colonial is going to stick out like a sore thumb and sit on the market longer.  

Thank you and best of luck you whichever way you decide to focus on.

I got my re license with the goal of getting into investing.  My first year I focused purely on getting as many listings as possible.  Was top regional listing agent one month, won a few listing competitions at work and got my name known so I had enough of a reputation as hustler....I also had a baby 2mos after getting my license.  2nd year I pulled back and started focusing on making connections with investors and contractors.  I didn't do much business that year as I stopped actively seeking out buyers and sellers and only came by them organically.  I lined up a crew, looked at a bunch of reo's with contractors and picked their brains so I can be within $5k of estimated rehab costs and so I know what to look for.  Just started my 3rd year and my 2nd week of my 1st flip.  I won't turn away a listing or a decent buyer but definitely switched to focusing more on my own business.  For me though the reason for pulling back on residential instead of working on both is due to time constraints that come from being a single mom of 2 kids under 5yrs old.  If I had more free time I would bust my *** and do both.

I would suggest asking him if he could send you the mls comps he's looking at to determine the price. He's already checking out the recent sales to come up with the ARV so it's a quick easy step to just download them to email to you. A whole CMA isn't really necessary if there are even somewhat decent comps. Personally when suggesting an ARV I like to mention a few recent sales comps right off the bat so everyone is on the same page. A good investor friendly realtor can be hard to find and keep so if you're happy with him other than this just discuss it with him and come to a mutual agreement about expectations and how to proceed with future deals. Good luck!

As to the original post that was made months ago...I threw a number out there not a number I think somebody would have sitting around waiting to hand out.  That's been explained in comments in fact.  It can be a $25k, $50k, $100k property as a private lender or equity partner.  I have equity partners now that I was able to speak with and better verbalize what I was looking to do, 2 actually so it's all good.  

And no I'm not able to drive an hour and half to a local rei meeting, unfortunately I can't even attend the new ones that held a town away because I have 2 young children and I can't go that far away from them for that amount of time.  

Ricky are you planning to repay the $2.5mil?  Are you going to do a cash out refi in x amount of years to pay off investors and than switch equity stakes around?  I have 1 group I've teamed up with and working on putting some deals together with.  If they're funding a deal on it's entirety that I'm presenting to them I'm asking for 10-20% net profit and I'm managing it for 18-24mos then doing a cash out refi to repay the investment plus and switching equity stakes...for smaller buy and holds like multiple single family rentals.  Larger buy and holds I bring 75% financing so in order to repay the loans and build the equity I need to take 80% until the cash out refi to pay them back with a high return.  

Depends on your role and exit strategy for them.  

I'm not looking for $260mil, I would like a partnership with somebody where up to a certain point...I used $260mil as an example...they cover purchase cost or contribute 20%+ to the purchase cost and then once we reach an agreed upon price point I fund everything 100% yet they still get equity on future acquisitions.  My best funding I can get is $2+mil and requires 20% down so ideally I'd like a property that fits into that category so I can use my best connect or a partner loan me money on similar terms to my preferred financing contact starting at any price point.  Basically my whole point was where can I find a long term partner who wants to go in the same direction as me since many of the people who I can partner with on deals see a different end game from what I want to do.

Thank you Michael that is a fantastic suggestion.  I didn't even think about the possibility of buying out partners not looking to go in the same direction as I'm looking to go into the future once I have things up and going.  

Thank you very much Robert for the name suggestions.  I didn't know Peter Picknelly was in real estate but I have mutual contacts with him and when the weather's warm enough walk by his house a few times a week.  I have mutual contacts with Evan Plotkin as well so will see about reaching out to those two as a start.  

Thanks Bob, I'm sending you an email in a few about a couple things.

Thomas, I work with mainly investors but haven't invested in real estate myself yet.  Yes I am inexperienced when it comes to investing.  I'm not looking to start with $260mil, I would love to start with $5mil which I can if a partner wanted me to finance 70% separately from them.  The $260mil is simply just the value of properties that are currently in select counties I want to focus on to start so I put that number as more of an example of what I would ideally like them to contribute funds or fund fully up to but things can go at a pace as investor that wants to team up wants to go.  I mainly just want to know a good way to find investors who want to do something similar to what I want to do and have some funding in place.  Ideally I want them to get interest off any loans I take out as well so somebody I'm working directly with gets interest from me instead of somebody I don't know.

I can get 70-80% financed if needed through my lender connections.  I'm also not looking for somebody to write me a check but purchase properties with me so they have they would have ownership of the properties as well.  I'm also not looking to buy $260mil worth of property at one time, it could start with a property for $50k, I though ideally would like to start higher to grow faster.  I'm simply leading with my perfect scenario above as an example of what I would like to do so I can get possible suggestions on where to find investors who have the capability to do that...not necessarily all at one go