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As a Real estate investor, it is super important to PROSPECT EVERYDAY! In order to do this successfully, you must have a system in place to track down leads and reverse prospect, or skip trace leads. As a real estate broker, lender and investor, I use several different tools in my business daily that enable me to do this effectively, efficiently and successfully, no matter what the situation. In this video I explain which tools are best and when you should use each of my top 3 reverse prospecting tools in real estate. Here are the links to each of the the 3.
1. Cole Realty Resource – https://www.colerealtyresource.com/
2. White Pages – https://www.whitepages.com/
3. REI Skip – (good for bulk) – https://reiskip.com/
For Exclusive Home Depot Discounts and offers visit – https://homedepot.sjv.io/O1PQG
If you’re in need of a hard money loan, check out my lending company at – http://BostonRealtyFunding.com
Today we’re hitting the road and I’m taking you with me along with a special guest! In this video I share my process on how we demo a house, make exterior repairs, decide a kitchen layout and how we named this one!
Flipping is a process and it is important to understand what it takes to turn the worst house on the street into the best house in the neighborhood! My wife and I have been at it for years and while it looks easy, there’s a ton of energy thought and work that go into finalizing the finished product. I hope you enjoy this video and learn from what we share. I’ve been in real estate for 15 years and am still learning. As I learn, I will continue to pay it forward by sharing my experiences.
Additionally if you need funding for your next flip visit my lending company website at:
http://BostonRealtyFunding.com
For special discounts at Home Depot Visit: https://homedepot.sjv.io/O1PQG What this video to learn more.
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When you’re a real estate investor, it is important to keep your costs down to and your profits up! In this video I share how you can literally save $1000’s of dollars per year and increase your profitability with one simple step. The key is to understand how to get a contactor discount without being a contractor.
Did you know that anyone can get contractor pricing at home depot? In this video I explain the process. It simple and anyone can do it. All you have to do is go to the bid room. If you spend $1500 or more you automatically qualify for contractor discounts every time you spend $1500 or more. What this video to learn more.
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– Why I purchased this property to flip in this location
– How you can take a three family and turn it into three condos to triple your profit
– What a flip looks like at the beginning stages of the development process
– How to build Wealth by buying a Condo
– See a construction transform over time as the project progresses forward
This particular property is in Dorchester and what makes it especially attractive is the fact that is next to the train station. It is about a 5 to 10 minute walk from the train station which adds a ton of value because professionals or students can easily commute to work of into the city for entertainment and don’t need a car. Millennials want to live, work and play in the same community and if you have easy access to fast public transportation, it is very attractive for prospective buyers.
Developing condos also provides a great opportunity for folks to make a huge profit when they flip a house like this but it also empowers first time home buyers to purchase a condo as opposed to single families in cities like Boston and New York City that do not have a lot of affordable single family homes. In my opinion Condo flips are the fastest way to make millions in real estate and you don’t need to be a cash buyer to do it. You can get started with little to no capital of your own.
It’s the ultimate win-win because you make money and the buyer is able to achieve the American dream of homeownership and build wealth overtime in the process.
In Boston one of the ways investors are able to score a quick return on multifamily homes is by converting them to condos. This strategy will really payoff whether you decide to flip it yourself or wholesale it to another investor. Converting to Condos is when you buy a property and sell each unit separately instead of selling it as a multifamily.
In Cities like Boston or NYC that are very expensive, Condos also create opportunities for first time home buyers to purchase a home at a more affordable price vs purchasing a single family in the city.
If you are going to be flipping houses and are not experienced with the permitting process, the first thing you should do is talk to a licensed contractor and confirm if the work you are looking to do requires a permit. In some cases a minor renovation project that only includes a cleanout, patching walls, painting, tiling, landscaping and changing cabinets will not require a permit. However, if the work you are looking to do does require a permit, here are two questions you need to ask your contractor.
So let’s tackle question 1: What is the difference between a short form permit and a long form permit? A short form permit is usually approved the same day or within 30 days at the most. This is for work that doesn’t require structural changes. A long form permit, is any work that requires structural changes or a change in occupancy (from 2 units to 3 units). You’ll also need to provide plans. Long form permits are usually approved after a 2-3 months or more depending on the town or city.
In regards to question 2, while your contractor doesn’t have to be experienced working n a specific city or town in order to pull a permit there, it will certainly help if your contractor has a relationship with the local building inspectors. As contractors become familiar with building inspectors they build rapport and trust, especially if the inspector knows your contractor does high quality work. This can streamline the process and decrease the time it takes for your permit to be issued.
Another factor that comes into play are town and city ordinances. Many towns and cities have their own ordinances that are separate from the building code and require additional information or permitting. For example, the international building code and residential code do not require a permit to be pulled for a fence under 7 feet. However in in the City of Boston, a city ordinance requires a permit to be pulled for fences under 7 feet due to a city ordinance. Again, this is not a building code requirement, but a City of Boston Requirement. If your contractor doesn’t know this, it can create issues and delays in getting your project completed.
When selecting your contractor you should definitely ensure they a reputable and do quality work. The best way to ensure this is by using a contractor that was referred to you by a trusted source. Once you feel confident you have a a contractor that you can trust. Ask them the above questions about permitting. It will allow you to better plan the job and work together if he/she is not experienced in the jurisdiction so that you can do your research on the town ordinances you both are not aware of. It will save you time and money in the process.
P.S. – If you’re going to be flipping homes for a living, it doesn’t hurt to consider getting your contractors license. You’ll be able to start pulling permits yourself so that you can become more familiar with the process and start to build a rapport with the local inspectors. I am a licensed contractor and I only do my own work, but it saves me a ton of time and money by pulling my own permits and subbing all the work out. Just make sure your subcontractors are insured.
A question I get asked time and time again by first time home buyers, sellers, new flippers and even new agents is, “What’s the difference between assessed value and appraised value?” While many confuse these terms as being synonymous, this couldn’t be further from the truth. While they sometimes reflect the same or similar values of a home, there are times when they are at two opposite ends of the spectrum and here is why.
When it comes to evaluating a property the assessed value represents what your city or town’s assessing department feels your home is worth. This is important because it dictates how much you pay in taxes. The higher the assessed value, the more you pay, the lower the assessed value, the less you pay. Based on this understanding, it’s easy to see why a homeowner would want their assessed value to be lower. The good news is that in a rising market, assessed values tend to lag behind appraised values so you typically pay taxes based on an amount that is less than what your home is worth until it is reassessed. On the flip side when the market declines, you end up paying taxes based on what your home was worth at the top of the market until the next assessment is done. Your home’s value is usually assessed at least once every 12 months. Factors that impact your homes assessed value include market conditions, the sale of your home and improvements you make to your home.
The appraised value is what your home is worth in real time. This value is based on what comparable homes in your area have sold for over the past 6 months. There are two primary ways to learn your homes appraised value. The first is ordering a formal appraisal from a licensed appraiser. This usually cost a few hundred dollars but will provide you a real value of what your home is worth. The second and most common way is to hire a licensed real estate agent. The cost is free and you’ll get a real time accurate value of your home’s worth so you can make an informed decision about selling or holding. Additionally you can check on sites like Zillow but it is not the most accurate estimate because it doesn’t factor updates you may have made that increase your home’s value or other factors such as needed repairs. Lastly, it is important to note that if you are buying or selling a home and a mortgage is involved the sale will be subject to an appraisal paid for the buyer to confirm the sale value is in line with bank appraiser’s valuation. Sometimes these values conflict and it’s up to both parties to work it out and figure out a path forward.
In short, As a buyer, seller or new agent, I encourage you to look at the market value and appraised value totally independent of the assessed value. The two are working with two separate windows of time and data so it’s best to seek the advice of a licensed real estate agent or appraiser if you really want to know your home’s worth.
P.S. This is for all the homeowners out there. One way to keep your assessed value down is to not let them in. If an Assessor ever comes to your house after you close or if you’ve recently done renovations it’s probably in your best financial interest to not to let them in because if you’ve made improvements they are going to increase your assessed value and guess what……your taxes are going to go! You can only play this game for so long, but at least it will buy you some time.
As a young real estate agent or investor, it is important to understand the key to success. In this video I share my top 4 ways to get listings and find real estate deals as follows:
1. Calling the Folks with the deals
2. Door Knocking
3. Sending Letters
4. Auctions
When you’re first starting out in Real Estate, you don’t have a ton of cash to spend on marketing. These 4 strategies don’t require much financially but they call for maximum effort, grit and discipline. If you engage at in these activities at a high level, you will succeed. It you are consistent and commit to out working the competition, nothing will stop you from succeeding. You must have the right mindset! Focus on the process not the results. I hope you enjoy this video and stay tuned for more!
As an experienced real estate entrepreneur, I see a lot of young agents and flippers alike struggling to build their business. In this video, I provide a few quick tips for what new real estate entrepreneurs can do to grow their business and make more money!