All Forum Posts by: Joey Budka

First American Title on 1st St in San Jose

Ditto to Andy's comment. FHA is unreasonably paranoid for some reason about the level of rehab quality on flips. Weird, but in any case, if you could submit a list of repairs- maybe exaggerate but don't fabricate- that should definitely suffice. Is this regarding the appraisal or the loan officer personally asked for this?

Hey Kim, Welcome to the most beautiful place in the country ;) I'm jealous, I lived there for a decade and now live in San Jose, but seem to make my way down there for business and leisure every week. All mind chatter aside, I'd be happy to sit down for coffee and educate you on local investment trends. It's a very unique market, quite different than any other market I've ever invested or brokered in. A handful of families own the majority of apartments and commercial real estate out there. It's difficult to find deals in this space. Nevertheless, there certainly are opportunities available in and around the area. More opportunity abounds in the Bay Area though. However, there's much more competition from other investors up here. In any case, shoot me a message or give me a call and I'll be sure to connect with you next time I'm in your neck of the woods.

Great questions. I can answer them fully.

I previously worked at Marcus and Millichap as a multifamily investment associate, and for 12 months, I made 250-300 cold calls per week. In addition, we sent out 3,000-4,000 postcards per month. Between these two strategies, we closed roughly $50,000,000 in volume in the Bay Area.

I'd recommend doing the same if you're aiming for a similar demographic. Most apartment owners are old school. They pick up the phone and converse with you if you have a solid interest generator and pertinent info to offer them. This demographic also responds to snail mail as well. Many of these folks aren't technology savvy, so traditional marketing tactics seem to work in my experience.

I've switched my strategy up a bit to incorporate networking events and referral based business from CPAs, attorneys and commercial lenders.

But nothing works better than simply picking up the phone and dialing for $$$$$$$$!

Good luck and let me know if you need anymore ideas.

Welcome to BP Luis! Those books you mentioned are awesome. Great reads that provide both a solid foundation, as well as the "how to" aspect necessary to take action. Another book I would recommend is the ABCs of Real Estate Investing by Ken McElroy. You're in a hot apartment market in Sacramento where you could stabilize buildings and flip for a quick profits. Single family flipping in Sac is flooded with loads of investors. The multifamily scene isn't nearly as competitive.

I'm in San Jose, but would be open to meeting up for coffee sometime to share ideas, contacts, etc. next time I'm in your neck of the woods.

Hands down, major in marketing. Being a real estate professional is synonymous with being a marketing professional. Also, while you're attending college, study, pass and put into practice your real estate license before graduation. In retrospect, this is what I would have done differently. The earlier you get started in real estate, the closer you are to being a full time principal, which is the ultimate end game and reason we're all on this site, right?

Definitely interested. PM or email me! Thanks!

If you want to implement a RUBS program, I would do your homework by calling fellow property managers and landlords in the immediate area to ensure the extra costs to your tenants isn't unreasonable relative to similar apartment housing rates and terms. If you find that you can actually squeeze a little more for the RUBS, you need to sell it to the tenants as if it were mandatory, or something to that affect. In most cases, it benefits the landlord, not the tenant; hence, the need for salesmanship. I know its super popular here in the Bay Area. But in tertiary markets like Phoenix, I understand its rather competitive competing for tenants, so again, I'd recommend doing your homework. Here's some more info about it: http://www.multifamilyutility.com/rubs.html

No way! The legendary Joshua Dorkin? THE founding father?! I will be there.

Fellow Agents,

Problem: My conversion rate is not as high as I'd like it to be at this point in my career.

Solution: your comments, experiences, and advice...

What techniques do you use to secure listings? What is your own, personal style of closing? Are there any books you can recommend specifically for closing the listing, or some related literature, audiobooks, etc?

Thanks in advance for your words of wisdom...