All Forum Posts by: Joseph Scorese

10 Tips for Successful Social Media and In-Person Networking

There has been much debate as to whether social media or in-person networking is more effective. While it is true that social media channels can help you accelerate the process of making new contacts, especially in large quantities, the personal face-to-face element can be equally important to successfully building your network. It takes a combination of both to get the best results, and as with all new forms of technology, we are still attempting to figure out the right balance.

Social Media Networking

1. Make the most of your extended network.

Thanks to the wonders of technology, you can now establish the links from your existing network to those who you wish to make contact with.

1. Don’t ask what your network can do for you, but what you can do for your network.

Remember this works both ways. Make sure that you are an open source and willing to help fellow networkers.

1. Be persistent, but not pushy.

It sometimes takes that extra tenacity to put yourself out there and cold connect to a new potential connection, particularly if you need their help for your career progression.

1. Be organized.

Building up your professional network takes time. Social media networking can speed up this process dramatically, but it takes commitment and consistency. Make sure that you that you keep your professional profiles up-to-date for maximize your chances of success.

1. Convert online relations to offline relations.

While online networking can be a great way to build a large scale business network of contacts in a few short months, to capitalize on your hard work, make sure you try convert online relations into offline meet-ups.

In-Person Networking

1. Don’t play waiting games.

After attending a networking event, you may have exchanged business cards and made some great connections. It is important to take the initiative to contact them, and not wait for them to contact you.

1. Start with a formal introduction.

When in a relaxed networking environment, people often forget that it’s still vital to introduce themselves by their full name. Your name could be shared by any number of people, so consciously giving them your full name can really make a difference.

1. Keep the flow.

The social etiquette of networking can be a difficult one to fathom. It is a common occurrence that a networker may become ‘trapped’ in conversation. It is important to move around the room to maximize the potential of the event.

1. Be the early bird.

If you are not an experienced networker and the idea of working a room makes you feel uncomfortable, you might want to consider arriving early. This will give you the ability to speak to people on a one-on-one basis before others arrive, and will avoid you having to shoehorn your way into on-going conversations.

1. Don’t be shy!

Try not to be afraid to put yourself out there and take some risks. Networking has proven power to help you transition to new opportunities, and only those who are able to confidently network can use networking to its full potential.

How to Owner Finance a Home – 8 Steps to Think About

1.Get an appraisal or broker’s price opinion from a Realtor (BPO) to determine the price of the home. Both the buyer and the seller can hire their own appraiser or Realtor to determine value. The seller receives an appraisal in order to select a price for the home, and the buyer gets one to confirm that the selling price is fair.

1. Partner with a Residential Mortgage Loan Originator (RMLO) and real estate attorney to assist in creating the home-owner financing paperwork. A Residential Mortgage Loan Originator will not only provide the seller/lender with information so that he can make and educated lending decision but it will provide the buyer/borrower with a transparent transaction limiting future issues. The RMLO can help prepare a Safe Act and Dodd Frank Act compliant loan package in conjunction with the Title Company or closing attorney. Both parties can commission their own attorney or use a Realtor to draft a sale agreement. This paperwork should include the agreed upon price, the terms of the loan, the interest rate and the payback schedule. The buyer can include a protection clause just in case the property has to be sold in response to a life changing event, job relocation or loss, divorce or death. More questions...[www.OwnerFinanceDisclosures.com]
2. Establish a plan in the event of default, foreclosure or forfeiture of the home. Have your RMLO or Attorney partner create your states required Note, Deed of Trust, Mortgage etc. to protect your position and stay within the state rules. Research your options and ensure that you are not caught off guard in these instances.
3. Consider background checks to determine the risk of your owner financing transaction. By partnering with a Residential Mortgage Loan Originator (RMLO) the seller can assess the buyer's finances and credit scores. This can be an assurance to the seller should the buyer intend on refinancing to a traditional loan at the end if the contracted term. The buyer can also benefit from a background check, especially if the seller's finances show a lack of responsibility. Note that if the seller still holds a mortgage on the home, there is a risk of default, using a licensed loan servicing company will limit the likelihood of this happening.
4. Discuss a fair down payment and interest rate with your RMLO or attorney. The seller does have control over the details of the owner financing, and since the risk is primarily on this end of the contract, the seller should request a substantial (usually 10%) down payment. Additionally, since the seller is not a bank or large lender, the interest rate on an owner financed mortgage is usually higher.
5. Agree on an interest rate and term with the buyer. Your RMLO partner will calculate the agreed upon amount based on a specific period of time and if you have agreed on a balloon payment or not. For example, base monthly payment amount on a hypothetical 30 year mortgage, but schedule payment of the remaining amount in 5 years (balloon). The RMLO will also create required disclosures for the seller/lender.
6. Decide if you, as the seller, want to hire a loan servicer to manage payments. A loan servicer not only collects the mortgage payments, but the service usually includes setting up an escrow and taking care of tax statements, keeping taxes and insurance payments up to date, processing payment changes and collection services too.
7. Ensure that the contract between parties is recorded legally. Doing so will allow the buyer and the seller to take advantage of tax deductions. Making the deal official in this manner also proves that the sale took place.

Diversified Investors Group - South Philadelphia Subgroup

Monday, July 27, 2015

6:30 PM to 8:30 PM

Famous Dave's 1936 South Christopher Columbus Boulevard, Philadelphia, PA

www.digonline.org

http://www.meetup.com/DIG-Diversified-Real-Estate-Investor-Group-Subgroups

Diversified Investors Group – South Philadelphia Sub Group February 23rd, 2015 6:30-8:30 PM Famous Dave’s BBQ - 1936 South Christopher Columbus Boulevard Philadelphia, PA 4th Monday of the Month 6:30 - 8:30 PM

Speaker & Discussion:

Whole-Saling and Pre-Habbing:

Hybrid Exit Strategies That Can Make You MORE Money in LESS Time

How many exit strategies do you have for any particular deal? Wholesale it? Fix-and-flip it? Buy-and-hold it? Is that all you know how to do? There’s more!

Come explore and learn some additional exit strategies that you may not have considered. They’re not “new” and they’re not “advanced.” In fact, the hybrid strategies of “whole-tailing” and “pre-habbing” are simpler than other strategies in many ways. They’re not glamourous, and they certainly won’t land you your own show on HGTV. But you might find yourself laughing your way to the bank, as other wholesalers give up their meaty deals for meager assignment fees, or even as the market-setting rehabbers spend $70k, while you spend $20k and make the same profit as them, in less time.

Tom Beerley owns a Philly-area HomeVestors franchise (famous for their trademark “We Buy Ugly Houses” billboards) and he is also a licensed Realtor with Keller Williams. He’s been wholesaling, rehabbing, flipping, renting, and listing for three years now, after a mid-life career change from the world of Information Technology. The evening will be filled with real-life examples and case studies from Tom’s personal experience. Don’t miss it!

Tom Beerley

HomeVestors – Harvester Properties, Inc.

Office: (267) 225-8459 | Fax: (267) 482-9329

Mobile: (267) 372-1117 | Email: [email protected]

Each office is independently owned and operated.

All information contained in this email is deemed reliable but provided on an "as is" basis without warranty of any kind, either expressed or implied, including but not limited to any representation of accuracy, timeliness, reliability or completeness.

Regards,

Joe Scorese

[email protected]

215-290-5108

Real Estate Tour of Brewerytown, Neighborhood on the Rise

Tour the Renaissance of Completed Properties and New Construction

Know how to Buy from the Completed Value back to the Right Purchase Price

The grand houses of Brewerytown aren't a tough sell for real estate agents. The Purchase Price and Rehab is what matters.

The aim is to show that, very real opportunities, solid options for many people to buy in an appreciable neighborhood

Date: July 25th, 2015 9AM-12PM

Meeting Location: Blue Jay Restaurant, 2900 W Girard Ave, Philadelphia, PA 19130

No Licensed Real Estate Agents Please – Real Estate Investors & Developers

RSVP:

Joseph V. Scorese

Senior Loan Officer

M & T Bank

400 Office Center Drive

Fort Washington, PA 19034

Office – 267-455-0520

Cell – 215-290-5108

[email protected]

NMLS# 391784

Diversified Investors Group - South Philadelphia Sub Group
Monday, July 27, 2015
6:00 PM

Famous Dave's
1936 South Christopher Columbus Boulevard, Philadelphia, PA

This South Philly Wholesaling Subgroup is geared towards investors in the South Philadelphia area. The expertise ranges from novice all the way to expert. Education is one of the Sub Group's three core missions along with research and outreach. Recognizing the importance of educating future real estate professionals, the Sub Group does much to support and enhance the Program in Real Estate. The Sub Group provides attendees with a multidimensional perspective on the Philadelphia real estate market behavior in which the physical, temporal, economic, financial and social perspectives are relevant. One of the important ways the Sub Group assists real estate students is through providing access to top industry professionals. . The Sub Group utilizes its large professional network of members to bring Monthly Presentations.

Whole-Tailing and Pre-Habbing:

Hybrid Exit Strategies That Can Make You MORE Money in LESS Time

How many exit strategies do you have for any particular deal? Wholesale it? Fix-and-flip it? Buy-and-hold it? Is that all you know how to do? There’s more!

Come explore and learn some additional exit strategies that you may not have considered. They’re not “new” and they’re not “advanced.” In fact, the hybrid strategies of “whole-tailing” and “pre-habbing” are simpler than other strategies in many ways. They’re not glamourous, and they certainly won’t land you your own show on HGTV. But you might find yourself laughing your way to the bank, as other wholesalers give up their meaty deals for meager assignment fees, or even as the market-setting rehabbers spend $70k, while you spend $20k and make the same profit as them, in less time.

Tom Beerley owns a Philly-area HomeVestors franchise (famous for their trademark “We Buy Ugly Houses” billboards) and he is also a licensed Realtor with Keller Williams. He’s been wholesaling, rehabbing, flipping, renting, and listing for three years now, after a mid-life career change from the world of Information Technology. The evening will be filled with real-life examples and case studies from Tom’s personal experience. Don’t miss it!

Tom Beerley

HomeVestors – Harvester Properties, Inc.

Office: (267) 225-8459 | Fax: (267) 482-9329

Mobile: (267) 372-1117 | Email: [email protected]

Each office is independently owned and operated.

All information contained in this email is deemed reliable but provided on an "as is" basis without warranty of any kind, either expressed or implied, including but not limited to any representation of accuracy, timeliness, reliability or completeness.

This South Philly Wholesaling Subgroup is geared towards investors in the South Philadelphia area. The expertise ranges from novice all the way to expert. Topics that have been discussed in the past include Wholesaling, Financing, Rehab Funding, just to name a few.

Bring any deals you have or are looking for, plenty of business cards and an appetite for networking. Also plan to eat dinner with us to support Famous Dave's you pay for what you eat.

Networking starts at 6:30 and the meeting begins promptly at 7:00. If you have suggestions for new speakers, please send them to either Jayson or Joe.

Please contact Joseph V. Scorese at [email protected]

Contact us at 267-455-0520

4th Monday of the Month - 6:30-8:30 Education, Opportunity & Networking!

Famous Dave's 1936 South Christopher Columbus Boulevard, Philadelphia, PA

How to Flip a House Using Project Managers

The Pros and Cons of Hiring a GC to Do Your House Flips

In an ideal world, hiring a general contractor (or “GC”) to do all your rehab work is the best possible way to go when you’re house flipping. But that’s only if you can make the numbers work.

Should I Do The Rehab Myself when Learning How to Flip a House?

It depends on a lot of different factors, but the biggest factor of all is you.

Do you absolutely need to do it this way?

I don’t think so. But think of general contracting your first house flip as a bit of “on the job training”. It’s not necessary – but it’s surely an experience you’ll refer back to many times in your house flipping and real estate investing career. If you have a full time job and are rehabbing one house at a time, then you may very well have the time, but this largely depends on the kind of job you have as well.

Behind Door Number 3: The Project Manager

Short of hiring a full blown general contractor, you could use a project manager instead. We’ve found this to be a very effective way to rehab house flips, especially where hiring a GC is cost prohibitive.

Where to Find Project Managers

We’ve found that finding someone young, hungry and motivated is the best profile for success. It may differ for you, but these are the kind of guys (it’s usually guys here ladies) who will put in the extra hours and get things moving in the right direction. Young, ambitious and smart is always a good profile to look for.

Consider the following last minute tips & questions:

◾ Cost and Scope of Project

◾ Your Experience

◾ Your Time and Availability

◾ Profit Margin

You need to screen every contractor in some way, shape or form. From the guy that is cutting the grass to the electrician that is re-wiring the house. You do this to protect yourself because the wrong contractor can wreak havoc on your project.

1. Are you bonded, licensed and insured? Workman’s comp insurance (if he has employees)? – Ask to see the license and for insurance company information that you will verify on your own.

2. How long have you been doing this, how many similar rehabs have you done, have you worked with investors before (does he understand how to flip houses and my needs)?

3. How much of a detailed breakdown will you provide in your bid? Will you create a scope of work?

4. How do you break out your payments?

5. Will you be using your own employees or sub-contractors and how will you pay them? Who will you be using for what?

6. Ask for three references with phone numbers (that you will call).

7. Will you be getting the permits if they are required?

8. When will you start, when do you expect to be done and when is the absolute final date you will be done? – This is crucial if you don’t want your project to drag on forever. Ensure these dates make it on your signed final contract.

Hiring and managing contractors is one the many real estate investing basics you will have to deal with when flipping houses. At the very least you can use these house flipping tips for your real estate investing training and at best they can set-up the success of your house flipping project.

Diversified Investors Group/HAPCO - Philly Riverwards Sub Group

Wednesday, July 15, 2015

6:30 PM to 8:30 PM

2424 Studios

2424 E. York Street, Philadelphia, PA

3rd Wednesday of the Month 6:30 - 8:30 PM

Diversified Investors Group/HAPCO - Philly Riverwards Sub Group

Property Management Tips:

Now that you have tenants in your building, how do you avoid the income losing proposition of a bad tenant? Find out ways to minimize conflict with tenants and save money. This is all about creating value for the owners.

Know the costs

Know the tenants

Know the law

SPECIAL GUEST

Tiagha & Associates

Tiagha & Associates is a boutique firm that provides transactional legal and business advisory services to small and medium businesses on corporate and real estate matters.

For companies doing business here in the U.S. and/or internationally, they offer services from business formations, negotiating, drafting and revising commercial and transactional agreements as part of a business’s day-to-day operations or one-off business transaction. We also assist our clients identify and secure financing. In addition, we assist clients form and document strategic alliances and assist clients with market entry in the U.S.

2424 Studios, 2424 East York Street 2nd Floor (Conference Room), Philadelphia, PA 19125 (267) 479-1600

This event gives Real Estate Investors and Real Estate Industry Professionals who are seeking educational presentation with the concentration on the Philadelphia Real Estate Market. This is a opportunity to network and connect with one another and with the Philadelphia Real Estate professionals who so generously offer their time as Mentors and Speakers.

Neighborhoods of Concentation:

Fishtown, East Kensington, Olde Richmond, Port Richmond, Kensington and Bridesburg.

Real Estate Agent Tips for Successfully Working with Investors
When you look at your target market, do you include investors in the mix? You should.

Working with real estate investors in ongoing business relationships can help you create a steady stream of income without incurring the marketing costs typically associated with customer acquisition. Why? Because successful investors tend to buy and sell multiple properties over the course of a year – and will often work with the same real estate professional on every one of those deals from the purchase through the resale.

Consider some of these tips:
1. Learn the Language. Investors speak an entirely different dialect than the average homebuyer. You do not need to be an expert on these terms in order to work with investors, but you should be conversant.

2. Be an Insider. There are hundreds of real estate investor groups across the country. Most of these groups welcome real estate professionals as members. Joining one of these groups is a great way to find prospective clients, and to learn what investors in your area are looking for in your Market.

3. Understand their Objectives. Unlike traditional homebuyers, investors aren’t looking for places to live or to raise their families – they’re looking for properties they can use to make a profit. So your approach to securing their business shouldn’t be the same as your pitch to those traditional buyers and sellers. You need to understand your client’s investment strategy:

* Buy, fix and flip?
* Buy at wholesale and sell to another investor?
* Buy, rehab and rent?

Know the investment horizon: Is this a long-term hold with a 5-7 year profit window, or does the investor need to sell this property before buying the next one? The more you know about your investor’s objectives, the more useful you can be in tailoring your efforts to help achieve them.

4. Do Your Homework. Once you understand the objectives, your skills as a local market expert come into play;

* Where are the best rental opportunities?
*Which neighborhoods are ‘hot’ right now for sales?
* Where are new jobs being created or new schools being built?

Help identify those opportunities, and present properties for your investor to consider purchasing to take advantage of market conditions.

Hi Joe,

I agree with you the need to work with a transactional real estate agent. Otherwise, I think your not getting someone that understands completely what you are trying to do as a Real Estate Professional.

In regards to placing offers, if they won't place your offer. Move on.

Finally, in regards to the offers sight unseen. This is based on your experience and knowledge of the market more than the property. Also, a trustworthy contractor with proper estimates could not hurt.

Joseph V. Scorese

NMLS# 391784

How to Find a Good Real Estate Agent and what Traits should you look For….

First off, let me say that there are a lot of good Realtors out there, with many different brokerages. There is not just one brokerage that is good and there is not only one good Realtor out there. Many go to work every day taking care of their clients and doing the best job they can.

A good real estate agent is similar in nature to a conductor of a symphony, coordinating the different players to make a successful transaction a reality. At different points in the process, the real estate agent is a salesperson, a buyer’s advocate, an analyst, a business manager, a consultant, a negotiator, and a marketer, just to name a few. We have found there are a number of qualities and traits that successful real estate professionals share.

10. Problem solver mindset. Do you enjoy coming up with creative solutions to problems or issues? Many successful real estate agents know how to properly showcase a house to make it more marketable and develop creative MLS listings to attract the right buyers.

9. Self-motivated entrepreneur. Having a desire to control your own professional destiny and be your own boss is a trait shared by top real estate professionals. To be successful in real estate requires a high degree of self-motivation, drive, and smart decision making.

8. Honesty and integrity. Your professional reputation is crucial to a long and successful career in real estate. Becoming a member of the National Association of REALTORS® is one way to show you practice high ethical standards. To become a member, you must pledge to a strict Code of Ethics and Standards of Practice.

7. Hustle and tenacity. Being a top producing real estate agent requires a great work ethic. You must have the tenacity to pursue every lead and the hustle to aggressively market your clients’ properties in order to have success. It’s not just about putting in a lot of time—it’s about working smart, putting in the right amount of time, and doing whatever is necessary to close the deal.

6. Interest in houses and architecture. Having a true interest in houses and architecture can give you an advantage over other brokers and salespersons. If your knowledge and interest level is apparent in conversations, your clients will see that you care about the industry you’re in.

5. Engaging personality. A good real estate agent doesn’t just sell properties—they sell themselves. It’s important to show your real personality. People will respond to you if you have a great attitude, are personable and honest, have confidence in your abilities, and get a sense of fulfillment by serving others.

4. Attention to detail. Paying close attention to the details is imperative for your real estate career. A complete real estate agent is attentive to the unique needs of their individual clients. If you are organized, follow up with leads, communicate well, and pay attention to the needs of your clients, you will close more deals.

3. Understand the local housing market. A top producing real estate agent appreciates and utilizes the nuances that make a specific community’s housing market and pricing strategy unique. Success comes from identifying and developing a focus or niche in the local real estate market that allows you to distinguish yourself from the competition.

2. Build a network of connections. Successful real estate agents have a vast network of contacts within the market they serve. This list of connections should include other real estate agents and brokers, potential buyers and sellers, and all the other players in the real estate industry, such as appraisers, home inspectors, and mortgage loan officers.

1. Knowledge is power. Staying up-to-date on the latest topics in real estate and in the local market will allow you to service clients more effectively. Continuing education and professional development are doors to opportunity that you can utilize to expand your business options and stay at the forefront of the real estate field.

At the end of the day, you get out of it what you put into it. There is a certain level investment needed (time, energy, and money) to make any business venture successful. Real estate is no different. If you are passionate about real estate and have similar traits to those outlined here, you have a great shot at having a long and successful real estate career.