All Forum Posts by: Gary Harris

I wholeheartedly agree with Shirley Yim.  Finding the right mentor is very valuable.

Gary

Hello,

Sorry, I don't know of any property managers in that area.

Gary

Hi Steve,

Let me know if I can be of assistance to you.

Gary

Hi Neil,

Find a JV partner that is willing to cover the 30% if you produce a good deal.

Gary

Hi Sean,

There are two different thought processes when it comes to estimating rehab costs.  Getting a close number for rehab costs will benefit you in the long run.  Granted the buyers of your wholesale deals will do their own analysis, but you will have a better reputation if your numbers are accurate.  The other thought is that since the buyer is going to do their own numbers then your numbers don't need to be that accurate.  To me accuracy matters.

As for ARV....it is definitely important to have accuracy in this as when an appraisal comes in you need your number and the appraisal in line with each other, otherwise the deal can get killed. Yes, get an agent to do accurate comps so you don't get burned last minute.

Gary

Hi,

If you are planning on using yellow letters.com then don't pull a list from List source as yellow letters uses same company for their lists and they tend to give a discount when you use yellow letters for the mailing and to pull the list.  I just saved a little over $400 for this month's mailing.

Gary

Hello Hassan,

It's dependent on the loan granting institutions specific requirements...however, generally they will want you to have experience owning similar type properties.  If you start out picking up a 10-25 unit complex then you should have had or have 5-10 units now and already have a property management company lined up to manage your asset and that has managed similar type properties.  If you are planning to self manage then you need experience managing that number of properties.  You will need a reserve amount of accessible capital of a few months mortgage and taxes in case something goes wrong.  The property needs to be at a relatively high occupancy to get a decent interest rate.  It basically comes down to money for down payment, capital reserve, your experience level,  experience level of property management, and current financial viability of the property itself.

Gary 

@Ian Tudor Thanks for your comment Ian. Yes, the JV partnership would be another route to take. And further I concur with you that it may be the most logical way forward as well. I will take everything discussed within the forum and make final decisions shortly.

@Peter Vekselman Thank you for the comment and I wholeheartedly agree about giving them ongoing access.  It was important to me and I can only imagine that it would be important for others starting out as well.

Hi George,

I can help you with both wholesaling and flipping.  Send me an email to the address below and I will forward you some documents to review to see if we are a good fit.  I look forward to your email.

Gary