All Forum Posts by: Neil Schoepp

I agree and have read most of what has been suggested above. I would also suggest reading Wheel Barrow Profits and anything written by Gino Barbaro. Gino has put together a solid group of investors on his Facebook group. His podcast is also very informative.

@brandon pearce. I would look at TR (Travelers rest). 

Come Join the conversation. This month we will be talking about what the numbers mean. Things like Cash on Cash, Cap Rate, Net Operating Income, and expense ratio. We will then use that knowledge to do a quick back of the napkin analysis. Bring your questions!! We look forward to seeing you there.

I unfortunately cannot help on the wholesaling front. I am a an investor of MF and MHP. 

On the mentor side of things it happens organically. Attend meetups on a regular basis. Contribute to the forums here. As you become more involved and a "regular" investors will take note and you will find those that you like. Then ask them for their advice. Follow their advice and then come back to them and say, "Last time we talked you told me to read Blue Ocean Opportunities" Then mention your top three takeaways and ask him another question, then go do what he advises. 

You need to start slowly and show that you will follow through on what he tells you. If you notice he has a problem volunteer to solve it for him. Again it goes to proving your competence and willingness to do whatever it takes. 

@Allen L. It's hard to tell from the pictures. I think what you circled in red is not separation but just the picture. I would pay attention to the top of the windows. Is the siding even on both sides of the windows and even on both windows. Again it looks to be ok in the photos but they aren't the best. If you have a question about separation just ask him. 

Look at the back of the house. Look at the top of all four windows the siding looks even across them that's a good sign. Look at where the siding comes in contact with the electrical service. Again its hard to see detail but that looks good.

Most mistakes will be not level running across the tops of windows and being able to see the sheathing when you look at the left and right sides of windows, outdoor outlets, meter pans etc. 

From what I can see it's a good job.

Hi @Rene M.

Congrats you have identified the biggest challenge face by all of us. Finding good deals. 

How did you come to choose 12% as your COC number?

Real Estate is absolutely where you want to be. It will take time to build your foundation. Charleston is a great and by that I mean strong and stable market. 

@Myles Brown What type of property's are you looking to read about?

Hey @Joseph Liz

There is better communication if you go direct to the seller. You are not playing the game of telephone you--->your broker-----> seller's broker------>seller and then back to you. A lot tends to get lost. 

When going direct to the seller you have to come up with a PSA. So have your attorney write one up or edit a PSA specific to your jurisdiction. Other than the PSA there is not much difference. The PSA gets signed, You are given any documentation that is needed (seller's disclosures, rent rolls, t-12, bank records, sched C's etc, inspection is done, any re-trading due to BIG discrepancies in what your D&D found and what the seller declared to you, wait for title to be done and the financing to be complete sign the closing paperwork and get the keys. 

@Matt Lorenzo Yes. It has happened to me. Until the PSA is signed there not much you can do.

@David Bailey

I look at it slightly different. The 6% base on sales price tells you exactly (or pretty dam close) what your taxes will be. It makes underwriting them easy. 

It's not you or your underwriting. Deals are just plain hard to find in this market. Start thinking about how you can better source deals. Are you getting them from the MLS or direct from the seller completely off market.

You are taking massive action underwriting deals. Just keep at it. You will come across one that works. Patience and persistence is the name of the game.  Establish your criteria now when emotion is not part of it.  DO NOT CHANGE YOUR CRITERIA in the middle of looking at a deal.  There is a reason the criteria is made now, no emotion. You can re-evaluate it from time to time but never to get a deal to work, that' how you get into trouble. 

There is no inaction while you save. As you save it's when you work on your network. Contractors, Financing, other investors, brokers, etc.  You are doing all the right things.  What you need to do now is stay consistent and persistent.