All Forum Posts by: Scott Hollister

The Central CT Investor Meetup is proud to host Brian Davis! Father, Husband, Business Owner, and Podcaster! Brian will be talking about these amazing topics below:

• How he has flipped 12 houses at ONE time
• How he balances family life and running a successful business
• How to scale your business with other people
• Real Estate software development
• How he expanded into 18 different states
• How he uses social media to create a brand (YouTube and Podcast)

Brian's Story:

How my father's death changed my business

I was 2 years old when my dad died. He left early for work one day, had a seizure while driving and died in a car crash. He was 28 years old and never made it back home.

I was having a conversation with someone the other day and this came up. I am always hesitant to share this fact because it always makes people feel bad for me. I'm not looking for pity and would rather avoid talking about it most days because it is a difficult subject – but it’s an important part of my life story, so I have decided to own it and share it.

Everyone has a story and this is mine. It might be easier to talk about living in a car somewhere and collecting food stamps, or driving into town with seven bucks in my pocket and building a massive empire, but this is my reality.

I was 2 years old and my brother was 4. Neither of us remembers our dad. This was the early ‘80s and video recording was nothing like it is now, so we have no recordings to better understand what he was like. There were no blogs, vlogs, or podcasts. No social media or cell phones to record every moment of life. We have some old photos, so we know what he looked like, but we will never really know what he was like as a person. It’s very difficult to truly capture a person in words, so all the stories in the world never help. He still feels like a ghost.

This lack of understanding and resources to help me better understand who my Dad was as a man has inspired me to document my business and my life, so that if someday I head out the door and never return, my three children will have an understanding of who I was and what I was like. Maybe I can impart a few words of wisdom, as they would take what I have to say to heart – much more than what someone else might have to say. I can give myself a chance to influence their lives for the better, even if I cannot physically be there for them.

This has had a great impact on me now that I am a father. A great impact in a positive way.It never really affected me growing up because I was a happy kid and I didn’t understand what I was missing. But over the past few years, I have really come to empathize for my mom, to understand a little more of what she had to deal with and the pain she endured. I have come to better understand what I missed now that I am a father.

It has become very important for me to design a business that gives me the flexibility to be present in my kids’ lives. It is important to me that I’m able to give them my time and attention: to be there when they go to school, when they have a game, or to just have a catch and go for a bike ride.

It's also important to me to be there for my wife. She is the rock of our family and the most loving mom that our kids could ever wish for – but she needs my help. Our boys are 5 and 7 and our little girl just turned 1. Anyone who has children can relate to how much energy it takes to raise a family, and mine is certainly no different.

This realization has forced me to take a serious look at the business. To try and figure out how I could create a business that gives me the time and freedom to be there for them when they need me the most. To design a business that can run on systems so that I don’t spend my days running around, dealing with trivial issues.

In 2015, we had our busiest year to date. We owned and were in the process of flipping twelve houses at the same time, and I was quickly losing my mind. I was the only person finding the homes, acting as the general contractor to fix those homes, and selling the improved properties. My wife and I were also staging the houses for sale, moving furniture between them, getting them ready for sale, and running the books. This was an overwhelming job – and we also had 2 little boys to care for, which is a full-time job in and of itself.

The following year, I made a decision to take control of the business. The idea was to scale up to buying more homes and to set up a real business with other people working on it, which would allow me to remove myself from the day-to-day activities. The plan was to generate more revenue so we could afford to hire employees to manage operations.

I started getting up at 3 am so I could work for a few hours before the kids woke up. I began learning about software development so I could automate as much of my business as possible. My wife and I raised the capital needed to scale our business. We also spent an enormous amount of money in the process of creating software and the systems needed to flip homes.

Since then, we have managed to expand into 18 different states and to design a business that is much less dependent on our constant involvement. It has not been easy, and I’m not sure it ever will be. But the end goal has always been to save time, as it is the one thing we can never buy back.

I recently started a YouTube channel and a podcast to share with others what I’ve learned along the way. I am writing blogs like this to help connect with others and maybe help someone get their life back in order – to take control of their business and find some time to spend with their family, like my wife and I have. I am far from figuring it all out, but I have solved many problems in my business and my life, and I know that what I have learned will be valuable to others. I am looking forward to the future and creating something that gives me more time for life beyond work, as I am still very involved. I am looking forward to helping new or struggling entrepreneurs so that they can get their lives back. To provide information and software to help make them more efficient so that they can free up some time for their family. With that being said, I am most concerned with providing content that provides a true representation of how I feel and what I think in case someday I am not around to share my thoughts with my children. Maybe someday, hopefully a long time from now, they will be looking to connect with their father and will have that opportunity because I left something behind for them.

This is increasingly starting to feel like the mission statement from Jerry Maguire, so it’s probably a good time to wrap it up. :) If you’re looking to connect or have a question, hit me up. If you want me to speak at an event or join us for a meet-up in Connecticut to talk about real estate, I am always available. If you are an expert in something real estate- or business-related and would like to be a guest on the podcast, let me know. If you’ve made it this far, I really appreciate it.

And if you are Jackson, Mason, Sydney, or Kathy – I love you more than you’ll ever know :)

Brian Davis

Father / Husband

Real Estate Guy

https://www.youtube.com/channel/UCDg952QTPbLEHRFwqGpkdHQ

https://itunes.apple.com/ca/podcast/not-another-real-estate-investing-podcast/id1399673169?mt=2

https://soundcloud.com/brian-davis-741151344

The Central CT Investor Meetup is proud to host Brian Davis! Father, Husband, Business Owner, and Podcaster! Brian will be talking about these amazing topics below: 

• How he has flipped 12 houses at ONE time
• How he balances family life and running a successful business
• How to scale your business with other people 
• Real Estate software development 
• How he expanded into 18 different states
• How he uses social media to create a brand (YouTube and Podcast)

Brian's Story: 

How my father's death changed my business

I was 2 years old when my dad died. He left early for work one day, had a seizure while driving and died in a car crash. He was 28 years old and never made it back home.

I was having a conversation with someone the other day and this came up. I am always hesitant to share this fact because it always makes people feel bad for me. I'm not looking for pity and would rather avoid talking about it most days because it is a difficult subject – but it’s an important part of my life story, so I have decided to own it and share it.

Everyone has a story and this is mine. It might be easier to talk about living in a car somewhere and collecting food stamps, or driving into town with seven bucks in my pocket and building a massive empire, but this is my reality.

I was 2 years old and my brother was 4. Neither of us remembers our dad. This was the early ‘80s and video recording was nothing like it is now, so we have no recordings to better understand what he was like. There were no blogs, vlogs, or podcasts. No social media or cell phones to record every moment of life. We have some old photos, so we know what he looked like, but we will never really know what he was like as a person. It’s very difficult to truly capture a person in words, so all the stories in the world never help. He still feels like a ghost.

This lack of understanding and resources to help me better understand who my Dad was as a man has inspired me to document my business and my life, so that if someday I head out the door and never return, my three children will have an understanding of who I was and what I was like. Maybe I can impart a few words of wisdom, as they would take what I have to say to heart – much more than what someone else might have to say. I can give myself a chance to influence their lives for the better, even if I cannot physically be there for them.

This has had a great impact on me now that I am a father. A great impact in a positive way.It never really affected me growing up because I was a happy kid and I didn’t understand what I was missing. But over the past few years, I have really come to empathize for my mom, to understand a little more of what she had to deal with and the pain she endured. I have come to better understand what I missed now that I am a father.

It has become very important for me to design a business that gives me the flexibility to be present in my kids’ lives. It is important to me that I’m able to give them my time and attention: to be there when they go to school, when they have a game, or to just have a catch and go for a bike ride.

It's also important to me to be there for my wife. She is the rock of our family and the most loving mom that our kids could ever wish for – but she needs my help. Our boys are 5 and 7 and our little girl just turned 1. Anyone who has children can relate to how much energy it takes to raise a family, and mine is certainly no different.

This realization has forced me to take a serious look at the business. To try and figure out how I could create a business that gives me the time and freedom to be there for them when they need me the most. To design a business that can run on systems so that I don’t spend my days running around, dealing with trivial issues.

In 2015, we had our busiest year to date. We owned and were in the process of flipping twelve houses at the same time, and I was quickly losing my mind. I was the only person finding the homes, acting as the general contractor to fix those homes, and selling the improved properties. My wife and I were also staging the houses for sale, moving furniture between them, getting them ready for sale, and running the books. This was an overwhelming job – and we also had 2 little boys to care for, which is a full-time job in and of itself.

The following year, I made a decision to take control of the business. The idea was to scale up to buying more homes and to set up a real business with other people working on it, which would allow me to remove myself from the day-to-day activities. The plan was to generate more revenue so we could afford to hire employees to manage operations.

I started getting up at 3 am so I could work for a few hours before the kids woke up. I began learning about software development so I could automate as much of my business as possible. My wife and I raised the capital needed to scale our business. We also spent an enormous amount of money in the process of creating software and the systems needed to flip homes.

Since then, we have managed to expand into 18 different states and to design a business that is much less dependent on our constant involvement. It has not been easy, and I’m not sure it ever will be. But the end goal has always been to save time, as it is the one thing we can never buy back.

I recently started a YouTube channel and a podcast to share with others what I’ve learned along the way. I am writing blogs like this to help connect with others and maybe help someone get their life back in order – to take control of their business and find some time to spend with their family, like my wife and I have. I am far from figuring it all out, but I have solved many problems in my business and my life, and I know that what I have learned will be valuable to others. I am looking forward to the future and creating something that gives me more time for life beyond work, as I am still very involved. I am looking forward to helping new or struggling entrepreneurs so that they can get their lives back. To provide information and software to help make them more efficient so that they can free up some time for their family. With that being said, I am most concerned with providing content that provides a true representation of how I feel and what I think in case someday I am not around to share my thoughts with my children. Maybe someday, hopefully a long time from now, they will be looking to connect with their father and will have that opportunity because I left something behind for them.

This is increasingly starting to feel like the mission statement from Jerry Maguire, so it’s probably a good time to wrap it up. :) If you’re looking to connect or have a question, hit me up. If you want me to speak at an event or join us for a meet-up in Connecticut to talk about real estate, I am always available. If you are an expert in something real estate- or business-related and would like to be a guest on the podcast, let me know. If you’ve made it this far, I really appreciate it.

And if you are Jackson, Mason, Sydney, or Kathy – I love you more than you’ll ever know :)

Brian Davis

Father / Husband

Real Estate Guy

https://www.youtube.com/channel/UCDg952QTPbLEHRFwqGpkdHQ

https://itunes.apple.com/ca/podcast/not-another-real-estate-investing-podcast/id1399673169?mt=2

https://soundcloud.com/brian-davis-741151344

Hello @Asher Carr,

Welcome to BP!

Glad to see you are taking action by making offers. But make sure you have the capital to close those deals when you get one accepted, otherwise the agents will remember that you cannot close and will think twice about accepting your offer next time. It is a small industry and your reputation plays a large part in your success. 

It terms of working with private lenders/lenders:

• They typically like to see skin in the game (putting down 5-25% of the purchase price)
• Experience: lenders like to see 2-5 deals in the last 12 months
• Credit score not really a big factor, but still considered 
• Exit strategy: They want to know what your plan is for the property 

My advice is to understand these numbers:

• As-is Value 
• Repair budget
• After repair value

There is no magic and the more you become an expert in your area, the easier it becomes to spotting a good deal and understanding the numbers above. Typically you have to build a track record first, then private money becomes "easier". Not always the case, but at first I used hard money. They lend 85% of the purchase price, 100% of the rehab, NOT exceeding 75% of the ARV.

And with private money, you can create any deal structure. My last one was financed 100% of all costs, purchase price, rehab, holding costs, etc. So I didn't pay any money during the project and the lender received the payout at closing. I offered them 10% fixed, whether we closed the deal in 6 months or 12 months. 

The best way to educate yourself is going to meetings, talking to other successful investors, and reading. Check out Anson Youngs Book, I just finished reading it yesterday. I think it would be a great guide to help fund your deals. 

Best of success! 

-Scott 

@Joanna Pias a novice can win, but I wouldn't recommend it for a first purchase. 

My first couple REO's had 1 contingency, a 10-Day window inspection where I could bring in someone more experienced than me to make sure I didn't get over my head.

Are you able to get in and inspect the property? 

Do you have your financing in order? 

What is your exit strategy? 

Do you have local contractors if it needs work? 

Purchase price, repair budget, and after repair value? 

@Peter Kopchik

Welcome to BP and glad to see another CT member starting off on the right foot! I started the same way, with a house hack and doing most of the work myself. 

My advice is to continue listening to the podcasts, check out BP's library, and go to your local meetup. And don't be afraid to ask questions, there are a lot of intelligent investors on this site. 

Best of success! 

@Paul DeRiu yes. It should be posted at the top? Please let me know if you see it. 

•  06/12/18 06:00PM - 08:00PM 
• 110 Main St Manchester, Connecticut 06040

Hello Connecticut BP!

We are lining up our speakers for the next few months. We are excited to bring in Dave Olson!

Dave has spent over 30 years investing in, raising capital for, and serving in operating roles for several specialty finance companies, most recently in the private lending, a/k/a “fix and flip” market.

Dave is currently a Director at Prime Commercial Capital, LLC, ("PCC") an asset manager in formation, that will directly originate, acquire and manage residential property-backed bridge loans for Starwood Property Trust (NYSE/STWD).

Prior to joining PCC, Dave worked for CFSI Loan Management, Inc (“CFSI”) where he held the position of Vice President Business Development and spearheaded CFSI’s push into the private lending market, resulting in CFSI gaining several key private lending clients for whom CFSI provides inspection and draw management services on a nationwide basis.

Dave also spent over two years (2013-2015) as Vice President/Finance and New Business Development for RCN Capital, LLC ("RCN"), a commercial lender to acquirers of non-owner occupied residential and small commercial properties for rehab, sale and/or rent. At RCN, Dave was key in obtaining the firm's first fist institutional capital.

Hope to see you in June!

-Scott

Hello Connecticut Investors! 

We are lucky to have @Bill Couture speak at the Central CT Meetup! He is the Assistant VP Business Loan Officer of Jewett City Savings Bank located in Eastern CT. As an investor, it is great to understand all the financing options available. Who better to learn from someone that is in Commercial Lending and Investing?

Hope to see you all there! 

@Tom Horan

Typically you want to trigger some sort of sale, I have never done a deal with a owner yet but I know you might lose the benefit of starting the depreciation clock over. (I could be wrong, anyone else know?)

• If you go scrape and build, can you be all into the project for under 75% of that value? 
• What are the costs to build brand new per sq ft? 
• Also, what does he want for the current duplex? What are the rents?

IMO it seems like a lot to just add one unit, unless you can demand higher income to justify the new construction costs. But for instance, lets say it was a single family and the highest and best use was a triplex, then I would lean towards that, just as long as the numbers and the end financing made sense. 

Congrats @Joshua Dorkin and team!!!

I know you have truly changed my life through your platform, way to go on helping 1M OTHER investors!