All Forum Posts by: Joe Aiola

@Sammie Olson Great questions! As a real estate agent, I think it's critically important to first find out what the client is really looking for. In order to do that, an agent has to ask great questions so that it's clear to both the client and the agent what the goal is. Each client will be different, but in general, agents should be providing a level of comfort & knowledge to the client. They should always put the client's interest first. They should be proactive in helping the client find what they're looking for. They should have connections in the business for the client to leverage to minimize stress. The list goes on!

Not knowing the market, not being responsive, and not having worked with investors are just a few things that would turn me away if I were in your shoes.

Hope this helps! Happy Holidays & Happy New Year!

@Account Closed In my opinion, if you're interested in renovations, then there's no better way to learn than to be on a job site every day. If I were you, I would focus on finding flippers in your area and figuring out how to add value to them. A great first deal would be a partnership with somebody who is experienced so that you can learn and mitigate your risk.

Hope this helps and happy holidays!

@Samarth Patel Hey man! After reading this thread, I think listening to episode 399 of the BiggerPockets Podcast might be useful for you. The entire episode is good, but there's one part that talks specifically about having contractor's come to bid on jobs before the property is under contract.

Hope this helps and happy holidays!

@Wale Lawal Love it, man! Keep up the good work.

@Sumit Sehgal Great question! @Marcus Auerbach hit the nail on the head with his response.

As agents, we should know the market - sale price points, rental numbers, DOM, preferred locations, etc. If your agent does not know this then I would strongly suggest looking for a different one. 

A good agent will also have connections for you - a lender, an inspector, a property manager, contractors, etc. They will make the process less nerve wracking for you if you are a beginner. 

If you are clear on exactly what type of property / return you are looking for, good agents will also be able to send you deals as they hit the MLS or they may even have access to off market deals from time to time.

Hope this helps! Best of luck.

@Brendan VanDalinda great question. As @Andrew Powers mentioned, there are a ton of options. I would recommend looking at your expenses first and seeing where you can save. Most of the time, the two biggest expenses are your housing and your car. Can you get yourself into a cheaper car? Can you decrease your living expenses by renting a place with a few buddies? Definitely can get creative here.

Then you can work your way to minor expenses, such as Netflix or Amazon Prime accounts. Determine what's necessary for you and what is just a liability. 

I'm sure you've heard the saying - "it's not how much you make, but how much you keep." So, once you're saving as much as a you can, then you can focus on making more. 

Hope this helps - best of luck!

@Lee Kiesel If I were in your shoes, I would be doing everything I can to keep (and grow) that 10k in your savings. If you use the 10k in a deal then you're left with no reserves, which wouldn't make me feel comfortable. 

So, as @Kenneth Garrett mentioned, you can BRRRR using OPM and leave your 10k for reserves. Or you can find a partner who can bring the money and you bring the hustle for the deal / rehab. I think this is market dependent though, because 10k in reserves for my market wouldn't make me feel safe if something were to go wrong with the BRRRR.

It's definitely tempting to jump in and get started investing, but that's not always the best option. Sometimes improving yourself financially or educationally is the right move before jumping in.

Hope this helps and best of luck!

@Colby D Hollins Great question. It's always been said that if you find the deal, the money will come. That definitely is true, but I think it makes more sense (and is a little less stressful) to have an idea of where you will be getting the money beforehand. I think a relationship with a lender is important, so if I were in your shoes I would be calling a few lenders to see who I connect with the best and who has the best terms. 

Hard money is different than banks in terms of their pre-qualification process. They look more at the deal and your level of experience most times. 

Best of luck!

@Thomas Mosely I completely agree with @Will Fraser. The feeling you have is normal. I would write down what your fears are of doing a BRRRR deal and then write down possible solutions to eliminate those fears. For example, if one of your fears is not knowing rehab costs, then possible solutions could be: reading books on the topic, spending a few hours a day on Home Depot to get a sense of material costs, calling contractors to get rough estimates for labor costs, etc.

The one thing I would add is to make it a point to find someone who is investing in your area. Drive around and find renovation projects going on - then you can stop in and try to find out who the owner is. The best way to learn would be from someone in your area who is already doing it. 

Best of luck!

@Taira Jackson It's a good idea to keep all financing options open. It's very possible to use private money on one deal, then hard money on another. Like the others have said above, just make sure you shop around. You want to have a relationship with your lender and find someone that you can trust. Referrals are key.

It also helps to add value to the lender so they know you're an important client. Try to refer them business when possible.

Hope this helps... best of luck!