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New York Real Estate Investment Training
Investing in Rochester.
I arrived in Rochester, NY on Sunday, June 14, 2009 to work with 1:1 student, Alfred Burgos, on his real estate investment training and coaching program. I arrived in town and Al picked me up at the airport. While we drove to my hotel, we discussed about the week ahead and what he needed to work on regarding his business. Al and I discussed when to meet and then he dropped me off at my hotel so I could get settled in.
After getting unpacked, I began to work on some items for the week ahead. I pulled up the REIclub.com list of real estate clubs and found two that met every month along with cross referencing them with the Meetup.com list. After doing this, I jumped on Craigslist, posted a few ads to build a buyers and sellers list along with reviewing the real estate postings. I found six listings that looked ideal and forwarded them to myself. This would give us something to review during the first day. After getting some of the planning done, I called it a day and relaxed the rest of the evening by working on some other blogs.
Monday started off with Al picking me up at the hotel and him driving me around Rochester. We were going to be working from Al's tax business and main office, Burgos Tax Service. Al wanted to show me a commercial deal that he had completed just after attending the Paper Power Bootcamp in Atlanta six months earlier. It was a phenomenal deal where he got a road front commercial property, 2 car garage, and a cash flowing, 4 bedroom, 2 bath home that was bringing in over $500 a month rent. We filmed a quick video regarding the deal (below) and then headed back to work.
After reviewing the property, I discussed with Al how he should leave the tenant in place on the 4/2 as long as she wanted to before rehabbing the property. I explained it in rate of return, which Al understood and so we moved on.
I introduced Al to Craigslist and showed him how he could list properties, ads for buyers, properties, and private investors. We posted our "I Need To Buy A House This Week" and ended up getting a hit later in the day off of it along with having several wholesalers contacting me with deals off of the ads we posted today and my previous listings the night before.
We then took some time to get some Web 2.0 items up and running for Al as he had nothing online except his Tax Service Website that didn't show up on Google Searches. I took some time to create a Twitter account. To help him delegate, I had his 12 year old daughter spend some time build Al's following list (which ended up at just short of 950 people by the end of the day with over 230 people choosing to follow him).
We needed to find a couple Meetup groups so I had Al join the online Meetup.com groups that occured in Rochester along with showing him the two meetings on REIclub.com. One was originally scheduled to meet Thursday night, but we soon got an email saying that the meeting was cancelled.
After spending some time looking at the groups, Luis, Al's son, showed up. He echoed my response to get Al online with Facebook, MySpace, Postlets, along with updating his Burgos' Tax Sight. Luis was excited to see that I was bringing his dad into the 21st century and he agreed to help his younger sister build the sites for his dad.
We then spent some time scheduling meetings with team members. We set up four meetings with realtors, one attorney, and a Wednesday night meet and greet with his family and other members of his community. Al came from a large family, so we expected to see around 12 people at the event at Al's office for a question and answer session with me. This would be a great way for him to focus on raising private money along with getting the word out as well.
After spending time focusing on setting up the event, I showed Al and his assistant, Rick, how to find REO deals on HomEq, Bank of America, Wells Fargo, and Chase Bank websites. All in all we found six REO properties in Rochester, so we spent some time calling the listing agents for info on the properties. Along with doing that, we also had Rick pull up information on the six Craigslist properties that I had found Sunday night. Al and Rick liked the idea of finding these deals on a regular basis and we sent out emails to two other REO agents to pull property listings for Al.
I then chose to focus Al on calling Hard Money Lenders lending in New York State by looking at the list on REIclub.com. We identified six lenders, and called them to find out what their lending criteria was along with if they had any defaulted notes or REO's to sell as well. Al liked the idea of killing three birds with one phone call and I explained to him that he could do that on a monthly or quarterly basis to find some nice pocket deals.
Al then pulled out an offer that he was going to submit to his tenant at one of his properties that he was looking to owner finance. I reviewed the offer, made a couple of suggestions, and then asked Al a couple questions to review his deal. We constructed several offers along with reviewing back to Postlets.com for him to post the property on to sell it if they chose not to accept it.
We were excited to get a response from a wholesaler, Joe Labarbera, who had several properties that he was looking to sell. We visited with Joe for about a half hour afte calling him on the phone. He gave us insight to the local market, the local clubs, along with referring us to a hard money/private lender, Keith, along with agreeing to review or buy Al's wholesale deals if they made sense. We thanked Joe for talking with us and then called Keith to set up an appointment. We ended up leaving a message but were excited to make the connections.
We wrapped up day one by discussing sending out an email blast or postcard to his entire database to get the word out what Al was looking to do along with helping him raise some private money from his 2500 list of clients. After discussing this, we talked about some ways that Al could effectively utilize and delegate tasks to his staff, especially Rick, who was a huge asset as an office manager. After discussing this, we filmed a quick wrap up video and then Al dropped me back off at my hotel.
Al's First Deal!
Al Burgos Commercial Testimonial
Al Burgos 1:1 Pre Planning
Al Burgos 1:1 Day One Wrap Up
Scott Carson's Twitter Profile
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