All Forum Posts by: Rob Ferdinand

@Timothy Walsh Welcome to BP! I'm fairly new here myself and it's been an Invaluable resource. I've also been through several books and tons of podcasts here, all have been super helpful. I've learned so much about tons of different strategies. I grew up in Eastie (East Boston) and it's amazing what they've done, I've seen it come a very long way. The triple decker condo-conversion game is very popular there, as in Southie. I live in Winthrop, it sounds like you must run right by my house, funny. Good luck on your journey!

I wish I had seen this before investing in rei rail. It's been a year since these everyone posted these issues, and I'm having the same issues. It doesn't drop land lines, and I'm not confident in their DNC scrub,  I lose 60% of my list based on LL's and DNC's. 

The funny part is I also used Max's rei skip, which also scrubs against DNC. Skipping a list of about 350, I got 7 DNC hits from rei skip. Then rei rail tags a TON of DNC when running campaign. Overall extremely buggy and very frustrating starting over several times. 

What is everyone using these days for RVM & SMS? 
Feedback from the BP community is much more valuable to me than online reviews.

I see Mevelin, above, uses rei reply. I tried that and never actually used it because it seems way over-built and when canceling the rep told me it takes 30-45 days to learn. I'm pretty computer savvy but don't have a month to invest in learning a clunky software.

Thanks guys!

Thanks!

Hey Michael. 

I just went through the same hunt. One lawyer told me to use standardized contracts, and that it would be simple to include a termination clause. Another suggests drafting each contract individually, and that in MA a written offer is essentially the same as a P&S, so most skip the offer and go directly to P&S.

He was not so confident that we could add any exit clauses outside of your typical inspection period. I'm curious to hear what your lawyers have said about that. 

Also, Any deals yet?

Hi Ellie.  I've learned a ton about wholesale deals over the past weeks. DM me and I'd be happy to share some of the best educational resources I've found. It's not clear to me what youd like to do with wholesaling, buying yourself or assigning.

If you're considering acting as the middle-man in a wholesale deal, as the assignor, you want to learn about these 3 areas.

1. Prop/lead gen. (How to source motivated sellers, Marketing strategies and budgets.)

2. Acquisitions (How to reach your sellers, qualify them, DETRMINE ARV, negotiate, secure contracts)

3. Disposition (The legality behind the close, what is the exact legal process. Are you a title or attorney state? How to find cash buyers etc.)

@Adam Sankowski

All valid points. I've been in the construction industry for many years. From swinging a hammer to managing projects of about $500k  a month. The reason I insist on including PM costs is because once I acquire rentals all over (hopefully, right?) I know I am not going to be running around fixing leaky sinks when my time should be spent on  larger income producing tasks.  

When I wrote this original post, what I wasnt calculating was the longer term numbers, what happens between year 2 and 5. Numbers change drastically when considering appreciation and loan paydown, rent increases and a possible refi timeline etc. As well as all the reserves ("expenses") maturing in an account, allowing me at some point to dial them figures down a bit.

Has anyone had any luck buying distressed off market deals in Eastern MA? I've reverse engineered the path to my long term goals and will either be wholesaling properties to investors AND my own flip project(s), or just start with a flip. Pretty sure I'm putting this multi family house hack on ice, for now. Still working it out. 

@Nick Love

For my day job I'm up about 5am. I typically skip brealfast ( I know, its bad) and make an iced coffee before heading out the door. Work starts 6-630am.

After getting the crews out into the field, and all the adhoc morning items, sometimes its 12 noon by the time I look up and take a breath. I'll often work through lunch without eating. An average day is 10-12 hours. Once I'm home, a lot of the time I'll stay up late geeking out on REI, weither videos, books, podcasts etc. After finally eating, of course.

Quarantine has allowed me tons of free time, being out of work. To be honest, I've squandered the first 2 months enjoying my "vacation". Now waking up before 10am is early for me haha.

The past 6 weeks I have been super productive in regard to REI. I've been completely obsessed, consuming content all day long. Watching videos, podcasts, audio books, BP forum etc. I'll find myself awake at 5am watching RE YouTube videos.

I've been able to put together a REI "side hustle", which I think is really cool and interesting. Once I'm successful, I'll post more about it.

That all make sense. 

Thanks!

Thanks, Josue. Since this post I've changed my strategy a bit. The end game is the same, but the path to get there may be trying my hand at wholesaling. 

As you mentioned, it's a numbers game, like anything else. I've received lots of feedback on wholesaling that hasn't been very encouraging. One main point people have been making is that wholesale deals are 1:100. I'm okay with that, so long as I can drum up enough leads ro support the volume of deals I'd need, it's just simple numbers. I've found a lot of great programs and marketing strategies to flip the leads. 

This post has offered a lot of great insight. I'm wondering what everyone's take is on setting up a wholesaling operation? 

I think, in the long term, having a wholesaling "lead machine" finding deals would be my best asset to fuel rehab/flips as well as BRRRR and buy & hold rentals.

Thanks, Brian. Great info. What is the average annual rent increase you use in these models?

Thanks for the reply. Maybe the sellers aren't out there in numbers, I guess I'll find out! If nothing else it will be a great learning experience and I'll pick up skills along the way that I can apply to another aspect of REI.

Thanks