All Forum Posts by: Account Closed

I guess this topic got lost in the pile. I do like that idea as well Pat. Do you think this person should be responsible for the calls as well. I'm thinking that's enough to keep one person busy. Taking between 150-250 calls per month. Faxing emailing docs for deals, book keeping and tracking and organizing our marketing campaigns. I think this will be the bulk of the responsibilities.

Also, I'd like to get some feedback on an acquisitions assistant. I'd like to see if I can arrange it the way I've arranged our project manager, which is working on a deal by deal basis. This will probably be impossible, so a part time acquisitions assistant is not out of the question. If I can bring someone on to help negotiate deals and meet with sellers that would make my life much easier. I'd be looking for someone who's worked in the real estate industry for years, who is a great negotiator and great with people. An honorable character goes without saying, so I will be looking for someone with integrity who is honest. Eventually (sometime next year) I would turn over that responsibility completely and make them full time. Once again the pay is the part I have to work out. If we hit our goals for the year I think they should make around $50K. It says that the median salary for a Property Acquisitions Associate is about $96,000. Is there anything else you guys would look for in this person? Thanks in advance. God bless.

Hi folks,
I'd like to get some opinions on adding staff. The first person I'd like to hire is someone to act as an assistant on steroids. Pretty much a processor who I could eventually make an office manager. I'd like this person to handle incoming calls. We're talking 150+ calls per month. They'd hand the filled out info sheet over to the acquisitions dept(me for now) and I'd take over. We get the contract, they handle paperwork for every deal between title co and attorneys, etc. would also do bookkeeping and organizing of all our buyers and sellers.

I would also like to bring in someone for acquisitions eventually although I think this will be an easier position to fill as I'm pretty clear on what I'd be looking for. Question is can on person do this job or should it be broken into 2? Taking calls, doing books and imputing data for our buyers and sellers. Aside from that faxing and/or delivering paperwork. Eventually when theyre fulltime theyll oversee some marketing but that will be the bulk of it. This person will make my life so much easier and being I already have a project manager working as an independant contractor, this will probably be my first full time employee. Any feedback is valued greatly. God bless.

That's great info Ankit, what are those properties worth after the rehab? I'd like to refi at no more than 70% and even that's a little high but tolerable. Not trying to be over leveraged. Thanks again Ankit.

Ned thanks for the input, I know there are people out there doing it right, those are the ones I'd like to learn from. Theodore congrats on the success so far, those are some incredible a results by any standard, I'm sure it's only going to get better when you go full time. When you leave don't look back brother, I left my job in September and just had to walk in faith, the best decision ever!

Thanks Ibrahim, I guess I gotta get out there and start looking, meeting some sellers and finding out what I can buy these properties for, I know a compete gut can be pretty expensive, I was assuming a moderate rehab, not a total gut, but Im sure you see a lot of places that need a total gut. Are investors in Newark totally gutting everything?

That's encouraging David, I'm probably going to be starting in the rougher neighborhoods, I'll take the Cashflow and what comes with it to start, I'd rather have the hardest experiences first, rather than buying in nice or upscale neighborhoods first. But that's great to know about the freedom you have to invest in family, its important to me to not build anything I have to be attached to for more than a few hours a day. If that was the case I'd pay a little more for a PM and work on scaling to a level I wouldn't miss the extra at.

So what about the financing strategy, I have good credit, haven't bought a home yet, but will I be able to refinance out at around that 65-70%? Should I try to meet some bankers. By this time the units will be rented and multiple units would mitigate the banks risk. I would like to buy 3 units and up.

Ok people. I'd like to begin to get some ducks in line for some commercial property investing later this year. There are a few low income areas nearby that I'd like to buy a property in this year. I know there are headaches that come along with that but I'm going to consider that as I look.

So my questions is can I buy several rentals per year, manage them effectively and still have a great lifestyle. I've of course heard the nightmares of landlording and I've heard from people who never worry about their properties. I'm more interested in hiring a property manager but I don't know how easy it is to find a good one when you're starting out. I would think a company managing a client with 50 units would give them presedence over your 3 unit. So I'd like t know how to start out where I can build up to that. I've heard about people who manage their own properties but how do you have free time if you manage a lot of properties.

Second question, I was evaluating my buying strategy and I wanted to know if this would work. I saw a guy who has a forum and for the last 3 years he's bought over 15 Cashflow properties. I don't think he explained how he finances them. Here's my thinking on what I can buy a 3 family property for in Newark nj
Purchase price: $75,000
Rehab: $55,000
ARV $200,000
Could I buy this property with a hard money loan and refinance at the $130,000. I would want to go with a higher LTV than that. I'm probably missing some details but if I could perfect this strategy I think it can be pretty good. Any thoughts/input appreciated. God bless

Hey Keith, yeah everyone who looked at it couldn't help but notice that house next door. Yes the builder and I are working together on the deal. It's worth more to him for obvious reasons and we agreed from the start not to bid against each other. We're acting as partners with me doing all the talking with the sellers since I had a rapport already built from the first time I introduced myself to them, told them I bought the house next door and asked of they'd be interested in a cash offer. That woman took my card that day and as she says put it right in her bible. The rest is history. They're going to need about 45 days to move out and we're giving them some upfront moving money.

Hey Steve, wish I knew what that was.

Michael thank you my friend. That's one of the things I love most also!! The singles are good, the doubles are great, the triples are outstanding but there's no feeling like a home run. I guess the combination of all of these add up to a great career.

Thanks so much Jenkins I appreciate it. Brandon thanks a lot. This is definitely an outlier but if you expect big you'll get big. You guys already know how I believe I got this deal so I do believe in supernatural things, I believe in amazing grace, but this just proves deals like this exist in today's market. Be encouraged and have faith, all hard work brings a profit.

Thank God we closed today. Net profit is $118,640. It's funny, we actually put the house directly next door under contract today. We were able to stop a foreclosure situation and get her some of her equity, when i was buying this one i noticed the totally unkept house next door. Pursued it and ended up getting it. It's amazing how God works these things. So this ones done. Thanks again for everyone's input. God bless.