REIunite - Bringing Together Real Estate Pofessionals of New Jersey

Show Notes

-What is expansion development?
-Niche: "Add a levels"
-Key factors to look for
-Grandfathering
-Zoning
-Research and evaluating
-Some advantages vs ground up development
-Important team members (Architect & Engineer)
-Step by step walk through
-Fail small & fail often

Resources:
http://www.dasilvagroupinc.com

Learn & Earn: http://www.dasilvagroupinc.com/education-2/

Show Notes:

-Investing in notes vs investing in real property
-Benefits of note investing (being the bank)
-Why banks will sell notes at a discount
-Nonperforming & Subperforming notes
-Why notes sell at these cheap
-Where to buy notes
-Note "lingo"
-Servicing the note & Serving companies
-Rough costs of Serving per asset
-Borrower management, Attorney Management, Servicer Management
-Pro's of investing in notes
-Con's with investing in notes
-Foreclosure costs

Resources:

http://www.noteconference.com
Webinars every tuesday night at 8pm EST

Free Tools:
-Financial calculator (HP 10bII+ Emulator)
-Arrears Calculator
-Attorney List
-Returns Calculator

Download here: http://eepurl.com/b2h_iv

Show Notes:

Managing Contractors

-Marketing through various channels to find new contractors
-Have them bid against each other
-Sends out sample projects and has the contractor fill out a price sheet
-Master price sheet determines averages for material and labor cost
-Match price sheet up with contractors
-*Always get references*
-Calls up insurance company to see if they have any fraud or anyone hurt on the job
-Also reach out to consumer fairs department (any lawsuits against that contractor, how long they've been licensed, any accidents etc.)
-Newbies: focus on learning the contracting business, the lingo etc.
-Make sure to check progress and keep pressure on
-Quick to fire contractors when encountering certain issues
-Calendar & timeline agreed with the contractors
-Daily reports and visits to property
-Walk through video and detailed photos when milestone is completed
-Payment schedules
-Have contractor setup material list through their supplier - Pay supplier directly
-First Phase - Clean out, emergency repairs, demo. Payment released when completed
-7-13% held back from job for typically 7 days after the C/O
-The C/O will tell you everything and make sure it's turnkey ready
-Contractor must send in lien waiver (signed by all subcontractors and suppliers)
-Have attorney develop contracts for your company (don't use the contractor's)
-Make sure contractor has required insurance policy
-Have your property and company added to their insurance policy
-Modification of blue print is likely when working on various projects
-Contractor can make or break the deal


Staging

-Hire a professional stager to stage all common areas
-Done a 1-1.5 weeks after construction completed
-$2,500-$4,000 for staging
-Always have in contract for contractor to leave job site left broom swept clean
-Photography (costs between $500-$900)
-Always does before and after photos
-Drone video footage included in part of the marketing material
-Find stagers similar to finding contractors also local REIA's
-If stager has a warehouse, visit in warehouse in person
-Obtain price sheets from stager



Resources:

Smith App - http://www.gosmith.com/
Consumer Affairs: http://www.njconsumeraffairs.gov/
Download Eric's Contractor Management documents: http://eepurl.com/b2h_iv

Eric Moeller
http://www.kodahomes.com
[email protected]

For more video podcasts visit http://www.reiunite.com
Also, join the continued discussion for beginner to advanced real estate investing throughout New Jersey on our forums: http://www.reiunite.com/community

Show Notes:

-Challenges with Short Sales (current and past)
-Deed restrictions
-20% cap profit under 90 days
-Entertaining a short sale when seller not behind on payments
-Second lien holders capped at $6k for Fannie Mae and Freddie Mac loans*
-Old techniques of getting around the hold period
-Wholesaling Short Sales
-Release and Termination of Contract
-Re-marketing the property on the MLS
-Right to review the offers
-Homeowner lists the property, Investor review the offers
-"Bad News Good News" Phone call
-Compensation to the investor
-Getting creative
-Your short sale negotiator
-Attorney's and short sales
-Working with Agents
-Explaining the process
-*Quick Off Topic Political Discussion*
-Targeting agents to get started
-Explaining to agents in more detail
-Further attorney discussion

Flip Free Profits available for REIunite listeners. Contact [email protected] for more info


Resources:
*https://ww3.freddiemac.com/loanlookup/
*https://www.knowyouroptions.com/loanlookup

Brian Meara's Investor Entourage
http://www.investorentourage.com/


For more video podcasts visit http://www.reiunite.com
Also, join the continued discussion for beginner to advanced real estate investing throughout New Jersey on our forums: http://www.reiunite.com/community

Show Notes

-Importance of Private Money
-Differences between Hard Money and Private Money
-When to start raising money
-Referrals
-Hypothetical deals (if none are on the table)
-Becoming part of different networks
-Volunteer work, Master mind groups
-Connecting on other levels (not just business)
-Create a platform
-Cultivating relationships
-What to ask money partner prospects
-Handling objections
-Guidelines
-Structuring conversation based on the Investor-"Listen"
-Pooling money
-Paperwork, forms, etc.
-Managing existing relationships (monthly calls & emails)

Resources:

www.joefairless.com

Will Holly is a licensed broker providing investors with turnkey solutions and rebuilding communities

-First purchase apartment conversion
-Creating relationships with the town
-Introduction to town official and creating a plan
-Proven track record to get in the door
-Working with the town to create synergy for flipping homes anad their long term plan for redevelopment areas
-Turn key solutions
-Same process for rehabbing the houses
-Structure of the deals
-Foundation money and long term strategy

Resources and Links:

12 Month Coaching program
http://www.willholly.com ($99/month)

Turnkey Solutions for Investors
http://www.hnps.net

Chris Goodson is a real estate attorney in New Jersey. In this podcast Chris talks about the "do's and don'ts" of wholesaling. 

Show Notes:

-Contract Red flags
-Initial intentions
-Starting with wholesaling (the safe way)
-Parties on the contract
-Practicing real estate without a license
-Clauses NOT to use
-Equity skimming
-Options and Flex Options
-Assignable contracts
-Flex Option Alternatives
-Marketing of the Property under contract
-Earnest money deposit & sweat equity into the deal
-Disclosure for Licensed agents under contract
-Using wholesaling as a vehicle to building your empire (long term wealth)

Highlight Tips:
"[Buyers Name] and or LLC to be formed" should be added to contract
"Contract Vendee" should be specified on your marketing material

Resources:
Chris Goodson
www.njreclub.com (meets the 3rd Weds of every month)
www.goodsonlawoffices.net

References made to Jeff Watson's video regarding Wholesaling Legalites can be found here: http://watsoninvested.com/wholesaling/

For more video podcasts visit http://www.reiunite.com
Also, join the continued discussion for beginner to advanced real estate investing throughout New Jersey on our forums: http://www.reiunite.com/community

Shomail Malik of Strategic Realty Solutions talks about the flipping residential homes in New Jersey.

Show Notes:

-Change in the real estate industry
-The start of raising money
-First money partners (Friends & Family)
-Lead sources
-Screening out prospects
-Run comps
-Verify repairs
-Purchase guidelines
-Compensation for private money lenders
-Teams roles and responsibilities
-Dealing with contractors
-Familiarizing yourself with prices at Home Depot
-Screening contractors (Questionaire)
-Problems with poor contractors
-Payment schedule and sign off documents
-Work flow process from start to finish
-Preparation for selling the home
-Process of selling the home

Resources:
732-800-1955 (direct phone)
http://www.strategicrealtyllc.com

For more video podcasts visit http://www.reiunite.com
Also, join the continued discussion for beginner to advanced real estate investing throughout New Jersey on our forums: http://www.reiunite.com/community

Mario Camino and Dan Rivera talk about expansion development projects for residential properties and commercial development for rebuilding Plainfield, NJ ("Queen City Revival").

Aaron Fragnito talks about commercial real estate investing, apartment buildings, property managers and more.