All Forum Posts by: Abel Curiel

Hello Robert,

I too am beginning to concentrate on a direct mail campaign. Plenty of content on BP to help you get started (as you already know from the podcasts). Also, I've tried searching some videos on youtube where people share some of their secrets, shortcuts, scripts, criteria selection, and other details regarding their direct mail/postcard campaigns and thats been very helpful.

Best of luck to you!

-Abel

Hello Weston,

My biggest mistake was not having clearly defined documentation when partnering up. Years later, and one of my partners doesn't agree with my exit strategy. Now its costing thousands (approaching tens of thousands) to get this settled legally. When I refer to "documentation" I'm talking about anything you can think of! Operating agreements for LLC's or docs for other entities; leases; contracts with appropriate clauses; etc. You need your documentation to be thorough and concise so that you have solutions laid out for you in case problems arise.

Lastly, I want to stress the important difference between PRICE and COST. You might run into a contractor, attorney, CPA, property manager, etc with an excellent price at or below your budget but if they do not perform, your COST will be greater in the end. Make sure associates, employees, and partners are a good fit for your business... THEN factor in price.

Best of luck to you!

-Abel

Hello Charles,

I wasn't thinking about the legal ramifications until I read the reply above.

As long as what you end up doing is within legal boundaries, I would try to guide the "intern" as much as I can to get them to complete the tasks you want to be completed. I would try to set aside an hour or so (or whatever you and your wife can manage) at the end of each week to just sit down and answer questions for the "intern". I.e. if what you need is mainly clerical work (phone calls, follow-ups, other miscellaneous tasks) you can train this person and give a little insight as to why things are done a certain way. Then have a sit down each week and answer specific questions they may have pertaining to the business.

Of course, the interview process will weed out those with little knowledge/ambition. This way, you get the job done effectively and they get their schooling on the side.

Best of luck to you!

-Abel

Hello Jamilla,

My best advice to you would be to learn as much as you can about the different types of REI and determine what would be the best fit for you.

Also, search BP and meet up.com for any REI meetings in your area where you'll be able to learn from other new investors as well as more experienced investors. There are ways to get into investing with little or no money down and Brandon Turner has written a great book on this which is available here on BP.

I hope this helped and I wish you the best of luck!

-Abel

Good morning Max,

A realtor can save you tons of time from doing your own research trying to find listings already on the market. More importantly, a GOOD realtor who takes your criteria, financial situation, short-term & long-term goals into consideration is going to be a huge asset to your REI career.

The better you know your criteria, the more a realtor will be able to give you personalized assistance. Try to find a realtor who invests in real estate as well or at the very least works with other investors.

Hopefully our fellow BP members can chime in and throw in some suggestions that I may have left out.

Best of luck to you!

-Abel

Hello Ted,

Welcome to BP! 

I think its a great idea to use equity on an existing property to help with the financing for another property.

I would check with a few lenders in your area to see who has the most favorable rates and terms to align with your goals. Some lenders require you to put at least 25% down on your investment property and they might not lend on a distressed property. In addition to that, your current expenses would increase because of the refinance/HELOC which you want to make sure you account for.

Best of luck to you!

-Abel

Hello Nick, 

Great post!

I'm currently getting my RE license here in NY and intend on getting the same benefits out of it that you're looking for. Before looking further into it, I would just make sure that benefits of having your license align with your goals. If you're looking into small multifamily or even several SFR rentals, you might be able to save a good amount on commissions.

On the other hand, the pre-licensure course can be time consuming, agent responsibilities can be demanding (office hours, meetings, desk fee). Not trying to sway you in either direction, just mentioning some of the things that I had to consider before deciding.

As far as seeking mentorship, reaching out to known investors in your area via BP can help. I would also attend some local REIA meetings.

Best of luck to you!

-Abel

Hello Byron,

Welcome to BP! I hope the information and networking platform here will offer you continued success.

Best of luck to you!

-Abel

I'm leaning towards B. I think it will correct itself and somewhat recover by 2020. Just a hunch. I think by year's end, we'll see the beginning of a correction to put it nicely- to put it bluntly, I think there will be another collapse/recession.

Whats your take on it?

Good evening @Corey Petersen

I just came across this thread and it has been extremely informative. From you sharing your methods and early results, to the fellow BP members providing excellent feedback, this has been a great read for me.

I was wondering if you wouldn't mind updating me and the rest of BP on how things have been going.

My partner and I are in the early stages of developing our direct mail campaign for a target area in South Florida. We're still deciding which kind of properties to target, what kinds of voicemail message to have, which questions to use in our screening process, etc. Any advice would be helpful.

Also, @Rich O'Neill, your post was intriguing. One of the things my partner and I are trying to prepare for is the possibility of more calls than we can handle. But as you mentioned, too many leads is a good problem so I guess I should happily look forward to that!

Best of luck to both of you!

-Abel