All Forum Posts by: Peter Vekselman

@Mike Perry

the only time this information is pertinent is if you are looking to hold to properties.  

if you are in the get in and get out strategies like fix and flips or wholesaling then its all about the numbers in the deal.  if the equity makes sense you can make money in all types of neighborhoods.

good luck!!!!

@Jimmy Rojas

congratulations for getting in the game and trying to put deals together.

remember, what makes a good deal is not how much, but the equity in the deal.  i know you know that, and i know you make have limited funds that prevent you from being able to look for bigger deals.

but, one thing you must also understand is that doing basic searches the way you are doing in the MLS will not get you a great deal.

99% of good deals never hit the MLS, and if something slips through it get taken within minutes. so by the time you are seeing the properties all the top investors have already seen them, vetted, and passed.

seriously consider setting up a marketing engine that goes to owners directly. 

@Eric Finnegan

Everyone's answers where spot on.

Heres the bottom line.  look at the cost of money as just another cost.  if what you have access to and the terms and rate make the deal work, then do it.  if it doesnt make the deal work, then walk away.

but that fact you have someone willing to loan you money is huge. and those relationships need to be preserved.  great job! 

@Peter Martinson

There is no easy answer for this question.  And many times it really depends on the situation.  

Having said that my advice would be to connect with some successful local investors and see if you can get into helping them acquire deals.

This is a HUGE skillset to develop.  And if you can learn from someone who knows what they are doing its a win win.  They win because they will make money on the deals you bring them.  You win because you wont have anything to risk, especially financially.  You also will probably make some commission money.  But most importantly you will learn the key component of being a successful real estate investor.  Once you learn how to find good deals, many doors will open up for you.  Including the ability to find them for yourself.

Hope that helps...  

@Account Closed

You are utilizing what I call the number one pillar of success.  Aligning with those more successful then yourself.  Brilliant move.  And the way you are going about it is also very smart.  You are not asking for things, you are offering your services to basically do whatever is needed.

The question that has made me tons of money especially in the early stages of my career is:

"what can I do to help you grow your business?" 

Interesting situation we are in the middle of.

We are working directly with the owner on a potential deal.  The numbers make sense.  500k to buy, 60k to fix, low 700k to sell.

In the middle of us getting the deal under contract, the owner runs across a realtor that convinces her she should use him to represent her.  No issues with that from my side.

When the realtor contacts us he then precedes to tell us what the offer needs to be and the terms.  No issue with that either.

But, when we refuse his terms and make the offer with our terms the realtor lets us know that is unacceptable and he will not be presenting the offer to the seller.  With that I have a big issue.

The terms he wants inserted into our offer is almost 30k non refundable earnest money.

Anyone else have an issue with that? 

 @Chris Martin brilliantly stated.  if you cant adjust, you cant survive. 

 Totally agree.  

When it come going to owners directly most marketing techniques and strategies have not changed from when i got started 20+ years ago.  People I do deals with still, cold call owners, door knock, network, bandit signs, etc.  Basically anything that puts you in direct contact to owners.

What has changed  is the internet.  Now for those investors that have access to marketing budget can get qualified and motivated leads from the web.  These by far tend to be the best leads and the ones that have the most motivation.

What im seeing is the cost to do a deal with these leads tend to be somewhere in the 3k-4k range.  Well worth the price.

Either way, if you are connecting with owners in todays market, you have a fighting chance of getting a deal...

 No question that is where all the deals are currently.

@Marjo Naci

someone like me is not a candidate for one basic reason.  im not looking for passive investing.  and i have to have my own people in charge of the projects not someone who we do not know.