All Forum Posts by: Xavier Stanish

Thanks for the responses! I enjoyed that each of you had a different take on it.  @Jim K., I know how that song goes too, the "pretend interest" just to be able to put you on a list, I dislike that practice and always make sure that I am sending something if and only if I have double checked to make sure most of the criteria matches up with notes given. @James Wise, I do know my market (sometimes I have to remind myself that I, in most cases have more knowledge then the buyer)! I think that is a great point because knowing what properties sell and don`t makes you be able to sell anything that comes your way. @Bill Plymouth, I laughed at you mentioning you "get chest pains!" I will continue to pursue answers using more specific questions that ultimately lead to all answers being solved

I make a decent amount of "warm" calls a week where my objective is to determine a potential buyer`s criteria so that I can link them to an ideal deal for them. Seems pretty straight forward! I like to narrow it down; what someone is looking to allocate for their next project, what areas they are currently searching in, how do they calculate their budget/costs and what returns would they like to see. This gives me a great range of details so that I can connect them to their next investment property (no one likes their inbox being blown up by "deals" that are out of their financial capabilities or in a location they know 0 about). This all being said, my least favorite answer to here to those questions is, "Well if it is a good deal and the numbers work, I like it." 

I understand where this is coming from, who would turn down something that is a good deal? What irks me about this response is that it truly does not help me or the client to specifically dive into their criteria. It also leads me to believe, they are not quite sure for what they are looking. When a buyer knows the area they like, it is because they have done their research and understand the pros of that location whatever it might be, an appreciating community, good school district, solid rents etc. When I hear the "if the numbers work" my brain always goes through 100 questions such as, well how are you working your numbers, what are you basing them off of, if the numbers work but it is on a large-scale project is that copacetic?  

Again, as aforementioned, I know the reason for this answer but I wanted to talk to the BP community to see if I am asking the right questions or if this is a response you routinely give, is it because you are just looking for deals and not much as matters? Feel free to tell me that I am looking too much into it as well! Thank you as always for your thoughts

Thank you for the insight @Jared W Smith @Jonroy Connell @Craig Tripp ! I did think that $1000 seemed pretty low...I will definitely make sure I am identifying why it happened in the first place and make a note to evaluate the other steps as well when I am surveying my next property that has this issue.

Recently, I entered into a house with a noticeable lean toward one side. Upon further inspection, (walking down into the basement) it was extremely obvious that half of a floor board had been rotted out. I know that one option for solving this is to sister the joist. I am quite unfamiliar with this process, having never had to do it previously, after visiting a decent amount of websites, I understood how to perform it and usual costs range around 1,000 bucks to do (?). My big question is after sistering it, is the new joist as strong or stronger then the intact ones? Also is this foreshadowing for bigger problems in a house or it is just an isolated incident? I feel like I will continue to run into houses that need this done so the more information I know about it then better. Thanks for your help!

Join Facebook groups for your area. There are always people in those groups willingly to talk and you`ll learn how some people move/ advertise their deals

Yeah basically everyone is telling you the right things. See if sellers will allow you to walk someone through it (acting as a contractor or something along those lines). But definitely follow what Alex said, DO NOT talk numbers in front of the current owners 

It is all about finding those "warm" leads, then you might have a chance getting a real conversation.  My best advice, qualify the person first (see if they are a buyer), qualify yourself (who are you and what makes you good), qualify your business model (how is it going to make you/your client money)

Hey Polly,

There are definitely pros and cons to with multiple realtors vs a single one. On the plus side for sticking with one is that they are going to get to know you top to bottom and have a concrete idea as to what you are looking for. Con is that one person is going to see much less deals and if there is not a good relationship in place then your realtor might not be working as hard for you as you would prefer. Pro for multiple realtors is that you are going to see many more properties come across your desk (which can be a negative as well, it is possible to get over loaded with info and then becomes desensitized to a good deal). 

All that being said there is nothing wrong with working with multiple realtors especially up to the point where you find one you are very comfortable with and trust! Just my 2 cents 

JJ, Congrats on moving forward with it and obtaining your first rental. Seems like you took the necessary steps which is awesome. I always go by the rule of "ask the experts" so good call in getting the termite inspector out there

Hey Walter,

I am complete agreement with what Frank said. Understand your cost of materials (are you going planning on doing a lower grade rehab or is it a project in an area that demands that you use the best materials?) My best advice is to constantly be talking to contractors, even in day to day conversations. They know exactly what labor and materials cost and are usually willingly to talk about it