All Forum Posts by: Peter Tverdov

"deal" is a subjective word and one I hate to hear when a prospect reaches out to me about buying investment property.

What I think is a bad deal, you can think is good. What you think is bad I can think is good. Everything is subjective based on where you are at in your life, what you're looking to get out of it, etc.

If it works for you, yes it's a deal and yes you can find them on the MLS. I bought 3 last year, all sitting on the MLS for anyone on the market to buy and I am a sophisticated investor.

I posted a listing Monday at 9am. After having 8 showings by 530pm Monday and a bunch of scheduled showings the rest of this week I called for best and final Friday at 5pm.

I'm not into wasting everyones time. I don't need 25 offers and the ego stroke to sell the house. We need a handful and we are all set.

It's not a tactic (at least not in 2022) it's reality right now.

Now on the flip side I put a deal under contract in one day as the buyers agent because I would not let the listing agent off the phone until we got what we wanted. You have to fight out there, it's insane right now. 

It's simple. Look up who is selling multi-family and investment property in your area. If you see the same name or same brokerage popping up, that's who you want to connect with. 

No matter where you go, you're going to need to work your *** off to make it. Just remember that. I own a boutique brokerage and worked at a big name broker prior to opening my own shop. 0 trainings in 5 years. Zero. I currently sell the 2nd most homes per year in my area of expertise and this year I plan to be 1. 

The concept of training completely shocked me. I make weekly training videos for my agents and offer in person training weekly if anyone wants it but I tell everyone, I can teach you everything I know but I can't make you pick up the phone, I can't make you have the willpower to close out a deal. That comes from you. 

Bumping this post as I am coming up on 1 year of starting my own brokerage. What @Charlie MacPherson has said is spot on. My biggest challenge is recruiting. I pay as well as anyone in the state but a lot of agents will say, "who are you?". Some agents feel comfy with REMAX, Weichert etc on their business card. Which I don't understand because people aren't buying because of where you work, they're buying because of your reputation.

The new agents I really don't bother recruiting. 9 out of 10 flame out. They want their hands held (which I understand to a point but I didn't get one single training at my old firm, not one. I just learned on my own) and they frankly suck up a lot of your time with little to show for it.

I stick to attracting agents that are similar to me and the culture I am building. I do enjoy building a business so it's fun but I also understand there will come a point I either have to be the coach and stop playing (selling houses) or I need to hire a coach to train people as we grow.

I happen to own the building my office is out of, which helps a lot with overhead. Ours is really minimal. But the office build out was probably 50-60k for a 800 sqft office (it was down to the studs when my office opened)

We charge realtors a monthly fee through Quickbooks. As for paying out commission splits, I guess we do it the old fashioned way. Check comes in, we deduct for transaction fee and give them their split via check. 

I have never been able to wrap my head around people that work on teams. Frankly, I hate working with them because you have to talk to multiple people and they don't talk to each other and the deal drags on, hits walls etc.

Just become a solo agent, it's not that hard. 

In this market a lot of renters have no where to go. No places for rent. Everyone wants places delivered vacant so they can fix up and increase the rents.

It's not a red flag. Very strong sellers market and if they do it, it's a total gift. 

I would do it every single time if I could. Closing takes 5 minutes and is 3 sheets of paper. The hard part is explaining it to people and convincing them. They think you're trying to take something from them while in the end they actually make more money and don't take a capital gains hit all at once. I even "refinanced" my seller carry loan and went from a 30 to a 15 year with a 5 year balloon.

So after 6 years of owning this property I will have a 10 year note left. Amazing. 

WTH! Why did he change it like that without saying anything to you?