All Forum Posts by: Cory King

Quote from @Mike Schorah:

I have a full time job...

Option A. Is it better to hand dial 10 per day (all within 2 counties) at 8am for 15 minutes before I need to be at my job?

…or…

Option B. Is it better to call 35 per day (within a 40 mile radius) with a dialer around lunchtime when I have an hour to make calls?

I'd pull the list off the MLS at 7am when I wake up.

Thank you in advance for knowing what an expired/cancelled/withdrawn is.

I'd really recommended a blended approach of 1 hour spent on 35 calls to a tight radius. If you run out of expireds/withdrawn/cancelled move to something like non owner occupied homes.  

If you can become a specialist in a specific geographic area you'll have a much deeper market insight than 99% of everyone else. You're a true market expert. 

Like have 1-2 zip codes locally I know cold. Better than most of my peers and for that when a good deal shows up I know it immediately. Things like days on market, price points, neighborhood makeup, architecture... 

Otherwise Option B. You need time on task and 15 min isn't enough time. It's a numbers game so expectations need to be for around a 10% answer rate in general.

Just my 2 cents

Quote from @S Arely Cavazos Serratos:

We provide a great value to investors but sometimes they don't seem open to new opportunities. What approach works best on you?

This is an interesting space to be. So as an agent/investor I do both, I prospect "cold call" as well as receive cold calls. 

Our approach is one from contribution and understanding that #1 is a long game, wins will happen in the immediate but the fortune is in the follow up and the conversation is the relationship. and #2 this is all about tonality and the initial message or script you can get out in your first 10 seconds.

Asking about their buy box and if they are still investing is a pattern interrupt and one call that they are not receiving I can promise you. No one has ever called me to see what i'm buying, where, etc. See our script/framework below for ideas. 

Hi (NAME)? Hi (NAME)...it's (AGENT NAME) ... I'm an Investor & Realtor here in (Area)!
I saw you have a rental at (ADDRESS) & I was curious if you're still looking for deals?

ANSWER YES - Awesome!
1. Do you like to buy in a specific area or a more general area?
2. How long have you owned this property? (Really Wondering)
3. Do you have property management or are you handling it? The tenants have been pretty
good or has it been a challenge? Getting a good return?
4. How soon would you like to invest again?
5. What price point do you want to stay under?
6. Were you considering cash or financing?
7. Who else needs to be included in the decision process?
8. If you could find a great deal would you close on it in the next 60-90 days?
9. Out of curiosity, you sound like a buy and hold investor just like me...but if you were to sell
this property... What would you want for it?
• If you could get that number, would it be valuable to know how?

ANSWER NO - Awesome! You can still go into some of those above questions.

1. How long have you owned this property?(really wondering)
2. Do you have property management or are you handling it?
3. Need any contractor referrals?
4. Out of curiosity, you sound like a buy and hold investor just like me...but if you were to
sell this property... What would you want for it?
• If you could get that number, would it be valuable to know how?

• INTERESTED>>>>>>>GO TO CLOSES!!!

Quote from @Joey Stephens:

Hey everyone,

I’m trying to take the first real step toward buying my first investment property, but I’m hitting a wall trying to properly underwrite the numbers. I’ve watched the videos, downloaded a few calculators, and run some scenarios — but honestly, I still don’t feel confident I’m doing it right.

I’m not afraid of work, risk, or renovations… I’ve renovated countless investment properties for other people over the years and have a solid group of subs for everything on that side of things. But when it comes to the financial side of investing — underwriting, strategy, long-term planning — I feel completely bankrupt.

I know what it takes to bring a house back to life, but I’ve never bought one with the math first. This side of it feels like a different language.

If you’ve been where I am and figured it out, I’d seriously appreciate any advice, resources, or just a gut check. I’m trying to do this right and stay honest about what I don’t know.

Thanks in advance — looking forward to learning from you all.

– Joey

 Hey Joey

Totally feel you on this. It's taken lots of practice but I'm confident in the framework we've developed for under writing deals. Gimme a shout. I'm in Knoxville too

Quote from @Robert Pickett:

Looking for a referal to a strong, responsive, and detail oriented Title Company in Knoxville/Chattanooga Tennessee area.

Thx

 I like to use Reli Title. Very efficient and have offices in both Knoxville and Chattanooga. They handle all our creative stuff as well as conventional deals. 

Quote from @Jaxson McConkey:

I’m glad to be on here! I’m brand new to investing period and I’m hoping to be able to learn a thing or two here.

 Hey Jaxon welcome! I'm here in Knoxville too and happy to make some local connections. What are you most excited about getting into? 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $180,000
Cash invested: $50,000
Sale price: $305,000

Lipstick level renovation project. Brought to me from an agent in my investor networking group. Money came from a private money lender from same networking group. Contractors are ones I've worked with before mostly in a handyman capacity. He did an ok job but took a little longer than I'd have liked. Worth giving him the shot.

What made you interested in investing in this type of deal?

Solid quick flip with a decent upside. Would work well as a BRRRR also.

How did you find this deal and how did you negotiate it?

Deal came from an agent in my investor meetup group

How did you finance this deal?

Private money lender locally

How did you add value to the deal?

Home needed pretty much a surface level update but had some higher ticket items that went into it as well. New roof, siding, windows, fixtures, paint and landscaping. Lucked out with LVP flooring, granite counters and stainless appliances already in the home. Windows took the longest to get in at 4 weeks from order to install, otherwise we'd have had it knocked out sooner.

What was the outcome?

Sold to a hedge fund cash buyer buying properties in the area.

Lessons learned? Challenges?

used my usual handyman to handle the reno and he took a little longer than I'd like. Did decent work and worth the shot

Hi @Bill Grenier

The amount of structures can have an impact on financing but there are options out there. I know some solid knoxville mortgage brokers who'd be worth asking & would be happy to connect you. Same w/ the folks down at planning & zoning, they're super helpful. 

i'm in knoxville so happy to talk property specifics. sounds like a cool play. you'll be fine as an owner occupant and city STR rules.

@Cole Harris what's the benefit of making the move? 

Location sounds great, but I know that market has slowed down significantly for sellers.

Hi @Chris Primavera

Def sounds like still in the info gathering stage. Feeling overwhelmed is par for the course, like drinking from a firehose. 

Local meetups are awesome, my friend runs one in Springfield, OH. IDK where that's in relation to you. Happy to make an intro though if it helps.

Ohio certainly has it's charm and lots of investors are in that market, what has you looking at the STR space in Tennessee and Alabama?

Happy to connect & help however I can

@Ethan Brackin what's your goal over the next 3 years? happy to chat as i'm up in knoxville and have some connections in that area.