Young Real Estate Professionals of New York…or in short, YREPNY

Right after Anthony and I came back from our first house viewing, we quickly changed and were on our way to a big networking event… Talk about moving on quickly!

It was the Young Real Estate Professionals Event of New York, or as we like to call it- the YERPNA! I unfortunately missed the one in November because I had yet another tutoring lesson to go to that day ( but soon enough, I will be out of the part-time tutoring  gig and pursing this full time). I was actually very upset I had to miss it because it sounded very attractive to me when I found this event on meetup.com. Young Real Estate Professionals? 100+ attendees?! YES! An opportunity to meet more like minded young entrepreneurs such as ourselves. Anthony and I are relatively young compared to others in the real estate field (20&21), but I choose to look at that as an advantage rather than a disadvantage. I mean common, isn’t is attractive when a young, hungry and ambitious millennial who is in their early twenties, already runs a business? I think so…

(side note: we had to run to a store to get new shoes for me because I had a minor accident with mine, which made me look like I was wearing elf shoes…)

ANYWAY

We arrive to the YERPNY event and Anthony introduces himself to Mike, the founder of the event who he has a great relationship with. We got there just a little before the event started, and were with approximately 10 other people. It was a very festive looking, bar-styled event. Very nice. Immediately, we start introducing ourselves to people who were there, after just hanging up our coats. In a matter of minutes, we noticed more and more people coming in. I can see why Anthony found this event overwhelming the first time! THERE WAS NO ROOM TO BREATHE! It eventually got packed with people. Young people, older people, all people. This is awesome.

We met lot of people. The environment was amazing, and we collected a good number of business cards from investors and other people in the real estate industry. We even met a very interesting man who has a project in the works of creating a building… a MASSIVE building OVER a river. I can’t wait to see it built, because I would love to live there myself!

The last contact I made was a golden one. In the most casual way, he introduces himself to me and says he works with an investment firm that has 23,000 properties total, and looking to invest in 19,000 in 2019… So they pretty much in anything and everything…

yep. No big deal at all… except this was the most impressive thing I’ve heard in my whole entire time of being in Real Estate!

 

All in all, this was my favorite event yet.

 

Our First House Viewing

Anthony just flew back from Miami from the Art Basel festival and the next day, we were already on our way to view our VERY FIRST house together and get it under contract. Before Anthony left to the festival, he received a phone call from a motivated seller. Someone we have called a few weeks ago in Upstate New York, about five hours away from us. This was perfect for us, because we had just hit a slump, realizing we were not actually finding wholesale deals, but offering investors other investors’ deals.  Then we received a phone call from this seller, saying he really wants to sell his house, and move to Florida with his girlfriend. He has been trying for a long time and he hasn’t gotten anywhere with it.

After that call, we remembered that this is what we’re all about! Helping distressed sellers like him sell their homes.

We booked an airbnb in upstate New York, because we knew it was going to be quite the travel for one day if we drove for a total of 10 hours. We arranged everything we needed, in preparation to getting our first deal under contract.

We found an attorney, a title company, and got our contract ready. We did our due diligence, researched the property, found its tax records, and found the comps in the area.

The owner’s original asking price was $80,000, but he knew he wasn’t able to sell it for a long time, so he told Anthony that it is negotiable.  Comps in the area show the house to be worth at around $40,000. The owner also said repairs for the house are around $5k.

We left at 8:30 in the morning and drove for four and a half hours. Finally, we arrived at around 1 pm, as we pull up to a house that looks very nice on the outside. It was very snowy up there compared to NYC! Anthony and I were excited.

We meet the owner, and got to know him a little bit. He told us he’s in the car business, so he buys and sells cars. Similar to what we are learning to do, just with cars!

He gives us a tour of his property starting with his garage. Well a garage is a garage, right? Can’t expect from it anyway, but it did need work. Moving into the house, unfortunately wasn’t much better than the garage. It needed a lot of work.  Like, a lot. Like, four times the amount he originally said it would cost.

He needed to fix floors, his bathroom, his kitchen, basements, doors and… well, let’s just say it would probably be best to tear the house down and built it back up.  The owner said he has been trying to hire some workers to fix it up for him so that he could sell it at a higher price, but all of his workers pretty much gave up on the property. They left their toolboxes and just never came back. But hey,  I don’t blame them.

We talk to the owner, and tell him that the repairs for the house are at least going to cost $20,000, and he replied, “well it depends how you want to fix it up”, to which I replied “appropriately”.

Then we go back to his kitchen and start talking about the offer we have for him which is $42,000. He asked, if that included his mortgage, to which we replied no, but he will still walk away and fly to Florida with a good amount of money in his pocket.

He said “no way, I’m not taking a low ball offer like that”

We told him, will all due respect, that this is not a low ball offer, and it actually a bit higher than what the property is actually worth, taking all of his repair costs into consideration.

“I’m the car business, I know how this works, and my house is worth way more than that!”

We told him that we did all of our research  before driving up there for four and a half hours, and we know the situation that he’s in, and would love to help him sell his house faster so that he could finally move to Florida with his girlfriend.

He refused, and said that he was not desperate to sell, and still wants to hold on to the property and sell it for more. If it hasn’t sold yet… what makes him think he’s going to sell it for more?

We thank him, realizing that there is really not much else we can say, and drive away. At first, we truthfully felt a little disappointed. After 5 minutes of us processing what happened, we were back and thankful for that experience. We knew we did everything we could from our part, but that seller was not as motivated as he said he was, and there was just only so much we could do to help him if he doesn’t want to be helped.

We then drove on our way to the AirBnB to spend the night in a very cozy cabin in Mechanicville. Although we were expecting to celebrate getting our first property under contract in the cabin, we still had a wonderful time and planned out how to keep going.

This was one of the biggest lessons of our career so far.

 

Ugh Introvert

Yes I am without a doubt an introvert. It’s 100% fine to be honest to admit that you are; if you are one. People mistake me for one because they see that Im very outgoing but I worked hard to be at that point; putting myself in a lot of uncomfortable situations to grow on becoming more social. Real Estate wholesaling is ALLL about knowing the right people, having the correct network, and going out to meet them. Just another task in my way to accomplish my goals, but your reason WHY should be the reason you are willing to run through a brick wall to achieve your dreams. Honestly and Im still always working on becoming more social and asking what I want and am looking for. That was todays instance. Without a doubt the biggest real estate networking event Iv been too. Thank you to the hosts for throwing the event which they do once a month and I got the chance to introduce myself to two of the hosts. Overall Im very happy I showed up and managed to get a few great contacts which Im eager on emailing back as soon as I have finished writing this blog haha. But the thought haunts me thinking I know it could have been done better, with the amount of people that showed up and the few people I added to my network; it definitely could have been done better. The room started to get packed and hence groups were formed. I then sat by the bar feeling a bit overwhelmed. Ugh Introvert. The only people since sitting by the bar were to people attending the event so I introduced myself; even if they were not the people Im typically looking for; talking to them is needed for myself to proceed forward. Maybe Im just being hard on myself but I feel like I should since there is no shortcut to success. You must always be proud of your small victories because those small victories will then become your big ones, and even though I could have introduced myself to more people; I did manage to acquaint myself with a few great ones. Thanks for reading and to the next event we go!