All Forum Posts by: Drew Berman

Hey Varouj, 

I have looked into them and for me (2 properties / 7 doors) it didn't seem to make sense.  My inclination was to sign up to get the systems in place so I can easily grow into them, but it didn't seem to provide enough benefit to justify the associated costs.  From my research it seemed as if the two leaders were AppFolio and buildium but the price reflected this.  For my small size it seemed unnecessary and I didn't see the benefit in the small companies for a small time guy like myself.

What I do is I can collect rent through Venmo (free), I have a tennant application embedded into my website (cognito forms...also free) I screen tennants through mysmartmove.com (Transunion's company gives you credit report, background, criminal, eviction etc. and tennant pays for the screening so also free.) I track everything in an excell spreadsheet that I modified from a template i found online (also free) 

stessa.com is free app for tracking expenses that links directly to your bank account.

As I scale I plan to move into a software but as of now I am fine with what I have and as you can tell I like free. 
 

Hey Austin, 

Welcome!.. I have found it is going to be difficult to just find someone to volunteer to spend their time to guide and mentor you without figuring out first what you can provide for them or how you can provide value. I would suggest figuring out what traits you excel in or have, and apply those strengths to aspects of real estate, find a niche or a task that you can excel in and bring to a relationship. If you have capital there are plenty of people who would love to partner on deals with you the question becomes what are you getting or giving to and from the deal. If you have a deal there are plenty of people who are willing to put up capital etc. If this becomes your circumstance and you find someone you want to learn from maybe bring them a deal, and seek minimal return for the opportunity to gain experience. I am not familiar with DMV area, nor am I looking to take your money but I am more then happy to answer any questions you may have, and share my experiences.

In my experience is the best mentor, and source of knowledge I have ever gotten has been from books. Used books on eBay and amazon, have turned out to be the best investment I ever made.

Hey Lamar, 

Welcome!.. I have found it is going to be difficult to just find someone to volunteer to spend their time to guide and mentor you without figuring out first what you can provide for them or how you can provide value.  I would suggest figuring out what traits you excel in or have, and apply those strengths to aspects of real estate, find a niche or a task that you can excel in and bring to a relationship.   If you have capital there are plenty of people who would love to partner on deals with you the question becomes what are you getting or giving to and from the deal.  If you have a deal there are plenty of people who are willing to put up capital etc.  If this becomes your circumstance and you find someone you want to learn from maybe bring them a deal, and seek minimal return for the opportunity to gain experience. I am not familiar with DMV area, nor am I looking to take your money but I am more then happy to answer any questions you may have, and share my experiences.  

In my experience is the best mentor, and source of knowledge I have ever gotten has been from books.  Used books on ebay and amazon, have turned out to be the best investment I ever made. 

Hello BP Family!

Looking to step up the presentations on my seller finance offers.  

I am wondering how the rest of you go about presenting offers to sellers??

Usually begins with a conversation, but I am seeking a template for a cover letter to present to sellers with my initial offer proposal.  I think explaining seller financing, the benefits, and showing the interest gained over the term of the loan makes the offer more understandable.  Does anyone know of a template that outlines the benefits of seller finance to help me get my thoughts together in a clear and concise fashion?

Thanks guys, always nice to have people to bounce ideas off and get feedback.  I think I have a good idea of the people to target my problem is actually finding them, but if it was easy everyone would be doing it! My current strategy is leveraging my realtor and incentivizing her with a finders fee above commission.  I'm looking to form similar relationships with other professionals who have contact with people who may be in these situations.  I'm thinking ways to incentivize property managers, financial advisors, lawyers? I imagine it may be unrealistic to think a financial advisor is going to give out client info but this is where my head is going...any suggestions?

hey Marco, how have you come across these seller finance deals? Is there a strategy involved you use kr is it more of using it as the circumstance comes up during your normal process of analyzing deals? 

I would suggest just laying out a step by step plan toward your goal. So for me I just do things one step at a time and when I hit a road block I seek guidance and education and more action. So first step contact the bank, tell them your plan and see what they say. I’m not sure where you live but my first home I bought using a RD loan with 0% down. From there regardless what the bank says contact a realtor and get familiar with your market. Wether you are ready to buy now or not you need to understand your market so you know a good deal when you are ready. Start analyzing deals. 

That was my start one step at a time and through all of it always reading and listening. 

Hey BP Family, 

Wondering if anyone has found any value in getting a certification as "certified apartment manager" or any similar certification.  The association I am looking into (link below) provides a credential and a badge you can display.  More so I am interested in seller financing and feel this may be a way to gain a sellers confidence in my ability to manage a property, and eventually down the line raise OPM.  Having a hard time justifying the $1500 course for what seems to be pretty common info.  

Certified Apartment Manager | National Apartment Association (naahq.org)

What are your thoughts?

Hey Larry...

My opinion would be to pay off the highest interest rate cards first.  You have already identified your goal of 10K and a duplex and have a starting point toward your journey... your on your way.   As you are paying down debt I would recommend investing in education in the form of used books on eBay.  I have found the best investment I have ever made to be the used $5 books on eBay, and the information I got within them.

Hey BP Fam,

Seeking guidance! Purchased two buildings in past 6 months (duplex / 5 unit) Have greatly depleted my working capital.  Currently seeking seller financing opportunities mainly through my realtor (incentivized with higher commission for deals I would otherwise not be exposed to) .   Wondering what sources others have used to find creative financing opportunities, and actively pursue this specific type of owners.  

Appreciate you all!