All Forum Posts by: Andrew Freed

@Carlos Oliva - Yes, but you most likely want to involve some sort of collatoral in case they don't pay, you have some sort of recourse. For example, a lien on a property. 

@Franklyn Benjamin - Welcome to the community. BP is an amazing network of other investors looking to help each other learn and grow. Honestky, it's a great group of go-givers.

Regarding how to get started, definitely attend as many local real estate meetups as you possibly can. Also devour as many of the BP podcasts that you can. If you get a couple hundred under your belt, youl'll be on your way to building that investing muscle. Lastly, what sort of investing are you looking to get into? If multifamily, no and low money down by brandon turner is a great book. I also like the multifamily millionairre volume 1 and 2 for house hacking / commercial multifamily. If you provide a little more guidance on what asset class you are trying to play in, happy to point you in the right direction. 

@Ashton A. Moore - Given the age, the items you mentioned should be expected. 

@Ashton A. Moore - Is this a new construction project or an existing property? Just so you are aware, I buy multifamily in Worcester Ma and properties are normally over 100 years old. The above issues are extremely common with all properties I buy, but what I buy are pre-existing multifamily with some meat on the bone. 

At the end of the day, I think we need clarity into what you are purchasing. If this is an older asset that has meat on the bone, the above item are completely acceptable and frankly not that expensive to fix. If the expectation was this is a turnkey property that is new or newly renovated, then I can see your point. It could signal there is more shotty work around the rest of the property. Mind providing more clarity on the asset you are purchasing and the overall business plan with making it perform? 

@Neetu Patil - I'd start listening to Michael Zuber on one rental at a time. He invests in Fresno CA and he owns a ton of properties out there. I'm sure he has a ton of insurance brokers that can assist you. It might even make sense to shoot him a DM on instagram. Good luck! 

@Don Konipol - Amazing advice, I think it all comes down to intention. This mentor's advice all comes down to having an intentional approach to salesmanship. He had a clear vision of what value he provided, sought the people who wanted that value, and did not waste time seeking sales from people who did not need the service. It reminds me of Bruce Lee's quote, "Be Like Water." Rather than force your solution or product on someone and beat them down (your original approach), find the people who need it and allow the sales to come to you. Love it, great post! 

@Ian Hogan - Thanks for the data Ian! It looks like Fitchburg is more competitive than last year given the list price vs. sold price. Personally, I invest in Worcester however in Fitchburg, you can get cheaper properties for similar rents hence the numbers do make sense. 

Personally, I am not sure of the economic upside given their main attraction is their university, but the rents and price per property seem to be keeping up with market conditions. 

@Randall Brooks - Congrats! Sounds like a good one. How much do you plan on putting into it? What will it be worth once completed? What sort of revenue will you get from the STR once stabalized?

@Jared Van Horn - As everyone indicated, it seems like these properties are negatively cash flowing and it has a hard money loan on there hence I would sell them and repurpose the equity into a cash flowing asset. 

@Hypolite Nazio - Welcome to BP! Yes, my advice would be to find the person in your market doing what you would like to do at a large scale, e.g. wholesaling, and figuring out how you can provide them value. If you can provide them endless value and expect nothing in return, sooner or later the concept of reciprocity will kick in and they will feel a need to help you and mentor you. This is the single easiest way to find a mentor in your market. Additionally, real estate isn't rocket science. You simply have to watch what other investors at the scale you want to be do on a daily basis and copy them, simple as that. That would be a first good step for you to get started in my opinion.