All Forum Posts by: Mike Dorneman

@Scott Hensley you’re 100% right! I missed a deal this week because I figured I’d get to it in a day or so. Someone else did... lesson learned.

@Michelle Hansley Hi Michelle, I’m focused on North East PA. You can find great deals on C properties in B neighborhoods with high “relative” rents. Poconos area. I have a great realtor, however most of the deals I close are off market. It’s become competitive and we are seein outside investors coming in and significantly overpaying for MLS properties. I do a bunch of direct mailing and usually find 1 or 2 deals a month that way. I find I can build a relationship with the owner and I have much higher success rate when I can negotiate directly with the seller, as opposed to my realtor to their realtor.

@Brandon Stokes I found a local meet up about 30 mins from my house. I started searching “real estate, (insert town)” on Facebook and found some. My local commercial banker also turned me onto a few. Best of luck

@Kyle Burrows Sounds like you’re on he right track and thinking about hints correctly. You may want to try searching for some local meet ups in some less expensive areas of Jersey. Meet some people doing this day in and day out and begin to build some relationships. Best of luck!

@Kyle Burrows welcome Kyle! I’d be happy to try and answer any questions you may have. You’ll also find that most in this community will do the same! Have you started to think about your first deal? Single family, duplex, quad. Apartment building!?!? Also, are you looking in your area or open to out of state?

@Mary Jay Yes to everything. I ask for leases and bank statements to show that rental amounts in he lease are the amounts being deposited. This also lets you see when they are deposited so you can determine if the current owner is receiving payments on time or potentially chasing rent each month. I also ask for all utility bills to ensure I can accuractly calculate my expenses. Also review the sellers disclosure. The beat advise I can give on a small multi is to try and meet the tenants. Hopefully during a walkthrough you can see what you will be inheriting. Tenants will usually hold nothing back. I always ask them, “tell me everything you would want me to replace”. This question has allowed me to avoid huge “hidden” issues with properties that very clever sellers have tried to conseal. Good luck

@Brandon Stokes Look to connect at a local Inveators meetup. You need to bring something to the table. What value can you bring someone? Are you organized, can you help an investor manage their priorities? Are you good at interacting with people? Can you go door knocking each Saturday for leads? Can you swing a hammer?? Assist the investor that does their own rehabs... The likelihood of someone responding to you and agreeing to give you an incredibly valuable asset is slim to none. People come into the forums daily asking for a mentor, they don’t get one. Set out to build your network, meet new people, build friendships and add value. If you do this? You’ll have more “mentors” than you know why to do with. Start with a meetup and stay focused. Put in the work and you’ll see the benefits. Good luck.

@Franklyn Gutierrez no need really, until you are ready to begin transacting business under that LLC.

@Peter M. I think that’s the ethical and smart way to grow your revenue. You’ll also sleep well at night. I’m not about to uproot someone in 30 days so I can make $50.00.

@Nadjib Rusangwa I use Fox Ridge Abstract.