All Forum Posts by: Peter Mckernan

Buying right is always subjective, as someone that has seen some people buy bad deals from others. The buying right comes down to knowing the calculation in comps/rehab. There are a lot of people out there that give comps to a buyer just to sell the deal they have right now, those people selling do not realize this a relationship business.. The point is, the person selling you/the investor a deal might be someone giving bad comps to the buyer which turns out to be a bad ARV and they are buying the deal for the wrong price. Working with someone that knows the ins-outs of the market is what you need to do when doing flips, what are the comps, what is going on with that HOA that could cause to decrease the sales price, what the actual model match or close to it sold for... And the list goes on for buying right.

I would search up at the top of BP for people talking about South NH in the search bar, and the next move I would make is going to as many investor meetups in that area as possible! That is something you really want to do is go to those and network with people that are truly doing the work that you are doing that you can partner with for project management help, money help, and next finding deals! 

If you can give detail on build costs verse rehab costs that would really help! The thing about build verse rehab is what is the cost verse what it will be worth in the end. Just like a flip, the numbers count, and knowing that then we can give an educated answer. 

 Check above on toolbar, AGENTS or Property Manager... Those people will help you in your area! 

Really just look at the lead quality when getting into a lead source, but typically it's not the lead quality. Unless you are getting leads that are a 25 year person renting and do not own property, the lead quality is not the problem. For most, it is the follow up. You need to follow up and follow more. I listened to a direct mail marketing owner on stage about 6 months ago, he said, we can mail to all the people you want with the best script, but if you do not follow up you are going to lose money and never be profitable. 

So, you need to try them all, see what works in your area by putting systems into place to follow up and actually convert leads. Oh, and create the skills to convert leads too. 

The three ways you need to convert the leads from a lead source.

1. System to follow up

2. Skills to sell 

3. Follow up by the system you created 

I would suggest really diving into your network for private funds, you can save on origination fees and even the rate. You can buy quickly and it's basically like cash. 

Some of the best rates I see today are in the mid 9s, and paying a point or point and a half. I would negotiate with the lenders to see if you can reduce your spend, but there will always be fees unless you are paying cash for the deals. 

You are talking about being apart of NAR? Is that what you are talking about. I would for sure keep the association, some associations have an overlay that you have to be paying into NAR as well. I would say if you have the option, it is really up to you if you see the value in NAR as a whole. The lawsuit that happened and ended last year has people thinking about this more and more, but stats showed that NAR had an increase in members last year.

The other option is that there are a couple other large brands popping up that will do what NAR is doing and you can sign up for them for free.

 Annnd they are gone 

Yes, ask your broker how they would like you to do it. Also, some states E.O. could be voided doing this, just for info. I would look into that too. Make sure you know all the implications.

Hey Maddison, 

great deal it sounds like.. A couple things:

1. Repiping is going to be 13k-15K alone depending on the size of the house in OC, we just got a 2000sf house quotes for 13,000 in North OC

2. The rehab depending on the size again may be more like 200K with repiping, I did a remodel last year 1500sf, and needed a roof, panel, all siding, full interior redo and permits it cost us 218K

3. For rehab costs I would really suggest doing the rehab with your own cash.. But the other options are Hard Money Lender, second on a house, personal line of credit, private money from an investor, or PM from a family/friend.