All Forum Posts by: Robert Orfino

Contractor and Real Estate Agent looking to put together Real Estate Investing team.

If you are interested in joining our team, please consider the following.

We are seeking positive minded folks that can contribute to the team on a consistent basis. We are lifelong learners who like to apply knowledge, set goals, develop a plan, and take action. We plan to surrounding ourselves with like-minded people who want to contribute and succeed.

Current Team Members:

1. Contractor and Project Manager: Husband and Wife owners of a construction company with rehab experience. Have strategies to add value to projects, minimize costs, and deliver on time. Have worked with Fannie, Freddie, Prudential, Wells, and other banks on REO rehabs and 203k loans, have also worked with private real estate investors and of course homeowners.

2. Real Estate Agent: Aggressive agent with short sale connections. Understands ARV and the structures of deals, ready to make up to 100 offers a month or more to begin to fill the pipeline.

3. Legal Council: Have a seasoned lawyer who understands creative real estate deals and focuses on risk mitigation

4. Title Company that works consistently with investors.

Needed Team members:

1) Mentor: Your role is to share knowledge, help guide us and be a part of the deals. Looking for an organic relationship here, we are not looking to hire a real estate/life coach we want a partner and team member. You should be at a point in your life where you are ready to give back to newbies like us and provide those tidbits of knowledge that you wish you had when you started!

2) Fund raiser: Your role is to find a number of funding options for us to rehab or wholesale deals. You should be a passionate individual who has the ability to raise funds for 1-3 projects a month. Some past success would be great but if you are truly passionate about fundraising and feel this is what you want to do in Real Estate then we are happy to have you grow with the team. You are probably not interested in crawling under a home or climbing into an attic, you love the art of the deal!

3) Lead generator: Your role is to find non-MLS leads; develop a bird dog team, work the internet, automated systems, or hit the streets for some more creative ways to find leads. You should have three consistent methods of lead generation that you do on a planned schedule. You should be ready to develop new strategies and adjust you methods as opportunities in one area dwindle and new opportunities develop. You should be ready to contact and follow up with homeowners or other property owners. You have long term vision and understand the numbers game. You are the treasure hunter!

More information…
Hope is not a plan. Our team should be ready to offer support and encouragement to each other, to be aggressive with the number of offers we make, to pass on deals that do not fit our numbers, to become experts in what we do as a team and what we do as individuals. We already know we will be successful and are ready to make this all a reality.

A Plan…
FIRST 30 DAYS WITH OUR TEAM
1. We refine this list and add details.
2. We will sign a partnership agreement with clear understanding or roles, responsibilities, and rewards.
3. We will make 100 offers on properties on the MLS.
4. We will have at least three funding options.
5. We will have 100 leads from outside of the MLS.
6. Meet regularly and share knowledge.
7. From those first offers we will have one real deal to look at.
8. We will stick to our numbers and analyze the deal.

OUR FIRST DEAL
1. Meets our numbers and close in less than 17 days.
2. We will have rehab plan
3. We will begin to market home for resale
4. We will deal with the first unforeseen issue and move past with knowledge gained and a stronger team.
5. We will close on the home quickly after we list it.

THE NEXT THREE DEALS
1. We will be completely freaked out from being in our first deal but equally charged up to find more.
2. We will be able to move faster through our areas of responsibility
3. We will begin to finish each other’s sentences and we have trust in the team.
4. We will begin to refine our systems individually and as a team.
5. We will close three more deals and take away knowledge and
improvement from each of them.

AFTER THAT
1. Some of us will grow and move on.
2. Some of us will take lesser roles
3. Some of us will feel very comfortable with each other and formalize a company that is doing 5 to 10 rehabs a month.
4. We refine our actions, write it down and repeat in another area, maybe Santa Clarita Valley or the west side.
5. We have truly changed our lives in a positive way.

Well thanks for making it this far. If you have any advice on what I might want to do differently or who I might have missed as a team member please let me know.

If you want to meet and talk about joining our team please feel free to contact me.

Be well,

Robert

Thanks for the Welcome!

Carla, your plan sounds like our plan, we like the NE LA area around Pasadena.

Be well!

Wow a lot of great responses I will add my 2 cents as a contractor/consultant who does rehabbing and has worked on ground up construction.

Rehabbing and ground up are two very different approaches. So a couple of scenarios that might work.

1. If the Contractor has done additions for you, event better large additions. Then they are probably not to far away from being able to do a ground up project. That being said I would clearly make a distinction between construction and planning/management.

Find a Construction Manager or Project Manager with this type of experience, they will not be to hard to find in this economy. The will be able to provide the missing knowledge and keep an eye on the project. Expect to pay 3% to 7% of your gross construction cost for that service. Don’t be afraid to work out deadlines for critical path items and incentivize the deal with the CM.

2. If the contractor is more of a carpet, paint, kitchen and bath rehabber then ground up might be a too big of a learning curve to make on your dime. Now if you like the work your rehabber has done for you with; bathrooms, kitchens, flooring and paint simply find a home builder and tell them they will be using your rehabber for a certain amount of the work. Here again try to separate as much of the construction from the project management.

Like with everything else in life have a good plan, work out the details, and trust that the people around you will perform ..and of course verify.

As to the payment question, if you have a CM or PM with this type of experience they will more than likely have an idea of how to deal with a draw schedule. Some states have very clear laws/guidelines on how a contractor gets paid others do not but a deposit and payments scheduled based on specific accomplishments are pretty standard unless the contractor is also your partner on the deal.

Hi All,

Bravo to Bigger Pockets for putting this out there for folks like me who need a place to start.

My wife and I are new to Real Estate Investing but not new to Real Estate. We feel the team approach is the best approach for this point in our lives. Of course like most folks out here we have been pitched and promised but have come to the conclusion that Real Estate Investing is no different then any other venture in our lives.

We have to...
1. Get our minds straight.
2. Gather Knowledge.
3. Get good people around us.
4. Take action.

I consider myself blessed for having the best partner in the world, my wife. Even though she is a READY AIM FIRE person and I am a READY FIRE AIM person, we balance each other out. She has a finance and project manager background and I am a third generation contractor (who promised his dad he would never be a contractor... sorry Dad what did you expect when you would wake me up at 5am to haul shingles and bricks up a ladder at age 14) and first generation entrepreneur.

We are truly looking forward to the constant improvement environment Bigger Pockets has created here.

If you are in LA look us up.... AYCE Sushi yum!