All Forum Posts by: Daniel Sisto

Good morning, 

We are looking to have a list skiptraced for property addresses and mailing addresses. 

The only data that we have is first name, middle initial, last name and DOB. 

We have contacted several of the skiptracing services we typically use and basically they need the property address to skip trace. 

Do you know of any services that can take our data and produce property addresses and mailing addresses? 

Thanks

@Charity Bauman Thank you for getting back to us. Much appreciated. 

We are looking for some information on the market there, as to the most popular areas for investors, both buy and hold as well as investors who are rehabbing and selling. 

Are there alot of investors in the area currently or more coming to the area. 

Whats up BP, 

We are interested in the Madison WI market and we wanted to connect with any investors/agents in the market. 

If you are active in that area, shoot us a response, we would love to connect! 

Thanks,

Dan Sisto

Good morning, 

In regards to your partnership and it's structure. Based on the information you gave above, it seems like you are looking for a finance partner. 

If your partner will be funding 100% of the purchase and repairs, that is typically there only responsibility. 

Your responsibility will be to execute the plan from finding, offering, renovations to closing. 

Depending on how much liquid funds you have available, you could always get started with a Hard Money Lender, just be aware of all the costs associated with the lender and be sure to include in your analysis of the property. This route will be a bit pricey for you if you have no track record of execution. 

Close on the property, take title, make your value add reno, refinance (typically there will be a 6 month seasoning period from taking title to ability to refinance. 

So, take title, make your reno, place a tenant then refi after 6 months. 

This document does a good job of of explaining where you should spend your time. On the left side of the doc are tasks/areas you should create specific systems around to delegate to VA's employees to free up your time to handle the right side of the sheet.

 Thanks l

@Simon W. what do you mean they don't? We own a little over 300 units and each property/unit our PM's hold a reserve fund for maintenance/emergencies etc. 

My question how are reserve funds legally supposed to be held for the PM to utilize

Good morning BP,

Legally, how are Property Management Companies supposed to hold reserve funds for Property Owners?

How and where you guys are currently holding your clients reserve funds?

As J Scott said, first you will have to get educated on the basics. How the process works, formulas, different departments, construction process and such. Forums, blogs, bp, networking, REI clubs.

Then choose and analyse a market that you are interested in to make sure that the model is working where you are interested. 

Put together a team (realtors, contractors, attorney, accountant, bird dogs etc) 

Put together a marketing plan as to how you will acquire the product (direct mail, bandit signs, cold calling, door knocking, leveraging bird dogs - agents, PPC, SEO, Facebook ads etc) 

Put together a CRM or tracking mechanism to be able to track the lead flow and response from mediums so you can create a follow up system. 

Implement the marketing plan and begin receiving/ reviewing leads

Set appointments with as many sellers as possible to view the properties, build relationships, get a feel for the market/product. While on appointment take photos and video for further analysis. 

Run you analysis on as many properties as possible - utilize your team to assist you with rehab costs. Determine your Maximum Purchase Price and submit offers. 

This is basically high level on how to acquire product off market at a discount, in our current environment, you will have to be able to successfully do this in order to find product that works. 

In my opinion flipping houses is all about creating a great team, having a systematic approach and having a organized plan going into the project. This means you will have to develop a scope, material lists, create a budget and create a schedule. Utilize your scope of work to to bid out specific tasks to receive estimates on the project. Initially, if just starting out, best to find a reliable, honest, GC who does quality work at a fair price to take on the majority of the project (find out what tasks he is not comfortable with and sub those tasks out). 

Just make sure you have a cost tracking systems in place so you a pulse on your current outlay at any given time on a project. 

If you plan heavy on the front end, your projects will run much much smoother throughout. 

Hope this helps. @Devin Ebanks