All Forum Posts by: Stephen McKee

Also, for any new investor looking to buy lists. Don't just buy any list. You need to think about your seller and buy a list that matches your marketing exactly. 

IE: Owners who are likely to carry back a note on a rental

Non owner occupied (it's already a rental)

Age over 55 (approaching retirement or less likely to want to deal with TTT)

Owned for over 25 years (approaching the end of depreciation)

1300-1500 sqft 3 bedroom 3 bath (the size house that rents for the most per sqft in my market)

5000-1000 sqft lot (Larger lots are hard to maintain. Small lots don't suit kids.)

1977-1990 (In my market these homes have the updated mechanical systems but the neighborhoods are established enough to see a trend)

Loan balance: Loan origination date of 1990 or before. OR Loan balance of 30% of LTV or lower. (The home is paid off or almost paid off.)

Pool: No

We buy all our lists from List Source or we download them as part of our Property Radar Subscription.

We buy an updated list to find investors as follows

Private note originators

SoCal

Over $100,000

First position

and

Doctors who own their own practice

Riverside and San Bernardino Counties

Also

We download all the flip transaction from Property Radar every month

This tells us who to market to

It also shows us the margins of everyones deals

Pivot tables are amazing in excel

Nice job! And it just gets easer from here. One of my favorite lines I heard recently was "You'll can make a fortune in 5 years in real estate. It just wont be the first 5 years."

This is an updated version of an old presentation/post.

If you are new to real estate and the MLS isn't cutting it or if you're a seasoned investor looking for a new way to find property, this presentation may be for you. It's full of all the ways I or friends of mine in the business have been finding property at a discount.

http://www.biggerpockets.com/files/user/Licwidsand...

I have been giving this presentation at various clubs in Southern California. The next presentation will be at 

Robert Hall & Associates
300 West Glenoaks Blvd Ste 200, Glendale, CA, 91202 

Wednesday, September 2nd 2015 at 7:00 PM

@Brandon Sturgill I highly recommend not using percentages to calculate expenses.  As an example I created my own string in excel for escrow and commissions expenses. This is what my selling cost string looks like. 

=89+50+300+100+(A2*.0022)+(A2*.001)+200+((A2*.0125)/2)+(A2*.0024)+(A2*.05)

That string is really only good in SoCal but it can give you an idea of what I mean. You need to talk to an escrow officer in your area and find out how to calculate each expense customarily paid in a deal. Then build a spreadsheet to match. I recommend this because using percentages often leads to underestimating costs on low price homes and over estimating costs on high priced homes. It took me a year to realize why I couldn't get an offer accepted over $300,000 in my area. It was because I used percentages to calculate costs and my deal was too fat. 

You can check out our mobile app at www.rehabcalc.com to get an idea of what the outcome should look like. 

Parking: The Mission Inn Hotel offers valet with an entrance on the south side of the hotel. The self parking garage on 6th street is available at an hourly rate. There is also plenty of parking on the street. All street parking is free after 5PM. 

6:30 PM - 7:00 PM
Open networking

7:00 PM - 7:15 PM
Opening remarks and housekeeping

7:15 PM - 7:35 PM
Economic Update

Beverly Bayer - Bayer Appraisals - SRA

Beverly has been an appraiser since 1977. In that time she has mined more data than we have ever seen from any other appraiser. Her methods for determining value and making adjustment are second to none. Beverly is a contributing appraiser to the Cal Poly Pomona Real Estate Research Council. She has held several offices within the Appraisal Institute including the president of the Ventura chapter. She is a veteran in all aspects and we are fortunate to have her on board to give our members insight into the real estate market.

7:35 PM - 8:15 PM
Main Speaker

Kaaren Hall - Investing in Real Estate Using a Self-Directed IRA

After 20+ years of experience at Bank of America, Indymac Bank and her own mortgage brokerage experience, Kaaren Hall saw the recession take hold and the mortgage market collapse. Rather than folding up her tent, Hall took her real estate and finance knowledge in a promising new direction – self-directed IRAs. Hall has helped thousands of Americans invest their IRA into real estate, notes and other assets outside of the stock market to improve their financial future.

Now, Hall is a passionate educator and facilitator for better retirement through highly diversified and individually controlled IRAs. She shares her expertise with investors and advisors through speaking engagements, online videos and a weekly newsletter.

8:15 PM - 9:00 PM
Speed Networking

Networking will make you more money that any book you will ever read. This is a staple of our meeting. Share your needs, wants and stories with other attendees in a round robin format.

9:15 PM - 9:30 PM
Closing Remarks

I see this as a cash out for Move. The major real estate sites are moving more towards marketing to home owners than Realtors. I think Zillow's "make me move" is a perfect example of this. It's soft touch marketing at it's finest. It's getting the next generation comfortable with selling their home online and Auction.com is at the forefront of this. The majority of these sites get their listing info from RETS feeds distributed by every real estate associations. I don't think NAR/CAR realized they back-doored themselves when they started providing data to third party sites. They had a perfect monopoly but the individual organizations were blinded by temporary profits so they sold their data. Now Realtors are no longer gate keepers. Their value is shifting to where it started, local, legal, and financial advisement. Most people I talk to about this look at me sideways but it's because they don't know how real estate is sold around the globe.

Hop over to Europe and ask about the MLS. It's doesn't exist. Every broker owns their own listings and sells their own listings. The way things are going here, no one will own any listings. Mark my words. One day Move and Zillow/Trulia will flip a switch. They will launch a site dedicated towards marketing to home owners and listing their homes. The RETS feeds will slowly get cut off in defense. The associations will make themselves obsolete. Realtors will stop paying dues. Brokers will have to completely restructure. In 10 years real estate will looks completely different than it does today.

So what does the future of real estate look like in my opinion? 

Owners: will pay to list their home on Zillow/Trulia or whatever site holds the majority market share. They will pay for enhanced listings, videos, additional photos, placement, etc. I'm sure we'll see an option to have professional videos and photos taken too.

Brokers/Realtors: will have to be much better at their job. No need for increased licensing measures. Peer review sites will help or destroy realtor reputation. They will have to work in teams to ensure the client gets the best possible service. These companies will likely be a la carte. Buyers will need a neighborhood specialist, inspector, document preparer/legal services, negotiator, and a financial professional.  Sellers only need legal services and negotiation. The busy buyers/sellers will be able to choose services based on their needs. We are going back to an unbundled business model in every sector and I think we are all much happier with services that already function this way. 

So, what do I think of News Corp acquiring Move? It's par for the course. The real question is, who's next and who will own the monopoly when it's over?

@Joshua Dorkin Haha I didn't consider I'd be uploading it here when I put the presentation together. It was a room full of newbies and I always recommend the site over books. I need to take my own advice more and spend some time here. 

Corrected file location

http://www.biggerpockets.com/files/user/Licwidsand...

I did a presentation this week on 29 creative ways to find a deal. Thought I'd upload it here for anyone who's having trouble finding property.  

http://www.biggerpockets.com/files/user/Licwidsand...