All Forum Posts by: Sam Ferguson

Hey BP, I have just bought a property out of foreclosure. I bought it for a quick flip, but the people living in it did not own it and did not know that it was being foreclosed on. I talked to them and they said they need 6 months to find a place, so I gave them a 3 month lease. Looking for ideas to get them out, to start renovations and to flip quicker. Looking for any tips, ideas, or anyone that has been in a situation like this! Thanks!

Hey BP, I have just bought a property out of foreclosure. I bought it for a quick flip, but the people living in it did not own it and did not know that it was being foreclosed on. I talked to them and they said they need 6 months to find a place, so I gave them a 3 month lease. Looking for ideas to get them out, to start renovations and to flip quicker. Looking for any tips, ideas, or anyone that has been in a situation like this! Thanks!

In a quiet neighborhood, walking distance from elementary school. Shop in the back.

One of the best things you can do is meet other realtors. On Sundays, if you are not holding an open house, go to other open houses and talk to other realtors. Talk to them about the market and the best ways to get started. Most successful realtors like to help out new comers. Get their information and follow up with them as well. Thank them for the time they took with you and advice. You will become a well know realtor in the area within months if you keep this up. 

Ways to attract business is open houses as well. Hold them as often as possible. When people come, do not blow them off. Talk to them and ask questions to find out how serious they are about buying. One I use is "How did you guys find out about this open house?" If they say they found it on Zillow or trulia, that means they were looking and you can become their realtor if they do not have one. If they are just passing by and stopped in you can ask if they live in the area, and questions about that area to know it better. 

Open houses are a great way to start out and get some recognition in the area. 

Great info! Loved reading it and great examples of what to look for.

Thanks,

Sam

Wow! Great cap rate!! Super encouraging, thanks for sharing!

Looks awesome! Great pics

@Justin Baker

I am in college as well and want to get involved in real estate as soon as possible.  These are three things I have done in the past year that have really helped me out. 

1. Get out in the community and learn the market like @Jeremy Taggart said. I run numbers on houses all the time, just as practice for when I graduate. You will also meet a lot of other people in the real estate market that are great mentors. 

2. Let your fellow students and teachers know you want to be in real estate. This has had one of the best impact on my college experience. I always ask questions in class about how it would relate to real estate, and people really do notice. I am sure you get asked what you want to do when you graduate all the time as well, tell them real estate. I have even had someones parents ask me to run deals for them because their son knew I was so invested in real estate.

3. Read book/blogs/youtube. Obviously you are already doing this by reaching out on biggerpockets. this will not so much help you get the word out about you being in real estate, it real helps when it does come up and you know what you're talking about. People will take you a lot more serious if you when how the market works, the process of buying, sqft prices in different areas, basic tax laws, and different key signs of what to look for when buy a home or investment property. 

I have never bought or sold a house in my life, but people know thats what I want to do, and I am sure it will help me in the long run. 

@Cara Lonsdale

I have not even given thought to networking with them! Great advice, I will be talking to students and letting them know about my work in real estate ASAP! 

Thanks!

@Nick C.

I talked to one of the biggest realtors in my area the other day and he talked a lot about his sphere of influence, which is something I will being looking into heavily. I recently read the book "If You're Not First, You're Last" by Grant Cardone. This was one of the best books I have read on sales! He talked a lot about informing everyone you know about what you do and branding your-self. I can make a clear relation of how this can be interpreted as informing your sphere of influence. 

Thanks for the response,

Sam