We had an interesting meeting last Friday, July 8, 2016 covering: What everyone has been working on? What they need? and some suggestions from other folks to help! 9 – 15 Partners and Power Team and the upcoming Ultimate partnership 8.
Mike, Richard, Steve, Rosemary, Mark, Andy, Larry, Alberto, Kathy, Princessa, John and Jay all contributed. I started with the projects I’ve got going and how they’re proceeding – finish siding a 3-decker, Kitchen and Bathroom upgrades, Boiler conversion and cleanouts.
Richard’s got a RE Brokerage in Andover and he’s been doing some commercial Real Estate, Steve’s a GC and working mostly on his own properties. Rosemary as an Agent is helping Richard expand his business. I suggested they try to reach out to potential Clients with the RealeFlow software we’ve been testing, only $7/month for the first three months,
As Real Estate Investors I believe you should, at the very least, try this state of the art software!
Mark is buying a building he finally found, $7.3M for a 49 unit apartment building. Andy found a 7 CAP 8 unit off market, optioned the building beside it and is looking for the 3rd building which will give him the whole block in this hot neighborhood. I asked him for his EXIT strategy, Upgrade the units, Upgrade Tenants, Condo it??? No, he’s only going to sell the whole block to a developer that will build a huge complex using the entire block;-) Larry is tech savvy and doesn’t want to leave his screen, Alberto’s the same way and working some leads from ListSource. I reiterated that any agreement you must GET IT IN WRITING at the time you make that agreement… (as my father said “…otherwise it’s not worth the paper it’s not written on”;-). Next you need to have multiple tools in your toolbelt. It’s too tough to be a one-hit-wonder. If you’re looking to buy/wholesale/flip and your Seller says “not interested” ask if they’d like you or your friend (Mike) who’s a Broker to maybe list it For Sale, or is there any work they need to have done, your friend (Steve the GC) can meet with them. That’s 3 shot’s you just took instead of one.
Richard also suggested that if you’re looking for lists, maybe a single owner for the last 25-30 years would probably be a good candidate. Also be careful if a house has been sold 3-4 times in the past 5-10 years, probably an incurable problem i.e. locate on a main street? next to a transfer station?
Kathy is driving for dollars. Princessa has done most of it Buy-Fixup-Sell, Wholesaled, Flipped, Contracted but not recently so since she’s recently retired and living in Wellesly she wants to partner with someone. John can’t believe that lately he’s lent out so much private money on great deals. Jay, of Cloverdale fame, has four projects going and woke up at three AM when he remembered something;-) Jay is also looking for pavers to do a circular driveway.
Some good networking however the meeting was for Partnering. I’ve estimated that you’ll need between 9 and 15 “Partners” (or folks you Contract for Services) to Buy, Fix-up, Sell/Rent for a Profit.
- You or someone that can orchestrate the entire Deal.
- Someone to Find a property that fits your needs.
- Guide for your Offers, Counter and Acceptance.
- Financing specialist.
- Closing Attorney (Title Company).
- Home inspector.
- General Contractor.
- Plumber, Heating specialist.
- Closing Attorney.
Before you tell me you already know the people that can do this, let me ask if they’d return your call today if you had a hot/killer deal and you needed help with an estimate?
Point one – When you’re up to your Butt in alligators, that’s not the time to drain the swamp.
Two – Can you list those service providers beside the list of 15 Partners/Service Providers above?
Three – Can you list a backup to all those service providers/contractors/partners? It may be a good time to go through now? or at the beginning of our next meeting Tuesday, July 26, 2016 6:30-9pm featuring Dave Lindahl on Multi Units!
Incidentally yesterday 7/10 at 6:36am Dave had an interesting email on It’s not what you know it’s who you know! which ties in with our Movers and Shakers theme of Friday 7/8.
Good to see you guys and I’m looking forward to July 26 MultiFamily properties! Mike Hurney
PS If you’re looking for any of those Partners/Service providers our website MassRealEstate.net is searchable by members for other members with those qualifications. If not I know a few of the members and I’m glad to give referrals (and I’m expecting your feedback also!).