All Forum Posts by: Scott Graf

Maggie & Charlie,

Thanks for chiming in. I have seen many others say that too, Charlie, about the early bird. I look forward to the day that my experience and knowledge allow me to recognize a good deal quickly. I'm fighting analysis paralysis! I'm in a situation where I need to look at areas other than where I actually live to find communities suitable for investing. There are many potential areas that fit, but I am not yet intimately familiar with any of them. I need to identify a couple, and then just get down in there and drive, walk, and talk to really get a feel for the market. I'm hoping to use MLS to point me in the right direction so that I am not wasting my time. Thanks again to you guys, and anyone else willing to chime in. Good luck!

Charles, 

That's awesome, thanks for taking the time to help!

Scott

Thanks for the replies from all. So does anyone have ideas or helpful tips on the type of data I should be mining from the MLS and how I can use it to identify investing opportunities or warning signs of areas to avoid? Thanks again for any and all advice.

Nick,

Thanks for the heads up. I wouldn't put my realtor in that kind of position - I may not have described it completely accurately. I have access THROUGH this person, I don't have the login or password. The realtor wants to partner up with me. The realtor is new, and just learning the MLS system. So when I say "allowing me access, I really mean "allowing me to burn up a bunch of their time going through the MLS with me. I don't want to be wasteful of their time, so I'm looking to hone in on the most valuable data for our purposes as new flip investors.

Thanks for looking out,

Scott

Greetings BP Nation,

I have a Realtor friend who is allowing me to access the MLS. I need to find areas to farm. I know I need to look at DOM to see how inventory is moving, and I know I need to try to compare the actual "sold" prices of REOs VS general retail properties so that I can see if there is enough difference for actual profit potential (my plan is to flip). Is there other data I should be mining and evaluating from the MLS. Seems like with all those numbers out there, there should be more ways to use them (like finding useful trends in one are compared to another). How do you, the established investors, use the data from the MLS? Thanks in advance for the help. (It's my understanding that MLS data varies from market to market - I am in NJ if that's helpful).

I am a motivated self starter who would love to contribute to the success of an established investor while learning the ropes myself.  I am an analytical person with experience in nearly all areas of home renovation (from extensive rehabs & additions on my own homes, not as a career).  I was raised in a military family, so I am punctual with a work ethic that is off the chart.  I am more interested in knowledge than money.  I expect to give more than I get, so please contact me if you think we could benefit each other.

Scott Graf

[email protected]

Thanks Daniel.  I am going to be flipping to build some cash reserves.  I have a few private money investors, and I think we can raise enough that way for our first deal (working on finalizing those details now).  The goal is to be successful enough to build the cash reserves, and to be successful enough with our "formula" or "model" to attract more investors.  Obviously, when that comes to fruition, the question at hand becomes less of an issue.  It's getting from doing 1 rehab at a time to doing multiple rehabs simultaneously.  The long term goal is to use the cash from flipping to build a portfolio of rental properties, and minimizing our leverage exposure (i.e. flip profits pay off rental property mortgages as quickly as possible).  I have not really entertained the idea of wholesaling yet.  I understand it's value, but that's not where my focus is now.  Thanks again, and appreciate any and all advice.

So I understand that real estate investing is a numbers game, and that I will have to look at many, many properties to come up with some to make offers on, and that I will have to make many offers before one is accepted.  I also understand, from the great advice I've seen here on BP, that it is important for your reputation to only make offers on properties you intend to buy and have the ability to close on.  So how does a new investor make "many offers" when they really only have the ability to close on one.  What if multiple offers are accepted?  Thanks in advance for any advice.

Lance,

That's great, is that what you do?  I guess my issue is that my iPad is wifi only, so can't log in from anywhere.  Maybe I can turn my phone into a mobile hot-spot, and then connect that way.  Any other advice for doing calculations on the fly?  I see there are some other apps out there, but i'd rather spend the $40 on education (i.e. books, etc).  Thanks again.

I just signed up for pro and download the BP app for my phone.  Is there a mobile version of the property analyzer?