All Forum Posts by: Kate Barry

Canceling this week's mastermind.

Join us tomorrow, August 18 at 1 PM!!!

Join Zoom Meeting https://us06web.zoom.us/j/8749...

All agents are welcome and encouraged to join in the conversation about building a Real Estate Team - Part 2 of the 3-Part series.

Join us tomorrow, August 11 at 1 PM!!!

Join Zoom Meeting https://us06web.zoom.us/j/8749...

All agents are welcome and encouraged to join in the conversation about building a Real Estate Team. Part 1 of a 3 part series is about leveraging administrative tasks to focus on and grow your sales.

Who is everyone?  No one here I think!   Right now is the PERFECT time to get in.  Some markets are softening and interest rates are coming back down.

People will tell you its a bad time when prices are high

People will tell you its a bad time when prices are low

Don't listen to the noise just listen to the experts, join meet ups, surround yourself with people who are actually doing investing.  Work for a top producing real estate team or property management company to really learn the business. Then develop your strategy and get a deal.  If you try to time the market or wait for everyone to say "Oh now is the best time to invest!"  it will either never happen or you'll be getting in when everyone else is.  You want to look where no one else is looking and you want to get really good at doing something hard because then you reduce the competition around you and then it will seem like magic, suddenly you have more deals than you can manage.

My advice is simple...if you don't have a plan for using the sale of the property to stack yourself into a better property, then hold onto it. If its worth 150k now and needs repairs to rent it again, take out a small HELOC to do the 10-15k repairs when the tenant leaves. When was the last time you raised the rent? Personally to me the tenant moving out is a great opportunity to renovate, get higher rent, and hold onto your appreciating asset. At least in my area the rental market is going stronger than ever before even though the housing market is softening

My strategy with owner financing is to look at properties that will have a very hard time passing an appraisal - 

Properties that are in disrepair, or have a huge amount of land - or multi families with tenants that need to be evicted are ones that you can target. In a seller's market like this you aren't going to find someone with a turn key SF that wants the hassle or the risk of owner financing because they can sell at a profit by going on the MLS and then be free and clear

Something else you want to look for are owners with a lot of properties in a large portfolio. Offer to purchase all or part of their portfolio and make sure to highlight to them that this is a great way for them to maintain their passive income while avoiding capital gains because they aren't selling it all off in one chunk, and then they don't have to do the actual maintenance and management anymore. 

You want to have your pitch lined up, down payment, terms fleshed out, and you definitely want to have a good attorney or Realtor on your team that can help bridge the gap between yourself and the owner.  Legitimizing yourself is key because owners many times have either been burned by owner financing before or have had really amateur investors approach them with it so they will be extremely cautious about it. 

Build a relationship with people first before pitching them - take them out to a nice dinner or invite them over to your home so that you can get to know each other.  People work with people they like as Brandon says all the time, and you need to build that layer of trust with an owner to broker a successful owner financed deal

Lastly start hosting a monthly meet up and invite all the owners personally that you want to do a deal with.  Make sure its held in a nice place and you have some snacks or a guest speaker.  Maybe even invite someone who has recently done an owner financed deal so that they can talk about their experience and how they did it.  It will attract folks that are legitimately interested so you can focus on them instead of spending a ton of time cold calling and direct mailing - which does work but you have to be prepared for the long game in that space.  1 year and 7,000 DMs later you might get one owner financed deal

Also, hit me up when you move to NH - my team spans all of Southern NH as well as Southern VT :-) 

Hi Bradley -   Its not necessarily a career that can be done part-time and you make $100k your first year, but its definitely possible to join a team and make $50k in your first year.  My advice would be to join a top team in your market because you'll be able to plug into a system that is already set up and also be able to learn as you go with steady business.  The hardest thing about starting as a solo agent is getting momentum with lead generation and a top producing team has that in spades.  I plan on "graduating" my new agents to create teams of their own once they're ready  - to keep your expectations it usually takes 1-2 years before an agent is ready to start their own team  But if you're willing to put in the time and the grind, and if you really LOVE real estate and love working with people (its more of a people business than a RE business), then those first 2 years become decades of a successful career.  

This event has been canceled.