All Forum Posts by: Cassandra Ramirez

Send me a note and I'll send you something.  No problem.

The answer depends on if you are looking to wholesale it as a rehab or wholesale it as a buy & hold.  For a rehab, there probably isn't enough meat on the bones for them.  The typical investor I know (who rehabs) doesn't get out of bed for less than $30K in profit.  That's after funding the rehab, paying the realtor to list it and paying closing costs.

This sounds more like a buy and hold deal.  I would market it that way.  Play up the cashflow opportunity, mention the cash-on-cash return, stuff like that.  Also, do you know any buy & hold investors?  Ask them what they think about the deal from a buy and hold standpoint and add their feedback to your marketing piece.  Lastly, try creating a flyer and mailing it to a list of buy and holders in the area the property is in.  You can look up absentee homeowners with more than 2 properties.  Those folks are typically serious about holding properties and may be looking for another holding.  Since it's in the same area as properties they already own the property management won't be too hard to take on.

Hope this helps.

Cas

Hi Michael.  Nice to "meet" you.  Welcome to Bigger Pockets.  You'll love it here.  A lot of questions being answered by some knowledgable folks.  If you read through the threads, event the ones where the answers seem ridiculous, you will eventually find someone who know something who actually answers the question.

 How long have you been investing?  

I have a two parter.  See bold, CAPS for each section.

OPEN SPACE IN OUR MASTERMIND GROUP

I run a small mastermind group in the DC Metro area. We also are looking to expand, but want to make sure that we don't run into the a situation where people don't freely and openly share because they think they will lose their competitive advantage. 

This week, we decided to open up our group as long as the new person was not in the DC Metro area and was wondering if anyone wanted to join. 

Here is what you need to know to make a decision:

• Only one person per market in a field of investing. For example, in the DC market we have one guy who is a buy and holder, one rehabber, one investor only realtor and I do wholesale and lease option. So for the DC Metro area, no one with those lines of business can join.  The same rules would apply for new members in their respective markets.
• Each person has to be actively investing and have to have been actively investing for at least a year
• Each member has to have at least 2 deals under their belts.
• Be able to meet for an hour once a week (Mondays at 8:30 PM) via SKYPE.  The longest we ever went was 15 minutes over.  Once.  We stay on target.
• Be willing to share.  We share A LOT in our meetings and need it to be reciprocal if the open environment is to be maintained.
• Be willing to give and take constructive criticism.
• Be willing to laugh.  We are a pretty funny bunch and need people who can laugh at themselves (because, let's face it, life is too darn short).

If you think you want to join, let me know.  

HELP ON HOW TO BETTER FACILITATE

I also am looking for others who facilitate mastermind groups for input on making the mastermind groups better.  How to make sure that they are serving their purpose and people are being engaged.  Also looking for tips to keep my crew motivated. 

I run a small mastermind group in the DC Metro area.  We also are looking to expand, but want to make sure that we don't run into the "competitive advantage" situation.  This week, in fact we decided to open up our group as long as the new person was not in the DC Metro area.  One of the things that is a criteria for our group is that we can not be in the same field of investing.  One guy is a buy and holder, the other is a rehabber, the other is a realtor and I do wholesale and lease option.  The same rules would apply for new members as we would want to not have more than one type of person for each market.  Lastly, each person has to be active and has to have at least 2 deals under their belts.  You also have to have been actively investing for over a year.  This is to make sure that people are serious and are in it for the long term.  If you (or anyone on the thread for that matter) is interested let me know.  We can exchange information and see if the group fits.  

I have read both books and honestly, I loved both.  The first opened my eyes to the key concepts of systemization overall.  I was glad that I read that first because it really went in depth into the types of business owners and the issues that they face.  I was also able to identify with it because it was written as though you were a "fly on the wall" in a discussion between a business owner and coach.  

The new book is written straight forward.  It's talking to YOU, the reader and telling YOU what to do.  It mentions a number of the concepts in the Myth Revisited, but not in as much depth as the first (which is why I'm glad I read it first).  It adds a focus not he real estate investing business that I really enjoyed as well as several tactical things to work on.  It's NOT a book to tell you how to do the tasks associated with real estate investing.  If that is what you are looking for there are courses and content galore on that subject.  What it does is fill in the gap on what you need to have done to make the business work (which every guru sells) and what it takes to make it a successful, sustainable, life-giving business that can survive with or without you.  

I HIGHLY recommend reading them both.  My library has the audio book so for me the investment in the was zero, however, I am really considering purchasing the new book in it's text format because my fingers are getting numb from writing down notes. 

Hope this helps!

Cas

Thanks for all of your responses.  Sorry to hear that the two of you have had horror stories with section 8, but I don't think this will be the case for me.  The woman has been there for 5 years and has been a good tenant so far.  This property cashflows like a BEAST.  $300 per unit after all expenses (including the reserves) so I am willing to take on the risk.  Thanks for your advice so I will also do it with eyes wide open.  @Marcia Maynard thanks for the detailed response.  I will definitely take the time to make myself known.  Since we plan on acquiring a few more properties in the area, we want to make a good first impression and want to make sure that we start off right.  

Also, thank you for the warning to treat them as any other renter.  I was never on Section 8, but I grew up in an area where many of my friends and family were and some of the places that they lived were HIDEOUS.  If not for me, but for the other people who read this in the future thank you for your thorough and sensitive answer.

@Mike Webb I have sent you a message.  Let's chat soon.

@George Mancewicz - Great tip!  I will use that for my other properties!

I am in the process of acquiring a duplex in Hagerstown that has Section 8 for one of the 2 units. The question is, does anyone know if there is special paperwork I have to do to make sure it stays Section? I plan on going down to the office, but would love some guidance so I don't get the run around at "the office" and do I can be prepared when I get there.

I am picking up q duplex in Hagerstown and am interested in knowing how this turns out and who you used. The duplex has one unit that is section 8 so folks who are keenly familiar with the requirements are who in looking for.

Thanks!  I'll give some of those a visit!!