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All Forum Posts by: Shaun J.

Shaun J. has started 11 posts and replied 130 times.

Post: How do I handle looking to young?

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

When I was a bit younger than you, I was a stock broker on wall street, in NY. I was able to talk people into investing their IRA and Money Market accounts with me. If you know what you are doing, confidence exudes without trying to hype it up. Have your facts and NUMBERS right, build rapport and close the deal.

If you are chasing the right lists, this could even be your advantage (looking so young). 

Post: MLS vs off market and the appeal

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

@Karina Gomes. We all need to be numbers people. Onto the next one! 

Post: Seller financing question

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

What is your end game/exit strategy? 

It really depends. Is it livable as it sits? Maybe turn it into a rental to pay off the seller and save a bit for rehab? 

How is your credit? Do you have friends/family to borrow from? 

What are your numbers? What is the ARV and what is the anticipated rehab budget?

Post: MLS vs off market and the appeal

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

925,000 x .70 = 647500

647500 - 185,000 (rehab) = 462500

462500 - 42,000 (REA Fee) = 420500

420500 - 20,000 (your Fee) = 400500

Am I getting this right? 

Post: MLS vs off market and the appeal

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

@Karina Gomes. My MAO calculations may be off, but your MAO on those numbers should be $400,500?

Post: MLS vs off market and the appeal

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104
Originally posted by @Eric M.:

Well, first you don't include holding costs. Interest, insurance, utilities etc etc, so your math is way off.

What you presented does not appear to be a "deal" it appears to be an offer you could make in order to maybe get a deal. You could do this same math on EVERY property and come up with an offer number. But what does that get you?

If you actually have a seller willing to sell for 600 and you have your ARV and rehab numbers right (huge ifs), maybe you have a possible deal. But this does not appear to be a deal yet.

I understand your argument. But every buyer's holding costs could be different depending on their funding over time etc. Some guys use HML and get 10% and 2-3 points. Some others have a better HML and may get 7% and 2 points. Some use Private money at less and no points, etc. Point is unless you understand how every single buyer on your list gets funding every time, you will spend more money trying to do math and lose the deal. You can assume most rehabbers hold for 3-6 months, but still, you need to know their holding costs on their money source.

Post: Wholesale real estate

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

You can have all the buyers in the world, but without sellers it's all for nothing. Spend sometime work on getting both at the same time 

@Sharon Vornholt -- If you don't mind, can you msg me about where you are getting your probate lists from? 

Thanks in advance! 

It's all relative to what your marketing says and it's call to action. 

To be honest, I keep my yellow letters short and sweet and try and be personable.

Think of how you do business with your friends when buying something from them

Hey Martin, 

It's Shaun. I am interested in buying your Motorcycle. Please give me a call back at xxx-xxx-xxxx

Thanks

Post: Naming a LLC before buying properties

Shaun J.Posted
  • Long Island NY
  • Posts 133
  • Votes 104

Just another thought, Both of you can have your own LLC's and then do a JV contract to be partners on a as-needed basis -- This actually protects both of you better and still allows for a 50/50 deal