All Forum Posts by: Account Closed

Hey everybody, now's the time to chime in. I may have to start tagging some people.

Hello everyone,
First I must thank J Scott for the business plan template that he's made available through his website. I spent about 8 hours yesterday on it, but thank God I finally have a great business plan and the vision for my company is more clear than ever. Without your template, this would not have been possible. Thank you.

With that being said, I'm going to be hiring a part-time project manager. My goal is to complete at least 6 rehabs this year and a minimum of 2 wholesale deals per month beginning in March for a total of 20. I'm projecting the average net profit per wholesale to be about $15,000 and the average net profit per rehab to be about $40,000. As I spend this year scaling the marketing to establish a strong foundation for 2014, which will include the addition of many short sale deals, I will be evaluating the performance of that individual because I'll want to move them into a full time salary + commission position. This is a vital team member for me and a person that I want to build a lifelong relationship with. In addition as we build the company to our five year goal of 30 rehabs and 72 wholesales, they will grow with the company in income (At this point I will expect them to be earning somewhere around $300,000 as he oversees multiple projects at a time). His/her main responsibilities will be:

Preparing Written Repair Estimates For Wholesale Deals
Rehab Project Management
Weekly Project Budget Reporting
Initial Walk Through Checklist
Scope of Work Preparation
Contract & Job Bidding
Contractor Contract Signing
Post Rehab Checklist
Contractor Team Building
Locate New Contractors
Interview Contractors
Hiring/Firing Contractors
Reporting to Bookkeeper

As we start on this part time basis, what should I look for in this individual?
Also what should a part time project manager earn for this first year looking at the goals I have listed for this year. Being that the project manager will be involved in both our rehab and wholesale business, I will be compensating him/her on both. This person will be very important to the company and I am interested in everyone's opinion on both questions. Thanks a lot. God bless.

That's great that you were able to do it yourself. I'd like to systemize the process so that we can do hundreds. I'm interested in adding to the marketing I'm doing and using the short sale segment as a means to get more deals done. I'm about to scale my current marketing to get to 3 deals per month. I'd like to rehab at least one and wholesale the other 2 but if I can buy at least 1 deal per month from the short sale business then I can wholesale most of the other deals and rehab the short sales. Essentially want to build the business the way Monica has, Monica can you refer me to your course? Credit card in hand Lol

That makes sense J Scott, I was flirting with the idea of hiring a negotiation company because I couldn't see how I could pay someone upfront. Looked into the short sale service in GA but they want either $3000 upfront and $1500 for every lien they negotiate or $1500 upfront and 50% of each deal. The first option is not that bad but if I can build a team of negotiators then I'd definitely prefer that.

@Sandy I'd like to do short sales from an investment standpoint. I'd like to buy fix and sell these and make my other marketing my primary source for wholesale deals.

I'd like to add short sales to my current business model. I think combining that with my current marketing will create a very successful business. Now that I know you can outsource every aspect of the business I'm more excited. My question is about hiring a negotiator, if it takes say 6 months to get your first short sale to close how does the negotiator make a living until then? Are you bringing them on as a full-time employee with a salary?

Thanks a lot Will. Its definitely a blessing. Great way to start the year.

Lol Steve thank you my friend.

Hi everyone,
I haven't been on here for a while and I just wanted to let everyone know what has happened. We went under contract last Monday on this property. I sold it to a builder in Westfield for $225,000. We close on the 30th. He's going to knockdown the house and build another on the lot. 10% is in escrow and the only contingency is clear title. Thanks again for everyone's input and advice on this deal and they'll be more to come. I am of course very thankful to start the year like this. God bless

Will you have me rolling on the floor laughing right now!!!!! That's how I feel, it's like everyday it gets better. Truly amazing! I must admit when you said if I can easily sell it for $250k then I'd be a bad businessman if I didn't it made sense. The problem was I was trying to sell it to my list of rehabbers. It's not worth rehabbing this property.. The builders working that neighborhood will pay the most. I'm happy with whatever we settle on. I never was trying to be greedy but I'm glad I didn't sell to the first bidder. If I've learned anything on this deal its to have an open mind to what can work in certain neighborhoods. If this house wasn't in a high end town it'd be a totally different story. And have a big list of buyers, including builders.

Thanks Steven.