All Forum Posts by: Travis Lauchman

@Brian Burke Thanks for your input and congrats on your recent transaction. Just checked out your success story - way to go!

The investors that I may work for are mainly in the "complete gut" and rehab business. I think what I'd be looking to do for them is increase potential acquisition opportunities which would allow them to be more selective in purchasing thereby increasing margins. I was thinking about creating a couple of databases similar to what you describe for properties on the "lead list" as well as for business contacts and most recent discussion topics/etc. Sounds a bit robotic to categorize human beings in this fashion but I'd think in a business built on networking it is never a bad thing to be over-organized to aide memory. On that note, what is your database of choice for cataloging this information? I am learning access now and think it will do but would be interested in hearing your perspective.

Kindly,
Travis

@Matt Lavinder thanks for the idea. I have done a bit of research on that strategy and I will try to see what is what at the local court here in Baltimore. Would really like to make contact with a few probate attorneys...

@Tom Goans thank you for your feedback. I have many of those precise concerns to consider before making my final decision. However, there is a base salary involved so I will be their employee; this demonstrates that although they are somewhat "hands off" it is in their best interest as well as mine to ensure that I am doing my job well (and gives me a little cushion while I am catching up to speed and building contacts/strategies).

I asked them what has worked and mainly they have leveraged relationships with local agents for listings prior to MRIS, used their wholesale contacts, and have taken part in a few auctions. I will need to think of ways to go above and beyond.

@Brian Burke You mention you now have a Director of Acquisitions Research. How valuable is this employee to you and how does this employee add value? I may have an opportunity to get into a very similar role so would love to get the 'Owner's Perspective'. And if you are willing, how did you go about training this person and what type of tasks does s/he do on a daily basis. The folks who I am considering working for are very 'hands-off' so I'd essentially be defining and refining the role as I progressed.

Thank you!

Good Evening Everyone,

I have been a BP member since early this year but otherwise am entirely new to real estate. Recently an interesting opportunity arose that could enable me to bid adieu to the desk job and enter the real estate field full time.

The business mainly features gutting and rehabbing row homes for immediate resale in Baltimore, MD. The owners are interested in homes within generally established neighborhoods or neighborhoods on the “fringe”. I haven’t delved deep enough to fully understand their target profit margin, but they do a really beautiful job with all of their rehabs - gleaming hardwood floors, kitchens dressed to the 9s, updated outdoor masonry, etc. which leads me to believe they must be somewhat selective with location (Baltimore still has some 16,000 vacancies) and sure of good resale value.

Anyway, the title of the role is ‘Property Research Manager’. The owners do a fair amount of volume but are looking for someone that can focus exclusively on finding potential gut and flip properties in an organized way. They are seeking someone who can establish systems for conducting efficient research that’ll bring them more business. They also want some sort of weekly reporting mechanism on progress.

SO… what would you do/how would you go about being successful in this role? I need to bring some ideas to the table when I next meet with the team so I figured I’d reach out to all the experts and seek some free lunch! Any advice/ideas welcome and thanks in advance… I’m really hoping to land this one and enter this field!

A few of my very initial ideas include:

1.Honing in on desired locations and becoming expert on neighborhood. Figure out which homes look/feel like they could be good gut/flip candidates. Take addresses of these homes down and input into a database (Microsoft Access maybe?) with as much detail as possible.

2.Via state assessor website lookup mailing address of record owner. Send out short and informal letters with purchasing intentions. Leave phone numbers for follow up and ask for a call either yay or nay (thanks @tomtarrant). Record when letters are sent and to where so that auto reminders (maybe every 6 months) may be set.

3.Continue this trend but in other neighborhoods and build networks of people who can keep their ears to the ground. Begin common “beat” of neighborhoods to check in.

4.Figure out which websites to scour and how to do so proficiently to find such deals.

5.Become friends with really good wholesalers.

James Vermillion, Ah-hyuk [Goofy Impression]. Thanks.

Hey Fellas,

Is it possible to "follow" a member once they are already your colleague? If so, how?

Thanks Gents,
Travis

Christina R.Thanks very much @Christina R

Welcome to the site Ray. More Charm City representation!

Joel Owens thanks for the inspiration sir. And true 'dat.

James Vermillion I appreciate the advice. Would you happen to have an example of such an agreement that I could review? I understand it'll most certainly need to be tweaked per our specific arrangement, but would love to have a draft to review. Thanks for the message.

Brandon Turner thank you for the welcome and the tips. I will give them a try when I get home tonight. Colleague request on the way. Cheers.

Hi Jessica. I just joined and am looking at rentals in and around Baltimore as well. Complete rookie. We should share war stories as we go along!

Happy New Year and welcome.

Welcome Matt.

I too am a native of the MD area. Born in Columbia, lived in DC between 2010 and 2012, and now currently live in Baltimore. Has been nice to get a feel for the entire area.

@Ned Carey I'd love to pick your brain about your investment strategy and what has worked for you here in Baltimore.

Best of luck in finding your next investment, Matt. I have family with property in Columbus if you ever consider that part of OH.

Kindly,
Travis