All Forum Posts by: Scott Graham

Eggo waffles for dinner 3 nights in a row is acceptable! Whoops!

I find it hilarious that Real estate investors who are starting their business always seem to cut corners and pinch every penny possible. Let's face it, its the nature of the beast - Real Estate is NOT CHEAP! We hear of investors on the BP Podcasts share stories about how they saved extra money when starting out. What funny things have you done in order to get by and get your business off the ground!?

@Nate Wentworth Check out the New England REIA MeetUp in Chelmsford and the Black Diamonds REIA MeetUp in Worcester/Waltham. Great networking opportunities available.

@Ritch Bonisa Thank you for taking the time to read through my post! Please share it with your friends!

Why do you need a team?

I thought all you needed was a pile of cash and the ability to swing a hammer! Thats what they do on TV! Sweat equity! A kitchen costs $12,000 and a bathroom costs $5,000! Right...?? I use to have these fantasies about the industry until I got smacked over the head by a 2x4 and realized that I know nothing!

Before one puts a nail in a stud or even puts an offer in on a property, they need to understand who are the key players in a Real Estate Investing team. Building a team takes over a years worth of time and dedication that is focused on networking with other professionals. The majority of our time over the past 12 months has been dedicated to attending our local REIA MeetUp events. Some weeks we are attending up to 3 events on top of working a full time job. Through these events we have learned that the Real Estate Investing industry is a team oriented business comprised of highly motivated entrepreneurs. Slowly, we have developed rapport with dozens of amazing people who are willing to go out of their way to help us be successful.

Our Rockstar Team includes:

1. Mentors
2. Real Estate Investors Agents
3. Private Money Lenders
4. Contractors
5. Property Managers
6. Attorneys
7. Accountants
8. Insurance Agents
9. Marketing Gurus
10. Design Consultants
11. Structural Engineers
12. Land Surveyors

How do you know when you found the right person for your team?

Are you necessarily looking for the smartest or wealthiest individual? The most liked person in the room? Is it the guy who is beaming every time they walk in a room? Or is it someone who has mastered all aspects of Real Estate Investing? I would argue masters of Real Estate Investing DO NOT EXIST. Those who think they know the answer to everything scare me to death! We want to be surrounded by proactive individuals who understand their own limitations and know which one of their team members to consult with when questions arise. Those who truly understand how to build a successful business know when they need to ask to for help. There is nothing wrong with saying 'I do not know the answer'.

In conclusion, be proactive, put yourself out their, and constantly network with individuals in your local market. We have found that the majority of our success and education has come from the conversations we have had with people at our local REIA. We are truly grateful for all those we have met over the past 12 months and are thrilled to have all of them apart of our team.

@Andrew Johnson would you consider upscale, multifamily vacation rentals? Or strictly SFH that are vacation rentals? Any idea what part of the country?

@Eric Stafford do you specialize as a commercial real estate agent? What types of commercial real estate do you focus on? What part of Massachusetts do you focus in? I am in Middlesex County, which is North of Boston.

@Shiloh Lundahl I love seeing how aggressive your goals . What types of buy/holds are you interested in acquiring? Are they SFH or multi-families? With a 20K profit margin on your flips, how long do you anticipate it will take from acquisition to selling a property?

@Charlie MacPherson your goals and objectives are inspiring - I wish you the best of luck this year. 

My in-laws are actually from Wareham, MA (just outside of Plymouth, MA) and my business partner lives in Medford. If you are interested, we should try to connect in the near future. Send me a PM!

Jay Helms I really appreciate how you are specific with your goals and targets. Laying out your social media goals to grow your online prescience vs your rental property goals is pretty awesome. I can’t wait to check back in part way through the year and see your progress! #10X

What are your companies business goals for 2018? Have you set them? Have you discussed them with your business partner? How will you keep track? 

If you are new to real estate like me, what are your objectives?

My business partner and I officially opened our company and closed on our first duplex right before Thanksgiving of 2017. We have been actively putting in 2-4 offers a month. We understand those numbers are very low but in our defense we got into Real Estate Investing in March of 2017. We spent the first 4 months getting educated and attending networking events before we started making serious offers. 

Now that my partner has become a licensed Realtor, and our network has grown tremendously, our goal is to put in 10 offers a month or 2-3 offers a week. Working full time makes this challenging but its still very achievable. In order to stay on track we are both going to hold each other responsible for accomplishing tasks. Every Sunday night - we lay out a plan for the week. Wednesday's we check in to see if we are on track. Saturdays we review our goals from the past week and review our success's and failures. These conversations last 15 minutes tops. Yes we do work on our business every day but in order to become a professional we believe in putting in 10,000 hours of focused dedication.

What are your goals? Lets make 2018 an awesome year!