All Forum Posts by: Anson Young

My advice would be to either pay your agent a set fee for initial opinion, and lots of pictures, or hire someone neutral to do this for you.  The only downside to the agent, is if you feel they are in it for the sale, turning your $50/100 property visit into a commission every time, or are they being honest?  You could also hire a BPO agent to do a mini appraisal and pics for you, it will cost a little extra however.

Estimating rehabs in another market can be tough, it comes down to experience and getting line item costs of things in that area.  You can start by having 3 contractors bid the same job, ask for detailed line item bid and see how they compare apples to apples.

Hope this helps!

Hey!!  That sounds like a decent deal, especially for a first deal and house hack!  Good work!

1. BRRRR book by David Greene, Book on Rental Property Investing by Brandon Turner , book on property management Brandon and Heather Turner- all great books that will help you with your initial journey into being an onsite landlord!

2. Vacancy, insurance, deferred maintenance, etc.  MUCH more info in the rental property book

3. Try the EVENTS tab under NETWORKING above, search meetup.com as well

4. You will need state specific forms, BP has some, your agent might also have some.  Otherwise you will have to use a boilerplate NJ one and tweak it to your liking or have your lawyer draft some for you.

5. Good ideas!  When you start networking locally, that would be the first place to look!

Good luck out there!!

Great message, the shift is important, the SPEED of the shift and timing is more important!

Thats a huge question for sure.  A good way to plan/strategize in both businesses is to track key metrics on lead generation.

If you make 200 calls, you should be able to set 10 appointments.  In 10 appointments, you can get 2 clients or deals.  How much did it cost you to get the info for those 10 calls?  How long did it take you?  Being able to start tracking key performance indicators like that is huge.

Also, you could back out your desired income, to actionable chunks:   To make $100,000, you need 10 closings at $10,000 each.  10 closings would be  1000 calls made, and 50 appointments...  You see where that is going?

I'd say 95% of the HOW TO is in the first 10 pages of the book: For the upside down pyramid, that is your funnel (calls made to appointments set to deals inked, etc).  Brain dump isnt mentioned in the instructions, but its just a place to get out all of your weekly thoughts etc.  My week is for broad stroke scheduling your week in advance, where the daily action plan is where you would put the day's scheduling (again... sometimes people like to look at a weekly or monthly calendar to get an overview of their week, etc.)

We *might*...  depends on how long the downturn is and how quick until recovery normalizes things.  With the last 8+ years of appreciation most larger markets likely wont see a drop enough to need a large amount of short sale disposition.  There are ALWAYS reos, and we should see a jump in that number, but I doubt it will be anything like the 2008 recession.

Yes, this is where hard money lenders come in to play.  Or a small, local bank that you can work with, as they typically think a bit outside of the box.  Hard money lenders care about the deal more than your job or credit score.  You could also look for a partner, or private lender to work with until you hit that 2 year mark and are green lit for mortgage!

Ah, the elevator pitch!  Always fun.  Especially with wholesaling, as MOST people dont understand it and explaining it in a way that does not make you sound like some scamming middleman.

Here are a few examples:
"I'm focused on helping homeowners who are often times in desperate need to sell"  or "I specialize in finding homeowners in trouble and help them solve their problems" 

Pretty much anything that highlights that you are helping people out, or solving a problem.  

Ouch!  Unfortunately that does happen.  In most typical contracts, the seller may cancel and the buyer just gets their earnest money back.  Your two remedies are to 1. sue the seller or 2. file the contract at county and cloud the title.  In the 2nd scenario, you are filing your contract so that when any title company (or closing attorney) does a title search for closing with the new buyer's closing, they will see you had a claim to it as the buyer.  Both scenarios can be messy, but it also has to do with rapport and clear expectations with the seller and you as an investor.  The seller may not have felt comfortable with your ability to perform on the contract as written, otherwise why would she sign the next day with someone else?

How much in repairs does it need?  My first rehab needed $15k in work, and the second needed $65k.  It ALL depends on the deal and your comfort level with the rehab amounts/work needed.