In this episode Axel interviews Simon Kouperchand, a real estate investor that has been working with Axel on several projects, to talk about the importance of prospecting to find deals and why persistence is key!
Both Simon and Axel walk us through an adventurous real estate rollercoaster story. All the way from a first project that fell through to a second project now under contract.
Having spent several $$$ on documentation for the first project and realizing it was falling through, they decided to do zoning and prospecting for more than twenty properties to find another deal. They found and were able to put under contract a new property worth 1.2MM just like the first project but at a third of its price, make use of all the documentation from project one and avoid losing money.
Simon and Axel dive deep into the importance of prospecting and being persistent to find your deals. They talk about the property, the whole process of negotiation, why distressed sellers are ideal, how to deal with hoarder houses, the alternative to transform the five unit into an eight apartment building and how they structured the closing of the deal.
Many more lessons were learned that will, for sure, help you. Stay tuned to see how this project continues!
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Topics:
Welcome Simon to The Very Real Estate Effect Podcast!: (00:00:00)
How Simon & Axel found a project last fall: (00:00:58)
About the property & its location: (00:01:33)
Meeting the seller & visiting the squatted property: (00:02:13)
Negotiating property with seller: (00:03:10)
Why deal breaks through: (00:10:35)
The concept of Landlist: (00:10:44)
Process of zoning and prospecting almost 20 properties: (00:06:57)
Phone call from one of the properties that Simon couldn't reach the owner: (00:09:08)
About the five unit property & negotiation with the seller: (00:11:02)
Getting the deal under contract for much less than first project: (00:14:34)
Why distressed sellers are ideal: (00:15:34)
Land & property appraisal: land worth 1.2MM and buying at a third of that price : (00:16:36)
About closing & how they structured the closing: (00:18:59)
First alternative: transform a five unit to 8 apartment building: (00:20:00)
Another alternative: (00:21:24)
Hoarder house clean up & permits fase: (00:22:18)
Lessons learned in last eight months; from project 1 to project 2: (00:23:45)
Wrap-up: (00:27:24)
Who is Simon?
Real Estate Investor & Business Manager at RM Accounting who has been working with Axel on several projects.
Connect with Simon Kouperchand:
Linkedin
Instagram