All Forum Posts by: Aaron Pfeffer

Very helpful, thank you!

@Mark Nolan

Are there really that many REOs left in Broward County that aren't swarmed on relentlessly by every other investor in close proximity?  Wholesalers are always a good resource yes, but you'll often find too much of their inventory is hyped and also seen by a long list of other investors.  First thing you want to do is create specific parameters of properties that suit your investment needs (like really focus on those parameters and don't veer), and then work your farm/parameters to the bone with direct mailing and door knocking.  Take meetings with sellers as a potential buyer the same way you would as a realtor trying to get their listing...but this time around make it very clear YOU'RE the buyer and convince them they should sell to you.  Also, yes, attend meet ups.  Always work closely with an investor network and share and listen to your fellow investors.  

@Ladan Ballai

Very impressive!  Here in Los Angeles investors are crushing it on AirBnB, often making three times per month what they would have just leasing something standard.  Of course there has been a crackdown in places like Venice and Santa Monica (the hottest markets for nightly rentals), but creative investors are finding ways to keep this going. You can really automate AirBnB with so many other apps (like cleaning services), that it's just not that time consuming with the turnover any more. Really like what you said about pictures making a big difference too.  In fact, there's a great podcast called HOW I BUILT THIS which had the AirBnB creator on once, and he himself noticed that the site was stagnant until he personally flew to New York and offered to take pictures for people who were listing on his site.  Made all the difference in the world, and that's when everything started taking off.  That whole "it's worth a 1000 words" thing...it ain't just a cute saying.  Congrats and thanks for sharing the story.

Googling "General Partnership Agreement PDF" should get you what you need if you are looking for a boilerplate template to keep things simple.

@Jacob Pischer

I don't know anyone in your neck of the woods, but here in SoCal The Norris Group offers longer term private money for rentals.  So you an look them up and give them a call, as they may then have a Midwest referral for you.  Best of luck!

Cap rates can be geographically narrow, yes.  I like what @ Alex J. posted as a quick synopses of LA cap rates.  There's below the 10 freeway both east and west of the 100 freeway that exists in its own vacuum, and then pretty much everywhere else in LA County is sub 5 cap rate.

I like @Jessica Zolotorofe idea. There are also a number of EMD funding companies you can find on the internet, but most of them are very expensive and rigid to use.

Hi Paula -

If you have anything in this area zoned R2 or R3 I'll absolutely be interested!  Thank you.

And what are the terms of the $607,500 loan? You say 30 Year Fixed but what's the interest rate? Want to know what I'd be behind at 77% CLTV - which I'm just gonna say it...is daunting, even with a solid borrower.

Looking forward to meeting many of you there...