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All Forum Posts by: Frank Iglesias

Frank Iglesias has started 5 posts and replied 75 times.

Post: Looking for a Wholesaling Mentor

Frank IglesiasPosted
  • Investor
  • Atlanta, GA
  • Posts 79
  • Votes 38

Hi Hugh.  Would be happy to connect to chat about what you are after.

Post: looking for a foreclosure mentor

Frank IglesiasPosted
  • Investor
  • Atlanta, GA
  • Posts 79
  • Votes 38

Hi Aaron.  Happy to hop on a call to chat about your questions.

Post: Grasshopper (looking for Mentor)

Frank IglesiasPosted
  • Investor
  • Atlanta, GA
  • Posts 79
  • Votes 38

Hi Ivan.  Congratulations on taking the plunge into Real Estate Investing.  Happy to chat with you and share some thoughts.

Post: In Search for Mentor for Developing 40 Townhomes

Frank IglesiasPosted
  • Investor
  • Atlanta, GA
  • Posts 79
  • Votes 38

Hi Daniel.  Happy to chat with you about it to see if perhaps we can be a value add to you.

Post: Covid response to Sellers

Frank IglesiasPosted
  • Investor
  • Atlanta, GA
  • Posts 79
  • Votes 38

More specifically.  Sellers that do not want people to walk through their house and are hesitant even when they have a mask.  We have had success getting past it but interested in other ways to communicate to several on the fence sellers.

Post: Covid response to Sellers

Frank IglesiasPosted
  • Investor
  • Atlanta, GA
  • Posts 79
  • Votes 38

What are some effective lines you have used when Sellers tell you they are interested in Selling but want to wait until after the virus?

Post: Vacation home financing

Frank IglesiasPosted
  • Investor
  • Atlanta, GA
  • Posts 79
  • Votes 38

I keep getting people wanting to finance my rentals.  While that is all fine and good the one I really need help with is a vacation rental and it seems everyone but a conventional lender is afraid of these.  This is not a condo on the beach prone to spring break party types.  It is a quiet lakefront retreat in a cozy cove.  I have had very, very few issues with it because it is a newer home and people really have taken very good care of it.  I wish all my rentals were this well taken care of!  The terms I have it on stink so I want better terms but lenders only want standard leases.  Irony is, it makes more money as a vacation home than it would leased and that's with bad financing!

Does anyone know anyone that could possibly assist?

Frank

@Gilbert Dominguez

Well said Gilbert.  I was once a newbie and now consider myself seasoned having worked over a couple hundred transactions and counting.  There is a lot to learn.  Reality is wholesalers aren't going anywhere.  It's a fun business.  So is rehabbing.  So is buy and hold.  So is really a lot of real estate niches.  

When quality people work together with integrity, good things happen.  It's really as simple as that.  And while a realtor maybe could get more money for that house than the wholesaler, I have also seen this flipped where the wholesaler got the deal moved where as the realtor couldn't.  Sometimes Sellers don't like the way agents present themselves and let's face it, we can argue yay or nay but it's up to the Seller to decide what they want whether wholesaler or agent.  Some of them have very strong opinions, let's not forget that.  Just had a call today from a lady who's agent couldn't get the deal done so perhaps we can.  My point is there is quality and not so quality people in every real estate niche.  Work the quality people with integrity and the method will take care of itself.  This has been my experience quite consistently.  

One of my favorite things to do is when we have the wholesale meetup that I run is we get to share quality information with the group, whether other wholesalers or Buyers since we get both.  We get newbies and seasoned.  We have had people do deals together.  And we have had plenty of people come back because they are better investors from getting quality knowledge.  Bigger pockets to me is online version of what we've been doing in person.  

Let's support each niche because whether agree with them/like them or not, they all add value to someone and that is proven every day.  Let's celebrate that and keep growing together.  

Frank

Post: Should I fire my Real Estate Agent based on suspect advice?

Frank IglesiasPosted
  • Investor
  • Atlanta, GA
  • Posts 79
  • Votes 38

A lot of good information shared here. I agree with @Jeff Morelock. One must know the local market. Some markets are no bigger than the neighborhood the property is in. Ultimately any formulas that exist are guidelines albeit they are time tested so there is value there. You have to decide what is your threshold for risk and adjust accordingly. I like to flip SFR and I want to be in up to 70% ARV. People keep saying these deals are gone. Nonsense. I just bought one and am picking up two more in the next couple of weeks. They don't come easy but they are out there. I share that to say, get to know other investors that are active. Find the wholesalers who are credible and active. For agents, yes they all use the MLS but not all brokers leverage both MLS's here in Atlanta. Furthermore, there are many ways to come up with more specific searches for your criteria. Savvier agents know how to really work the system to find deals. We reach out to the top agents in many areas as much as we can. There are some very sharp and savvy ones out there who know how to dig. Pocket listings (unlisted deals) tend to be stronger deals if you can get those as well. It's a lot of talking and networking but it pays off over time. Hope this helps.

Post: Should I fire my Real Estate Agent based on suspect advice?

Frank IglesiasPosted
  • Investor
  • Atlanta, GA
  • Posts 79
  • Votes 38

Atlanta is pretty crazy now in the SFR, small multi space. Like @Joel Owens said, there is a herd mentality and it is out there in full force right now. I have turned down so many deals that sometimes I wonder if I will ever buy anything right now but then I find that deal that makes sense and the numbers still work. Don't believe that there are no deals that don't fit what you need. They are just not as obvious as before and you may have to dig deeper to find them. I am buying two deals right now that I was told I 'wouldn't find' so stick with it and dig harder. Cash flow is nice but meeting that 1% rule is pretty safe.

And definitely network with more agents.  We leverage several and are reaching out to more to find the most saavy to help in this area.