All Forum Posts by: Bobby Nilsen

@Kelvin RichardsYou need a PHD from Yale, I think another Ivy League school may be OK but chances are slimmer. Outside of that you won’t find any success. 

Never mind scratch that. All you need is hustle and a lot of it. Do educate yourself though. Read as much as possible and educate yourself on your market. Get very familiar with pricing and you will be running numbers in your head and be able to make decisions quickly. That is a key to success, being able to figure out if a deal is a deal in a couple minutes. 

Reach out if you would like to chat. Always love talking real estate with people. 

@Tyler J. I would reach out to the owner/agent. You never know what’s possible if you don’t ask.I would not bring in another person unless they are the ones that brought the deal. Chat with the owner and let them now your thoughts and you’ll find out real quick if what you I think you want to do is realistic. Have a conversation and see where it goes. You could spend unnecessary time talking to your agent getting a hold of them running circles trying to see if what you want to do is possible when you may have your answer in one call or a short meeting with the seller/agent. You may get more success as well when the seller is double ending their own deal. We have done a seller financed deal with a loan in the SF Bay Area just because we got creative and asked. Everyone would have told us it’s not possible, and they would have been correct if we didn’t ask or listened to their opinions, even our agent told us it’s not likely. Do you and roll with it. If you want to chat always open to hearing what you have to say and seeing if I can help. 

@Katrina Cabral I would never give keys/access early, the cons are too great and it’s not the buyers property yet. There may be something in the contract that allows access for the buyer but that should be done through the agent and I wouldn’t suggest that either, again could create issues. We have only had issues when the buyer gets in there early and pretends it’s their property before closing. Had an issue where the property was closing the next morning. The buyer thought when the lender said congrats the night before it had closed. They went into the house and demo’d an ungodly amount by the next morning. The insurance company drove by in the morning before it recorded to confirm whatever they confirm and the storm began. Luckily it was just signing a bunch more paperwork. But it was unnecessary and only created issues/more work for us and we didn’t mean to give access early.
 

@Liza Leif If you are in real estate, buying, and/or selling I would change my mindset. You have people in the same industry calling you, this is the perfect opportunity to build your network although it may not be the way you want to do it. Don't look at those calls as the enemy, they are opportunity. Can't tell you how many calls we get from agents, wholesalers, lenders, and never a serious buyer. Mindset is key to how you live your life. If you are frustrated at those calls that runs through all other aspects of life whether you want it to consciously or subconsciously. You are in a position of power use it for positivity and you may find a mentee/lifelong friend, deal, or someone who wants to over pay for a property you never thought you'd sell for a crazy price. Embrace the suck.

Agents - We put the carrot on a stick, you find us a deal and we can talk about selling/trading one of our other properties. 

Wholesalers - Never had a chance at getting our property but they're calling and doing the grunt work that I don't do anymore, so build rapport with them and see what else they are getting. Not everyone tells them to get lost, wholesalers get deals and when they do we want to be their first call. 

Lenders - Always open to hear their rates and terms and see what they can do for us. These calls always go nowhere but still give them the time of day as you never know there may be that one that has a product that we need at that moment. 

@Henry Clark

Thanks for the reply. Its a 6 unit building, value is about $2.9m, rents are close to market and building doesn't have any major deferred maintenance. 

They are looking to potentially 1031, depends on what we all come to an agreement on. 

The best option we have as of now is a seller carry of about $1M and then finance the other $1M.

We will definitely give Blue Street Capital a call, thanks for the referal. Thanks again for the reply.

We have a seller that is willing to get as creative as possible with seller financing, lease option, or whatever it may be. Outside of that we are trying to see if there are any other creative financing ideas that may benefit all of us even more. The purchase price is about $2M and the seller is willing to carry about half.

We would like to close on it however that works out so we can depreciate it. We've tossed around a lease option but would need the property tax savings to outweigh the depreciation. 

All ideas are much appreciated. Thanks. 

@David Plaunt

Read through your contract carefully. If this is a typical real estate contract there may be an out for you. Are there more/new disclosures? That has re-triggered our buyer investigations contingency before. There’s also typically language in the contract about changes during escrow. Reread your contract and you may find your solution.

@Tanner Foy

That’s a good day. Get told NO 90% of the time and it’s gold when you get a yes. Building your “team” is key but only if you have a deal. If you are worried about lenders or whoever else telling you no, wait until you start speaking with real estate agents and owners. The NO’s will only get more plentiful. With every no you will be able to better tune your pitch and work on getting the yes.

Focus on getting your deals. You have your team, your partner. If you get a deal the team to close, flip, sell it will fall into place, may be building it through the chaos, but it will get built. If you find the deals the no’s from the lender, broker, contractor, and whoever else will turn into yes’. Work on finding deals, finding deals, and finding more deals. Everything else will fall into place once you have a deal.

If you want PM me and we I’ll shoot you my number and we can chat.

@Todd F.

I know San Diego is a tight market but with that said if you find the right deal selling your condo won’t be an issue and you could do a reverse 1031. It doesn’t happen often in these markets but you could also find the right off market and if the condos in your building are flying get it contingent upon yours selling, or give yourself enough of a contingency to get your condo in contract contingent free.

Find a deal that’s been on market for some time and go for the terms you need. You may not get exactly what you want but you can trade up. If you want to chat pm me.

@Blake Hyman

Awesome that you are learning about real estate so soon. In college I started out by reading a lot of real estate and business books, went to a lot of the real estate expos, that’s where I knew real estate is what I wanted to do, and got my real estate license. I dropped out of school a few times to have my hand at it but to this date have never bought or sold a house for someone as an agent. I have actually sold and bought more than most agents for myself.

In college I would have said an education doesn’t dictate whether you are successful or not, as you can tell by me having dropped out 3 times with no success in real estate. I ended up getting my B.S. and then an MBA. After the MBA I worked for a few years and then left the 9-5 and have been in real estate for the last 4 yrs. Knock on wood I’ll never go back to the 9-5. Being successful in real estate is harder than getting your degree.

Get a mentor, get an education, read a ton of books, and you will be on an adventure for the rest of your life. Reach out if you would like to chat.