All Forum Posts by: Sam Hager

Originally posted by @Bill S.:

@Sam Hager I think the order you presented them was the same as when I went to the classroom but I can't say for sure. It's been a loooong time.

Thank you for the reply - I think you're right, there isn't really any benefit to jumping from section to section as I might lose the thread of information already covered.

I personally am working on the license to help my aunt and uncle sell their home (Fort Collins area), boost my real estate learning and build additional capital outside of my day job that I can use to invest. 

I see you are an agent in the Denver area - do you specialize in any kind of realty in particular? I would love to hear your take on the state of real estate from an agent's perspective...

Thank you again for the reply!


Originally posted by @Micki M.:

Most of it will be new info without context so the easiest approach is to go through in order. Take the quizzes and the full practice test and then review any sections where you struggled. It's grueling but the faster you get through it the sooner you can pass the test and start learning the stuff you really need to know!

What's your motivation for getting licensed?

Thank you for this awesome reply. Like you I am a bit surprised that more directed branding (in order to gain recognition and build following/credibility) is not prevalent in REI.

I was thinking of doing branding that would provide some context to the type of environment you'll find behind the door of a rental.

For example, I was thinking of doing a TechHaus rental (3-4 bdr) in which I would cater to working professionals in the tech industry - with features such as whiteboard walls, connected home, and work stations. 

The branding in particular would be done in the content that I produced to advertise the open rooms along with physical branding on the outside of each house (ie distinctive color accents and perhaps even an led sign). I would optimize these rentals for month-to-month (and longer) term rentals for professionals moving to the area or for those that want to do a work-live situation for a startup.

I would love to know your thoughts and hear about any examples you know of that take a similar or related approach.

Thanks again for the reply!

- Sam Hager
Julie Marquez

Originally posted by @Julie Marquez:

Interesting subject, and something I think about often. Though I think that old school real estate investors, my dad included, don't think about this "fu-fu" stuff and just go along doing their thing. On the other hand, I love branding and thinking about my company logo and color and typeface, but that's just something that interests me. Many businesses spend so much on family, cool looking marketing, but I have yet to see that in REI. In fact, Investor Carrot websites say that cluttered and busy looking websites gain better traffic in the "I buy houses" world.

On my single family homes, I use all the name address signage. It is minimalist and cool modern looking. I want them to stand out a little bit. Other than that, each house is individual. Thought I'll use all the same standard products throughout, but that's just for simplicity on my part.

What are you thinking of as far as branding?

Hattie,

I cannot say thank you enough for your honest opinion. This is exactly why I have written to the forum, to receive responses such as yours and from those who have also replied. 

It's great to know that at least there is no secret key to listings and that I can be competitive if I put my nose and ear to the ground and do the work required to find unlisted properties. I like to hear that I have a fighting chance.

I will certainly be keeping your advice in mind as I adopt pre-built systems to help increase efficiency with the knowledge that there is no secret sauce.

Thank you for your effort and insight!

All the best,

Sam

Originally posted by @Hattie Dizmond:

@Sam Hager

Speaking from someone who originally got sucked in via a "free" Fortune Builders event and had to get a refund, I will suggest that their list of "lenders" is precisely what Fortune Builders provides, which is really nothing more than a listing of Accredited Investors. As for the "curated" listing of REO's and foreclosures...speaking as someone who spent 20-years in large corporate banking...that list doesn't exist. They say it does, but it doesn't. They have the same information you can buy from a list source. Depending on your state, any list may be suspect. Fortune Builders as well as another software based service said they could get me a listing of pre-foreclosures in Texas. That's interesting, because Texas is a non-judicial foreclosure state. Nothing about foreclosure in Texas is actually public, until the auction notice is posted, and there's no requirement that it be posted far enough in advance to give you a serious opportunity to get anything done.

REI is not a cookie cutter industry. You can't take a cookie cutter approach to it. It isn't McDonalds. There are activities within an REI business that you can take systems, which have been developed by others, and use them to systemize your business. But, your approach to REI, your market, your goals, etc. are just that...yours. You need to figure out what will work for you, within some more general guidelines of mistakes and successes already made and/or achieved by others.

IMHO ;-)

Thank you so much for taking the time to post. I needed this balancing check on what I've heard thus far. Intuitively I believed that personal credit and finances do matter (how could they not after all?), and am glad that you gave it to me straight. I think I will begin spending my time and focus on figuring out how to source a hard to find deal - Good stuff!

Much appreciated,

Sam

Originally posted by @Christopher Brainard:

1) There are literally tens of thousands of lenders out there, all offering various terms and willing to do different deals. I highly doubt they have lenders who are willing to finance a high % of the ARV and don't care about your personal credit. That's just bad business. If you don't have good credit or a favorable personal income, you need to find a good deal. There are many hard money lenders which will evaluate the deal and the deal alone. There are also many investors that would be happy to partner with you and bring the cash, if there is sufficient profit to be made. Based on my experience, getting money is easy, finding the deal is hard.

2) No - you can buy lists of anything separately online from places like Realtytrac. The problem is, this same list is provided to thousands of other investors which are in a better financial position than you are. The best way to find a good deal is to find something off market that isn't on a list. Driving for dollars is time intensive, but is inexpensive and gives you access to properties that aren't on anyone's radar. Listsource can also provide specific lists which meet criteria you designate, but it isn't as inexpensive as driving for dollars.

-Christopher

Thank you for your incredible insight. Your tip on sticking to local lenders is a crucial one as I can only imagine that the fees paid to national lenders for their own risk management can add up very quickly. 

I will be sure to look into the REIAs, as well as the meetups put on by folks in my area. It is easy for a beginner to jump at the first opportunities that come along so I will also bring a healthy skepticism to any deals I encounter and will lean on the knowledge of those in my area that have been there before.

Thank you!

- Sam

Originally posted by @Ann Bellamy:

And to build on Christopher's reply:

1.  The way you find lenders is locally, not typically through online searches of National hard money lenders.  National guys have to rely on appraisals and other people's title companies, and must build in extra fees to compensate for their lack of knowledge of the local market. Attend REIAs and Real Estate meetups in your area and ask around.  You can find lenders local to you on directories such as the Bigger Pockets Hard Money lender directory, but be sure to ask around locally before you commit to them.  Real estate agents are not your best source of information, other real estate investors are.  

It is important to find someone reputable.  The hard money business is full of slick operators, and many times you don't know about fees until you show up at the closing table. Or your actual terms for that matter.  Once you have established a relationship and history with a local lender, your terms can improve.  Go for reputation above price.  

2.  Christopher is right, thousands of other investors are looking at those lists.  The skill of finding the deal is the holy grail of real estate investing.  You can learn or hire fixing it up, you can find money fairly easily, but finding the deal is the gold.  Study the forums on marketing, they will help you with marketing for deals.  

- Sam

Originally posted by @Christopher Brainard:

1) There are literally tens of thousands of lenders out there, all offering various terms and willing to do different deals. I highly doubt they have lenders who are willing to finance a high % of the ARV and don't care about your personal credit. That's just bad business. If you don't have good credit or a favorable personal income, you need to find a good deal. There are many hard money lenders which will evaluate the deal and the deal alone. There are also many investors that would be happy to partner with you and bring the cash, if there is sufficient profit to be made. Based on my experience, getting money is easy, finding the deal is hard.

2) No - you can buy lists of anything separately online from places like Realtytrac. The problem is, this same list is provided to thousands of other investors which are in a better financial position than you are. The best way to find a good deal is to find something off market that isn't on a list. Driving for dollars is time intensive, but is inexpensive and gives you access to properties that aren't on anyone's radar. Listsource can also provide specific lists which meet criteria you designate, but it isn't as inexpensive as driving for dollars.

-Christopher