All Forum Posts by: Mark Mynhier

Mark...contact me off-line. I'd like to discuss a swapping of services with you. I'm an investor and mentor here in the Los Angeles area.

(310) 923-6184.

@Patrick Knock as many relocated investors have found out, LA is a different beast. Get to know the markets or it will cost you in the long run. Go to a few meeting (any FIBI, Club in Action, InvestClub for Women [and the Men Who Love Them], etc) and get a feel for what the locals are doing. I know that I cannot pick something up for 65% or so unless it is a teardown and I've been working the LA market for a couple of years now. Research is always invaluable before you invest and changing markets is no different. I'd hate to see a seasoned investor lose out because of lack of research.

Good luck and I hope to see you at some of the meetings.

I've done one historical home (Richmond, VA) and am working on a "historic preservation overlay zone" house in Los Angeles right now. Trust me, most historic homes are more trouble than they are worth unless you know the board that approves the remodeling. Do some serious checking on the laws before you work with any historic home. The last thing you need is to get $50K into a project just to have a neighbor call the Board on you for doing work that isn't allowed and then you get shut down for months. On some houses (Painted Ladies, specifically) you are even limited to the color that you can paint a house. It can be fun and profitable, but I would make sure that you either work with someone who has done them before or you do a lot of research before jumping in.

Zillow, for Los Angeles at least, is very inaccurate for doing comps. I always advise going to Redfin.com and looking at "Price My House" and then choosing sold comps based on date of sale, size of house, bed/bath, etc. Not all areas have Redfin, though.

A Realtor (who isn't a rehabber) gives you comps completely differently than a rehabber would. I always look at comps based upon what the Bank would comp the house at (I have a cheat sheet on that if you want to contact me). Realtors base it on a bunch of thing, including pendings, for sale, and which way they think you want it to go (no offense to the Agents who actually give honest comps for rehabbers).

Running Title also gives you comps, if you can get into it to choose the parameters. I have always found my Title Agent to be invaluable in many areas, this is just one of them.

If you choose to become an Realtor or RE Agent, it will give you great access, but also some fiduciary responsibilities that you may not want, especially if you deal a lot with FSBOs. Here in California you can become an "Associate" of an Agent and get access. They typically do this for their staff who aren't Agents to allow them to do the paperwork so that they can spend more time with clients. Find out if this is something that can be done in your area...if so, it is the best of both worlds. You do need a GREAT relationship with the Agent, though, since it is their license that is on the line.

Proper comps can make or break a deal...good that you are trying to figure it out ahead of time instead of after you have a deal.

@K.D Neider 

There are some local guys who "mentor" people and provide some one-on-one coaching. (disclaimer: I'm one of them). If you can find someone that can provide you with some quality training, devote time to the partnership, and gives as much as he gets, then you have found a "mentor" and not a "guru". I went to some of that "guru" training and, trust me, when you have given them your money seldom are they interested in your success. They have already received what they wanted.

@Al Hogan I'd like to sit down over a cup of coffee to talk (not to sell my services...I've got as many partners as I can currently work with and won't take on any more for a couple of months) and let's see how we can work together. This business is a business of synergy and working together we can all accomplish dramatically more than we can alone. 

Mark

Really want to make this meeting. Unfortunately, I work for a major law enforcement agency (for a few more months) and I have to be out of town on business on Sunday. Please let me know when the next one will be...I would love to have these meetings monthly. Perhaps @Jeff Greenberg there could be a MeetUp group started to keep everyone in the loop? I'd be happy to help with that.

Mark

With the New Year upon us, it is time to set goals so that we can make this year explode! Join us for our "Forward 2015: Goal Setting for Real Estate Investors" workshop on January 24, 2015. It will be held at the Burbank Chamber of Commerce and via webinar (for those of you who do not live nearby). You can go to regoals2015.wordpress.com to learn about it and register, or just skip to the good part and go straight to http://www.eventbrite.com/e/forward-2015-goal-sett... to sign up.

The even is only $47 (a steal!) and will be from 1:00-5:00 PM, PST.

If you have any questions contact me directly or e-mail: [email protected]

There are pros and cons to bandit signs...a lot of it boils down to taste and test marketing. Karl Krentzel (Red Pill Investor) says that if you have a Real Estate License, they are not illegal since you pay the City for the priveledge of posting signs to buy and sell houses. Having said that, a burner phone is definately the way to go if you use bandit signs for many, many reasons (the least of which is too many people having your phone number). Each market is different and each person's approach to getting leads is different. Learn what works in your market and use that approach.

We will be having a "Goal Setting for Real Estate Investors" workshop at the Burbank Chamber of Commerce on January 24, 2015. If you are new to investing or have never realized the power of goal setting join us for this very important event. Seating is limited to be there in person so we are hosting it virtually via a webinar, as well.

Whether in person or on the web, there is power in setting goals for your business. This is specifically tailored for real estate investors.

Go to http://regoals2015.wordpress.com and register for the (absurdly low) price of $47.

See you there!

I went to www.fiverr.com and found someone to run keywords for me for (surprise), $5. He returned a long list, many of which weren't good but with some great ones. For $5 it takes most of the work out of it, but provides some good ones as well. Keeps you from having to do all of the work yourself.