Wollaston Real Estate Investments

TGIF! This week we log in with one of our original mentors, a top performer in the state of MA, and our dear friend, Adelino Vicente. This episode is a ton of fun and we hope you enjoy! Adelino is the founder & president of Vicente Realty, LLC, to which he brings years of experience in residential and commercial sales, and property management. He is highly respected in the field as a TOP producing broker. He works closely with buyers, sellers, and investors, brokering property throughout Massachusetts, and Rhode Island. https://lnkd.in/eYHMy9QK

50 million monthly visitors is worth a pretty penny...

So you just acquired a new property, now what? Besides a celebratory lunch, below are some crucial steps to follow to ensure that you are not having to play catch up later on. 1. Access Ensure that any and all keys that were provided actually provide access to the property and any units as needed. This includes common areas, basement, any locked storage, vacant units, etc. I would also suggest changing the existing locks. I would recommend locks with some sort of electronic or code component so that you provide access without dishing out a bunch of keys or worrying about losing them. They also have great locks with SmartKey that can now be rekeyed without replacing the lock. 2. Utilities It is crucial to ensure all utilities are put into your company name. Ensure they have your correct mailing address and the utility companies know the date the service was to be put in your name. If you are acquiring a distressed property in need of renovations, use this time to plan ahead disconnecting certain utilities if needed, or planning service upgrades with the electric or gas companies. 3. Bookkeeping Having clear and organized bookkeeping is crucial to any successful business or real estate project. In the very beginning is the time when you should be ensuring your books are set up for success. We use QuickBooks Online (QBO) for our bookkeeping. 4. Filing and Organization In line with having solid bookkeeping, is setting up all your company files and organizing all documentation for future reference. We create a dedicated property folder and specific sub-folders within that for categorization. These obviously can be modified to fit your specific needs. - Buying - Selling - Property Management  - Construction Management - Photos - Entity Documentation 5. Tenant Relations and Onboarding  If you are acquiring a rental property and there are any existing tenants, the most important things to focus on at the beginning are establishing relationships with the existing tenants, and ensuring a smooth transition and onboarding process for them. Have a clear notice to pass out to the tenants, and spend some time getting to know them and building rapport. This doesn’t have to be incredibly time intensive with each tenant, but let them know what is going on, who you are, and that nothing needs to change for them if they are not requesting anything specific. Your one-pager should include basic information and process now that new management has taken over. Ex. - How to pay rent and when it is due - How to report a work order - Your standard office hours - Rules and expectations - Pets - Trash - Visitors - Parking Be sure to remove any branding or signage from the previous owner or property manager. You want it to be explicitly clear who now owns and/or manages the property and who to contact and how. Let us know if any of these steps help guide your practices on your next real estate purchase, we would love to get your feedback! Stay gold

This month, we raised $100,000 from a new investor we had no prior relationship with from 2 phone calls, in less than a week. Initially I thought it was luck. Here is why it wasn't. On our first phone call, he told me he had just received an investment payout that morning, and typically his next first thought is "where is the next deal?" It just so happened that early that very afternoon, he got a cold text message from us about a new investment opportunity and we got on call an hour later. We had a strong conversation where I was able to build rapport and offer a solution to his "where to place his money" problem. Our offering fit his investment preferences, liquid capital availability, and I was able to establish our company as an industry expert. Comfortably having conversations like this with confidence comes from having hundreds of investor prospecting conversations over the years. Being told no many more times than being told yes. I thought my timing was lucky. But really luck is just where preparation meets opportunity. If we had not consistently maintained our cold outreach strategies and put our offerings out there, and if we had not had hundreds or thousands of investment conversations over the years, we never would have gotten lucky with this particular deal. So be consistent. Work hard. Get better. And more luck will come your way.