All Forum Posts by: Patrick Wheeler

I have enjoyed working with Endeavor Capital. PM me and I can provide you with the individual to contact there.

@Ann Katherine Hoh For a little while, before I got my license, I had access through a broker I was working for at the time. If I remember correctly, he just set me up as an "admin" of sorts. However, I'm assuming you would need to know a broker personally that might be willing to do the same.

Hope this helps.

@Tony Santos I went through Real Estate Express for the practice exams before my test. Wasn't very expensive if I remember correctly, although I did feel that my specific test was very different than any of the practice exams I took.

@Rob L. Sounds like a good idea to me. I'm in!

@Account Closed Welcome to BP! Do you have a strategy in mind yet that you will pursue?

@Domenic D'Aurora I agree with @Bill F. in that you should look for a property that needs a lot of work. Everything else on the north shore, you're just going to be competing with dozens of other buyers.

I would think of some creative ways to finding a deal, not just looking on sites that everyone is on. Network with every agent you can and tell them what you are looking for.

@Robert Blocker I don't wholesale, but I am flipping houses right now and what I do is just ask my GC to provide the estimate for me. Over time, I will be able to analyze the estimates and really see what things cost, but until then I feel like this is my best option.

Now, I do partner with my GC on the rehabs, so he is heavily incentivised to help me with these. Therefore, I would suggest just paying a GC per estimate, until you are very confident you can come up with an accurate one on your own. I think it is a good big picture way of thinking (your end buyers will take you more seriously in the future if you are very accurate with your numbers). Also, you can just factor in the couple hundred dollars that you paid a GC into your wholesale fee.

Just the way I would do it. Hope this helps. Feel free to ask any additional questions!

@Matthew Cataldo Congrats on saving that much money! You could definitely get a lot out of your reserve investing in Worcester. The answer to a few of your questions could be solved by talking to some property management companies in Worcester. They can tell you from their experience, what neighborhoods are good/bad and how likely you are to get your units rented quickly, as well as an idea of vacancy %'s to factor into your analysis.

As far as a "good deal" you'll likely need to decide that for yourself (10%+ COC return, $200-300/unit cash flow, etc), while you should reach out to some Worcester investors and see what their criteria is.

Lastly, I would suggest not being afraid to get creative and look for off-market deals that may need some work. You'll be able to do a lot more with that 150k if you can implement the BRRR strategy.

Hope this helps. Feel free to ask any additional questions!

@Evan Renaud Welcome to BP! If I were you, I would devote all my time to learning how to find deals. You mentioned flipping being tough right now due to the market, but unfortunately finding cash flowing rentals is even more difficult.

Also, if you're looking to invest capital, you should instead connect with some smaller rehabbers. You can earn much better returns that way, in my opinion. My private lender on my current project should net about 16k in less than six months. Pretty good to me for a passive venture!

@Ashwin N. First thing real quick, I wouldn't overly concern yourself with CAP rates on residential properties. I'm not sure why that seems to be such a big thing right now.

At the end of the day you have to figure out your risk tolerance. Fitchburg is rough..I grew up about 25 mins from there so I know it decently well. You will deal with low income tenants. The city does, however, at least have a college so maybe you look into targeting students. My uncle owns a few properties within close proximity to the college and he does okay.

If you are just looking for a passive turnkey investment, personally, I would look at Worcester. There seems to be some development planned and you will just overall deal with a better tenant class. There is also a few good colleges in the area.

Look for solid neighborhoods, with high renter demand and you won't have to worry all that much about vacancy, especially in our markets. And don't just settle for an average property manager if you go that route.

Hope this helps!