All Forum Posts by: Kim Handelman

Hey Everyone,

I'm just starting out and have been hoping to find a mentor to work with in my CT Shoreline area. Well I've found what I think could be the prefect fit. This guy and his partner have a thriving wholesaling business. I brought him a potential deal that seems to have fizzled and he was so much help. He has great energy and seems to be a natural teacher. My question is, how do I approach him to discuss the possibility of working with him? And if he says he's interested, what would a fair compensation be since I am so green? I have a lot to offer. I'm outgoing, have sales experience and work with people well. I have 20 years of advertising and graphic design background. I've also built a house and done some big renovations. I was thinking a small percentage of any deal I work on or bring to the table. Does this sound fair? Has anyone done something like this and if so, what percentage did the mentee take?

@Joshua Dorkin Hey Josh, thanks for the reply. I didn't mean to take out of your busy day to help me. I will try unsubscribing now that I see that option. Again, your personal help is so appreciated. Just another reason I love this site. Keep on doing all your doing!

A few weeks ago I signed up for a few different forum threads. I'm now getting 30 to 40 emails a day and their popping in constantly and it's driving me crazy! I've gone into my settings and set everything on daily and it hasn't helped. Isn't there any way to get a daily digest where it all comes in in one email? If anything, can someone tell me where to go to stop all these crazy emails from coming in???

Hey Everyone,

Does anyone out there use DayLite organizational software to manage tehir REI business? I started with Podio about 2 months ago and love it for CRM but my husband (whose a pro photographer) is pushing me to use DayLite. I'd really like to use DayLite so that my personal life and business are streamlined into one software but not sure how to make DayLite work for REI. Are there any add ons or tips anyone can give?

Hey @Manny Rodriguez, normally you would be right. They could go around me but this buyer and I met Through BP and became friends through our REIA. We're both newbies so when I got the lead and I knew it was exactly what he was looking for, we discussed it and decided to go through this first one together. I'll take a lower finders fee if it goes through and he'll be in it with me from the beginning. We're finding that we work well together and everything is out in the open. We're bouncing ideas off each other and finding that we have different strengths. So far it's been a really good experience. I'll keep you updated on how it goes. We're hoping finish our number crunching by EOD tomorrow and put in an offer on Tuesday. Finger's crossed!

@Steven J. Thanks so much Steven. So I met with the sellers (there are 4 sisters an 3 showed up - to in expensive Mercedes so they can't be hurting for money). My contact had been very tight lipped on the phone so I was piecing together the story from what I learned at town hall and the little she told me on the phone. Turns out the association was responsible for the pipe and she lost the renters that she put in place when her mother went into a home. They've dragged it out for 10 months so she's lost all that time to get rent. Then the association took her to court and filed for foreclosure for non payment of HOA fees. She had to hire a lawyer to fight saying that she's not paying for HOA fees when the condo was inhabitable. All 3 sisters are pretty angry.

Here's what my logic is at this point. They own the place free and clear and want out. Place needs updating badly but work from flood is mostly complete. Run numbers on updating the place (realtor says units don't sell without complete updates - built in early 80s). Run comps with realtor and give them a justifiable price with an offer to close in 2 weeks cash buy. I have a buyer with cash in place. Have a conversation with the association to get their side of the story and build a relationship (they have a great reputation in town so wondering why they've gotten into this mess). How do I handle this law suit? Get my lawyer to call the lawyers involved now before I make an offer? Just want to make sure the title is going to be clear before I sign a contract and worried that a 2 week closing is fast and don't want to miss anything.

Thanks so much for your help!

Hey all,

After two mailings I have my first live lead and am going to see the condo tomorrow. Been doing some investigation because the owner is being tight lipped and is pretty emotional. Found out that her mother needed to go to an elderly facility sometime last winter. In March of 2014 a pipe burst and she got permits and an estimate for repairs of $23,000. Fast forward to Dec 2014 the Condo Association has filed a Notice of Lis Pendens to foreclose on her for not paying her HOA fees. I'm trying to get an idea of how much she owes on the place so I know what her bottom line will be. My mailing went out to people with 60% to 100% equity.

My first question is how does ListServe calculate equity? Is it based on the amount of the original loan which is $400K or market value which changes frequently? Anyone know how I can find out how much she owes? 

My second question is, if the association is trying to foreclose on her for non-payment, is it possible to go to them and negotiate a payoff? They've got to be motivated to make this problem go away right? Any advice on strategy for tomorrows meeting would be helpful. FYI, I am taking a contractor with me to estimate the cost of the rehab. THANKS IN ADVANCE!

@Account Closed  Hi Gail, I don't know if you saw that there's a Hartford BP meet up next Wednesday, 1/14/15 at the Wood n Tap, 12 Town Line Road, Rocky Hill, CT That's really close to you. I too am going through a career change following the same path as you. I hope to see you there!

Hi Zach,

I was in your boat a few months back and wrote a post. Joe Fairless gave me the following 10 things to look for in a market (Thanks Joe). It was great advice. I now have my market and am moving forward. 

1. Unemployment rate less than national average (search "city name" + "unemployment rate" in Google)

2. Population more than 250k or more in MSA (metropolitan statistical area_ - go to census.gov for a list of MSAs

3. Diverse job industry - go to Wikipedia page for city, chamber of commerce

4. Recreational activities for families (ex. Six Flags)

5. Affordable cost of living - bestplaces.net is a good resource for this

6. Landlord friendly laws - ask a property mgmt company how long does it take to kick a resident out if they don't pay

7. Natural resources close by that generate income for market - Google search, local newspapers, Wikipedia page

8. Thriving or emerging downtown - Google search

9. Trusted and experienced team members - this is muy importante

10. Favorable absorption and rent trends - Google search, broker conversations, property mgmt

Most important thing is job growth and projections. People need a job to pay rent.

GOOD LUCK!

Hey All,

I finally got my first call from my mailings and in the woman's own words "I'm desperate to get rid of it". Gorgeous "A" community but HOA fees are steep. Other comp units aren't selling - 2 have been on the market for almost a year. Usually I'd think if I could get it cheap enough then the rehabber could sell for less and turn it quickly but this HOA problem makes me think it may be dead in the water. Is there a way to save this or should I just walk away?