All Forum Posts by: Joe Aiola

@Angela Schroeder Hey Angela! Welcome to BP!

Rehab numbers are tricky for a newbie. Books and podcasts are a great way to get a general idea, but I've found that they still won't make you feel 100% confident because renovation costs vary based on the market you are in. Hearing what somebody pays in New York isn't going to help you a ton. If I were you, I would be doing a few things:

1. Look at your competition to see the types of finishes they're using. Carpet or hardwood for the floor? Granite or formica countertops? Vinyl or clapboard siding? Once you know what's being used, you could now look up the prices (hardwood floor on Home Depot, for example) to get a rough idea of material costs. You then can call contractors in the area to get a rough quote (ask a flooring contractor how much he would charge to install X sqft of hardwood, for example). You'll now have an idea of  labor costs for flooring, in this example.

2. Talk to investors in the area. They're doing it already! There's nobody better to learn from.

3. To piggy back of number 2, partner with those other investors. Find and bring them a deal and you'll be able to learn so much through one project.

Hope this helps! Best of luck.

@Henry Lazerow Never done direct mail, but everything I read/hear about it says you have to be consistent for it to truly work. You may get a lead in the 16 weeks or you may not, but I think it's important to trust the process if you think it will work in your market.

Best of luck! Let me know how you make out!

@Allan Smith If they're truly good deals but just don't fit your criteria, why wouldn't you just wholesale them to other investors?

@Remington Lyman What didn't you like about it? It was pretty straight forward for me.

@Steve J. If I were you I would worry about minimizing your vacancies. Vacancies kill cash flow. In my opinion, making sure your unit is filled with a quality tenant is more important than the few extra bucks. This doesn't mean to list your property way under market value - it just means to know your market and don't be greedy!

@Abel Curiel great advice!

@James Reschke I used Real Estate Express and did it online. If you're going to take the class online, my recommendation is to be realistic about yourself. Online courses are not for everybody. If you don't get easily distracted and you're passionate about learning, you will be fine. 

Best of luck!

@Caleb Pittman Do you have any experience with building those relationships? Just trying to figure out the right approach (phone call, letter, physically pop in, etc.).

Are you willing to share a few names of the companies that you've built a relationship with?

Thanks for the responses, guys!

@Caleb Pittman when you say build relationships, are you referring to building them with the relocation companies? 

Wouldn't recommend turning off the power, or anything like that. Creating a war could absolutely backfire. The last thing you want is them to be angry and start to damage the house.

Small claims court isn't a bad idea, but who knows how long that process will take with everything going on with the virus.

Tell them that you bought the property with full intentions to flip it, so you can't keep them in there, unfortunately. You understand that it's not easy right now, so you are willing to help them by giving them X to find a new place... It's all about approach and wording. Paying someone to get out sounds way worse than trying to help them with their new place.

Just my opinion, though!
 

@Rebecca Ramos Hey Rebecca! I would recommend to put your photo on your business card. Anything to help the potential client remember you is a plus. Your interaction with the potential client is way more important than the picture, though. Don't think there's a right or wrong answer, but I don't see any downsides to putting the picture on.