All Forum Posts by: John Lyszczyk

Welcome! Best of luck on your REI journey!

@Carlos Kishek

I am located in SE MI and belong to a strong REIA group. I think it would be good for us to meet up sometime. I'm a licensed agent with laser like focus on investment properties. I covered Macomb, St. Clair, Lapeer and Oakland Counties. I'll send you a connection request and I hope to talk to you soon.

 Hey Matt and Sasha,

I am a real estate agent in the Port Huron (Bluewater) area. I live near Marine City, MI and have been here most of my life. I have helped other real estate investors buy/sell properties in Port Huron, and I would love the opportunity to do the same for you. I will send you a connection request and I hope we can talk soon about your REI goals!

IMO, the inflation we are experiencing is not transitory as some people are claiming. Prices will likely correct from all time highs, but at a macro level, we'll likely never see prices as low as they once were. OSB for example, was $7 (1/2") a sheet 2 years ago and it's $26 now. My point is I don't think we will see $7 OSB ever again, and I think that could be said for all building materials. I am not an expert on steel, but I have to imagine it's experiencing similar increases. I think most developers are asking the same question you are, and with all the volatility around building materials, I would be conservative and wait. Prices should settle back to levels that are more palatable.  

Welcome! BP is a great resource. Best of luck on your future endeavors! 

I am researching property data collection and DM services to implement into my business for finding and contacting Multi-family property owners. I have been manually researching county records for a while now, but wanted to see what the BP community recommends using for this. I REALLY like Reonomy.com and Open Letter Marketing. Are there other similar services? Any feedback would be greatly appreciated!

Thanks for the insight, Arn! I have a good portion of my team built already, so we're in the phase of dialing in numbers using the intel we gather from my team. They have been very helpful in this aspect. Our partners will be vital resources when we go to underwrite our potential deals. My goal is to have built good enough rapport with 10+ brokers so I can schedule breakfast/lunch/dinner appointments on my visit to the market. I'm hoping these efforts will jumpstart deal flow. 

Originally posted by @Arn Cenedella:

I would rephrase and add to  @Matthew Irish-Jones comment.

On 5+ units, the property qualifies for the loan not the individual so it is hard to get a pre-approval prior to finding a property. The loan is based on property NOI not individual income. That being said, I would make connection with commercial loan agents to understand how the loan approval process works for 5+ units and show broker you have a lender ready to go. In addition, commercial lenders are also a good source of leads as well as referrals to property managers and insurance people.

So not only connect with brokers - but connect with property managers, insurance brokers, contractors and closing attorneys.

Get your team out together now so you will be ready when the time comes.

Trust me, if you go on a property tour and bring a known PM with you, the broker will probably already know the PM and it will be additional proof you know what you are doing and can actually bring a deal down. Send property financials to a lender and have them underwrite and analyze the deal - bring that with you - again it will show broker you have a team lined up. And again broker may very well know loan broker or company. If you show up with a debt analysis from CBRE or Lument that will increase respect.

Network and put the entire team in place.

Lean on those professionals to help you get your first deal.

And if you are going after bigger deals, consider partnering with someone who owns two or three other assets in that market area. Will bring credibility to you.

Your 2 cents is worth to me. Relationship building is so important in this business and it's great to learn about the broker's perspective. Thank you for your input! 

Originally posted by @Marc Rice:

Being an agent myself, I personally like to work with clients who are committed to working with me and not just telling me to "send me the grand slam deals when you see them". I'm more likely to send those hot deals to my loyal clients who will work with me on market or off market and are not talking to 10 other agents/brokers in my market. Loyalty for me on the buy and sell side is another important aspect, I'd rather give a deal to a client who is going to list with me if they ever sell also because thats 3% at a higher price point. My 2 cents.

I'm in the building rapport phase, but moving as quickly as possible to book a flight and get some face time. 

Originally posted by @Arn Cenedella:

@John Lyszczyk

Get face to face belly to belly with brokers.

Phone calls won’t do it.

You need to get in those markets physically and demonstrate to the brokers that you will commit the necessary time and effort by actually getting there.