All Forum Posts by: Tyler Fontaine

9-11% and that's from private and hard money lenders. Conventional banks will probably struggle with that margin.

You got this. First thing I would say is make sure you insert yourself into that world in your local network. Make sure you meet every wholesaler, flipper, lender (hard$ + private), and start building a list of contractors.

You can definitely save money doing a lot of the work yourself. The benefit to that is the savings, the education you're going to get, and you have more control.

However, my question is what is your time worth? Also, what's your skillset? If you make more money doing other things then it could be worth it to just sub as much as you can so you can bank elsewhere while the project is done. Additionally, is your skills aren't up to par (you will learn a lot) but you will make more errors that can cost you money or time. We found that having a good stable of vendors we can work with will get the project done within budget and timeline while mitigating your day to day hourly efforts at the property. 

After doing a flip in which we did as much work we could ourselves we've found its much more worth it to leave the pros in that field to do their thang and we work from a GC or Coach stand point. We set the play and let them run it. Putting out fires as needed. Plus a good contactor will save you money and provide guidance that will be invaluable for your future as a flipper or investor.

Lastly, tell everyone what you're looking for. What style house, in what areas, and within what scope of work.

I also cannot stress the importance of showing up. Tour as many off markets that you can when you start networking with people who have deals. Run numbers in the property even if you aren't buying it. This keeps your face familiar within the investor community adn they'll take you more serious... and you get better at running numbers through repiition.

Not sure on all the details for your life. That said, obviously you can save it until you get enough capital for another investment. Another good strategy is you can partner with another investor. We work with our peers all the time and use their capital to invest as down payments on flips, rehab costs, and so forth.

Doing your homework on wholesaling might be worth while as well. $15,000 is enough to build out a system, market for a couple months, and then start locking up deals. Then you can have a deal flow in which the first and/or second deal gets your investment back while you are on track to get more of them.

Definitely going to want to reach out to your lender and ask them directly. They should be able to give you guidance on how to proceed with this to bring the loan to a close.

 Im in those areas often. Our team just flipped some houses in attleboro, north attleboro, and new bedford. Id love to connect. Dm me or shoot me a text when ever :)

Hey man, Im in that area all the time. Our team just flipped some properties in attleboro, north attleboro, new bedford, etc. always looking to connect. Dm me or shoot me a text. id love to connect

Find out what he owes on the mortgage. Find out what offer price you can make on it. Then you can put it under contract with an clause that allows you to assign it to someone else. So you can wholesale the deal or at that point get a loan and buy it yourself

You should hit up your local REIA and network with everyone to see who's hiring, who needs help, etc.

I work for the best property management company in my area in my opinion.

This question has books written about it so I can't tell you everything here. That said, the key things you should focus on would be the systems you have, the vendor relationships you have, your ability to vet/secure the right tenants, the companies ability to work with landlords to provide clean/comfortable/safe units for tenants to live in.

The systems around rent collections, late fees, vendor invoices, financial reports, evictions, tenant placement, fulfilling work orders, etc. You should be able to careful articulate how you handle each one of these to the client. This will make your comnpanies life easier and give piece of mind to your clients. 

A good mindset to have is that you are building a partnership with your clients. They can become long term relationships. You dont work for your clients - you work with them. It's not transactional.

Best thing you can do if you can't jump into the game would be the following.

Set a goal as to when you will buy you first property. Should be a multi-family. Pick a date to it by. Pick a geographic area to do it by. Then reach out to a mortgage lender to see what steps you would have to take to get an approval.

The second thing you could do would be to connect with your local Real Estate investors Association. Get into some facebook groups and so forth as well. Start building your network. Tell everyone you meet thats in real estate what your goals are and what you're trying to buy.