All Forum Posts by: Joe Abbascia

As a 12 year veteran flipper, I totally agree with Thomas S. from Ontario...the past 10 months have been crazy with first time investors entering into an inclining market, so with the market upswing and added new investors bidding up properties just to get a deal, it leaves no room to make a profit at the moment...so, I am refocusing efforts on rent 2 own and my agency until the market shifts again....one segment to not discount is inherited that need to be probated, if you connect with a good probate attorney, you can be the one stop shopping and take them through the entire process until a person is appointed as personal representative and obtains license to sell the property through the court...if it needs work, almost all real estate agents will stay away as they are scared of probate and the time it takes, usually 8-12 months...but the pay off is fantastic...   

Your welcome...Once you look into it, you may find its not as hard as you thought? as most states honor a license once its obtained, so all you may have to do is pay the fees to reinstate it...i would start by going to your states license site online and see if your license comes up inactive...Good luck!

As a real estate investor, I would recommend renewing your license now, I have been an investor for 12 years and have had my license for 10 of them...it benefits you not just in dollars and cents, but being able to pull your own comps quickly, seeing whats on the market  for yourself, maybe something comes along that is a property you would consider buying? I couldn't operate my business as efficiently as I do without it...also, as an agent, if you get a lead of a property that is in pretty good selling condition and not a cash deal, you can refer it to a fellow agent for 25-30% referral fee, I do it all the time...Recycle those leads!

Hi Brittney, Do your self a favor and stay away from Freedom Soft, it is not even close to doing what it advertises...

Hi Mariana-Paul & Thans weekend seminar is a prelude to sell their bbotcamps, I know because I have worked with them for years and have also attended several...I completly understand, money is tight, you can still promote your business on a shoe string budget and use gorllia marketing tactics.

Tony, Joel is right that you shouldn't of put a dime into it until it closes, its never done until you sign...On another note, I would pursue discussing this issue with your agents broker for misrepresentation, brokers carry insurance for issues like these called errors & omissions. Should you get no where with the agents broker, you can also pursue the state board of real estate as he is lisensed through the state and this insurance can be inacted for misrepresentation.

In regards to UWE post, the banks do not dictate pricing, the proce is set after the bank gets 3 BPO's (Broker price opponions) fro three realestate agents, then determine a set price to start the sales process...the price will only drop when the property sits for a while and or get low bids supported by structual issues like foundation cracks, roof, heating system, copper removed...banks are not concerned with cosmetics such as ripped up carpets, paint or outdated properties... All pricing is set by a market analysis of the area and supplied to the banks by a licensed profesional. Hope that helps you....

Working with real estate investors, price is always going to be an issue...It needs to be a balance of pricing and quality of work...Do your research of distributors in your area and find a good quality no brand name furnace and then offer to pass along savings to your customer base...We were using Goodman, now swithed over to Air Temp 92% effeciency furnace with an Airtemp AC coil, condenser, this has saved us approx. $1,000 on an entire new forced air system. Also, do you provide your own sheet metal work or do you sub it out? This is another part of controling costs...I found over time that small companies that can do their own can offer much better pricing...

Great info from Jon Holdman! I have used hard money lenders and private lenders many times over the years and still use private lenders for my flips...Its all about if the deal is profitable? if you buy it for the right price, then why would you be against paying points and interst payments to make a substainsial profit? I agree that it would be fairly difficult to secure funds with no skin in the game...in regards to points paid, they can sometimes be negotiated to be paid at the back end of the loan.

Sherrif sales / auctions should be used as an add on to your business after you have properties being secured by other means first then add this into the mix...i would focus on direct mail post cards & letters to absentee owners, probate, out of state owners, sign advertising, I actually do mailings to homeowners located on high traffic routes within my city and offer to rent space in their front yard for a small fee to put a marketing sign on their front yard, it works great and give you more credibility over a bandit sign on a utility pole...I also am an acredited BBB member, this works incredible when a seller is on the fence, it promotes you as a trusted advisor, I have closed more deals because of it. Also use multiple web site squeeze pages...what i'm getting at is marketing is the key to your success, the properties will come...If you have $4,000 to go to one of Paul & Thans boot camps, then you have the money to market...And if you are taking your last 4,000 to go to a bootcamp, I would highly suggest spending it to build your business first, then add more education, just my 2 cents...