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All Forum Posts by: Michael Sherwood

Michael Sherwood has started 64 posts and replied 331 times.

Post: Newbie from Buffalo, NY

Michael Sherwood
Posted
  • Investor
  • buffalo, NY
  • Posts 354
  • Votes 23

Hi @Connor Smith welcome to the BP family. We are having a local meet up in May. I have yet to set the date but this will happen very soon. We also have a mailing list which I encourage you to add yourself. Look forward to meeting you. Your goals seem reasonable and we can help you out.

Mike

http://www.candmrental.com/#!bp-meet-up-mailer-form/cni3

Post: how to grow your real estate business and hire someone

Michael Sherwood
Posted
  • Investor
  • buffalo, NY
  • Posts 354
  • Votes 23
Originally posted by @Josh Dotzler:
Hi @Michael Sherwood ,

Have you read/listened to the book "The E-Myth Revisited" by Michael Gerber? I think his book helps with your conundrum and is much more comprehensive than I can be here. If I were you, I would start by taking some time to make a list of all the tasks that you feel you could train an assistant to do while not impacting the value you give to your customers. Also, I'm sure you could find creative ways to employe somebody in the business as maybe an equity partner or on a performance/commission basis that would really help you scale your business without committing too much of your current cash flow... FYI, the book will go on to tell you that you should create job titles and tasks that you do as CEO, Marketing, Sales, etc so that you can grow your business effectively instead of your business being completely reliant on yourself and Charles. Good luck!

Josh this is a great idea. I actually have read E-Myth and it was great maybe I should go check it out again.

Post: Buffalo BP Real Estate meet up

Michael Sherwood
Posted
  • Investor
  • buffalo, NY
  • Posts 354
  • Votes 23

Hi Buffalo folks I am in the process of updating our distribution list email for future Biggerpockets real estate meet ups. You can make sure to add yourself to this mailer by going to our website and signing up. If you are already signed up it will kick back an error saying so. The next meet up will be schedule once we confirm with our next guest speaker.

http://www.candmrental.com/#!bp-meet-up-mailer-form/cni3

best,

Mike

Post: Selling in Buffalo

Michael Sherwood
Posted
  • Investor
  • buffalo, NY
  • Posts 354
  • Votes 23
Originally posted by @Andrew Schultz:
Originally posted by @Mark Bookhagen:
What is the best month to sell in Buffalo this year?

As an agent, I can tell you the market in South Buffalo is heating up right now. Properties are coming on the market with more regularity, and by EOM May we should be in full swing.

I agree with Andrew it really is picking up in Buffalo right now.

Post: how to grow your real estate business and hire someone

Michael Sherwood
Posted
  • Investor
  • buffalo, NY
  • Posts 354
  • Votes 23

Hi Biggerpockets folks:

It has been some time since I have posted (Wedding planning) haha among other things. I have counted myself to be blessed with a recent promotion at work as well. The problem is this is not our end game for me or for my partner at all. Charles and I (as some of you know us) both work fulltime jobs and run a successful real estate business. The problem is we do not have enough hours in the day to do everything that is demanded or that we should do to function properly. So we have two schools of thought.

    A)Hire someone part time to fill this gap

    B)Eventually make enough to pay one of us fulltime to quit our fulltime gigs. The problem is that would take away from the funds we would disburse to both of us( we keep all proceeds in the company and take no salary)

I have a lot of other great ideas that allow us to grow more but I am limited by the time element. So we have focused on keeping our clients happy growing their business and growing ours. I am also a real estate agent so I can pull information from the MLS and put in contracts for both our clients and ourselves which is great. What has happened is we have put our hands in multiple cookie jars without the thought of how much time it will take from us to realize those profits.

In other folks experience what is the best way to free yourself from this conundrum? Should we hire someone part time? If so how? How can we continue to give them direction and grow the business when we both work fulltime? I have some time available at work to direct someone else but not much. How do we know we can afford to hire someone ? these are some the questions I have and would love to some feedback from the community.

Mike

Post: Do property taxes impact your choice of market/ state?

Michael Sherwood
Posted
  • Investor
  • buffalo, NY
  • Posts 354
  • Votes 23
Originally posted by @Todd Belanger:
@Michael W. I've been reading the posts with Pueblo mentioned, and I've enjoyed your comments and questions. I currently own a duplex in Buffalo NY. That region (WNY Buffalo, Rochester, Syracuse) more than meets your requiernments. I paid 35k and get a 1000/month in rent. So far its been great, been a little over a year. I live up in Denver, and I would be happier if I could invest closer. I was planing on going out to Buffalo in a month to find another place. I think maybe I should check out Pueblo first though. Any chance you could recomend a realtor and property management? How have your invesetments been going in Pueblo? Any suggestions are greatly appreciated. Thanks, Todd.

Todd,

look forward to seeing you next month.

Mike

Post: Buffalo NY Real Estate meet up March 12th

Michael Sherwood
Posted
  • Investor
  • buffalo, NY
  • Posts 354
  • Votes 23

We are having the local Buffalo BP meet up on March 12th at Olmypic again. Here is the information regarding the meet up up. Please make sure to get the free tickets so we get accurate headcounts.

https://www.eventbrite.com/e/western-new-york-biggerpockets-meetup-tickets-10705694019

best,

Mike

Post: REI Meeting In Buffalo, NY

Michael Sherwood
Posted
  • Investor
  • buffalo, NY
  • Posts 354
  • Votes 23
Originally posted by @Zachary S.:
To David Niles,
Let me answer your questions.
1. How many meetings are needed?

I am aware of the other meetings, in fact I do plan to attend the next bp meeting. As far as I know the others charge memberships or fees and aren't exactly around the corner from me. So in efforts to increase my sphere of influence I'd thought that I'd start one. I guess people are still looking for meeting to attend because I've gotten a very good response.

2. What does my meeting have that others don't and need to pm about?

I guess my meetings wouldn't be much different, all I can say is that no one is charging you to attend and how could it hurt to network with a different group. Worst case scenario you meet other people that might be able to help you with your real estate business. And by that token why are there several other one's? Clearly someone must think that it's a good idea to have a few meetings in this area.

Why must people PM? They don't, I'm still a newbie when it comes to bp and was under the impression that was the best way to contact someone. Maybe I'm wrong, if so let me know and I'll correct my error.

I hope I answered all of your questions to the best of my ability. If you have any further concerns please don't hesitate to contact me.

Best Regards,

Zachary

Hi @Zachary S.

Dave is not discouraging you from setting up a local meet up but at the same time we do have a lot of other meet ups here in buffalo and I would encourage you to attend those first. There are lots of networking opportunities at these different meetings we also try to bring in a speaker to discuss particular topics. these different meetings are nice to have including the one that I help facilitate which will have the next meet up on the 12th of March we would love to have you there.

If you have any questions or you want to chat please feel free to give me a call

best ,

Mike

Post: Planning our first purchase: discount duplex in urban poor area

Michael Sherwood
Posted
  • Investor
  • buffalo, NY
  • Posts 354
  • Votes 23
Originally posted by @Shaun Carl:
I am in the buffalo area. I have a 4 plex in Lackawanna and a 4 plex in south buffalo. The one in south buffalo is shady, but I have a great PM that takes care of everything for me. The biggest thing is screening the tenants. You can still get great tenants in these neighborhoods that stay for years. Good luck!

A good PM is like gold in those areas!

Post: REI Meeting In Buffalo, NY

Michael Sherwood
Posted
  • Investor
  • buffalo, NY
  • Posts 354
  • Votes 23
Originally posted by @Andrew Schultz:
Hi Zachary

Would this be separate from the Buffalo BP meet ups?

Best

Drew

We have a local meet up that both Drew and I attend in buffalo. We will be setting another meet up in the next few weeks. I would be interested in talking to you further though.

Mike