All Forum Posts by: Neil Schoepp

@Crystal Place Any chance you are in Orange county, NY. If so I'd love to grab a coffee and swap ideas. 

@Juan Santos

Congrats on taking action. It's all the small steps that lead to greatness. Don't be discouraged if you do not get any bites. Just keep at it.

Here in the forums. General starting and if there is a local forum that would be a good place also. Make sure you use the city or cities you will be in this will trigger investors keywords and bring it to their attention. 

Here is the Utah local forum page.

@Allan Quintela Gieven those two choices I would choose the duplex everyday and twice on Sunday.

I would also consider a tri or quad if you can swing it.  What you are doing living in one unit and renting out the other(s) is called house hacking.  The only thing I will warn you on is making sure the property will cash flow when you move out. Find a property that will and start your wealth creation journey.

@Jasmine Francis Atlanta is a great market. There is a lot going on there. Research and find some meet ups. Reach out here to fellow investors in your market. I would start with reading everything you can listen to as many podcast as you can and driving different local markets and start analyzing them. 

So if you are picking wholesaling as your niche because you read that's where you start if you have no money then you need to go back to the drawing board and decide right now in your life which niche resonates most with you. If you are doing it because that's what you like and want to do then congrats picking your niche is one of the biggest challenges.

Now that you have your niche start looking at individual neighborhoods and learning what properties cost, what are the most desirable schools, blocks, even building complexes. Start with one become knowledgeable move to the next and so on. There are investors that are out of state that need that local boots on the ground local knowledge. The more you do it the more that will come visible to you and you will then find areas to invest in. 

Building knowledge and contacts can be done through networking, working at a title company, mortgage broker, customer service or loan office at a community bank, Property management is a great way to learn that side. 

@Daniela Reynoso Yes the meeting is still on. I look forward to seeing you there.

@Derek Gibbs You absolutely nee to have a sit down with them. A detailed schedule of work will help besides a very frank conversation. Paint can be fixed very easily. Flooring not so much. I would make sure they have a clear understanding of the quality of work you expect. Body language here is huge. Both yours and theirs. Make sure your tone is respectful but firm and pay attention to how they react. Contractors are a tough breed, when you find a good one, and you will, never let him go.

Irina, Thank You for taking the time to put this together. I just secured my ticket through the link above. I look forward to seeing you there.

@Michael J. Beasley

No you are not getting ahead of yourself. You are looking to where you want to go and figuring out how to plan it all out. Good for you!!

I would become familiar with and be able to speak the language. Know what points are, yield, delta, criteria, cap rate, R.U.B.S, holding cost, terms, AM (amortization), rates, balloon payments, etc. Get a strong foundation via podcast, book, and asking a lot of questions. 

Putting your business plan on paper. What will be your niche, your market, buying criteria.

Going to events and seeing them there, talking with them asking them their opinion on something you read or and idea you have. Consistently reaching out. 

JV-ing on a deal, signing a top PM in your market, asking for referrals, taking action when they suggest something to you, getting back to them in a timely manner.

For example I'm entering a new market with a new banker and I sent him my underwriting and asked his opinion on my assumptions. Is this what your seeing in your market? It's another touch point to let them know I am serious.

I'm running out (taking my son Ice Fishing) if you need anything else please don't hesitate to reach out.

PS just saw you are from Long Beach I am originally from queens out by JFK.

@Lance Queen

You have set your criteria. You did so when you were not emotionally involved. Stick to it. It is why we create our criteria BEFORE we look for properties.

@Vincent Plant 

This seems to be an underlying problem with contractors.  I'm up north in PA and the same things go on. Most of the time though we don't even get to the deposit stage, because they fail to show.

I am an extremely aggressive person when you don't want to work. My first step here would be to start the ball rolling on breach of contract, whether you use an attorney or file at small claims yourself is dependent upon you.  If you choose not to start the claim then at least become aware of the process.

There are two ways to gain education. Traditional schooling and our school. The school of hard knocks. I will suggest somethings. How do I know these things, well let's just say I too have attended the school of hard knocks.

On signing the contract I need a copy of your license, bond, and proof of insurance. I also need a record of 5 roofs completed in the last 6 months. I don't always but I may visit some of those house's and say "I passed by a few months ago and saw a roofing crew here. Did you like them?, I'm having my roof done and need to hire a great company"

I got this, awhile ago,  out of J. Scotts' book on flipping. 

10% on contract signing

20% after the first days work is complete

30% after half the work is complete

30% after substantial completion of project

10% 2 weeks after completion

Pricing is negotiable not hard and fast. The biggest thing is to keep them hungry. Once they have the cash they have no incentive. 

On another note any contractor that says I need money up front for the supplies is running a day to day operation not a business. With that being said if I really "like" the guy and he is insistent on needing money for the supplies I tell him put a list together and I will pay direct to the supply house with direct delivery to the jobsite. A bit more work on my end but at lease when he doesn't show up I have the supply's and now I'm just looking for the labor. I'm not out that cost. 

Just know that we have all been there at one time or another. Don't let it shake you out. Push through and take good notes on "If I knew then, what I know now" so on the next one you are a few steps ahead.