All Forum Posts by: Tony Robinson

Thanks, @Edwin Martinez, I actually read Grant's book too. It was good for defining the right mindset around your goals. 

@Sean Ybarra, thanks for the detailed response! 

I'm not full time in real estate yet. I still have a full-time job that I'm balancing. 

But, I'm definitely not spending enough time networking with agents, loan officers, and bankers. So that's something I need to add to my list. 

I haven't added marketing to my daily list of activities, as I've only sent out one direct mail campaign. But I know consistency is key, so I plan on hitting that list again in about 4 weeks. And yes, I'd love to hear any tips you have on reducing costs for marketing! 

I'm specifically looking for distressed properties where the purchase price + rehab is at or below 75% of the ARV.

@Kuba F. Thank you for the detailed response! I was assuming that it’d be an answer like “find someone you can pay”.

Thank you so much for sharing the spreadsheet that you use. I haven’t read that book yet, but just added it to my list.

Thanks again!

Hello Everyone! 

I'm new to real estate entrepreneurship and haven't yet closed on my first deal. But, I'm using direct mail as one of my sources for Deal Flow. My focus is on building my buy and hold portfolio. 

My Situation: I live in CA, but I'm focusing on out of state properties. I sent out about 300 direct mail pieces last week and have received a few calls since. A lead that called yesterday seemed promising, but the owner is stating the house doesn't need much rehab outside of painting the second bathroom (which I need to validate before submitting an offer). 

My Question: Since I live out of state, how do I determine an estimate of the rehab cost for an off-market deal, so I can then decide how much I can actually offer on the property? 

I have a realtor I've been using for properties listed on the MLS, but with this one coming off-market, I'm not sure the seller will want to get an agent involved.

I have a PM, but he said no one on his team has the skillset to really provide a rehab estimate. And I have a contractor who's agreed to work with me, but I've already sent him to one property I was looking at to provide an estimate, but my offer wasn't accepted. So I'm hesitant to keep going back to my contractor for estimates on deals that might not come together. 

How have the rest of you been able to get rehab estimates, on off-market deals, when you live out of state?

Thanks in advance for any help! 

Hello Everyone! 

I'm new to real estate entrepreneurship and haven't closed on my first deal yet. I've submitted a few offers in the past month, but haven't had any accepted yet. 

As I continue down this path, I'm looking for ideas on the daily actions I should take, that will have a direct and positive influence on the achievement of real estate business goal. 

Here's my goal: To have a real estate business that generates $1,000,000 in personal a year, by 2026. 

My strategy is to focus on Buy and Hold investments out of state (I live in Southern California), and wholesale deals I come across that aren't a good fit for my own portfolio. My long term focus is multi-family, but I'm happy to include SFR in my first few deals, as I continue to learn the ropes.

What I've Done So Far: I sent my first batch of direct mail pieces last week (about 300 letters) and have been fielding phone calls. I'll continue using direct mail as my main source to find deals. I'm also looking through the MLS almost daily, to find potential deals there.

I also found a property manager, an agent, a bank willing to lend on properties that don't require a massive amount of rehab, and two possible contractors. 

Here's My Question: What daily activities do you feel, are the ones that are most likely to help me achieve my goal? I've already committed to continuing to send letters on a regular basis. And I'm continuing my education by (a) taking action and submitting offers (b) educating myself as I come across new obstacles. So I'm curious what everyone else is doing out there, that they feel has had a direct and positive influence on the achievement of their real estate business goals. 

Looking forward to hearing everyone's responses! 

Awesome story here! This is a great example of how to find great, off-market deals. 

I was literally coming to the forum to ask the same question about a 6-Unit I found in Louisiana. Looking forward to seeing everyone's response! 

@Kerry Boyle Thanks for the insight! I just spoke with them this morning. But it all sounds too good to be true, so it made me a bit leery.

Is there anyone that's successfully funded a flip through this lender? 

And thanks @Alec Rosario for opening up this thread. I was just about to do the same. Please keep this thread updated if you decide to move forward. 

My biggest concern is that they make me give the $3k deposit, and then siphon it all off through multiple $650 charges, without ever actually funding a deal. 

Thank you all for being so responsive! Much appreciated. 

I just had my first call with an HML this morning. Planning to speak with a few more that lend in my investment area before I make a final choice.

• My first flip is under contract for $45k purchase price, $35K renovation, $145k ARV (Supposed to close on Halloween!)
• I found another property that's listed for $34k with a (conservative) ARV of $100,000 that I want to fix and flip
  • (The property has been sitting for a while, so I'll definitely start with an offer below the asking price) 
• I have not yet identified rehab costs
  • (However, this property is in similar condition and size to my first flip. So somewhere in the ballpark of $30k seems reasonable)
• I don't have the funds necessary to purchase and rehab this second property, so I want to use Hard Money to fund this loan 

I've never used Hard Money before, but below is the 20,000 foot view of the steps I feel I need to take:

• Have my contractor walk the property to offer an estimate of the rehab costs 
• Place an offer through my agent
• Once the property is under contract, leverage my due diligence period to acquire the hard money

Question:

• Would you change anything about the above steps? 
• Is it correct for me to get the property under contract before I have the Hard Money financing approved? 
• What steps should I take to increase the likelihood of the Hard Money lender approving this deal? 

Note: 

• My first flip, and the second one I'm looking to use hard money for are both in Louisiana, and I live in California. Not sure if that changes your answer, but thought I should share!

Thanks!