All Forum Posts by: Joanne Eriaku

@Sophie Ben Some guidance:

Step 1: Conduct an initial desktop Appraisal- get a trial account with propstream, (it lasts 7 days), type in the address and you will receive a ton load of information about the property. Print it out or save it. Or check the tax assessor records that are usually online.

Step 2: Conduct a comparables analysis, Propstream will have a tab that pulls comparable properties around the area, choose the closest 3-5 sold properties to the subject property, for example, if it's a 3 bed, 2 bath, try and search for 3 bed, 2 baths within a 0.5 mile radius that have already sold in the past 6 months or so, if you find no properties, expand the criteria little like to 1 mile instead. The purpose of this step is for you to estimate your ARV(After Repair Value).

Step 3: Still within Propstream or right here in BP, plug the numbers into a deal analyzer, the key numbers are Estimated Purchase price, Repair estimate and After Repair value. Since she wont let you see the house, assume the worst repair wise and plan for a gut job. Keep adjusting purchase price till you come to an ROI you are comfortable with, that's the Make-An-Offer number for you to her, test it, verbally first, don't get into a contract yet, then if she accepts the verbal offer.

Step 4: Find a way of getting into that house to conduct a walk through or let the tenant or landlord conduct a video walk through or take detailed pictures of each room. This is the only way you will be able to properly estimate repairs and understand what you may have to deal with. 

Step 5: Adjust the deal analyzer based upon actual repair estimates, a contractor can help you estimate or use a home depot project calculator. If the ROI numbers still make sense, then Make an offer officially- by step 6

Step 6 : Have a Purchase and Sale agreement drawn up for you, make sure it has an inspection contingency and or finance contingency, involve an Attorney at this stage and have a title search conducted. open escrow with an Earnest money deposit- Do not give the seller the deposit, keep it in escrow.

Step 7: Get a contractor to properly walk through, estimate /quote repair costs . If everything checks out: Title, repair, numbers etc

Step 8: Find a buyer..this stage never ends actually, its ok to find a potential buyer from step 1 or even before you go driving for dollars, having an understanding of what a buyer would be interested in helps you know what to look for. There are 2 ways you can close a wholesale deal: You can conduct a Double Close or you can assign the contract.

Hope this helps

@Shuo Jiao, I think there is no site doing this because its all very subjective, whats good to you may not be good to another, it may just be neutral....too many nuances to be able to codify the thought process. You can do it best for you because you know whats good for you.

I hate to be the party pooper here but there is a new normal. Even when Covid dissipates, whats happening is that organizations have discovered the joy of getting work done without those high brick and mortar costs. There are multiple conversations ongoing as we speak where boards are rethinking the work environment. Talent Acquisition folks are thrilled that they can now tap into talent from anywhere as it is no longer bound by location and office spaces. For some, like manufacturing, there may be no new normal, for most, there will be a new normal. I know because I work for one of those new normal orgs, and no, its not a tech company.

Propstream, Skipgenie, Salesforce to keep every single interaction on record

@Paul Mitchell, @Jonathan Greene may have some good wisdom to share with you. 

@Alfred Uda good job on the Deal Analysis Engineering. While you are figuring out your strategy, I would highly recommend that you get to know the market/area you want to invest in. I mean get to know it for real:

Ask yourself- What is the market doing now and how will I position myself based upon that or reposition myself should the scenario change, dig into the Development Trends that affect the value in this market, you would be shocked how this could vary by neighborhood or zipcode, or not. Understand Neighborhoods, Price patterns, Growth patterns. Take a walk around the area, just get a feel to confirm the data and if you desire to invest there and how. 

@Mysonne Johnson, I'm an investor in NY, getting my license because:

I get to dig into the treasure trove called the MLS, having an in-depth look in there beats any property cards being handed down to me by a third party, my analysis is sharper and I can easily pivot without having to go and bother anybody for 25 more different types of searches.

When I have a property to sell, aka post rehab, I save my bottom line an extra 3%, that's not small money considering the cost of inventory in NY.

its a very small price to pay for a serious investor. You have choice of not getting it, but you better have someone on your team who is as invested as you are in your business with MLS access.

Canva, it will help you a lot, they have lots of templates or you can  self design , you can even print..at no more than $25 per month, you can churn out professional grade stuff

@Shuo Jiao, yes, absolutely, the knowledge of the market is quantifiable, you can totally create your criteria and rank them. I have created one such tool for myself, it just helps me decide go/no-go because I know I am prone to analysis paralysis. 

@Nicholas S Bond, to clarify, Private Money Lenders are your network- Friends, Family, dentist etc...I assume you are looking to go to those not in your private network. My newbie two cents which so far seem to be paying off are for you to structure the offer, help them see the opportunity you are presenting- define the Why, The how, Returns, Risks and Risk mitigation etc. I've put it all in a Business packet, feel free to PM for a peek at it. It just helps demystify a lot for the lender, helps build your credibility and its just good professionalism