All Forum Posts by: Account Closed

been away, and looks like the topic stayed on course as you wished! :)

thanks for the full feedback... i agree that you seem to have a nice arrangement/offer from your potential mentor.

after reading your explanation, I can see your point. the subject would have been moot if your potential mentor was an "info huckster" (guru) with only 3-10 deals that could be tracked back to his name/co. :)

however, if found that 1500+ could be connected to him in recent dealings and after sampled deals review, i'd give more confidence points in the subject2 & wrap strategy just by sheer evidence - at least in the context of his/your local market in which you'd be operating in.

at any rate, sounds like you have a nice path to mentorship and re investing opportunity.

much luck to you and your adventures in RE!

Hi David,

As part of your DD w/your potential mentor's company and credentials, have you had the opportunity to review the authenticity of these over 1500 sub2/wrap transactions as well as the circumstances for the 3 that had DOS called? Also, have you had the chance (and permission) to confirm and correlate any of the transactions (if even only to do a sample spot check) with the loan servicing companies that have handled those transactions that have gone on default?

I suspect that these types of claims can easily (and usually) go unchallenged by most when taking a "mentor" up on their offer to provide guidance.

While i'm not privy to the terms of this mentorship, I'd also be curious (if i were in your shoes) what's in it for him that he would spend the time to mentor you. However, if he's offering this mentorship on a 1:M (one to many) ratio to mentees, that would answer part of my question. Short of having a website and billboard or infomercial up to solicit his mentorship services, I'd definitely take into consideration exploring his motivations/benefits/risks from his side of the field. It can sometimes prove to be illuminating having an idea where the other guy is coming from - providing more leads and questions to consider for your DD on him/his company.

So here's the scenario. A friend recently went to inquire about job opportunity w/ a consulting company that is working for her current company. The consulting company is outsourced to do similar work as employees of the company she's currently working in. Over the years, she has made friends w/the consultants.

BACKGROUND AND POSITION
Back to the seeking job opportunity at the consulting company... So my friend inquires and is eagerly greeted by the manager (executive officer), and she is informed that there is a position that they'd like to open up to her. The position is THE "lotto jackpot" of an opportunity - second in command of the consultants who would be reporting to the executives. This position is a highly regarded position in the hierarchy of her industry. Typically, one would need a masters and a few certificates, many, many years of experience, and connections to get into that position. Also, getting into this position would open up many more doors for her into other companies in industry.

THE OFFER
Everything seems great... EXCEPT... THIS promotion/position is an existing position that one of her colleague/associate/"friend" is working! The consulting company had been planning to let this friend (Jane) go for logistic (and performance) reasons. It just hadn't been official since they did not have anyone perfect to replace her - nor have they had the time to address the needed replacement.

MORAL ISSUE OR JUST BUSINESS?
If you were my friend, what would you do? Would you take the offer (a position they were planning on filling and that she just happened upon) or would you pass the lotto type opportunity that hardly ever occurs in her industry? The executives and other consultants know her well and the quality work she does - her reputation precedes her. As far as the consulting co and executives are concerned, it's a golden opportunity that has landed in their lap and are excited she approached them. Also, forgot to mention, my friend had already cleared it w/her boss expressing interest in seeking work w/the consulting company; she was granted approval/blessing.

If she takes the position, would that be a betrayal? If she passes it up, her upside is slim and even after getting more school, degree and alphabets, there's no guarantee she'll have that opportunity. Is this just business and the opportunity should be seized? What do you think? what would you do?

again, how are you covered in the (unlikely?) event of (what you originally mentioned) death, divorce, bankruptcy/foreclosure? the latter 2 of the three seem to be challenging.

HOWEVER, if that's no longer a concern, the above mentioned are certainly clever ways to get in and worth consulting a local RE atty.

Hi Chris Sweeney, thank you for your reply. Yes, I am referring to on market MLS properties. Other ways that investors may come upon a property are through pocket listings, direct mail, auctions, and established relationships.

Before this recent hike in price/demand, where did most of your deals come from and where did you actively seek deals? I'm presuming the majority of investors go primarily to the MLS, or at least keep an eye on prospects there.

So to rephrase the question: When you are actively searching the MLS and you find a property that's a deal, what do you do? do you take the time to visit every property that has potential - even if it's not convenient in schedule or distance?

I was curious what most of you active investors (flippers, buy/holds, wholesaler, etc) do when you're in a competitive market such as what we have now (at least in so cal). Do you ALWAYS visit the property BEFORE putting up an offer? I've met many in the LA market who put up an offer w/inspection contingency. Of course, this implies that they go in with average estimates on rehab w/o truly knowing condition of the property, and then adjust from there - negotiating appropriate credit adjustments from there.

I'm assuming that this may be more the rule than the exception - especially in a competitive market like we're in now. curious if this is common outside of so cal as i'm presuming it is so.

Your input is much appreciated!

thanks!

Hey Will Barnard!

blowing the dust off this one... this is a good post for most to see/add to for comps. I'm curious to know, can you please clarify further, how do you get to know your market? What data points do you take into consideration when driving the comps/neighborhood?

thanks in advance for your feedback!

>>bump<<

I have a question:
so there's comps for properties that agents do... and that gives an estimate for FMV for a home...

How do you effectively determine land value in any given area? Do you have a formula?

Thanks!

what does "following" someone do in this forum?

definitely make use of gov sites to help you provide more insight into areas:

census data
- zipskinny has some interesting stats based on census
- go straight to census site for data
- neighborhoodscout is another resource
- local gov site may have more stats about neighborhood and demographics

school district data
- find out school districts in the area and look up related local gov website for stats
- check out greatschools.com and similar sites

past sold data
- the usual: connect w/a realtor
- review zillow on past solds for your target property profile
- trulia can provide some more insights into areas like zillow does

rental comps
- check rentometer
- craigslist
- local realtor

google maps
- cash for gold sites, payday sites
- affluent supermarkets, restaurants
- public transit

take into consideration how proximity to certain retail biz or transit can be desirable or influences the local area

NY is a cramped place to evaluate neighborhood on just google map factors listed above alone... i know there are various neighborhoods and depending on what block or side of the tracks, values can go up or down. you'll really have to take a look at several factors above together to help give insight on what a market might be like. of course, these are just starting points... what you listed is also something that helps you build out an idea/profile of your target market.

and then, of course, even before all the above data points... the primary question(s):

have you decided how you'd like to invest in RE? flip, buy/hold, wholesale/bird-dog, sfr, 2-4units? 5+, condo/townhouse?

good luck!