All Forum Posts by: Brian Young

Congratulations at taking this step! 

Are you using an agent? A good agent should be able to give you a decent ball park figure on what the rehab costs will be. Most contractors (at least in my area) are completely swamped and normally wouldn't walk a property for a potential purchase. Some of the guys with my old company would do this from time to time and always ended up getting worn out driving to properties and were normally unavailable at the times the potential buyer wanted to go looking. Most that walk the properties that haven't been purchased stop doing so shortly after starting. 

Get some contractor referrals (maybe from your agent) and vet them (call people they have done work for and ask how it was working with them and if they would be willing to share before and after pics) before choosing. The best advice I've heard about finding a good contractor without a direct referral came from the Bigger Pockets Podcast when they said to go to Home Depot at 6am and see who's there. Even ask the checkout person or manager if they see that person a lot. This will tell you if they are doing a lot of business in your area. Then you can always ask them to take a look at some photos you've taken of the property you're wanting and see if they can give you a ballpark on renovation costs or costs of a specific task (i.e. Around how much would it be to replace these cabinets and countertops? or Around how much is would it be to take this wall out?). Take lots of good photos!

Having some photos and asking a contractor questions might be your best bet. If they dont have time to walk it with you (most don't) they might have time to look at some photos and give you a good idea. No matter the number they give you ALWAYS add at lease 10% to the cost for the unknown. 

Wishing you all the best!

Hello BP fam!

I'm a real estate agent in Tampa Florida with a client out of my normal area of expertise. A friend reached out with a referral who needs a 30,000 sq ft warehouse with pretty specific criteria in the next 60 days. I'm quite knowledgeable when it comes to evaluating SFH but when it comes to commercial real estate I'm super green. I have found something I think would work perfect for them but dont know where to begin when it comes to being able to negotiate a great price. There doesn't seem to be anything else in the area that works for what they need but I don't want them to over pay. The listing is 60days old, is posted at $132/sqft and I have no idea if that's a competitive price. I haven't been able to find a good comp that is pending, active or has sold in the last year.

Looking for recommendations for a platform or resource I can use to be able to evaluate the listing price. Knowing the local rent would be nice also but the MLS and LoopNet has only gotten me so far. Or maybe the seller really can just ask and get what they want because inventory is so low and the warehouse is so niche? Do I need to put my referral in touch with someone else that is more experienced with commercial? I just want my buyer to get a great deal and for the seller to be satisfied at the closing table.

Any and all advise is greatly appreciated!

Thank you for your reply @Nicole Heasley Beitenman and @Nick C.! 

@Nicole Heasley Beitenman I've been noticing a lot of the constant emails of the junk in horrible locations so I feel you there. One of my friends from collage is a wholesaler who has ever invested but I'm still very interested in what properties he has to offer. I myself have never invested but feel I have the knowledge necessary to find a great deal since I have remodeled so many investment properties for other investors and have been privileged enough to know what all of their numbers were.  I am looking forward to meeting some great wholesalers at some meetups though I have yet to find a group I'd like to join, I'm going to another one this week to try. I certainly am not on social media as much as it seems I should be so I'll fix that starting today, thanks for the tip. Your last point is really big for me, integrity. Won't work with people who go back on what they said.

@Nick C. Cut and dry, I like it. A wholesaler that brings me the catch of the day so I can find a great investor for the project!

Something that I've been thinking about lately and have heard a lot of mixed reviews about is what makes for a great wholesaler. I'd love to hear from this vast group of new and experienced investors what they believe the characteristics of a great wholesaler are. 

I'm just getting into the real estate agent world and I've got to speak with a lot of them lately. I'm curious what to look for in a wholesaler that could be a great resource for my list of investors and buyers. Possibly interested in taking on that role for my contacts also.

Integrity is a must but what else do you look for in a great wholesaler? Great deals? Do you expect their deals to be off market? Have it under contract themselves? Should they be ready to buy it if they cant sell it?

Thank you in advance for your insight :)
 

Thank you Khaled! Sounds like we could be a great resource for each other. I'll give you a call tomorrow so we can connect :)

I have found myself at Mitchell Dean Realty out of Tampa Florida! We work exclusively with investors which makes it a great fit for me to learn everything I want to know and witness it happening. I couldn't be more excited! Buy, sell, hold and manage all under one roof! Stoked for the future my friends! 

I would love to hear from you all about any tips you have for a new agent working with investors. I am always referring back to Branden Turner's The Real Estate Agent's Ultimate Guide on How to Work With Investors but always like hearing from individuals about their experiences and any lessons learned. 

This, unfortunately for some, has become a big issue in my area of the greater Tampa Bay Area as well. I've been hearing stories of rent increases this year from $200-$1,000 a month increase. Not many have the means to make that kind of jump in their monthly expenses. It's causing a lot of people to start taking whatever they can find and many of the available homes are not in as desirable areas and are not in as great a condition as the one you have. 

My fiance and I are having to relocate due to my landlord moving back into the townhouse we are currently renting. We'll be going from a 3bed 2.5bath 1400sqft in a C area for $1,600/m to a 1bed 1bath apartment in a B area for $1,860/m. It was really slim pickings for our budget of $2,000/m or less. 

All in the same month we are having our wedding! Luckily the landlord is a great guy and gave us 3 months notice. It took 2 months of looking everywhere within 45mins to find something. 

Good luck to all in a similar situation!

Kudos to you for giving these people a well kept place to call home

Thank you all for the warm welcome! 

@Dylan Tanaka Thank you! I found out recently that my commission on a sale can be used as my down payment! Excited for the first time I get to do that!

@Justin Windham Thank you! I am just starting to read Brandon Turner's The Real Estate Agents Ultimate Guide To Working With Investors and loving it! Excited to check out many more of the guides that  are available. I will certainly look at the alerts feature you mentioned too. 

Hello everyone! I'm a career handyman who's just passed his RE license exam and super excited to dive into the world of real estate investing! I haven't done my first deal yet but making moves to get myself in a position to be able to help investors in any way I can, learn from them in any way I can and to get started in my very own real estate investing career. I recently found a brokerage that works only with investors and seem to be the honest, kind and hardworking people I want to be associated with. 

Extra excited to be here and to be posting my first of many post to come! Thank you to the Bigger Pockets team for everything you've done to make this possible!

Thank for sharing the news Nikki!

Josh and Brandon have been a catalyst for so many to get started and advance their real estate career. I am super brand new to this industry and just want them to know that they have been the inspiration for me to get moving in the direction of my real estate dreams! I'm sure I speak for everyone when I say I wish you the very best in all future endeavors and keep up being bearded and awesome!