All Forum Posts by: Peter Vekselman

In the 2 decades that I have been in real estate there were times when I bought many deals via real estate agents and MLS.

Iam a Fix and Flip investor. Meaning I need deals that have minimum 30% equity. I have not bought a deal from MLS in a few years. In my opinion that channel no longer exists and there are no equity deals to be had. It is literally like looking for a needle in a hay stack. Not worth it...

Agree or disagree?

@Marcus Auerbach closing on 9 properties this month.  ALL have minimum 30% equity.  circumstances of motivation today are exactly the same as they have been for decades.  divorce, economy, uncertainty, lay offs, job loses, death...

motivation doesnt change.  key is to stay away from deals from realtors and anything that has in any way hit the market... 

@Tiffany J.        big problem with real estate is that mistakes cost time and money.  and no one has unlimited of either.  and usually at the beginning we tend to have less of both.

it is difficult to know everything there is to know when you are a newbie.

so having someone by your side you trust and someone who knows what they are doing in my opinion is the best option.

one way to get this done is to connect with some successful investors in your area and see how you can help them in their businesses in return for some solid hand holding on your first few deals.

started around 30.  biggest mistake i made is relying upon other for all my decision making processes.  realtors for values, contractors for rehab numbers, lenders for terms, et....

what i did not realize is all of them were looking at me as a paycheck.  non of them were on my side.  by the time i found out, i had already purchased 6 houses.  in the end those mistakes set me back 3 years in this business.

knowledge and ability to execute are 2 key components you absolutely must have in order to be successful.

there are two areas i always recommend people be willing to pay for.  have a realtor on back end sell your houses, and a management company to rent your property.

these commissions are well worth paying....  

if your only goal to get a license is so you can find deals on the MLS then i think you will be very disappointed. there may still be cash flow opportunities, but if you are looking for equity you have to market directly to owners.

you can use your license to sell your deals or get listings.  you are then looking at a traditional realtor career.  and there is nothing wrong with that.

but as far as investor opportunities, they are all found with marketing directly to owners.  

@Marcus Auerbach going directly to sellers you can still get discounts in that range to this day. still finding these sellers month in and month out. motivation is not tied into interest rates or what is taking place in the market. when someone has to sell quickly and they are unable to go the conventional MLS route and need help getting out of whatever situation they are in, then those are the types of sellers we are daily looking for...

the whole key to doing this is you have to be connecting with the sellers directly...  

No one quits real estate when things are going great.  Its the challenges we all face along the way that knock people out.  But for those of us who are still standing, I salute you!

For me there were many times I have wanted to quit and give up.  The biggest one was in the beginning when I bought my original deals and months latter realized all the numbers were misrepresented to me.  Those mistakes literally set me back 3 years, cost me every dollar I had at that time, along with 100% killing my confidence.

What was your reason you wanted to quit, BUT here you are still standing? 

@Sean McKee great answer.

also, I have found connecting with local realtors is a great way to learn about areas.

those are called private lenders and used my many investors.  having access to private money is a great thing.  bottom line, having access to any types of capital is a good thing for us real estate investors...