All Forum Posts by: Hector Perez

I have read several post with great comments but those dated back 5 to 7 years ago, so I was wondering if I can get updated information

I am planning to hire a project manager full time (W2) so what are the recommended pay structures you suggest?

This was what I was thinking

1) $1000 a month + 10% commission on expected Net Profit

or

2) $1000 a month + $2000 per completed project (we do 30 to 50 rehabs a year)

or

3) $50,000 a year and bonus at the end of the year based on performance

I appreciate your comments

Thanks for the information, I will read in to this @Jake Hottenrott

Hello BP, I have a dilemma and would like your comments

As an example, I have a house that I purchased and renovate for all in cost of $60,000, then sold it owner finance for $100,000 with $10,000 down and finance $90,000 for 25 years @10% interest, 

My old CPA took the down-payment $10,000 as ordinary income, and the gain of the $40,000 note was spread it out for the next 25years, so at the end of each year I only paid  what I earned 

My new CPA is telling me the $40,000 note has to be paid as ordinary income of 35% the first year and every year after just pay interest income, and the other method was wrong. So I have to pay 35% on the $40,000 note, which is money I have not received 

So who is right?

@Andrew K.

Hello Andrew, yes the marketing worked, just have to mail your list regularly,

I pull the list from a local county or just use listsource as an alternative source

@Chase Keller

The direct mail marketing always works, just send it every 30 to 60 days. Save all the numbers and follow up every 30 days

I use the same message as the yellow letter, just with some minor modifications and I added the picture of me with my family

The letter goes something like this, change the message over time, same as what you do with single family, there is no magic formula just consistency

Dear Apartment Owner,

I am interested in buying your apartment

If you are considering selling your apartment for any reason, please call me at ??????

You will NOT be required to make any repairs because I will buy your property in “AS-IS” Condition, and you will NOT have to pay broker fees.

If this is of interest to you, then call ??????? today, I promise a fast response.

Best Regards,

Hector Perez

Thanks @Robert Syfert for the feedback, I will have boots on the ground, before getting started, just looking for feedback about areas investors like in Detroit metro area, not interested in the inner city at this time just subburbs and an investor friendly title company.

@Linda Labbe, thanks for the comment, At this moment I am looking for feedback in areas other investors like. I will have a strong team on the ground when I start, but at this moment I am doing my due diligence, so i am looking for  potential contacts or title company information that I can meet when I visit the area by the end of the month

Thanks @Matthew McCall-Stillman, I will let you know when I schedule my trip and we can meet in your office or for some coffee.

I think it may be by the end of October to try to attend the MREI as well.

Take care

Hector

Hello BP member from Detroit

I am an active investor from Houston, TX  and I am planning to start investing also in Detroit Area.

Someone I know recommended Hazel Park and Madison Heights as a good place to start

Just want advice from locals about the following

•  areas you may recommend for rentals and Fix and Flips.
• Areas to avoid
• Good local real estate groups
• An investor Friendly title company

Thanks for your great feedback.

I am planning a trip to Detroit in the next month to learn more about the area and right now I am just doing research prior to trip

@Douglas Skipworth

Hope you are doing well. I have not been checking very often my BiggerPockets Account

Sorry for late response.

There were some changes inside Success Magazine, so don't know yet when the other meeting will be held.

It was a great experience and looking forward for the other meeting they will offer

Take care

Hector

Hello

I want to invest in Costa Rica and would like to know If there are some BP members that would like to share some of their experiences and tips.

My goal is the find fix and flips and rental properties.

Thanks