All Forum Posts by: Van Blackman

@Paul Gwilliam,

How are you, sir?

I cannot offer the best advice on your current situation, as I've been a licensed broker with MLS access for the last 5 years, BUT I think I may have a slight suggestion to offer that would help your future success:

Get a RE license!

It's not terribly expensive, hard, or time consuming to do so. Once obtained, you can hang your license at a brokerage office and access the MLS for ALL your comps, which is really the best way to determine an ARV.

Hi @Anna Buffkin! Great question!

Honestly, this is ONE of the MANY tough things about our business. Everyone knows that time is important, and sometimes I spend a crazy amount of time sorting through leads that never produce a dime.

But that's okay!

It's all a numbers game, and I'm willing to do the work to find the handful of deals, and/or handful of buyers that actually produce income.

As much as I dislike all the extra work myself, I would never recommend to anyone to get rid of a form of communication, or social media platform because a lot of the leads they've been getting haven't produced money yet. The world is always changing, and will continue to change, forever. We have to adapt, or the next guy will beat us!

I agree with @Matthew Olszak on this one. If you're having trouble with all the incoming leads, try to outsource it as much as possible. I would have missed out on some business had I discarded my Facebook, or LinkedIn account, and now, both of those are steady sources!

Don't give up! And please don't get rid  of your social platforms! You can build a personal brand on those and use them to your advantage. You're NOT too old!

Hope this helps.

Thanks,

Van

Hi @Alexander Chavez!

These are all great questions. 

Regarding the ceiling heights in the basement, I would always refer to the 7ft rule. I'm not 100% sure what the rules are in each village and/or municipality, so you'll need to be sure to dig a little further in whatever neighborhood you're flipping in, but I can tell you right now, that most of the investors I work with will not touch a basement with ceiling heights below 7 feet.

Regarding totaling SF up in a house to maximize your livable space, you should really refer to the tax records on Realist, as I'm almost positive that that's what the appraisers use. That being said, you'll need to be careful. Sometimes a "900 SF" house (on the tax roll) with an unpermitted finished attic will not have that additional space noted on Realist. It's difficult to really tell sometimes, so you may have to rely on doing these measurements yourself.

As with anything, be sure to check with the local villages on requirements and rules before moving forward with anything. That's probably the best advice I can give.

Best,

Van

@Edgar Avila

How are you sir?

My organization has an office in Atlanta and they have a very successful track record there.

I'd be happy to connect you with one of the team members there to assist you if you're interested. 

Message me if so!

Good luck to you!

Best,

Van

@Matthew Sullivan

Glad to see you've connected with Tim!

Aside from Dallas, give Houston a try. There are a lot of deals in that market right now due to Hurricane Harvey and the destruction that it left.

We've been able to help several families move out of their flood houses and get them into the hands of investors looking to rebuild the communities.

Good luck!

-Van

@Paul Quinones

Give Fidelity National Title a try in Oak Lawn. We've closed a couple with them, and they are very investor friendly.

Message me if you'd like their info.

Thanks,

Van

@Jay Thomas

Renovo, Lima One, and Finance of America

@Zachary Ulven, how are you, sir?!

Welcome to BP!

And, awesome, so glad to hear you're well on your way to doing your first projects!

Here's the thing that we're coming across in Chicago, and the surrounding suburbs:

The 70% rule is fine and all, but those deals are getting harder and harder to find right now, simply because there are so many people trying to find the exact same thing that you're (and we're) looking for.

You may want to consider offering on properties at a little higher of a percentage right now, simply to progress your experience and actually do your first few deals. Those will be the hardest ones! But you'll learn SO much. MUCH more than any book or podcast could teach you. Make sure to leave enough equity to make money of course, and budget for unexpected rehab items to make sure you don't lose your shirt on any deal. But please keep in mind one of the golden nuggets of real estate: you don't need to make a killing on EVERY deal you do. Experience is more valuable to a newbie investor than profit (I might get some backlash on that!!). But honestly, if you end up making only $10,000 on your first deal, AND learn A LOT about flipping houses that will help you on the NEXT deal, is that really a failure?

I like where your heads at in terms of the example you provided above: starting small on your first few deals with a rehab budget of 25k(ish) is a great place to start if you've never flipped before. Just don't be scared to up your offers a little bit initially, because it is competitive out there. And FYI, we're sending offers within the 75-80% of the ARV on all of our deals. We do that because we're experienced and know when we can tighten our numbers, which you may not be able to do just yet. But just wanted you to know, 70% is great, but it will be a little harder to find right now in this market.

Also, you may not need another investor to help you fund these houses, but you should definitely still seek relationships with other investors for mentorship and feedback. That will always be KEY!

Of course, if you have any questions for me, please feel free to ask. My office is in Oakbrook Terrace, not terribly far from you! 

Good luck, sir.

Best,

Van

@Maxwell Lee

Have you thought about one of the larger markets in Texas?

Houston, Dallas, Austin, etc. You can get some great cash-flowing deals in those markets and the taxes are low..

Thanks @Frank Serrano!

Let me know when CAREIA's next event is! I'd love to stop by.

Best,

Van