Originally posted by @Vinit N.:
Awesome awesome awesome event tonight!! By far the best BP meet-up I've attended.
Thank You @Will Barnard for coming to New York!!! Thanks @Darren Sager Sager & team for all your efforts in organizing the event!!
Some golden nuggets from today's show
- NEVER ever ever ever overpay for the property
- Having access to capital is more important than cost of capital
- Always double-check your estimates.
- There is risk in everything you do. Always try to mitigate risks.
- The best way to learn is to get in the game.
- Get a partner if you have to. Making 25% of something is better than making 100% of nothing.
- Identifying and adapting to the changing market conditions is what really helped Will's business take-off.
Really looking forward to the July meet-up with @J Scott
Thank you @Vinit N. for the valuable summary of Will's talk last night.
Just want to add my takeaway from Will's advice:
1. Practice makes perfect. Start out by go to open house to get familiar with the rehab budget items and check the number again with a contractor. Do this over and over until you are confident with your number. (Then add an extra 10% of total budget for contingency)
2. Learn to negotiate to help maximize your profit margin
3. Identify a niche that allows you to compete in your market
4. Time is money. When you start to move, move quick!
Again, much thank to @Will Barnard for taking time out of your busy schedule to visit us and @Darren Sager for your leadership in setting up this event. Cannot ask for a better opportunity to learn from the seasoned veterans in this business.
Looking forward to the next event.
Caesar Nguyen.
