All Forum Posts by: Rick Stein

Best of luck to you. If you can keep plugging though the set backs and disappointments, you will be in good shape. Most folks quit when they get some resistance. Never quit!

As an agent for 35 yers, I have been asked many times to do a commission-echtomy. The seller says, "if i have toi take less, you need to take less". The answer in the most professional way I can is "No, I don't have to take less. If I cut my commission every time the seller does not get what he wants, especially in a declining market such as we have now, I'd be out of business. Part of the problem is that most agents don't show their value to the seller. 

My partner and I just completed the rehab on this fix and flip. It is also on my Youtube channel: RLSProperties.com

My partner and I just competed this 2 fam value-add rehab. We added about $100K in value. The video explains how we did it.

I am not selling anything so I do not think I need to post this in The Marketplace. I just thought you might find it of interest, This is our 2 family in Florence, NJ. My partner, Adam Kuhl always does an amazing job. Equally as important as the rehab is the financing. We have purchased seven properties within the past 12 months, many using none or very little of our own money. 

Try going on some websites for self-directed IRAs. They often have virtual events where you can pitch a deal.Go to as many networking events as you can. There are tons of money out there looking for a home and will invest if the deal is right.Good luck

Most agents have no clue about investing. You should hire an agent but ask them if they know what NOI and Cap rate is (i,e are they familiar with investing? Have they invested themselves?)If they do not, find another agent.

By purchasing and selling flips I paid off about $200K in debt and raised my FICO score over 100 points. I also purchased some rental properties to add to my monthly cash flow.

Why wait a couple of years? I'd start now if I were you. Also, the less cash you have in a deal the better assuming you are not over leveraging the deal. For example, if you were to buy a property for $100K and it needs $30K in rehab. Let's also assume an ARV of $200K If you could use private money and borrow the entire $30K, your LTV would be only 65%. Naturally you would have some closing costs on the purchase, but you could borrow that too. In that case, your Cash on cash return would be infinate as you would have NO cash in the deal. I closed three properties last week doing exactly that. Naturally the mortgages are recored, etc. The lenders are relatively safe as the LTV is low.

Gain knowledge. You must know the REAL ARV (after repaired value) of the property, You must get an accurate rehab estimate and ask a reasonable price that includes your reasonable assignment fee. I mean no disrespect to you, but there are too many wannbees watching too much TV, giving inaccurate numbers to unsuspecting assignees and screwing ti up for the professionals in the business (i.e. those who know what they are doing.). I am not suggesting that you are unprofessional. But, I am suggesting strongly that you present accurate information to your assignees.