All Forum Posts by: Liran Afergan

@David Shiling

There are many.

I'll give you the biggest mistakes that I've got burned from financially & mentally because I'm a person who gets really mad when I'm being cheated.

1. Don't trust contractors and don't pay them a penny up front , until you build some sort of a relationship with the contractor.

Always be ahead of the contractor with the amount of work that he put vs the amount of money you've paid him.

2. Screen every tenant before you get them into your property. Make them to fill up a rental application (can be done through Zillow Rentals app, make sure that the potential tenants have a stable incomez no debts and credit score above 680.

3. Once you find the right tenants , collect 3 months payments :

First & last month rent

And another month as a security deposit

I know that it's tempting to bring someone in asap to avoid vacancy loss , but believe me, I've rather wait 3 months to occupy my properties with good tenants and not bring anyone in right away.

It will cost you more money, time and energy. Not worth it.

@Liran Afergan

Sorry. Forgot to ask the main question lol.

Do you think that this project can be profitable enough and not too risky?

Hi 👋 to all of my BP fellows,

I'm investing in real estate (LTR buy & hold) for the past 3 years. Currently I own a total of 14 units on my portfolio, that it's average ROI is 24.65%.

I have an upcoming opportunity for a large development, project in a scale that I haven't experienced before , but I do have the entrepreneurship skills and the networking to make this project happen.

I've consulted with a few associates from my network already, but I would also love to hear the BP community people's thoughts and advices. I would appreciate if anyone who dealing or dealt with larger scale projects will advise me on this one.

Now to the facts:

Property type: Church

Property cost: $200k

Development costs: $2.1M

Number of units: 24

Average rent income per unit: $2,000

Estimated total investment costs (including unforseen situations security):

$2.8M

Estimated annual total income:

$576,000

Estimated annual expenses + vacancy loss:

$176,000

Estimated net annual income:

$400,000

Estimated net ROI:

14.28%

Estimated time to end project:

2 years

***The Property is located on a prime location in WB, PA***

There are different sources of funding that I'll have to use for this project, which I guess it'll have to be a cash investor funding combined with banks / lenders money, so obviously I wont be a 100% shareholder.

I will appreciate your thoughts , I know it's a long post thank you for taking the time to read & answer.

Liran

@Jerryll Noorden

Okay, you got me.

I can and willing to make the time for it. But, what am I doing with this time ? I mean practically, where do I start ? What actions I should take?

I don't know anything about SEO, I'm willing to learn but how am I gonna do it and where do I start ?

I'm tired of all of these BS'ers from Facebook and YouTube that sending you a link to a webinar and just teasing you for an hour and a half, this is a complete waste of time.

On the other hand I'm willing to do whatever it takes to get these off market good deals, but I do need a guidance on at least where to start.

Hard work never scared me, so if you can guide me through on at least what do I need to do to initiate these leads generating process or any others suggestions you may have , that will be very helpful.

Thanks

@Mike Cumbie

Thanks Mike

@Jerryll Noorden

Thank you Jerryll

I would love to do that but seems like I will need to put a lot of time into this method, which isn't have.

If you can find these deals for me we can connect and work it up together. Let me know if you're interested.

@Nathan G.

Thank you Nathan. I'll definitely try to connect with some other investors.

@Bob Okenwa

Thank you Bob.

Seems like the best way is really to advertise and send letter to the mailbox.

Btw, if I want to reach out to these wholesalers how can I find them ?

Hello BP fellows,

Does anyone knows what is the best source to find the off market deals ?

MLS competition is impossible and I'm waiting with cash for several months and can't find a good deal because apparently people from all industries got into the RE business and they are overpaying on properties so it made the competition impossible.

I will appreciate if you guys can share with me different ways to find off market deals that are not accessible to the main stream of investors.

Thanks

Liran

Hello all,

In the past few months I'm having a hard time to find some good deals on the MLS or any REO and Fannie Mae properties , and specially now when we are in a recession, there must be some good deals out there but I'm sure that I will NOT find them on the MLS.

In order to get access to off market deals, would you recommend to use Robogateway OR CI PiN V4?

Or there are any other ways to find these good off market deals ?

Thanks in advance