All Forum Posts by: Account Closed

@Mitchell Jaggar

With your strong construction background you are in an ideal position to start flipping and like @Mindy Jensen stated you don't need a license for what you are doing if you stay on your current course.

I have even partnered up with GC's and construction managers on small and large projects. I supply the deal and money, they supply the labor and we split the deals profits down the middle.

If you need more cash try to find a like minded investor that would balance you out.

They supply the cash, you do everything else so you are the perfect team.

Thanks for the post,

- James

@Rick Rodgers

If you are acquiring knowledge that is the greatest first step.

I am in s. Florida and finding great deals is important no matter what you want to do in RE investing. 

When you said you were looking to "put out some more money to move things quicker along" what were you looking into?

Thanks,

- James

@Steve Haight

Sounds great Steve,

You are buying the land, charging land rent and letting them bring their own trailer to put on top?

Are you doing this with commercial land or anything else?

Do you have to work with the city to develop water, electric hookup, etc.?

Thanks for sharing, sounds really cool, I would like to learn more, always interested in learning about investments.

Thanks again for the post.

- James

@Maria Vogel

That is one thing I agree on, most of the time great deals don't last long. That is why its imperative to find people of the same mindset.

I have tons of friends, family, investors, etc. who are never "ready" to act until after the deal is done. They always say "I wish I would have" but life rarely works that way.

You asked about the idea of putting together a hypothetical and for the clients I work with the answer is a resounding yes :)

People want history and future scenarios. Since this all boils down to investing its all the same.

If you walked into Fidelity investments or Goldman Sachs you would want a prospectus.

You would want the history of the investment (the 3-4 remodels and improving the homes you spoke of) and the future predictions of the investment you have in the future. 

What I do with clients is put together a package saying "if we can acquire this at auction for 100k - 120k and put 30k into a remodel then we can sell it for 250k" The work I do for clients is MUCH more involved than this, but that is the general idea.

They want to know your track record and what you can do to make them money. Simple stuff but you have to show them you are a professional and care about making them money.

BEFORE going to bid at auction have the money straight. Know the range of the price you would pay and stick to your numbers. Its really easy to get emotional and want to "win". The only time you win with investment properties is when you buy them at the right price. 

You can ask lenders, bankers, etc. what the best option is with respect to loans because I have no idea about your specific financial situation. 

What works best for me and my partners is working directly with investors.

Get deals together and start approaching investors until you find a base of investors that are great. I have the same choke point right now. I have more deals than I have investors to work with. For me, when I scale up in production the money gets tighter but its the same problem you have.

You are looking for investors to help with one flip at a time (or rental) and you need a small base of investors (or 1 like minded investor) to help you at this point.

I am looking to do 2 flips every week averaging 104 flips a year and build a commercial/multi-family portfolio that generates 50 million a year.

Same issues. Finding the best deals, building my book of investors, building those investors net worth as I expand my wealth. 

Its the same whether you are just starting out, in your 10th year or your 50th :)

You are studying for your real estate license now. Buyers usually go looking for homes first then get the financing. They should get the money then go get the house. 

Be smarter then them and go get the money.

Thanks for post.

Hope all is well,

- James

@Maria Vogel

Maria, great post.@Maria Vogel

Investors will come when you have amazing deals. One of the greatest skills you can acquire is researching quality deals- whether you are a flipper,wholesaler, investor, etc. Do everything to sharpen that skill because it will be incredibly important no matter what you do in RE investing.

BP is awesome because when you have a great deal you can put it on the marketplace and get people interested if it makes sense. As long as people know you are professional and will do everything possible to make them money you will be able to chose who you prefer to work with on deals.

After a while you will develop relationships with like minded people and go out to make your dreams reality.

Incredible wholesalers are like honest mechanics. Extremely tough to find,but once you find them, they can change your life.

Wholesalers can free up your time and make you money but just like any professional, finding a good one is hard.

In respect to investors I can only give advice based on my experience.

I am an investor as well but when I work with other investors and clients I usually work with 2 types:

1. Capital appreciation seekers

2. Long term Interest seekers

My capital appreciation clients usually want the most return, in the shortest amount of time, with the least amount of stress. 

Usually they want to put all the money in, I find the best deals, I take care of everything from contract to close, I take care of the project details, rehab, marketing, selling, etc. Then at the end we split everything 50/50. Keep the books open the whole time so its completely transparent. 

They want to invest then see returns in 60-120 days. Mostly these are SFH flips but I have done many different projects for these types of clients.

My long term people love multi-familys, retail commercial and commercial in general. They look at interest bearing accounts like CD's, bonds, money markets, notes, etc. and they hate the returns.

They want more money and we work together to develop portfolios and strategies that will give them more return over a longer period of time. Some of my clients want to go in on a one-time small property like a 4-8 unit while other investors want 100 unit + buildings. All depends on the client and what they want. There are advantages and disadvantages to complex sizes.

As far as financing, once you develop a track record, are fair with people and always are transparent about how you can make others money, they will see the value in working together and most will even approach you.

Thanks again for the great post.

Hope all is well,

- James

@David Krulac

Just out of curiosity, do they finance the mobile home purchase or do they usually pay in cash then rent the lot from the park or land owner?

Thanks for the information.

- James

@Krystopher Ferdinand

Krystopher,

You are getting a great start by posting here on BP.

First step would be completing your profile on BP to let everyone know who you are and how you can assist them in a professional manner.

With sellers they just want to know how much you care, that you have their best interests in heart and how you will get them the most amount of money with the least amount of stress.

Help people out, be an expert and you will be too busy to do anything else but real estate full-time :)

Hope all is well,

- James

@Michelle McKoy

Hi Michelle,

Have you checked out the BREIA in Davie to get started?
The next one is Wednesday, February 3rd.
Hope all is well,
- James

@Martha Blumel

Hi Martha,

I will start sending out an investor newsletter in the next couple of weeks.

Please send me your email in my inbox and you will definitely be in the loop for everything.

You can always call me as well if you are looking for something specific and I will do my best to point you in the right direction.

Hope all is well,

- James

@Dawn Young

First off, before you mentioned him I had no idea who John Fedro was. I looked him up and looks like I will enjoy some of his videos later tonight :)

Second, with your energy you will be "big time" shortly.

There are many ways to "skin" the cat. When I was a financial advisor one of the coolest things was talking to people and finding out all the different ways they created wealth. 

In real estate, its the same thing. I am extremely comfortable with what I know but always looking to learn new things.

You should be so proud that you were able to accomplish so many of your goals and are on your way to exceeding the others.

Hope all is well,

- James