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The Herd Academy
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Don't Buy Real Estate
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Jumpstart Masterclass
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5 contributions to Don't Buy Real Estate
May '24 •
Got my first Title list!
I got my first list from my Title Rep! It is all HOA liens and NOD’s. She said she doesn’t have access to water shut off data and there’s a cost associated with divorce data. She offered me a quote. I’ll just start here ☺️. The HOA lien list is pretty long lol.
2 likes • May '24
@Timothy Whitman I get mine sent monthly 😁
1 like • May '24
@Joshua Massieh Depends on the title company. My title will use their skip trace programs for me for free and send me the pre foreclosure monthly just gotta set the network.
May '24 •
Big Goals
Whats up bulls! I'm a licensed agent out of Montana and have two rentals from primary hopping. Last year I closed a little under $4m in volume from 8 retail real estate transactions. For my production goals in 2024 1. I'm shooting to close 40 sides and hit $10m in production. 2. Also do one more primary residence move (My family needs a bigger home) turning current home into rental. 3 3. Add a multi family to the portfolio. 4. I'd like to add 5 agents to my personal team.
2 likes • May '24
Oh fun it’s like a game! Thanks for the info brother! I always love watching everyone post goals and see how they come to reality so another community for that is super exciting!!
May '24 •
Rough Week!
Rough week here on the home front. We have lots of roller coasters in life that pop up! Keep getting through the valleys and the peaks will be there. Goal this weekend is to get a new contract but also not do anything! Who is up for a day off?
2 likes • May '24
Weeks like this only stretch our capacity. The paradox of success it the fact the road never truly gets easier, you get stronger, wiser, and patient, but you still have to climb, you still have to problem solve, you still have to be "Response Able".
1 like • May '24
@Timothy Whitman haha 😂😂 yea I had it for the original Xbox 360 and would probably be lead gutiar for Led Zeppelin if I played the real guitar as much as I played that stupid game.
May '24 •
Struggles
What are some areas you guys struggle with when it comes to wholesaling or fix and flips? Let me know in the comments so we as a community can help!
6 likes • May '24
Mine would be setting the Standard Operating Procedures for what happens after purchase to sale. What does that process look like, who pays for material, how do I keep contractors on time and the project moving forward without it taking away from my production business. That's the only reason I havent pulled the trigger is I would end up doing more work than I want to because I know I can do better work than most of the contractors in a shorter time frame...
May '24 •
I fail so you can not fail
Situation: - Bought a house for $670,000 back in September 2023 - Expected to sell it for $1,000,000 based on rates and comparables - Had tenants who didn't pay rent and took 5 months to evict. - Housing market changed, and now homes are not selling well. - We have 4 investors involved in this project (First time) - Currently listed the house at $950,000 no traffic - We've spent a total of $921,000 on this house (Eviction and foundation repairs popped up) Possible Plans: 1. Cash Out Refinance: 2. Keep and Rent: 3. Reduce Price: Goal: - Wanted to sell for $1,000,000 to make a profit. - Now need to find the best way to handle the situation without big losses. What questions do you guys have with the information above? How should we proceed forward? If we cash out refinance, all investors gain their equity back but lose owner ship. If we keep and rent, all money is tied up and they share with monthly losses and gains.
2 likes • May '24
What are the holding costs on this project and what was the expected return for each of the 4 investors? Would it be a possibility to rent the property and use any extra money to pay down principal on the property increasing investor equity over time? As market shifts and equity increases you have a better cash out opportunity. Is there an opportunity to roll this bad boy over? Say do a 1031 sale and roll the capital and tax savings into another project with more breathing room, maybe tax incentives fill the gap in expected return?
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