All Forum Posts by: Matthew Teter

Tequa,

I'm curious if you are looking for a triplex or multi family investment have you looked in Camden and Gloucester county? Are you open to areas closer to where you live? 

Alex,

Congratulations on making the decision to house hack so early in your career. There is an agent by the name of Frank Montro in Chicago who works with investors and would be an excellent person to connect with. If I can provide any additional recommendations please let me know. 

Robb makes great and insightful points. What I would add is that becoming a licensed agent depends on what you wish to do with your career. Are you involved in real estate full time? If so the license makes sense because there are two things people love to discuss in real estate, investing and luxury real estate. Real estate investors that are in the business full time make great agents if they truly love the business because they will constantly be discussing their investments and researching properties. Their circle of influence and sphere will utilize them to invest and the license can be used effectively. If you are dual career the license is often a nuisance because the same conversations from people wanting to learn more about what you are doing and attempting to convince you to provide service to them will fragment you ability to invest yourself. If you love real estate and are full time you should get your license, support your friends and family to invest as well, and buy as much real estate as you can. If you are dual career and not in real estate full time you should work with a talented agent and focus on your research, running your numbers, and earning to build your portfolio. Can you do it all, of course you can, however the above break down is what we see work the best for those getting their license and utilizing it for more than simply having their own access.

We are looking for a general contractor with a portfolio of work throughout Philadelphia on full and partial rehabs for our personal flips and for those of our clients. Our preference would be to see active work and completed work. Who should we interview for the opportunity?

Jonathan,

You have some excellent feedback here so far. One area we have helped several clients flip recently is Germantown. We are located in Fishtown and the comments about saturation are true and yet we have three active flips with clients in Fishtown. I think the question is what you want to spend and what returns you are looking for. This is an obvious questions however a small change in buying power or risk tolerance can make a big change in what areas make sense or where the numbers will work throughout the city. The common flip conversation right now is an acquisition below $150K with $50-$70K in rehab work and a gross margin before tax between $25,000 and $35,000. If that is where you are looking to be there are a half dozen markets in the city that can produce that. 

Justin,

Lets set up a time to get together when you get here or to jump on a call in advance of getting here so we can create a plan of action. PM me so we can connect.

Dorian,

To begin this is not a dumb question. Unfortunately, the real estate business is one where most people only see the path to success through full time work. This does not mean that real estate will be part time if you want to be successful which is why we use the term "dual career". That being said, I have helped a 911 dispatcher, bank manager, medical device salesperson, car salesperson, state trooper, and a mailman to name a few build their dual career to more than $4 million+ in closed annual volume. We just assisted one member of our team in doing so over the last four months and are partnering with another currently. It is more challenging, takes more diligence, and a committed action plan as well as a partnership with a brokerage that has a track record of working with agents looking to go from dual career to full time. To answer the question, you should hang your license with a brokerage that understands any true entrepreneur will not stay in one career forever and has a plan of action to assist you in making the transition from behind the desk to real estate. Remember this, those brokerages that said you can only start full time would let you start full time and then go get another job, which does not make a lot os sense. It's not as if they would release you after you started. I suggest starting now with one that can help you now that also has a track record to help agents flourish whether they are new, experienced, building a team, scaling multiple income streams, investing or otherwise. 

Ricardo,

I have a property manager recommendation in Philadelphia that manages our and many of our clients' units. PM me for more details if you are still looking for a resource. 

Zev,

I have an insurance agent in Philadelphia for you. PM me for details if you are still looking. 

@Nina Ricci if you are asking if the deals sometimes allow someone to bring an offer with financing, the answer is yes. Many off market deals will restrict the offer, however some do not. Matt makes a great point above and it is also important to consider that there are varying degrees of what the words "off market mean". In this morning's inbox were ten emails from drip campaigns of wholesalers, agents, and other firms for "off market properties". Yes, those deals are not on the MLS. No those deals are not that exclusive because of the number of people that are viewing them. What is important to think about as well is that running the numbers is always important. It looks like you are well versed in doing so. Some "off market" deals are listed higher than we would list them for retail.