All Forum Posts by: David Bateman

I need a Realtor in Seattle/Bellevue, WA!  I have slamming listing leads and would like to refer them to another agent/broker.  Please PM me back with your interest and if you can convert quality listing referrals.  Thanks!

Sam Bleek welcome and let me know what you decide on. There are deals in every market, some take more time/money to find than others but there are people doing deals in every city and I'm sure you will be able to get going wherever you decide.

Richard Kerski I'll see you at your flip on Saturday. I just sold two nearby and would love to talk shop and see what you're doing.

Get the deal first. The assignment will take you 5 seconds to figure out.

Welcome and best of luck to you on your REI journey. Look forward to seeing you around.

Great 'spoke' on the mentor marketing 'hub' you've built Tom Krol I think you're spot on and have provided great advice and encouragement to many here. I'm surprised that more anti-wholesaling trolls haven't ignorantly chimed in about how we should all be thrown in jail! Are you in any virtual markets in addition to your local market? Thanks as always for the encouragement.

@Argeo Huezo I feel your pain.  I'm from Cape Coral and can relate to your story.  If you've decided that real estate is something you want to pursue and you have no money but you have drive and some time to invest, then you need to do one or both of these two things: 1) wholesale and/or 2) become an agent.  

Unlike others you'll see on this forum, I won't tell you all the negative aspects of either of those professions but I will tell you that they both take focused and creative effort on your part; which it sounds like you have.  I just got someone from BP going down in Miami with NO experience in real estate at all and in less than three weeks they have 4 deals under contract and are working to bring them to completion.  It can be done, but the only one who can determine your level of output (i.e. your effort) is you.

I know what life is like in SW FL and want to see you succeed.  Reading books on investing (at this stage in your journey) is not going to get you there.  You need an aggressive plan of attack that is going to put money in your bank account in less than 60 days.  The only way to do that without any money or experience is by wholesaling.  

Last tip: Don't look on BP for wholesaling advice.  It is unfruitful and ends up paralyzing your desire for success.  You need a mentor and/or a company that is currently wholesaling as a business (remember - businesses provide VALUE in exchange for a fee, don't let naysayers tell you that wholesalers don't do this) and you need them to show you the fastest path to your fist check with as little money out of your pocket as possible.  Not many can do this with specifics so when you find that person or company, latch on to them and do what they say.

I expect great things from you Argeo, keep us posted on your first big win and let me know if I can help.

Originally posted by @Mark Ferguson:

Originally posted by @David Bateman:

@Mark Ferguson - I agree with @Brad Bartlett and look for MF opportunities in a location where rental demand is growing. The market at this stage of the cycle looks the same in almost every market (with the exception of tertiary markets) where the rent numbers make it hard to justify the purchase prices of most SFR's. However, if you want to stay in SFR's I would suggest working with someone who can locate deep discounted properties and give you some equity going in so you are not gambling on appreciation kicking in. The deals are there in Ft Myers/Cape Coral, Tampa, Fort Lauderdale, West Palm Beach, etc. but you need to do more than shop on the MLS to get them right now. Then, obviously, make sure you have an outstanding property management group on your team.

I have multiple properties that I am selling in the major (and some not so major) metros in Florida that all produce cash flow (I run each rental property through the BP Rental Analyzer for my BP friends) and all are at a significant discount to retail.  For example, I am selling a rental in West Palm Beach for $99k right now that has a 10 year tenant (and wants to stay), needs no immediate work, has been rented for $1,400/mo for the last three years and is worth $120k right now.  This is in a WPB market that is 1 mile from the Atlantic Ocean and is appreciating every year.  

I'm a big fan of the Southeast over the next twenty years for job growth and rental demand and love to talk about cashflow!  Let me know if you'd like to talk shop some more and good luck on your decision!

Thanks David, I have always been able to find pretty big discounts on the MLS even with a hit market. I have 10 flips going in Colorado right now. The problem is the cash flow is not here even with the big discounts. I have even thoughthough about getting my license in florida of things progress and go well.

What kind of insurance and taxes do you see on that house you are selling?

 Just under 2% on taxes and insurance is minimal.  Look forward to hearing about your journey and where you go from here... keep us posted!

@Mark Ferguson - I agree with @Brad Bartlett and look for MF opportunities in a location where rental demand is growing. The market at this stage of the cycle looks the same in almost every market (with the exception of tertiary markets) where the rent numbers make it hard to justify the purchase prices of most SFR's. However, if you want to stay in SFR's I would suggest working with someone who can locate deep discounted properties and give you some equity going in so you are not gambling on appreciation kicking in. The deals are there in Ft Myers/Cape Coral, Tampa, Fort Lauderdale, West Palm Beach, etc. but you need to do more than shop on the MLS to get them right now. Then, obviously, make sure you have an outstanding property management group on your team.

I have multiple properties that I am selling in the major (and some not so major) metros in Florida that all produce cash flow (I run each rental property through the BP Rental Analyzer for my BP friends) and all are at a significant discount to retail.  For example, I am selling a rental in West Palm Beach for $99k right now that has a 10 year tenant (and wants to stay), needs no immediate work, has been rented for $1,400/mo for the last three years and is worth $120k right now.  This is in a WPB market that is 1 mile from the Atlantic Ocean and is appreciating every year.  

I'm a big fan of the Southeast over the next twenty years for job growth and rental demand and love to talk about cashflow!  Let me know if you'd like to talk shop some more and good luck on your decision!

I'm in.