All Forum Posts by: Corey Depuy

@Max Feinberg Agreed. At what point does the market tighten so much that the local "deal" isn't even that much of a deal anymore? Does it get to a point where people put themselves in a bind because they just feel the need to keep the gears turning in their particular area, but the market isn't allowing those investments to be profitable?

I guess that's what separates the wise investors from the novices - knowing when increase/decrease your growth mode.

@Jason A. I don't feel like I missed out, because I've given myself the first half of this year to learn, and plan to start making offers with a goal of connecting one property H2 2020. You're right though, I learned a bit of what I should be looking for, since that's probably been one of the bigger struggles with starting. All of the processes afterwards I'm very comfortable with (just need to get them in place for when the time comes) - market knowledge is where I have some ground to make up!

Appreciate the comments and advice. Seems that follow-up and follow-through are key in this business.

@Braden Smith Makes perfect sense, because as I was driving my neighborhoods (a well established nice suburb), there was NOTHING that looked like it would have a neglectful/absentee owner.

And that’s what I like about RE thus far - there is something for everyone. Risky/safe, commercial/residential, inexpensive/expensive, fix-up/move-in ready. I’m starting to understand why they say to hone in on a very specific market, because all of the options can overwhelm you!

@Braden Smith Strategy would be buy and hold rentals, as it’s the least time-intensive while in my W2 (at least until I scale). I don’t mind a rehab to get up to speed and build instant equity, but I am not looking for a full gut job.

So if I’m understanding you correctly, let the market dictate what neighborhoods you focus? Go in/around the hot market and cross your fingers that everything hasn’t already been snagged up?

While I'm sure that the answer to this question is "whatever fits your criteria for your personal goals", I'm curious to know what peoples' selection process looks like when choosing neighborhoods to D4D.

First, I'm sure you narrow it down to the divisions in your price range, but then what? Is there something that stands out as a lead generating neighborhood?

@Jeremy Taggart All of that makes perfect sense. Appreciate the insight and feedback.

@Nicholas Smith Fair enough. My W2 is in sales and I'm very comfortable with having those conversations - difference is, I know exactly what questions to ask in order to find the pain points to solve their problems. I just need to find how to apply that here.

But your exactly right, I don't need to overthink it. It will probably come more naturally as I learn the industry. As a homeowner, you would think that I'd have all those questions at the tip of my tongue....but I'm learning that you see things a bit differently from an investor standpoint. Haha

Thanks for the comments!

@Nicholas Smith Thanks man. Any due diligence questions that I should be asking? Or is that something that I should be figuring out myself during a walkthrough?

I guess another way to phrase that is - should I keep the preliminary discussion around financials and reason for sale?

This might seem elementary, but as I start digging further the investment process, I find myself at a lack of questions about the properties I'm inquiring about. Particularly, I'm curious what clear, specific questions I should be asking about properties that have been sitting on the market for an extended period of time (this one has been on and off for 3 years) - I want to be fully prepared during a call or showing, in order to be considerate of everyone's time.

Came across a triplex that only had exterior pictures and spoke with the agent on the phone. Here are some of the things that came out of the conversation:

- Asked how much rehab was needed (subjective, I know)

- Asked which units were currently being occupied and at what rates

- Asked why the unit had been posted, pending, reposted, and lowered multiple times

All in all, I got some good information, but I feel like it could have gone a lot smoother and I could have walked away with a little more detail - but I'm not sure what that is. Any advice on what questions to ask for future calls? Thanks in advance!

@Frank Patalano First of all, I want to thank you for the post. It seems that this is giving a lot of people a little more motivation than they had beforehand!

For me, the lack of liquidity in real estate coupled with the current downturn of my W2 industry (oil/gas) is making it an easy decision for me to continue my saving, learn, and network as much as possible at the moment. I know that there never is a "perfect time" to invest, but I do want to play it smart, as I'm looking at this long-term.