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All Forum Posts by: Bernie Germani

Bernie Germani has started 11 posts and replied 86 times.

Post: Flipping Properties

Bernie GermaniPosted
  • Residential Real Estate Agent
  • Lakewood, CA
  • Posts 96
  • Votes 31

Adam,

Good afternoon I would have to agree with Lou, as for us in So California we have found that probate leads are the best motivated seller, as most of the PR( PERSONAL REPRESENTATIVE) for the most part are usually out of town, and they have full authority( meaning no court confirmation) it's like a standard sale, and they want to sell that property as quickly as possible, and go back to their home state. Best of success to you in your real estate journey.

Jean,

Please explain a little better of the circumstance. I have done this but for me I was the wholesaler who sold the contract to my end buyer, and then once he finished the rehab, he gave me back the listing to sell. 

Post: Does anyone own Four or more Turnkeys?

Bernie GermaniPosted
  • Residential Real Estate Agent
  • Lakewood, CA
  • Posts 96
  • Votes 31

Chris,

I have your dad's vacant home/ high equity motivated seller program, and that turned my business around early 2014. Now we are looking forward to turnkey opportunities for our portfolio, through our self directed IRA. See you next Saturday...

Post: Direct Mail Campaign Plan & Results

Bernie GermaniPosted
  • Residential Real Estate Agent
  • Lakewood, CA
  • Posts 96
  • Votes 31

@Ana,

To your best success ever!!!! In California we have been great with probate leads, and in Florida there are even more cases than here, it maybe something to consider as well.

My friend was a Realtor for KW in Miami, moved to California, but loves Miami real estate, and continues to flourish his business there, and has gotten me excited about Miami. Let's keep in touch, as I will send you a colleague request.

Post: Does anyone own Four or more Turnkeys?

Bernie GermaniPosted
  • Residential Real Estate Agent
  • Lakewood, CA
  • Posts 96
  • Votes 31
Originally posted by @Chris Clothier:

@Matt R. ,

First, I know that Saturdays are probably a busy day for you, but if you can get away this Saturday I am going to be out in California.  I am going to be talking about a lot of data, numbers and processes of Memphis Invest this Saturday morning in Orange County.  I know that is probably two hours for you, but would love to chat with you about business and share with you some of how we work and get your thoughts.  Saturday morning will be our event and we will have about 150 investors there - 40 of which are current investors and right now there are 14 who own 5 or more properties.  

Would love to have you there and everyone is free to talk to any investors in the room to hear about the good and the bad.  They will share warts and all!  Plus we are giving them their 2014 analysis at that event so they will see exactly how their portfolio performed last year.  It will be up to them, but I'm sure all will share how they performed.

I am also going to drive up the BP Meetup in the Beverly Hills area that afternoon.  There I will just be a guest and looking forward to meeting other BP members, but would still welcome the chance to meet and talk.

Finally, Sunday...I may be able to hit the surf!  As soon as I finalize my schedule I will reach out and see if its possible to grab a lesson from you!

The numbers:

We have a designation for investors with 5 or more properties.  They are called the WOW Group.  They have wowed us by purchasing what is essentially a half million dollar portfolio and we want to WOW them with extra service.  Here is the breakdown on our investors for total transparency:

Investors - Properties

126 WOW Group with 5 or more       -       850 properties

1 with 15                      -          15 properties
1 with 14                     -           14 properties
2 with 13                      -          26 properties
1 with 12                      -          12 properties
2 with 11                      -          22 properties
4 with 10                      -          40 properties
5 with 9                        -          45 properties
17 with 8                      -       136 properties
20 with 7                      -       140 properties
35 with 6                      -       210 properties
38 with 5                      -       190 properties
60 with 4                      -       240 properties
115 with 3                    -       345 properties
267 with 2                    -       534 properties
469 with 1                    -       469 properties 

Just illustrates how long it takes to build up an investors portfolio.  Part of our problem now is so many investors that they have to be patient when buying their next property.  We sell between 58% and 64% of our monthly closings to current investors buying their next property.  With an average of 56 closings per month, that means investors simply have to be patient if they want to continue to buy with us.  That takes planning and patience.

As for the investors with 1 property, most are set and have a plan to buy more.  Many first purchased in 2013, 2014, 2015, but there are probably 100-150 of them who will not purchase another property.  Some were mistakes on our part, some were mistakes on the investors part (no Turnkey investor should ever stop at one property - in my opinion if they do there was a mistake made).  I would be a liar if I said all of them were completely, 100% satisfied with their investment.  Some of those investors with one property will not buy a second from us and many are still sitting on one property from back in 2009-2011.  

Again, that shows an error on our part, but a vast majority of those investors will build beyond 2 or 3 - it just takes time to push them up the ladder.  

Thanks Chris for sharing this info, and I look forward to seeing this Saturday for Memphis Invest. I met you last month at Kaaren Hall's REI Club. Take care and enjoy Cali.

Post: Will Barnard Speaking in March.

Bernie GermaniPosted
  • Residential Real Estate Agent
  • Lakewood, CA
  • Posts 96
  • Votes 31

Will,

I will be there!!!

Post: Do You Smell money, Or Would You Run Away From This?

Bernie GermaniPosted
  • Residential Real Estate Agent
  • Lakewood, CA
  • Posts 96
  • Votes 31

Michael Rae,

Thanks for the encouragement, as it sounds like you agree 100% that probate leads are the best lead for a motivated seller. I will have to connect with you then about your guys from Storage Wars, as I'm sure you can relate to the hoarder properties you come across as well. Hey so what is the probatenetwork all about? It looks interesting, and would love to get more information.

Post: Who get's their wholesale fee with 72 hours?

Bernie GermaniPosted
  • Residential Real Estate Agent
  • Lakewood, CA
  • Posts 96
  • Votes 31
Originally posted by @Britney Miller:
Originally posted by @Bernie Germani:

Great question Alex Harris!!!

It's always contingent upon clear title, and no liens, so let's say there was a lien we found out about after the fact, then if the buyer wants to back out of the deal they have the right to, and the money goes right back to them. So escrow holds the money until all is clear then it's released. As soon as we open escrow within 1-2 days we will know if there are any title issues.

 Escrow wouldn't take anymore than maybe days to a week if your finding cash buyers, am I correct?

I can't see why it would take 20 days or longer if you have a cash buyer, maybe I'm wrong.

 @Britney Miller:

Escrow is not going to find you a cash buyer. If we do have a cash buyer we usually can close in 10-14 days if there are no title issues

Post: LA Meetup - February 28th, 2015

Bernie GermaniPosted
  • Residential Real Estate Agent
  • Lakewood, CA
  • Posts 96
  • Votes 31

I'm confirming my spot + 3. I'm truly looking forward to other LA Investors who are in the game making things happen.

Post: Who get's their wholesale fee with 72 hours?

Bernie GermaniPosted
  • Residential Real Estate Agent
  • Lakewood, CA
  • Posts 96
  • Votes 31

Great question Alex Harris!!!

It's always contingent upon clear title, and no liens, so let's say there was a lien we found out about after the fact, then if the buyer wants to back out of the deal they have the right to, and the money goes right back to them. So escrow holds the money until all is clear then it's released. As soon as we open escrow within 1-2 days we will know if there are any title issues.