All Forum Posts by: Mike Kehoe

Ideally, you're able to be analytical and move quickly, but that isn't easy if you're new and have never done a transaction. 

To speed up your process, you should create a high-level baseline analysis that will allow you to approve or decline a deal quickly. If your quick analysis supports the deal, you move forward with an offer. If the analysis rejects the deal, you move on to the next. 

For those that you get under contract, use the DD period to do your deeper analysis. Of course, you may lose the DD money if you put any down and/or earnest money in some situations, but I'd rather have a shot at a good deal and lose a small amount than a ton of money doing a bad deal. 

If this doesn't sound like something you're willing to do, and you find yourself eternally stuck in analysis paralysis mode, partner up with one of the quick movers in your area and learn from their process. 

What are the issues you’re running into? What are your strengths and what are your weaknesses?

Welcome! We love the Triad for our own portfolio. Let me know if we can help in any way. 

Neal Bawa's free course on Udemy is a really good place to start. Here's the link: https://www.udemy.com/course/r...

 It’s worth it. We’re still averaging 10 to 15 deals per month and are expanding. 

Pick a marketing method and focus on it. Once you have success and are an expert in one method, pour more resources into it or add another. 

FOLLOW UP AND CONSISTENCY IS KEY. You’re better off lighting your money on fire if you don’t have a system for responding to sellers in a timely manner. 

Drive for dollars with an app like Batch Driven or Deal Machine. 

Subscribe to PropStream and pull recent cash sales in the area. Most of the results should be flippers and buy and hold investors. Skip trace the list and start calling. This is what we did when we started our business. Reach out if you have any questions!

@Kevin Sharkey my background is in payment processing before getting into real estate. Would you consider charging customers that use a credit card a convenience fee? There's out of the box solutions that you can use that would completely eliminate the processing cost for you, but tack it onto your client's invoice. 

If not, there are plenty of other options that are cheaper than what you're currently paying. Since you're taking card not present transactions, your all-in rate (per item plus percentage) should be 2.5% or so. DM me if you have questions. 

@Tony Scarangella my fundamentals and rules have stayed the same, but the locations that I invest in have changed. I live in Chicago and used to invest here, but now invest in North Carolina. 

I find deals that make sense from a cash flow perspective in the tertiary markets of Raleigh/Durham and in Greensboro. 

Raleigh and Durham are appreciation markets and are difficult to cashflow in, but we're still able to through creative acquisitions strategies. We're willing to take on other people's problems in exchange for a discount. For example, we take on squatter/bad tenant issues regularly. The worse the situation is, the deeper the discount we'll require. I cut my teeth in Chicago, where eviction laws are extremely tenant-friendly, so the landlord friendliness of NC makes an eviction or cash for key's situation feel like a walk in the park. 

My advice is if your market no longer works for your fundamentals, find another market that does. Also, get creative and figure out how you can add value to sellers by relieving their stress in exchange for a discount. 

@Alicia Tingey Geddes I'd strongly consider living in Raleigh-Durham, NC, and investing in the great tertiary markets in and around the Research Triangle. The Triangle offers a great quality of life, no matter your hobbies or interests. Personally, I'd choose the Old West Neighborhood of Durham to live in because of its walkability to restaurants and shopping. Durham has great culture and vibrancy. Either way, depending on where you are in the Triangle, you're only about 2.5 hours to the beach and 3-4 hours to the mountains. 

Regarding investing, you can achieve the 1% rule or better and BRRRR with a low barrier entry in cities like Burlington, Mebane, and Greensboro. The Research Triangle and surrounding areas hit most if not all of the markers you look for when underwriting real estate markets.... population growth, income growth, house value growth, crime trends, job growth, business-friendly state, landlord-friendly (some areas are not as friendly as others).

PM me if you have any questions!