Hi Everyone,
I received a lot of positive feedback about the speed networking last night. This is always a fan favorite and something we may consider doing more than once a year.
My biggest takeaway came from Don Rotanz regarding seller financing. My question was how to handle a seller who is unfamiliar and, therefore, uncomfortable with the idea of seller financing? This is something I'm encountering at the moment. He explained keep the numbers simple. Use round numbers such as $2500/month for X number of months.
I met a young guy, Kyle Tucker, who has done 5 seller financed deals already in his young career. Killing it! Gives me motivation to offer that more often.
I talked with another investor (blanking on your name at the moment, sorry!) who completed what I believe was his first deal out in Reading over the past year, sold it, doubled his money, and bought another property with money left over for another one.
Dig volunteer All Star Nadya is getting down and dirty doing a rehab with her own hands right now. She reminds me of me earlier on in my career--although I was not as handy despite doing some work in my rehabs early on--I was afraid to borrow hard money because I didn't have confidence in myself. Once I finally did, I was able to run 3 rehabs at a time versus just one. Nadya, you've done enough rehabs and know enough to take the leap! I have confidence in you.
I learned from Mason a bit about becoming a "Real Estate Professional" in the eyes of the IRS--something I should have understood before and makes me rethink how I've handled my accountants in the past--a week point for me. One of many, I know, Todd!
Shout out to SJREIA President, Mark Vandzura, for making it out again. Sidenote--Philly isn't the only area with some crazy rules. If you have a septic system in his area, every time a tenant changes, you have to get the septic system inspected. I believe this is Gloucester County.
Good to see everyone as always. Looking forward to September!