May 2019 Breakfast Meeting Recap
Here are the notes from today's breakfast meeting led by Dave Corsi and Brian Mann.
NJ takes 3-4 years to foreclose.
Find FSBO (For Sale By Owner)
Talk to the decision maker.
Talk to everybody. Talk to neighbors.
Go door knocking.
Get to know the community.
Get to know the community. Find out who the local contractor, local plumber, local electrician, local lawyer, etc.
Having a good title is important.
The most important person for you is your title professional.
Make sure title is insurable and marketable. You need to make sure you know what you're buying and you're getting good title.
Without a good title, you can't sell it whether you buy and hold or flip.
You have to be ready to close quickly. Check if the title is clean.
Dave Corsi uses Title Agency of NJ in Clifton, NJ.
Mortgage Broker vs Banks
Mortgage brokers can provide more finance options to investors than a bank.
Call the number on the For Sale and For Rent signs.
Call the number on the sign. Strike a conversation with owners.
You: I hear you have a sign for sale.
Owner: No, it's for rent.
You: Oh, are you looking for sale at some point?
You: Is it for rent?
Owner: No, it's for sale.
You: Are willing to rent it?
Other questions you can ask:
How long have you had this apartment/house?
Are you interested in doing a long-term lease? (Sandwich lease)
David Tilney does classes on sandwich leases.
See notes from previous breakfast meetings.
Real Estate Educators Worth Looking Into
Cash Flow Depot – Jackie Lange (Make sure you mention that MREIA has referred you.)
Videos Recommended by Brian
Subject to: https://www.youtube.com/watch?v=yTUH38xyFlY
Learn Accounting: https://www.youtube.com/watch?v=ii91oi0OpXM
Estimating Rehab Costs Like a Pro: https://www.youtube.com/watch?v=cHnwnCOe1MY
Watch Property Ladders. It gives more realistic scenarios.
Thank you for attending! We hope to see you again soon.