All Forum Posts by: Etienne Martel

Hey Julie,

There isn't a glossary here in BiggerPockets. However if you are unsure about a certain terminology, you can always look it up on google relating to real estate. I would suggest listing to podcasts, videos, and guides in the "Education" section of BP.

There are also a lot of youtube videos that have great real estate lingo explanations.

Hope I helped out!

Hey Matt,

You can definitely ask the sellers for credit back to complete this repair. They may not want to credit the full $20k, however you can always ask. Your $1,800 is lost, you can ask the sellers to credit that, but I doubt they will say yes. These inspections and appraisal fees are usually necessary and you will have to back out of some deals. 

You would rather lose $1,800 than $10,000. It sucks, but that is the cost of this business.

Hope I helped!

Hey Hessa,

I am also a real estate agent so I understand the difficulty of generating leads. There are some marketing strategies that are somewhat a low cost. One for example, is Facebook Marketing. They have specific targeting for people, which helps you connect with the right people. Zillow Premier is another way to generate leads. 

Your best lead generation you have, is your direct connections with people you have grown up with or have met with throughout life. Constantly be talking to people, reconnecting, and remind them that you are an agent...many people seem to forget that you are an agent so they will find their own. 

Hope this helped!

Hey Patrick,

The first thing I would say is that in order to be purchasing 5 rental properties per year, you will need to have an excellent team on the ground ready to follow through with the properties or working with a trusted turn-key property provider.

I would maximize your loan opportunity by taking out the highest LTV loan you can get. You want to leverage your $30k as much as possible to purchase a few rentals, if possible.

Were you interested in purchasing rentals in & around your area, or are you looking to invest out of state? 

@Vee Vu Currently I am sticking to the SF Bay Area, but I know people that invest in Philly. I can talk with them and see if they have any opportunities available. 

I can definitely ask around and see!

Hey Tyler,

My advice to you would be to have your projects based on the numbers. Maybe set a minimum ROI to 15% or the cash on cash return to be above 15%.

From you completed/current projects, check out all the numbers to see what you feel comfortable with. You can only make you happy!

Thanks.

Hey Jacinta,

The benefits of wholesalers working with agents/brokers is that they usually have off-market deals available for the agent/broker to market. 

In my experience, there is no typical compensation...as long as both sides are happy and fairly, I see no issues! It depends on the work put in by each party.

I would love to connect with you to talk and see what kind of properties you acquire and how we can work together! I am connected with a large group of nationwide investors.

Thank you

Hey Martin!

Welcome to Bigger Pockets from Chicago. Congrats on starting you first deal! Many people never pull the trigger to get the wheel rolling. Failure is sometimes required to gain knowledge, so just keep chipping away at it and never give up.

Which city or state is your flip in?

Hey Vee,

I'm currently using the BRRR strategy in a few states right now so I have some experience. I know in Philly, one street can be a completely different market than the next one. I would cold-call some agents and get a better understanding of where you might want to invest your money.

1) I was looking into North Philly, since there is a new bullet train scheduled to be build through North Philly.

2) There is money to be made in every market, regardless of anything. Someone is making money in every market. You will have to do research and make a table of each city to compare and decide which route to take.

3) I am from California, but I do have knowledge about the BRRR strategy and passive income investments.

4) Watch out for the winter seasons!

Thank you 

Hey Eric, 

If you are using a property management team, I would ask them for what works best in the area.

You can also check on Redfin/ Zillow/ Trulia to check out rental comps and see what is common in your local market.