All Forum Posts by: Steve Tucker

I have a half acre lot that's vacant in a new community that is growing really fast. I just finished paying it off but am having a hard time on what to do with it. It's worth about 65k. I live pretty far from this property (45 min drive) and don't know whether to put a mobile home on there and rent it out, build a home and rent it out, fence it and increase curb appeal, or sell it as is and invest in rental properties closer to me in North east harris county. I am new to the real estate scene and would greatly appreciate some insight on this.

I reached out via pm.

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Houston, Texas

Just as the title said. I have yet to purchase and am still putting pieces together. I have found that it can be hard working with people that are seasoned due to a lot of them already having their own routines, not wanting to change, or simply not open to working outside of their known experience. Most of which is understandable but a lot of times it also comes off as you're wasting their time.

Aside from wanting to invest in real estate, I am an architect and landscape architect. I have worked on a spectrum of projects from big box pharmaceutical labs to educational buildings to home renovations and a number of public spaces.

Initially I just want IN. And to build my portfolio up with some small fish then snowball into bigger. My long term vision is to merge real estate and design and go after new construction developments. I've been a project manager for sometime and have seen projects develop from beginning to end.

If you're new, wanting to share information, or open to thinking outside of the box, lets connect.

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Hello -

I'm looking for a partner/lender to help finance several properties that I've spent time analyzing. I have a number of deals that cashflow over $500 monthly after expenses. I've verified this and done the upfront work. I have access to 20% as well as a plan to pay off the loans to snowball into other deals to build equity for the sake of going after bigger stock. I'm really hoping to find someone who will consider the deals I am pitching as they are sound and I am very comfortable and familiar with the area(s).

- Financial assistance/ backers or DSCR Lenders for properties less than $50k Loan?

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Hi BP,

If you are interested in discussing a 18-month investment via new construction, I am available. As an architect/landscape architect, I have strategies and know how to construct properties that can generate income or return via sale.

Open to chatting. Message me.

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Quote from @Densil Brown:

Quote from @Abel Curiel:

Quote from @Densil Brown:

Hi BP community, I have been wholesaling for one month and am eager to closing on my first deal. I like the possibilities of creating through real estate through so many methods and allowance for financial freedom. Enough about me though.

I’m wanting help budgeting $1000 cash flow for scaling my wholesale business. I’m aware of marketing being the majority of that budget. How would you target that marketing and would you use virtual VAs?

Im interested learning what other early wholesaler experiences were like. I’m focusing on virtual and will eventually start focusing in my local market NYC. Though cost are expensive considering my starting point. Anyone with experiences they could share? Any advice on building a sustainable budget would be appreciated!

Thank you.

-DB

Good afternoon Densil,

Is this a monthly budget of $1,000 or are you looking for the best way(s) to use this $1,000 to kickstart your wholesaling business?

A couple of recommendations here:

- Invest in software: i.e. dialers, CRM, & property data platforms. This could run you anwhere from $99-399
- Mailers: i.e. Hand-written letters, postcards and letters for people you've contacted. This can be pricey when you mail to entire list or neighborhood. For starters, I'd recommend only mailing to people you've confirmed to be the property owner. Individual mail pieces can run you from ~ $0.40 - $0.75 depending on the type of mail-piece and size of your order. That could be about $400 for 1,000 address.
- VA: with the remaining $200 or so, I'd invest in a VA to either help you make calls or manage your database. At $200/month, that should get you about 25 hours assuming an $8/hour pay grade. I have hired VAs for less than that and have also paid more for VAs. Until you find the right fit for your business, I'd recommend trying out VAs for 1-2 hours/day. Once they've proven themselves, consider gradually increasing hours, offering incentives (i.e. bonuses) then lastly, increasing the hourly rate.

** These are all rough #'s. You'll definitely want to do your own shopping and due diligence.

There is a lot more to this and you'll definitely want to invest time and resources to creating and improving your internal systems. I.e. Standard Operating Procedures (SOPs) for lead generation, follow-up, marketing, etc.

All the best to you going forward!

Abel

The question was based on one month, though I’m looking for a sustainable process to put in place. One which is profitable and iterable as my wholesaling business grows. Thanks for your response, this seems like a good way to strategize my business. I will into it as you say.

BTW, NY is my local market. I’m in the city if you want to connect. I have deals I’m working on and could always use another investor to work with!

I reached out via private message. - Steve

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New York City, New York

Quote from @Account Closed:

Look for active listings in costar, loopnet, crexi, and such.

Ultimately, I ended up finding a lot by simply searching "real estate offering memorandum pdf" - the pdf target helped mostly populate links that had pdfs

thanks

@Ryan Tuttle

1 Vote

Quote from @Brandon Vukelich:

Hey @Steve Tucker, have you found sites like this that offer templates? We use one on this site for multifamily.

https://calicomarketing.com/te...

Looks like they offer one for land. Good luck!

Hi Brandon - Thank you for the resource. I haven't come across this site yet but it offered some additional info. Much appreciated.

-S

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Hello All,

I am looking for examples of offering memorandums for properties. If you have land offering memorandums that is better. My intent is to understand the framework and details that an offering memorandum contains. I've seen several already but I like to see a lot to gain consensus.

Thank you

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Quote from @William Coet:

Quote from @Steve Tucker:

Quote from @Grace G.:

@Steve Tucker, thanks for your reply. I have done one prior bid but it did not go far because the asking price for the property was too high. I am not sure what is meant by code, are you referring to after repair value? I searched for home builders on Houzz and also used referrals. I contacted 4 builders who all said they were happy to provide a quote but so far only one has done so. The plans are architectural drawings.

A few things:

- I asked about code/zoning bc of the size you noted. I like to work backwards and see what my maximum allowable envelope is then size down or up based on design and need.

- You can take your maximum allowable and see what a builder will charge to build from an architectural plan that is proportionately similar to the maximum allowable square footage then understand what their materials and labor ratio is - if you can. This can give you a base line of cost per square ft...

- Then turn around to them and ask them for a bid / quote for the exact project size and plan you actually want.

- From there you can have a better understanding of how to analyze a bid

- You can also consult with an estimator which should give you a nice breakdown of the cost to build from a market standpoint. You can then use this figure as your base/prime bid number that might be more sound to pitch and see* how close bids can align with that.

Where would an estimator be found?

Easy - Google Maps - Cost Estimator or Google Architecture firms in the area and ask them for some cost estimator referrals.

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Quote from @Grace G.:

A few things:

- I asked about code/zoning bc of the size you noted. I like to work backwards and see what my maximum allowable envelope is then size down or up based on design and need.

- Then turn around to them and ask them for a bid / quote for the exact project size and plan you actually want.

- From there you can have a better understanding of how to analyze a bid

1 Vote

All Forum Posts by: Steve Tucker

Steve Tucker has started 4 posts and replied 17 times.

Post: what should I do with vacant lot

Post: Are you new and havent purchased yet? So am I let's help each other.

Post: Partner / Lender Search

Post: Seeking Investors for New Construction +/- 60% return from $800k

Post: The $1,000 investor starter guide

Post: Requesting Offering Memorandum Samples

Post: Requesting Offering Memorandum Samples

Post: Requesting Offering Memorandum Samples

Post: Pricing building costs for new home construction in Central NJ

Post: Pricing building costs for new home construction in Central NJ