All Forum Posts by: Clinton Holmes

@rav ram

Like any great leader you need to share the vision, get the team enrolled, and help them get started.

Start by showing them what exactly it is your looking to build. For example, a portfolio of expertly run residential multi families. This helps them understand WHAT you are looking for.

Then make it about them! Show them how their life could change by helping you. Then it becomes a shared vision, not just yours. This helps them understand WHY they should help.

Finally, give them a starting point. What is one thing they can do TODAY to help move towards the vision? This helps them understand HOW they can help.

I know post was a bit brief, but hopefully it makes sense,

Let me know how it goes, 

Clinton

@Brent Seehusen

Thanks for the book recos. I will definitely be checking those out. 

-Clinton

@Donovan Castaneda

You haven't really shared enough info for the BPers to help. What decision are you trying to make with the market research data you are trying to gather? 

-Clinton

@Jeffrey Giffin

That's awesome that your looking to do your first deal. If I'm worried about estimating the repairs on a property I usually bring one of my friends who is a architect or my other who is a house flipper. Believe it or not, I actually prefer my friend who is the architect because he helps me envision what the place could be and how much it will cost to get it there. Usually I have to build in a 15-20% fudge factor, but it is better for me cause I get a glimpse of the future potential. 

Do you have anyone like that? Is there an architect in your area who could come with you? Maybe you could take him to lunch as pay? 

Good luck and let me know how it goes!

Clinton

Flo Schn Do the tenants have the U.S. Equivalent of a lease agreements? If not, just make the deal contingent upon the property being delivered vacant. Then it becomes the sellers problem to get them out. Let us know what you end up doing, Clinton

Originally posted by @Vonetta Booker:

 I’m thinking a reduction to $245k might do it, but I don’t know…I’m just afraid that I’ll keep dropping & dropping with still no activity. 

 @Brandon Turner shared a similar experience in one of the more recent podcast episodes. In his case, I believe the property was on the market for much longer, and I think the market was only getting worse as time went on, but he was in a similar position.

In the show he said he just kept dropping the price in 5k increments until he sold it far below what he had originally comped. One of the things he said in hindsight on show was that he should have considered a larger price drop (15-20k) b/c it may drawn more buyers, potentially result in multiple offers, and get the home sold faster than when he slowly lowered the price in smaller increments over the course of months. 

You should definitely do what you think is right for your investment, but I thought I'd share this. I believe the conversation was on show 130 of the Bigger Pockets Podcast! 

Good luck and let us know when you get the place sold!

Clinton

Originally posted by @David Morrissey:

I see people mentioning local REI meetings. How do I find out where these are and can anyone attend? Thanks.

You can also search "Real Estate" are MeetUp.com and find 20+ REI's in the greater Boston area.

Hope that helps!

Clinton

Originally posted by @Brandon Turner:

Think of your last 5 real estate deals... then let us know: How did you find them? 

Go! 

(I'll start: The past 5, all buy and holds, have all been MLS)

Hey Brandon! Huge fan of the podcast. I'm curious, are you digging through the MLS yourself? I think I remember you saying during one of the podcasts you usually work with agents no? In either case, what are you or the agents looking for when searching MLS?

Thanks!

Clinton

Originally posted by @John Thedford:

The last one...Craigslist-advertised as under market..and it was

One before that: Craigslist-owner found me and wanted out fast

One before that: Craigslist-distressed owner found me

One before that: HUD property

One before that: MLS listed property

Working on one that I may lock up this week: if it works out...Craigslist

Now you know why I encourage people to use CL:)

 Hi John, I'm curious, do you post on CL or do you respond to posting? If you post, I'm curious, what do you say that gets responses!

Thanks!

Clinton

Originally posted by @Kevin Walorz:

I'm a 22 year old getting ready to graduate college and I have been especially interested in real estate investing for some time now, particularly multifamly. Like most college students, I've got close to zip in the bank, but I am not discouraged. This is why I joined BP , to get some answers. My question to anyone who is listening is this: If I could get a group of investors to pool in on a deal, how could I make it worth while to them for me to get a percentage of the cashflow? If that really isn't an option then what alternatives are there to get my foot in the door, to start building wealth and strong network? 

 Hi Kevin! You might be cash poor but you are time rich. Find ways to provide value for those that are time poor and you will build your network. Find a local meet up, meet people, and start finding ways to help others. As you build your network, you will find more deals, and once you find a good deal, it won't be hard to find investors. 

Good luck getting started!

Clinton