All Forum Posts by: Steve Meyers

I think this is a great idea Doug.  I personally don't know much about it but I'm seeing a lot more of this happening in SD and have met with some owners who have been successfully doing this in Serra Mesa and other areas of SD.  My advice would be to maybe reach out to a company here locally that already has the relationships and the licenses in place and learn from them.  Maybe they would be open to a partnership of some kind.  What I do know is this niche will become more and more in demand as time goes on and we end up needing more care facilities.  The baby boomer generation I think right now is the second largest behind millennials so there will be a lot of demand I think in the coming years.

@Corey Conklin thanks for the input.  And yes that is a great question which I've already outlined to both of the guys I plan to bring on and they see the value so I don't think there is an issue there with what I bring to the table with experience and knowledge.  They are both rookies when it comes to real estate and definitely do need guidance.  50% of my commission is crazy in my opinion seeing as I'm the one doing the showings and all the leg work and they are just setting the appt.  On top of that I'm paying out my brokerage fees too, they're making more than I would on the deal, which doesn't make much sense to me.

What do you feel would be a fair hourly wage and amount per deal to pay an assistant whose primary job will be to cold call, send out mailers, drive for dollars, put up bandit signs and doorknock?

@Chris Seveney it all depends on the deal, if I'm looking at a condo vs a house it will be completely different.  They wouldn't be taking on risk but rather getting a percentage of the profits or commissions, depending if I list the property or flip it.  I was thinking of doing .5% mind you our average price point here in SD is about $850K so .5% of profits on a flip or commission would be fair I think. 20 deals a month is a lot for my market here.

I was also thinking of doing a flat fee of $100 per appt set but not sure if that might be too low?

Hi All,

Wanting to get some feedback on how I should incentivize an assistant I'm wanting to hire.  They will primarily be cold calling for me and setting me appointments as well as door knocking, sending out mailers, putting out bandit signs etc.

I don't want to pay a base because I find people get lazy and comfortable so I'm planning on making this strictly results based and want some feedback on what is fair for a qualified seller appointment?  I am also planning on giving my assistant a percentage of the deal on the backend depending if I list the property for sale, wholesale it or flip it, but not sure what percentage would be fair.  I don't want to give away too much but I also don't want to make it too little to where they won't be hungry to go and hunt for the next deal.  I'd appreciate any feedback and if there are agents/investors who have previously hired an assistant with this type of structure I would be interested in hearing your thoughts. TIA

@Jake Andronico thank you!

Investment Info:

Condo fix & flip investment in San Diego.

Purchase price: $350,000
Cash invested: $101,000
Sale price: $515,000

This project for rehab costed me about $40K all in. Full reno of a 2/1 - 690 sq foot condo in Mission Valley. I got the deal direct to seller from mailers.

What made you interested in investing in this type of deal?

I was able to negotiate a great price from the seller

How did you find this deal and how did you negotiate it?

from mailers I used

How did you finance this deal?

fix and flip loan

How did you add value to the deal?

full reno to the condo

What was the outcome?

Made about a $76K profit

Lessons learned? Challenges?

The HOA's master policy didn't have the proper coverages for Fannie and Freddie lending. A new guideline had gone into effect after I closed on my condo requiring the HOA master policy to have certain insurance coverages which I was unaware of, the buyer had to close the deal with a non-QM lender.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yea myself lol, I also have a good hard money lender.

@Shankar Sridhar shoot me a PM, I think I have a solution for you.

@Paul Tuitt shoot me a message, I'll send you my buy box and info

 Have you gotten any properties under contract since you started?  

Hi @Tracey Bond what part of CA are you looking to wholesale in?  I have one that I can share with you for San Diego if you'd like?