All Forum Posts by: Joanne Eriaku

Speaking from my past experience: I used to manage my brothers STR's which we're all on airbnb; There we're times when cashflow was just as it was written in the books, then there we're times when stuff would just come out of the blue and we hadn't anticipated it. We ended up converting them all into rentals

Truth is all well meaning estimate tools are lagging data, they are not really built for what might really happen. Have an STR but have a backup too. Just my two cents. 

There are so many variables, its difficult to give you a straight answer but on face value it feels like a very Thin deal.

Dear Hard money and Private Money Lenders,

I'm new to Flipping /rehabbing after going through a 6 month immersion/coaching/mentoring program in RE investing, so while my company may be new, I have definitely wet my feet under the umbrella of my coaches.

I am in the process of approaching you all with crazy determination (I'm kidding but I'm serious :-) I'm actively seeking partners in profit. My mission is to develop Long Term, mutually beneficial Relationships with Equity Investors by Creating a Lucrative, Predictable and risk managed Income Stream for us both.

I'm here for the long haul so I would really like to understand more of you; what you need, want and wish for and how we can have a mutually beneficial, long term relationship.

Being a strategy executive, I'm hoping I'm not over preparing before coming your way. Please may I understand what would make your life as a Funding Partner/lender easier? What would you like me to bring your way? to demonstrate that I can get the job done with returns for us both. so far I have prepared:

An Investor Packet that contains:

1. Business Overview one page Brief that highlights key elements of the business and investment opportunity.

2. Systems Overview, that shows how the money grows and systems that make it happen including 

      Due Diligence and Property Acqusition Systems with Deal Analyzer

      Rehab Management systems with sample Repair Estimator, Scope of Works

      Exit strategy

3. A Powerpoint Deck for whenever it is we can meet over an hour long meeting

Is there anything missing, is there anything more (or less) you wish you could have? I'm open to any insights

Thank you

Dear BP Hard money and Private Money Lenders,

I'm new to Flipping /rehabbing after going through a 6 month immersion/coaching/mentoring program in RE investing, so while my company may be new, I have definitely wet my feet under the umbrella of my coaches.

I am in the process of approaching you all with crazy determination (I'm kidding but I'm serious :-) I'm actively seeking partners in profit. My mission is to develop Long Term, mutually beneficial Relationships with Equity Investors by Creating a Lucrative, Predictable and risk managed Income Stream for us both.

I'm here for the long haul so I would really like to understand more of you; what you need, want and wish for and how we can have a mutually beneficial, long term relationship.

Being a strategy executive, I'm hoping I'm not over preparing before coming your way. Please may I understand what would make your life as a Funding Partner/lender easier? What would you like me to bring your way? to demonstrate that I can get the job done with returns for us both. so far I have prepared:

An Investor Packet that contains:

1. Business Overview one page Brief that highlights key elements of the business and investment opportunity.

2. Systems Overview, that shows how the money grows and systems that make it happen including

1.      - Due Diligence and Property Acquisition Systems with Deal Analyzer 
2.      - Rehab Management systems with sample Repair Estimator, Scope of Works,
3.       - Exit strategy

3. A Powerpoint Deck for whenever it is we can meet over an hour long meeting

Is there anything missing, is there anything more (or less) you wish you could have?

Thank you

Is anyone holding off their outreach to Foreclosure/Probate and such like Distressed Owners? I feel as if it may be a little too insensitive to send out mailers to distressed property owners during this covid crisis but I could be wrong, any advise? any pointers on anyone who has been able to get leads despite the crisis? 

An additional layer of complexity is- How long are foreclosures, Sheriff sales etc being held off for if they are being held of?

Hi Jasraj, I completely understand where you are coming from because my Data analytic brain wouldn't budge without some sort of food(read data). So far I've been able to download ream loads of data from our local real estate association, although that is county level data, it consists of market inventory , days on market, median sales price , foreclosure rate. Zillow is the one which really broke it down for me to a neighborhood level, I find that to be more helpful than the county level data. Also if you have an agent friend who can help you access the MLS, that data is priceless, you can twist it n turn it to your hearts content. I know that there are some paid data providers too, I just haven't gone that route yet.

Hi Tia, I'm a newbie too so not enough experience backing up my response, however here's what I know: Some Boots need to be on the ground, if not yours, then someone you can entrust your dream with. Family is great for being family but not necessarily for growing your dream, It would be so much less complicated to have a pro than a family member. 

I have a friend who lives in Atlanta and has investments in New Jersey, Technology and a good team have enabled him to do this, but most importantly, he set up a system and trained his team on the system, that way its clear who, what, how and standards are maintained regardless of who is managing. Read the book E-myth, it may have some wisdom worth indulging in. Welcome to RE investing!

Hi Jonathan, I happen to be one of those uber organized types who creates checklists, templates for almost everything, including estimating repair costs. I don't want to say I have it down to a science but I kind of have it pretty close. PM me, I might have a template that might help

Hi Alex, my advice for you would be to prepare a solid investor packet for them, regardless of relations: friends/family or Hard Money lenders, show them how you will put their money to work for them, the investment strategy and how it works, allay their fears by addressing risk, how you are protecting them and what your risk mitigation strategy is, Breakdown the deal for them and Address the benefits of why it is they should invest in you and your system versus keep their money elsewhere. That's what I would advise.

Wow, Cory! very kind of you to share in great detail. I'm both inspired and impressed