All Forum Posts by: Paul Bowers

Make sure you do your financial due diligence.  17% expenses with 100% park owned homes seems incredibly low.  I would expect them to be at least double that if not more.

I'm no pro but I did stay at a Holiday Inn Express recently so...

There's plenty of free, low cost alternatives.  Have you done any driving for dollars?  Heck, now days you can drive for dollars virtually on google.  Try reaching out to some of the more experienced wholesalers in your area and offer to go door knock or cold call a list they have and work out a split with them until you can build up some working capital.

For one of my current projects, I just used Home Depot in Victor.  They had all the sizes I needed in stock except for one small odd-sized unit.  They had it custom made to match the others and it was under $200.

Reach out to @Michael Wagner.  He is the storage guy and happens to be local to us.

@Bryan Dennis there's also a group that gets together the second Wednesday of the month at 7:00 at LongShots bar in Farmington

@Nick Rini okay, this thread has gotten off track a bit so let's see if we can get back on track. I'm not sure if you have narrowed down your buying criteria but that could make a big difference. If one investor is calling realtors saying I'm looking for good deals on investment properties but the other is saying I'm looking for 2-4 unit buildings or single families in these three zip codes, I'm looking for turnkey properties or value add properties, I want properties with ROI in the x to x% range, etc... To me if I were an agent this would start to show me that you are educated, focused and serious and would certainly add to your credibility.

Have you been going to any of your local REIA meetings? This is a great resource for meeting agents that understand and specialize in working with investors. Don't be afraid to let them know you're new to the business but you have the ability and desire to close and you are educated and ready to roll (once you actually are).

As far as where to get educated, obviously Bigger Pockets is one of the greatest resources available.  The podcasts are a great source of info as well.  Some people learn really easily by reading and listening, some don't.  If you are better at being taught by others per say, get around other investors and learn from them. Go to REIAs. Trust me if you have money available and are willing to partner with experienced investors so they will teach you, you will be a very popular guy.  I've asked some of the dumbest questions ever when I first started going (actually still do) but the amount of local knowledge you receive can be amazing.  This is a great source of education as well as a chance to be around people doing what you want to do.

@Nick Rini what do you bring to the table that your realtors other investors don't?  Are you a cash buyer with solid proof of funds?  Are you willing or able to close quicker than others?  Willing to pay more than others or make a cleaner offer, ie no inspection?  If you aren't, there is no reason for them to come to you before their other investor clients.  You may want to try a newer agent that is looking for new investor clients and doesn't have other customers that you will have to compete with.  

Personally I think every listed property is a potential deal even if you think they have been picked over. My first flip was a stale REO listing. They were asking $59,900 and had been on the market about 6 months. I offered $28,000. They countered at $54,900. 30 days later they dropped to $54,900 as a listing price. I re-offered $28,000 and they countered at $49,900. We did this for 5 months and I finally bought it at $30,000. At first the realtor wasn't all that excited by my offer but once she realized I was a serious buyer and ready to close she took me much more seriously. She now let's me know about her upcoming REO's before they hit the MLS.

The other options are to reach out to local wholesalers for off market deals or you can start your own marketing efforts.  This will get you the best transaction price if you're buying direct from seller but it can be very costly and time consuming to set up a strong marketing campaign.

Another option, see if you can find a local active investor willing to JV with you. You provide funding they bring the deal to the table and you work out some kind of split.

Keep working, keep grinding, you'll get there

Wow, amazing job. Do you mind sharing how you found and funded the deal?

I highly suggest reaching out to a couple local attorneys/accountants specializing in real estate.  There are some great choices in Rochester.

Are you going to end up owning a percentage of the properties he already has?  If not, I would assume you wouldn't want to co-mingle his solo funds with your join funds.

My roofer gives my ballpark quotes using google earth to measure