All Forum Posts by: Jonathan Bombaci

Hello, community,

We hope to see you at our Lowell Meetup! 

See you there!

Hello everyone, 

We hope you can join us for the Westborough meetup! 

See you soon! 

Hello everyone,

We hope you can join us for this virtual meetup!

See you! 

Jon

This quarter's Candor Realty meetup focuses on Finding & Funding Deals – the cornerstone of any successful investment strategy.Join us for a packed agenda from 12 PM to 8 PM where you'll learn directly from industry experts:Deal Finding: Andrew Bosco
Due Diligence: David Greco
Funding: Andrew Freed & Zack Gray
Deal Structure: Jon Bombaci
Why Attend?Learn proven strategies to find and secure winning deals.
Build connections with top professionals and fellow investors.
Walk away with the tools to structure and fund your next big investment confidently.Seats are limited so don´t miss out!
Hope to see you there!
Jon Bombacire & The Candor Team

Hey everyone! 

Join us on Tuesday, Feb 25th, at the Craft Food Halls in Waltham. 

See you there!

Hey everyone! 

Hope you’ll join us on Thursday, Feb 20th, at the Backyard Brewery in Manchester, NH. 

See you there!

Hey everyone! 

Hope you’ll join us on Wednesday, Feb 19th, at Bay State Brewery & Tap Room. 

See you there!

Hey everyone! 

Hope you’ll join us on Wednesday, Feb 12th, at Sacred Profane Brewery & Tankpub, 50 Washington St, Biddeford, ME. 

See you there!

@Nick Rivers This might be a bit controversial, but I actually don’t think underwriting is the most important part of "finding deals." A lot of people tend to overcomplicate it. To this day, I still use the BiggerPockets Calculator for everything from 2-4 unit properties all the way up to the 224-unit portfolio we're working on closing this February. For me, the first pass at underwriting is simply about determining if a deal is worth exploring further.

In the current market, I’d say 9 out of 10 deals are dead on arrival. The exercise of underwriting helps you sift through those to find the 1 out of 10 that’s worth taking a closer look at. It shouldn’t take more than five minutes to do an initial underwriting. My advice? Make it a habit—underwrite one deal a day until you get the hang of it.

The tougher part, and I think what you’re really asking, is how to turn solid underwriting into a profitable deal. That’s less about the numbers and more about developing a niche and understanding your product. Once you walk a property, you often have to throw your original underwriting out the window. At that point, you’re building a business plan—something you can take to the bank. That might include things like adding units, converting commercial space to residential, or finding ways to boost income (like adding parking).

The key is recognizing opportunities while walking the property, and that takes experience. The more properties you walk and the more industry conversations you have, the better you’ll get at identifying these opportunities. There’s no shortcut to experience, but you can accelerate your learning by leveraging other people’s experiences.

One of the best ways to do that is by attending meetups. My Team hosts 12+ Free meetups each quarter in Massachusetts, New Hampshire, and Maine, under the name Simplified Real Estate Meetups. That said they’re everywhere in every state. Check out the "Events" tab here on BiggerPockets to find some near you. Talking to people who’ve done deals in your market, both successful and unsuccessful, will give you invaluable insights and help you develop your niche.

I know that’s a broad answer, but hopefully, it gives you a good starting point!

@Scott Trench Challenge accepted! I have a 5-year-old, so here goes:

Wholesaling is like finding toys that other kids don’t want anymore, showing someone else where to get those toys, and then asking for a finder’s fee in gummy bears. Getting a license is like opening your own toy shop. If you don’t have a shop, you can still point people to toys, but you’re not supposed to act like you own the shop or start setting prices for toys you don’t actually have.

Here’s why some wholesalers avoid getting their toy shop license:

1. Dodging Toy Shop Rules
If you run a shop (have a license), you’ve got rules. You have to tell people if a toy is broken, missing pieces, or might explode when played with. Without a shop, you can just say, “Here’s where you can find the toy” and skip the warnings.

2. Skipping Toy Shop School
To open a shop, you need to learn the rules, take a class, pass a test, and even keep learning as new toy trends pop up. Some people don’t want to bother. They’d rather just trade toys on the sly and call it a day.

3. Keeping it Casual
If you only find toys once in a while, you might not want to open a full-on toy shop. You’re just trying to make a few bucks to buy your own toys without committing to being a full-time shopkeeper.

But here’s the thing: Wholesaling without a license is like running around the playground trying to sell toys out of your backpack. Sure, you can make a few quick trades, but the playground monitors (a.k.a. the law) might notice, and you’ll miss out on the bigger opportunities and loyal customers.

So, while skipping the license might seem easier, it’s not the best way to win at the toy game in the long run.

I have this talk with 10-15 people each month at our Free Meetups here in MA, NH, and ME. Everyone wants to be a wholesaler these days and trying to convince them to get a license and do it the right way is like trying to take candy from a 5-year-old. 

Hope this clears it up!