All Forum Posts by: Manesh Hardeo

I'm very familiar with Homevestors and have done business with some of them. As someone mentioned each one of their offices are independently owned and operated. Per the owners there are pros and cons just like anything. Each franchise operates differently and has a different business model. The biggest reason for them buying in is the branding they get with the lead generation in particular.

I don't have anything bad to say about them -- just like anything or anyone just make sure you deal with someone that does good honest business, but each one will be different.

Katie -- I have never heard of a "mentorship" program. Perhaps it's something specific to that particular branch.

Like Mary said visit your local REIA and start getting familiar with the business, terminology, etc. Of course this (BP) is a great tool for you, but any company that charges that much I'd be weary of. I would keep your money and partner with someone or find a way to actually go through doing a deal. I may be on an island saying this, but I think the only way to learn this business is by doing. After doing a deal the knowledge and information can better be applied and make sense to you.

Good luck.

Kevin -- like Andrew said you can get a coach or mentor. What we like to do is actually take the birddogger and turn them into wholesalers by literally walking you through and doing the deal with you. After 1 or 2 you'll start getting the idea. It's not rocket science, but there are also crucial variables you have to get right. There are plenty of investors/experienced wholesalers that would be willing to help you as it will help both of you increase revenue.

And of course I'm sure someone here will be able to help you with any questions.

Good luck.

Sounds good. Good luck with it.

You're at 65% with rehab and purchase, which here in Atlanta is about where we are as well for most of our good flip areas. Unless you have a private money lender that will defer fees I honestly doubt any HML would do that, but hey if you can get that, great!

The only thing that would concern me, as you said, would be the main street. Is there any other houses that have sold on that street? If so, is it comparable, how long was it on the market, when did it last sell? Main street will drop value for obvious reasons, but if it's a higher demand area and you've seen other activity, then it may be okay.

When I'm comping properties on the main street I will look for anything else that has sold on the street, look for actives to test competition, etc. I'm sure you've done that, but if you haven't definitely look into it. It can make a difference, especially for your first flip.

Just out of curiousity -- how did you go about determining your rehab estimate?

Sounds promising. Please keep us posted!

I agree with J Scott. It's all about numbers and demand. In Houston there are 3/1s and 3/1.5s that are still great flips, but that's not the usual market. It seems like you almost want to wholesale the house. How much in repairs do you plan on doing? It doesn't look like much margin there after you consider closing costs and marketing it over list for very minor repairs is probably a risky idea.

Good luck,

mjblow -- I have not done anything in downtown just yet. We really focus on single family homes and every deal we've done to this point has been outside the perimeter.

Aaron -- that's great. Yeah Michael Vazquez my senior acquisitions associate mentioned he had a couple showings today. Hope it works out for you guys.

I had the opportunity to meet Jonathon Tew today as well.

BP networking is definitely working! Good stuff.

Happy Investing,

I'd consider using a hard money loan to leverage your out of pocket capital per deal to get more than 2. The only thing is you probably don't have any credit in the US to refinance. Maybe there's a credit partner (i.e family member) in the US you can pay to use their credit and partner with? I've seen several people do that in the past.

Of course the hard money terms will vary greatly depending on where you invest. In some places hard money requires 15-20% down still which wouldn't make a whole lot of sense at that price point.

There is the idea of putting it toward some transactional funding for smaller deals. I know I've dealt with companies that pay $500 per transaction for a funding deal and do many each month where you get your funds back within 2-3 days. If you're in the right market that is something to consider as well.

There's also investing with a lender that will earn you an interest rate of 8-10% on your money as well.

There are many ways to go it's a matter of what you feel comfortable with and who you trust doing it with if not doing it completely yourself.

Good luck,

Happy Memorial Day Timothy. I'd say the best thing to do is google some REIAs in the areas you'd like to invest and attend some of their free general meetings before you sign up for any.

Most REIAs have a free general meeting monthly so networking and educational purposes. That should get you pointed in the right direction.

Good luck!

Good luck Tami!

I'm in ATL as well. Let me know if I can be of any assistance.

Thanks,