All Forum Posts by: Phil Z.
Phil Z. has started 13 posts and replied 897 times.
Post: What are the best books out there?
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
To scale a Rehab business, you're probably just going to be told the obvious.
1. Find more deals (motivated seller marketing)
2. Sub out all the repairs to local contractors. (negotiate basement prices)
If your held back by money, then leverage other peoples money. If you want to never be limited by funding, then you should seek Private Lenders. Typically you can't 'advertise' for private lenders without filing lengthy disclosure documents with Securities and Exchange, so the easiest way is to get a private investor without 'advertising' (family and friends). Family and Friends still technically requires a simple SEC filing, but nothing like the advertising requirement.
Post: Cold calling for owner financing.
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
I would not make your 1st talk pitch asking if they will sell Owner Financing. See if they want to sell .. go see the house .. build rapport .. then give them options which includes a straight sale were they pay lots and lots of taxes, or an owner financed sale were they limit their tax burden..
Post: Organizing investor database
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
For most people Excel will work fine. If your business is already profitable, you can looking into CRM software.
Post: Advertising PPC or FB Ads?
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
You are going to have a real hard time targeting motivated sellers on FaceBook. The best way is to use FaceBook for "RE-Marketing". You will put a piece of FB code on your website, and anyone who visits your site will then be targeted to see your ad when they return to FaceBook and/or InstaGram.
Post: Sell or keep rental property
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Never a good idea to sell performing real estate unless your doing a 1031 Exchange. You will get hit hard for taxes especially if the property has been depreciated to $0.
Do you need a lot of cash for some reason? Are you not getting a good return?
Post: Can you use Hard Money on a Probate Sale
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
You can use any type of financing on a probate sale.
Post: Buying a Pre Foreclosure
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Don't bother trying to assign a short sale contract. It can be a lengthy process getting a name change after approval, and the 'wholesale fee' will probably be under-the-table since it can't be on the Closing Statement. Knowingly working with a wholesaler when your the Listing Agent is not a good idea.
Post: Digitalizing the house purchase & escrow process
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
How would this be different than using Online Banking?
Post: How to become an REO Agents
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Originally posted by @Marjorie Tornatore:
@Ron S. Im not asking for a listing to be handed to me. I have numerous REO's out in New York State for my customers and clients. But thanks for the tip to bring the offers to one of the REO's. How would I go about bringing the offer ? there is a website which the offers have to be placed into which does not disclose the sellers contact information.
Roib may assign his assets to Buyer Agents, but that is definitely not the norm.
Post: Mold in REO Foreclosure
- Real Estate Broker
- Orange, CT
- Posts 951
- Votes 218
Originally posted by @Jason Pate:
@Colby Shelhorse I used to remediate mold as part of my job in a residential restoration company. I do not know if you personally would have to provide proof that the mold had been remediated but there are companies that can come in, take indoor air samples, send them to a lab to identify the species and concentrations of spores, write a remediation protocol, and then come back and do a final test after the remediation to make sure it was successful. Mold is ubiquitous meaning it's everywhere all the time, indoors, outdoors, everywhere. What the indoor air quality specialist do is take samples inside in the effected area(s), uneffected area(s), and outside and then compare the samples to see if the concentrations of mold spores are significantly higher in the effected areas as compared to the other samples. If they are, then they will write a step by step procedure on how to remediate the mold.
In my opinion, it's not a big deal and fairly simple to remediate but that could be because I have dealt with it before. The bigger cost usually comes from the repairs aftter the remediation has been completed (i.e. replacing any effected wall board, carpet, painting, etc that was removed or damaged as part of the remediation process).
The cost of the project is largely determined by the square footage that is effected (which typically isn't 100% known until after the IAQ tests).
Background: I'm IICRC certified as an AMRT and AMRS.
^-- ::thumbs up:: Also when they take air samples they are checking for 'Toxic Mold' (black mold does not mean TOXIC mold). Although rare, If they find that the remediation is much more intense and the property could be permanently stigmatized. It would be smart to do the air sample as an inspection before closing.
I hate when I see people pull out the 'visible' mold and think its remediated. Mold is in the AIR and on all surfaces, visible or not.