All Forum Posts by: Jim Lally

@Shawn Thom

The property looks like it's in good shape. Are you using a GC or are you using individual subcontractors? I am on the verge of doing my first flip and think that using a GC is the best approach but if people are having success managing subs then I may rethink that. However the value of using the GC for the first few repair estimates is really helpful in determining an accurate ARV.

Your right about taking action. You'll learn more by actually doing it!

@Jacob A.

Fantastic job! You really transformed the entire property inside and out. I'm curious to know if you had mold issues in the house. Looks like the kitchen area had some water damage.

I really like the hardwood floors and open floor plan. Sorry to hear about the vandalism but that's why we have insurance!

@Derek Turbacuski Your right to a certain degree about the CTREIA meetings. I think there is always a sales pitch about coaching, workshops, etc. The real value in these meeting is building your network. I think this is the most fundamental aspect about achieving success in this business. You can't do it all by yourself. I've met some good contacts at these meetings which is helping me to build my business. Some of the presentations are actually very helpful while others are more about pitching seminars or expensive coaching programs. I basically ignore that stuff and really focus on the relationship aspect of these meetings. You can also pitch your deals at the meetings as well. So don't completely discount the value of REIAs.

Quite frankly between the REIA meetings, BP, books, podcasts and an effective marketing program you should be off and running in no time! For now I would absorb as much knowledge about the business as you possibly can. I would recommend focusing on one aspect only though. Don't try to be a jack of all trades. Think about zeroing in on a particular niche. Whatever that might be. For me it was rehabbing because I get more satisfaction out of that. It takes a little time to figure that out.

@Derek Turbacuski

@Derek Turbacuski

@Derek Turbacuski

@Derek Turbacuski

Jim

@Derek Turbacuski

@Derek Turbacuski

What a series! I knew the Sox would come out on top and at Fenway to boot! Farrell worked his magic with this team. Great job!!

Welcome @Kevin Gerace to BP!

Always good to see more CT folks on this site. I too am searching for a solid rehab project in the New London country area. Your construction and pm skills will definitely serve you well in all aspects of REI.

On a separate note, I am looking to start a meetup group in my area sometime in the near future. Let me know if your interested.

Jim

Thanks for the feedback @Raymond B. This is what I kind of envisioned anyway at least for the time being. Please spread the word about this as well. That's what this is all about after all.

Thanks,

Jim

Great discussion! I find myself in a similar situation to @Elisha Keller . I am looking at several brokerages both local and national. I think the key is to be up front about your investor motives. Some brokers are receptive and some are not. I've found some who will actually fund all your start up costs (one specifically related to my veteran status) for up to 2 years! That's a pretty significant savings to anyone as a new agent.

I think having access to the MLS is really crucial to getting started as an investor. If you don't have direct access you will have to use an agent to get access so why not cut out the middleman! As @Danny Day mentions you will make the initial agent costs back in the first deal or so. I think the pros definitely outweigh the cons with regard to getting your license. Sounds like @Bryan L. has the ideal situation!

@Jennifer Lee Thanks for sharing your experiences! I think your comment about having an edge with investor clients is spot on!

Jim

Hi @Raymond B. , @Geoffrey Murphy and @Karin DiMauro I wanted to get some feedback about what you may be looking to get from the meetup. My initial feeling is something informal where the primary objective is networking and the exchange of ideas. I would not be looking to create anything that resembles a REIA.

I would also like to try generate more interest. Any thoughts about how to proceed assuming everyone is still interested?

Jim

Welcome to BP @Andrew Greaves It's always great to see other veterans on this site. I'm retired navy myself. You will definitely learn quite a bit about all facets of REI here.

I know @Paul Timmins talked about using the HUD 203K rehab program but you may also want to consider a VA loan. You can buy 1-4 unit property units with a VA loan as long as you occupy one of the units. Just another option to consider.

Best of luck!

Jim