I always like to talk about what I do as an investor and an investment consultant. This week I closed 4 deals. They were all a little different but I wanted to teach a few things I learned.
The first deal had a terrible closing company. They had mi spelled the investors name and had the wrong address's on all the documents. Thank god I previewed all the documents before they get to the client. I informed the closing company of the mistakes and after 3 re writes they finally had something we could sign.
The inspection had also been done and that needed addressed. There were 7 units involved in this deal. I had to work out all the repairs that the buyer wanted done and ask the seller to do them. We agreed on the items that would be fixed.
That deal was close to closing, and we needed to get the repairs done and inspected. The construction crew worked over time to finish that project. The inspection went great and we got the deal closed.
The next one was a duplex that was through the same closing company. Again it was a mess and I had to clean it up. There was a problem with the title on the 12th hour that needed to be corrected before we could close. That deal was done the next day, and we will be starting the rehab this week.
I purchased 2 homes myself and sold one. Those deals had to be closed and get the rehab going. The faster we get them done the more money our client make. So we started on those homes and they will be in budget. They will be done in the time we allotted, to ensure we can rent them quickly.
My wife and I also bought a home to move into in the Cleveland area. That was a whole other set of contracts and dealing with the bank on the paperwork.
Our property management got 3 units rented and we went over the ones that were coming up. Then a marketing plan was set up for all units that were coming open. We do $60,000 a month in gross rent. So keeping up with all the details is very important.
The last thing we had to do is market our business through websites and podcast. We also have to put out new ads weekly to keep everything fresh. We have to call our sources so we know what the new properties are coming on the market. This allows our clients to get the best properties available. Those all have to be uploaded and all numbers must be checked to make sure they meet our guidelines.
This is what it takes to make sure investors make money on each and every deal. This is a full time gig for anyone that is a serious investor. Investing in real estate is all I do, and having contracting, property managers in our company is a must for me and my clients to be completely successful in real estate investment. Brett Young Valley Realty
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