All Topics / Overseas Deals / Simple approach and good check list for all investors no matter where you are from..

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  • Profile photo of Alex SCAlex SC
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    @alex-sc
    Join Date: 2011
    Post Count: 585

    Now first let me say I am sure I will have spelling and grammar mistakes but sorry.

    Well this is a 7 step process and I am sure I am missing some things but in general

    This is what I would do when buying properties any where in the world and I was going to get information on them

    and not in any certain order

    1. Would be meeting the team that I am dealing with( which would include lawyers, contractors, any one that they use so you have an idea ) including their office staff and exact roles every one has. Can they do what they say and if they grow can they handle the growth. Is a question I would ask as well
    2. Referrals_ if they are as good as they say they are.Should not be a problem getting referrals. Don't get me wrong I have some investors who love our company and others that hate us.
    3. Goals and a Plan…Why would you enter a financial decision or investment with out a plan. For example one cash flow rental a year with at least 10 % cash on cash return. This is some thing one need to keep in mind. Exit strategies goes along with this. For a company like mine building real estate portfolio's for our clients is easier when they know what they want to achieve.
    4. Seeing the properties personally viewing them. Listen if you going to invest your hard earned money_ this could be your future retirement.I don't want to hear you don't have the time or money.Spend the money to see the properties first then buy.Unless you have some one who is already dealing with the sellers .
    5. Property Management is going to be make or break for any international or local buyer. So make sure the company is strong enough to handle the properties. We shut down our management company and we over saw 120 some thing properties.  Was costing us to much money do understand the amount of money charged in the USA is roughly 10 % of rent. So $1000 dollars equals $100 dollars. The management company will need to have a staff, so quite expensive.
    6. Reserve Funds some thing every one seems to forget . In Real estate a reserve fund for me is $3k to $5k per deal.Things will break and tenants do not pay and will leave in the middle of the night. So if one is prepared and has a reserve fund this usually keeps things on the positive side of the equations.

    Regular inspections and service calls. Now every one will be different I like to have the electrical and Plumbing checked once a year .The Ac  units in the south ( Charlotte NC the weather can be extreme hot and cold) so I get ac serviced right before summer and just before winter. ( about $99 bucks each time) This is what I call being able to sleep at night cost and keep long term cost down by staying on top f your properties.

    Now this is just my simple approach but good start . At the end of the day remember real estate is still an investment. Pick a strategy, don't get greedy , educate your self( don"t just take some one word because they sound like they know what they are saying )Building a real estate portfolio one house at a time can be done but there is work and research to be done as well.

    Alex

    Profile photo of Alex SCAlex SC
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    @alex-sc
    Join Date: 2011
    Post Count: 585

    Lets discuss handy men and Contractors…

    Will jump back later and start this discussion on why and when to use handy men and contractors.

    Profile photo of jayhinrichsjayhinrichs
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    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    well we are on the love you side of the equation :)

    All very good advice

    Profile photo of Alex SCAlex SC
    Participant
    @alex-sc
    Join Date: 2011
    Post Count: 585
    jayhinrichs wrote:
    well we are on the love you side of the equation :) All very good advice

    Met with the big wigs from the main Charlotte meeting they are charging $3k a person – 10 people at a time and giving them 24 hrs worth of know how. Then helping them from A _ Z with the deals and getting 50 % of the profit.

    Needless to say she is coming to office Friday

    Make sure to call me Friday I am in office from 11- 2pm nice days like that

    Profile photo of kylermricekylermrice
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    @kylermrice
    Join Date: 2011
    Post Count: 314

    I have a handyman on staff and a contractor is somebody i use when i'm stretched thin and don't have any other options, lol

    Profile photo of kylermricekylermrice
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    @kylermrice
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    Post Count: 314

    Met with the big wigs from the main Charlotte meeting they are charging $3k a person – 10 people at a time and giving them 24 hrs worth of know how. Then helping them from A _ Z with the deals and getting 50 % of the profit.

    All i can say is WOW

    Profile photo of Alex SCAlex SC
    Participant
    @alex-sc
    Join Date: 2011
    Post Count: 585
    kylermrice wrote:
    I have a handyman on staff and a contractor is somebody i use when i'm stretched thin and don't have any other options, lol

    I use both my self but wanted to when I get a chance and breakdown why we used lic contractors ( Pay more but if something wrong it is warrantied )handy man are exactly that handy Man

    How is Kansas City doing I see a California Group about to do another bus event their.

    Profile photo of Alex SCAlex SC
    Participant
    @alex-sc
    Join Date: 2011
    Post Count: 585
    kylermrice wrote:
    Met with the big wigs from the main Charlotte meeting they are charging $3k a person – 10 people at a time and giving them 24 hrs worth of know how. Then helping them from A _ Z with the deals and getting 50 % of the profit.

    All i can say is WOW

    I told Jay the same thing I nearly fell over going to this meeting and watching people doing this

    But nothing amazes me any more.

    Talk soon

    Profile photo of jayhinrichsjayhinrichs
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    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    Good handyman is worth their weight in Gold

    Profile photo of kylermricekylermrice
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    @kylermrice
    Join Date: 2011
    Post Count: 314

    @ Alex

    Things are good, just wish i had more liquid to buy up every deal i saw, ha!  How are things in the Carolina's?

    Is this the event you are talking about?
    http://www.eventbrite.com/event/3677928784

    @ Jay

    Exactly why i keep the my handyman on staff, your only as good as the people you have working for you.

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