New Investor in San Jose and Northern California

[Pierre Belanger]

Hello BP members,

My name is Pierre and I am currently living in San Jose. I have been exposed to the RE business all my life by uncles and family members doing multi-family business in Montreal with great success. Nevertheless, I decided to go in computer science in college (go figure?) which brought me to California in 2008 to start a new fully automated printing facility in Fremont.

Last January, I decided that it was time for me to be independent and start my own RE business! I created my LLC, gave my notice, bought several books; listen to audio books, call my uncles, created my own market analytic software and started to make offers at the beginning of March!

I do 1 or 2 offer per day and drive my RE agent crazy! (she is great) I am now against the wall with only one direction to go, forward! I am very motivated, eager to learn with a huge sense of urgency for success.

My strategy starts with rehab to increase my capital and finance multi-units and long term investment.

I seek a partner that has capital but not necessary time to seek deals and manage the rehabs. See you in a RE club near you soon!

I wish you all success,

Pierre

[Pierre Belanger]

Originally posted by @Roy N.:

@Pierre Belanger

Bienvenu chez BP!

Your strategy of relying on pictures to evaluate the rehab required on a house could miss significant structural and contaminant (Asbestus, mould, etc) issues leaving you with a significant unanticipated expense.

It is possible that once you have statistical experience in a farm area you could operate this way with the knowledge that every Xth house will be an outlier and cost you significantly more to flip ... it would be a pure numbers (volume) play and seems to me as little risky for someone first starting out.

None-the-less, it is an interesting approach and I would like to hear more about your experience as time moves forward.

My friend,

don't misunderstand me :-) I use that strategy to lock the house in contract but can walk away with the inspection contingency. I visit the house only when in cintract, there is no risk at that stage. If i were to visit every house i bid on, i will probably live in my car. Living in the bay area teaches me that if you think about it for 1 day, it's probably gone :-)

Pierre