All Forum Posts by: Bram Spiero

recalculate with 10% PM, 10% Vacancy, 10% Repairs and 10% CAPEX.

Your expense ratio is too low.

It makes finding deals tougher but when they do, they are that much sweeter.

Hey there Noah

If you have time and don't know yet which path in real estate you want to take, I would suggest go try some out. Go work for an agent for 3 months. Go to a REIA and find a flipper who needs an assistant for 3 months. Find a property management firm that needs an intern and go there for a quarter.

Be up front about what you are doing and for how long you are committing. You'll be able to convert a lot of your theoretical knowledge into something practical.

Good Luck.

Hey Emilio

I would say, just keep doing what you're doing. 

In a hot market it becomes harder to get a deal but the only way to get one is to keep on playing.

The more you look and the more you bid the more you learn.

There is some chance involved in this, keep on making offers and one of them may be yours.

Good luck!

Hey there Douglas,

I think a different email per address is overkill. It'll also be a pain in the neck for your PM. Assuming your massive success he's going to have to go to 10's or 100's of different inboxes or dig around to figure out where the email was forwarded from. Why not call it customerservice AT company DOT com?

If you change PM's, simply change the password and keep the address.

As far as this being impersonal, I would argue the opposite. With an address specific email, you can tell your tenants that they are getting a dedicated email address.

Do yourself a favor and stick a picture in your avatar, you'll get better interactions when you're not a faceless gray dude with a tie.

Best of luck!

Let me try to guess what you're thinking. Take an FHA loan with 3.5% and then pay interest only so that you have more cash in hand on a monthly basis without having to have invested a lot in the initial down payment? The question I have is, what are you planning to do about that principle? That's not going away. What's your exit strategy?

In any event, I don't think you can get anything but a conventional loan through FHA.

Hey there Donald, welcome to BP.

Do yourself a favour and add a picture to your profile, it'll do wonders to the interaction you'll get here.

To your questions:

1)This is a loaded question and the heart and guts of wholesaling. You can go knock on doors, buy lists of people that are in pre-foreclosure with 50% equity, send postcards to people that own their homes outright, etc. Spend 6 months on the forums here and you should have answers to most possibilities.

2) Your reputation is your license.

3) Depends on the deal you make with the owner.

4)Evaluation is an estimate of the value of the house. Comps are comparisons of similar houses in the same neighborhood and are used to try to established ARV (after repair value) or market value.

Good luck.

Hey there @Trevor S Foster

Why not start a blog here on BP with your notes from each episode. I'm sure a lot of people would find value in that.

As to what to ask the banks.

Realize that they need you as much as you need them. They may dress fancy and use industry jargon you're not used to but in the end their just people trying to find deals.

Knowing that, I would be really up front as to what kind of RE deals you are looking to finance and what kind of time windows you have.

Ask them about how long it takes to close.

Ask them about interest rates and how long an offer is good for.

Ask them what information they need from you to qualify you.

Ask them about closing costs and which parts of it are negotiable.

Ask the loan officer what they need in order to close a deal.

Ask them what kind of business they are looking for.

Ask them if the relationship will change with the 5th deal you finance with them and the 10th.

Tell them you are talking to a whole bunch of banks and are looking to establish business relationships.

Good Luck!

This may be a little woo-woo in the morning but closing the gap between who you are, what you believe and how you conduct yourself has made a huge difference. It might just be the perspective that age affords but learning to just be myself rather than what is expected from me has had a lot of impact in my day job, my side hustle and my personal relationships.

Lordy, I can't to hear what else you get up to.

Other people's success stories can be like other people's fabulous FB posts. Those pictures on the beach and at restaurant may look like their life is enchanted but you have no idea what happens in between posts.

Build up capital, spend the next 6-10 months or whatever time you have left on the 12 months looking for killer deals so that you are ready to pounce.

Ignore your peers unless it motivates you.