It’s been a long week in for investing, lots of learning and networking.
I was trolling around on craigslist looking and doing market research, trying to find some wholesalers, and just trying to find what is going on in Modesto. I stumbled upon the Commercial Property! I’m still crunching the numbers, and looking at doing a more involved investigation into the economic of the town, and the area.
Thursday– I had an appointment with a realtor (ETM) in Modesto to talk about the flipping market. He began by vetting me and my experience, and checking to see if I was real investor or a fly-by-night operation expecting to drop into Modesto, snap up courthouse properties and expect huge 100% returns on a flip operation. When I laid out to him my experience and goals, and roadmap we came to a pretty good understanding.
It seems that as a realtor he works pretty intensively with investors. And manages a lot of rehab jobs for ‘investors’. And by investor I mean someone who just funds his flips and pays him a management fee to project manage from the beginning to end. But if his numbers are real and he can bring the properties, then there is some opportunity in Modesto to begin flipping.
Friday– I attended a brand new REI Meetup group in Milipitas, Ca. An agent trying to drive business and get more involved in the investing put together a meeting at his office. I arrived a little late (it’s a long drive from Monterey) and they were halfway around doing introductions. After introductions he gave a little speech on his intentions with the group and what he was planning on doing with it and we launched into networking. The bit I found irritating is for someone who is trying to encourage networking, he kicked everyone out (there was still about half the attendees there). As a host, it’s fantastic that everyone is still networking and talking almost an hour after the ‘meeting’ was over.
The attendees were pretty predictable in their makeup. 3 Realtors, 8 Lookie-lou’s, 1 ‘Wholesaler’, 1 Fortune Builder Wholesaler, 2 Buy and Hold Investors, and 2 Flippers.
Saturday– I tripped up to Oakland to have a Meetup in the Park with the Oakland BP guys. It was a really small turnout, which was fantastic! We sat around and were actually able to drill down into specific strategies and methodologies in how people are operating and being successful. I met a landlord with a 14 page lease! 14 Pages!?! Holy Cow! But she’s been super-succesful in accomplishing her specific needs with her work ethic, and brain power. A vacation-rental owner that is killing it! With awesome stories of times they almost invest, but didn’t quite. A flipper who is out in the same area as the Modesto flips. And of course, the organizer.
After everyone had abandoned us at 7pm we went and grabbed some food and talked for more hours about his upcoming San Francisco Real Estate Summit, and we bounced ideas off of each other talking about different ways to approach the problems that he was going to face. It was good times. Probably the first time in a year that I’ve spent so much time interacting with other investors.
As I continue to analyze the Commercial Property you’ll see the numbers come up here, and see what I am thinking and my thought process on accomplishing a huge (for me at least) undertaking.