All Forum Posts by: Lucas Machado

Welcome @Samuel Awosolu!

It's already being discussed in a separate forum:

http://www.biggerpockets.com/forums/552/topics/205308-biggerpockets-miami-s-florida-meet-up?page=3#p1441320

@Carlos Rovira - please post on this thread as well once we have a final date, as several of us are probably following this thread for updates.

Sorry for the double post. Forgot to include info for booking the room - you can email them at: [email protected]

@Carlos Rovira I just called Total Wine & More - each location has a good size room for private events. There is NO charge for the room, and there are several locations in South Florida.

welcome!

I'm also interested.

Why would it be different from wholesaling anything else?

As a HML, this is what I like to see in a SOW:

• Make a list of all the improvements you want to make. 
• If you want to group some of the items together, great - put them under a heading that makes sense (ie electrical, concrete work, etc)
• Assign a dollar value to each item or just to entire groups of items.

You and your lender may go back and forth a bit about what is and isn't in the list, how they are grouped, and the dollar amounts - this is normal. 

The purpose of this exercise is:

• To give me an idea of what this project will entail, cost, possible risks, etc.
• Shows me you've done your homework and know what you are talking about. (Or not)
• I only disburse rehab funds for completed work. You compete an item our group that has a dollar amount assigned....You get paid. If it's 99% done, no money. 

So, if you put in the time to make it detailed and thorough, you'll be better prepared, and it'll increase your odds of getting the loan. Also, if you make a terse list, when it comes time for rehab draws, since you didn't add more detail than "rehab kitchen" you have to finish the entire kitchen get paid. If you break out cabinets, countertops, kitchen floor etc, you can get paid for completing smaller pieces of work. This flexibility can be really helpful as various things might get delayed midstream for a myriad of reasons.

At the very least, I think it's worth going to the REIAs to meet the people the frequent them. Yeah, there's a lot of people who will never do deals, and a lot of people who will maybe do a few deals, but there's also a core group of people who do a lot of business. If you can find those people, and you do some business yourself, you can build great relationships that will help your business grow even further. I always try to go to DREIA and BREIA each month, and am starting to check out some other smaller ones as well.

It's definitely possible you can get all the advice you need on this forum...I don't know though, there's something about just being able to send a text or just calling someone to get your answer immediately. Everyone gets something different out of a mentoring program though - they can't really teach you some of the core aspects of getting and doing deals. I think a lot of people will get little value out of it, but that's mostly because they were never destined to do many deals anyway. The people who have what it takes to do deals, will probably succeed, especially when they have knowledgable people in their corner, at which point they will probably also say the program was well worth it.

Another bonus of going to REIAs and meeting people who are really "doing it" - you might develop a relationship where you can call them when you need advice!