All Forum Posts by: Olga Fomenko

Originally posted by @Wendell Raboteau:

I am just starting and am looking for a good REI. What are the fees associated with Captial City REIA?

There is no fee to come to Capital City REIA monthly meeting. We just had an amazing holiday celebration with food, drinks and bunch of gifts - that was free. Look up Capital City Reia on meetup

How many units you are trying to manage? Is it too many for u to handle? If so you would be better off with a professional property management company, who knows local laws and can react quickly on issues like late payments. If it's just a few units and you don't want to spend money on PM company, doesn't sound like there is enough work for anyone. Call/email or text people with all those options and let them know how to contact u if they have questions. If it's just a few units, I'm sure you should be fine with a couple calls. My partner manages 400 units and communicates with every renter via text, but that's her preferences...

@Deonte Singleton I would never recommend hiring a VA first and then figuring out what tasks to give him/her. It's a road to nowhere.

I've been working with VAs for 6 years and helped a few people to automate their business using outsourcing. And the very first task I ask my clients to do is to write a list of all the tasks they are dealing with on a daily bases and really take time to write that list, perhaps the entire list. Then you work with that list figuring out what needs to be done by you personally and what can go to assistants - local and virtual. Because even though we all heard of wholesaling, in reality there are different ways people get their leads depending on their budget and resources so your marketing strategies may be very different from a wholesalers that I work with, who get houses directly from banks. 

Most people won't even do that and that is why most people are not successful with outsourcing. If you do this task and will want to know the next steps, let me know. I'll be happy to share what I know ;)

Hi Josh,

Save your current loan option and go to naca.com and sign up for their workshop in your area. I won't say much, because you have to explore for yourself but basically they partnered up with citi bank and BOA and your can get sweet terms with them like no money down and interest rate below government's. You can buy up to 4 units thru this program and owner occupy one and rent others. 

I believe its an amazing way to start and acquire your 1st investment property/ multi unit. They will also provide you with a contact of a realtor that is trained to work with their program and u will have help finding those opportunities. 

But even if there aren't many multi units on the market, you can still put your wholesaler hat on and go order a list of multi units owners and mail to them asking if they would consider a sale. 

Try finding off-market properties! And take time doing that, allow 6 month and a few consistent touches. 

Naca will also fund rehab if it's a fixer upper. But the program is NOT for investors and only qualifies for a personal residence. So make sure to learn about it before you acquire another home. 

Good luck and congratulations on taking action so early in your life! 

Do u have their phone numbers on that list? Or you are going to look for it?

It is more common to send letters/cards or leave door hangers on those houses but if u do have a number, of course u should try calling and letting these people know that you got their info from public records and want to see, if there is anything you can do to help. 

But first think thru that convo: u are gonna call someone who isnt paying for their mortgage... very delicate situation and u must be very gentle. 

I've called on the off market houses many times. People either say "do not call me" or discuss... so there arent that many out comes.

GOOD LUCK!

If he is licenced and bonded, he should know better and be responsible for his work! 

Here is what I would do

Have him complete the work, pay  for it and never work with him again. Also leave a detailed review for him on Houzz, angies list, bestpick report and where ever else he has a profile. 

Learn from it - in the future you will know what to add to your contract. Its a biz expence and a write off for you, so u can thank your electrician for a valuable lesson. 

Thats  why we need Realtors that inderstand us. They aren't easy to find but they do exist. 

But consider this: have a realtor set up an auto email for u (super easy for them to do) with specific criteria - area, price point and so on. 

Than have someone on your team call the listings u are interested in and speak with LISTING agent. Ask them what kind of offer the seler has received and make yours. I've found agents to be a lot friendlier when u call them and talk to them, ask about the situaltion... if u feel like your offer may be acceppted, have the LISTING agent prepapre the offer. You do not need your agent to do that. 

I'm looking for a realtor to work with in MD who knows the area really well, has experience working with investors and developers, has invested or done rehabs him(her)self and is able to provide with educated feedback, has access to off market properties and can take a good care of my leads that I won't buy and need to refer to an agent. 

If you are that person or know someone who fits this description, please let me know.

Thnx in advance!

@Charlene Garrison when people say the buzzword "automation" they automatically assume an easy process to make steady income. Having spent last 5 years building my own business and automating parts of it and helping other people to do the same, I can tell you for sure just "business automation" doesn't even exist as a term that can be defined... And your question "how long after I automate before I make steady income" makes no sense, especially when you don't know which parts of biz to automate. 

There is Marketing campaign automation, lead processing automation, social media posting automation etc so many different parts of the business that can be automated, but there are those - that can't.

And before you hire anyone to help you "automate" you need a very clear processes and standard procedures of your business in place. Don't believe for a minute that someone can come in and set up YOUR business the way YOU want it without YOU putting WORK into this process first!

My mailing campaign automation consists of a calendar and reminders. Nothing gets done until I act on those reminders and reach out to mailing house to let them know what list we are mailing to, what type of mailing piece we are using and when the campaign needs to go out. And I don't want to outsource some things because it's my responsibility to analyze results and make decisions!

My call processing that is done by VA has to be constantly monitored to insure the quality etc.

I've seen too many people trying to hire me to do the automation for them when they didn't have their standard procedures in place and more importantly, haven't identified their buying criteria (besides "I'm looking for wholesale deals" or "I need rehab properties"); business goals, marketing budget and so on.   Every time - it's a failure. No automation can be done until a business has a clear vision, I think. And it's a waste of money to have someone else automate your business before you have done things and know what to ask for from others. Because I can automate your business the way it works for me, but you won't know what to do with it because our buying criteria may be different and I'll set your business in a wrong direction - away from your personal goals. You know what I mean?

If u are the borrower and looking to raise capital, doesnt matter if its from local meetup or from your friends & family - you regulated by SEC and the securities laws . 

There are a few guidelines to follow that i learned from syndication attorney (if u are a Sponsor), but PLEASE, seek advise from a competent Securities Attorney to help u structure your transaction to either

A. Avoid creation of a security

B. Qualify for an exemption

C. Register it as a public offering

You can look up more info about one of exemptions and "Private placement" by reading the reg D, rule 506.

I learned a lot from Gene Trowbridge and Kim Lisa Taylor who specialize in REI, securities law, private placement offerings etc.