ForeclosuresMass - ForeclosuresMass Monthly - Nothing Succeeds Like Success

As one half of the Cambridge MA, Cyrier Sales Team (along with wife Sarah), Jeremy Cyrier is now in his fifth year as a full time real estate investor and broker. After learning that he recently netted $60k on a house he owned for just six weeks, we were prompted to get in touch and schedule an interview, to find out how he got into investing and learn more about what he's done to be successful.

ForeclosuresMass: Let's start with the question that's on the mind of all our readers. How exactly did you make $60k on a house in such a short period of time?

Jeremy Cyrier: I found the property through direct mail. After meeting with the owner and doing my due diligence, we agreed that I would put a note on the property that included an option to purchase. What that means essentially, is that I lend money to the owner to help him stay in the property, and he signs a note which says that if he defaults, I take title to the property without it having to go through foreclosure.

JC: He did in fact end up defaulting and called me a few days before the auction. I took title, had the house cleaned up - I didn't do any other work on it other than that - and I put it on the market a couple of weeks later. The $60k was my net on the deal.

* Next 37 17 investors only!

FM: Great story. I understand that you've been investing in real estate for five years now. How did you get started?

JC: Believe it or not, at the time I was in grad school, working towards a PhD in history. I bought and sold a property, liked how it felt, and within six months I bought two more.

JC: First of all, there was the money. The example earlier - making sixty thousand dollars after owning a property for a few weeks - was a great experience. That's more money than most people make in an entire year.

Secondly, it's a dynamic business and I like that. In real estate, no two days are the same and I discovered that I really enjoy the variety.

FM: Clearly not everyone has what it takes to be successful in real estate investing. What is it about you or your approach that makes it work?

First, you need to be able to talk to people, to have a conversation and get to know them. Fundamentally, people need to trust you before they'll work with you. In fact, the best investors are the ones who get referrals from people they've already done deals with. When a friend refers a friend, you know that you're doing something right.

Second, you need to be able to make big decisions quickly. I've learned the hard way on that one. At one point I walked away from a deal that I could have made $100,000 on, simply because I couldn't make up my mind.

JC: Sometimes. There are a lot more "maybe's" than "yes's" in the market we're in right now. And while no one wants to reach out and catch a falling knife, you need to be well attuned to what's going on, so that you can recognize an opportunity when you see one.

FM: You mentioned a third trait that's been part of your success. What's that?

JC: Financial savvy. You don't need to be an accountant, but you do need an understanding of market conditions and market value, as well as know enough about debt and how to manage it so that you can line up your resources intelligently. Particularly in the market we're in now, being financially astute is more important than ever.

FM: You've mentioned "the market we're in now" a couple of times. How has today's soft market changed your approach?

JC: Five years ago, my advice to a new investor would have been, "buy." Find a way to get in and you've got a good shot at doing well.

Today, while I still advise buying, with property values depreciating, you've got to be more careful. You've got to buy with a deeper discount (off of retail), and you've got to be financially prepared to hold on to properties longer before exiting the investment.

JC: Do lots of marketing and spend a lot of time looking at property before you buy anything. Take the time to educate yourself.

Jeremy Cyrier is a Broker Associate and CCIM Candidate of RE/MAX Commercial. He is an expert in leasing and selling office, retail, and multi-family commercial/investment properties in the Greater Boston Area. As an experienced real estate investor himself, Jeremy has first hand experience and a deep understanding of both the market and his client's need for quality investments. 617-674-2043, Jeremy@MassCommercialProperties.com, or www.masscommercialproperties.com

Did you like this article? You May Also Like:

	Feature Article: Will I Own the Property If I'm the Successful Highest Bidder? Gregory F. Arcaro If you're thinking about bidding at a foreclosure auction in Connecticut, be forewarned that in this state, simply being the highest bidder does not necessarily mean that you own the property. Read on as local attorney Greg Arcaro explains what can go wrong... and how to fix it...
	Investor Interview: The Reason Why I Do This! Michael Ouellette For Mike Ouellette, making money isn't the only answer, and it can be one of the biggest mistakes investors make when getting into the foreclosure market...
	Interview with the Expert: Using Syndication to Fund Multi-Family Transactions Kate Dobens, Clear River Partners, LLC In the fall of 2006, Kate Dobens attended a training seminar about owning and operating apartments. Now, a year and a half later, she and her husband manage $18 million in multi-family assets - thanks to syndication. Read her advice about getting started in syndication - and how you can use it to consider deals that are double or triple in size.
	Legal Corner: Banks are willing to work with investors to find equitable solution Bob Tenney, Cunningham Machanic Bob Tenney, attorney at Cunningham Machanic in Natick, is on the frontline of the foreclosure process. Tenney and his firm review claims by lenders to review properties for foreclosure. If proper conditions are not met...
	Interview with the Expert: FCM Co-Founder Blasts Her Way Into Prosperity Thinking Sheila Farragher-Gemma, ForeclosuresMass, Corp. As Sheila Farragher-Gemma states in her interview, success is based on your attitude. Carry a negative mindset and you'll never accomplish anything. Change your attitude and you can achieve anything. Sheila explains how she's used Dan Kennedy's program, Wealth Attraction for Entrepreneurs, to learn what separates the really successful entrepreneurs from the rest of the pack. As she reveals, combining positive thinking with action can help you overcome self-doubt and develop the "millionaire mindset" - the kind that attracts real wealth.
	Success Strategies: What Banks See When They Look at Your Credit File Tammi Koza and Carl Phinney, Family First Mortgage Corp. Most people know the credit score is the first thing the bank looks at when reviewing a credit file, but did you know lenders also look at a host of other data? In this article, Tammi Koza and Carl Phinny explain why you need to view your credit file the way a bank does if you're serious about investing in real estate.
	Creative Financing: In a Soft Market, Put Real Estate Notes To Work George Riley, Genesis Funding Resources A Real Estate note is an agreement in which one party owes the other party money or other form of consideration. In a slow market, sellers may be willing to finance your purchase - often with no money down - in exchange for a higher price. George Riley explains the ins and outs of this innovative concept.
	Feature Article: Do You Have an Unlimited Liability Company? George M. Megaloudis, Attorney at Law, Roach and Wise, LLP A limited liability company provides protection to those investing in pre-foreclosure properties. Simply establishing such an entity however, does not necessarily protect you to the full extent. George Megaloudis explains why, and offers suggestions for making sure your company - and its related actions - are properly aligned.
	Feature Article: Five Strategies for Successfully Negotiating Short Sales Elizabeth Weintraub As any seasoned investor can attest, dealing with banks on short sales requires a large bottle of aspirin and the wisdom of Solomon. Real estate broker-associate Elizabeth Weintraub gives you the low-down on how to successfully deal with banks - everything from dealing with confrontational bank agents and writing contracts to proving to the bank why you're the best buyer.
	Success Strategies: Blogging for Real Estate... A Primer for Starting a Blog Ted Demopoulos Blogging has definitely hit the mainstream - and with over 750 real estate blogs at last count - it's time you consider starting a blog if you haven't done so already. In his article, author and blogging expert Ted Demopoulos gives you his three success strategies for starting and maintaining a blog. The key takeaway: become familiar with the blogosphere and get to know other real estate bloggers before you jump in feet first.