All Forum Posts by: Robbie Reutzel

@Billy Allen  I am not questioning your ability to find deals but a lot of new investors think something is a deal when it's not really a deal.  This also highlights the importance of having a network of cash buyers you can partner with or wholesale deals to.  

I would suggest working on that first.  Build a network of investors and put them in a database with all of their contact information and criteria.  Ask them directly if you bring a deal would they consider partnering with you?  

Pick 2-3 REIAs and start attending them regularly.  For money partners, look to network with financial planners, CPAs etc. 

A great idea from @Claude Diamond is the rule of fives.  Talk to 5 new people every day and make 5 offers every day.  You have to put yourself in a position to succeed.

Good luck!

It is always preferable to speak directly to the Seller but when the seller has an agent your hands are tied. They have effectively told you, by hiring the listing agent, that they do not want to be directly involved in negotiations and it won't go over well if you try to contact the seller. That's why off-market deals are almost always preferable. Doesn't mean you can't get a good deal but you probably won't be able to uncover the Seller's true motivation without a lot of work. 

Good luck. 

Shouldn't expenses be higher?  Like 35-45%. I could be wrong but that is always what I have used for expense estimates. Also, Capx?  I know they are new construction but most agree that you should be putting money away for future repairs.  

Good luck. 

Hi @Matthew Gwin,

Without example numbers, risk tolerance and the state of the market you are looking to invest in it's pretty difficult to say. 

I.e. What is the ROI on the flips? Timeframe? Etc.

Need more specifics to even begin to answer. 

Welcome to BP @Andrew Beaver

This is a great place to bolster your REI education. Make sure you set your keyword alerts and read the Ultimate Beginner's Guide. The Book On Flipping Houses & The Book on Estimating Rehab Costs by J. Scott are both great as well as the other titles in the BP library.

Spend some time searching the forums for topics of interest as many questions have been asked and answered numerous times.  

Finally, choose 2-3 REIAs and attend them regularly. The Black Diamond REIA hosted by @Ann Bellamy & @Nick Aalerud is great as well as the Chelmsford REIA, @Justin Silverio's quarterly meet-up and @Mike Hurney's meeting on the North Shore.  Start networking with people who have similar goals and you'll do great.

Good luck.

Rob Reutzel

Black Diamond and Justin Silverio's quarterly meet-up are free. The Chelmsford REIA you have to pay for.

None of those three are "salesy."  In fact, Black Diamond and Justin's are specifically geared to not have sales pitches.

@Danny Resendes

The Black Diamond meets every other month and alternates between Waltham and Worcester.  The last one was this past week in Worcester and next month is in Waltham.  It is free, no sales pitches and a great group of investors.  BP's own @Ann Bellamy and @Nick Aalerud that one.

There is also a meet-up in Chelmsford.  That one is also very good but not free.  

Finally, @Justin Silverio has a quarterly meet-up that is also very good. 

Black Diamond is with @Nick Aalerud and @Ann Bellamy.  Mike Hurney runs a meeting on the north shore in Peabody www.massrealestate.net.  

I get the most out of Black Diamond and @Justin Silverio's quarterly meetings.

Hi Ashley,

I can only speak to the Eastern Massachusetts market but, particularly in and around Boston, there are typically two types of multi-family properties:  1) those that sell in 3 days over asking and; 2) those that sit for 6 months and eventually sell after the price drops.  

Obviously the price is the most important thing but I agree with @Ryan Matthews that getting more information from an agent is the way to go.

Good luck!  I wish I could pick up an 8-plex for under $300K!!!!!!

Andrew,

I sent you a colleague request with details.

Thanks,

Rob