The Truman Show

The Truman Show

Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes

I just posted about this in my probate group http://www.biggerpockets.com/groups/180 and thought it might be an interesting topic here.

I was thinking about the movie "The Truman Show" where the world watched his every move.

would it be possible if the community here whether it be a collective effort or a selected few (that we would all vote on) to literally take a newb that has to prove himself or his/her ability to "NOT" flake out once started like most of them do :roll:

anyways, start a thread that is locked to everyone but the ones involved and literally track a newbs every move through the process. From start to finish and have daily, weekly and monthly goals that they will need to accomplish. A way for everyone to keep them accountable for the actions they agreed to take to make it and be successful.

I know it would be a great effort, but how cool would it be to watch it happen via BP and/or be either the newb or the "BP mentor" and literally change a life right here on BP!! have a valid "provable" success story of our very own here on BP.

my first thoughts would be to create the backbone. Select whether it would be a collective effort (somehow keep it very moderated to only relevant responses) between us all or select a number of BP members.

2. Decide what strategy would be taking place i.e. a rehab, a REO flip, a Short Sale, a Sub2 etc....
I think it would have to be anything BUT a buy/hold simply b/c I think the goal at the end should be post up an image of the check.

3. Decide who will be the lucky one to have all of BP watch their every move and hold them accountable to it. Think of a fair way to nominate a newb.

4. Decide what resource the newb will be helped with, contracts, contacts, marketing material etc...

5. How will the newb be held accountable and the consequences if he/she flakes.


any thoughts or ideas on this?
and don't forget to vote this thread up :mrgreen:

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  • Residential Real Estate Agent · Chandler, AZ · Member since 2009 · 1k+ posts · 928 votes
    17y

    Define newb...

  • Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
    17y

    NOT you Mr. about to cash some PHAT checks :rock:

    I think "newb" will have to be addressed as well. I think it would beneficial to at least make sure they've read a few books and can understand lingo and strategy ideas.

    I'm not certain a complete newb would be good but at least a newer newb.

  • Specialist · Las Cruces, NM · Member since 2009 · 557 posts · 71 votes
    17y

    Sounds like a kick a** idea.
    I'll jump on board if you disscredit my last few deals. Plus the one Im going to make next week.
    What do ya think Nick?

  • Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
    17y

    A lot of lookers and no takers?

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    17y

    I'm just looking :wink:

  • Financial Advisor · Tampa Area, FL · Member since 2008 · 956 posts · 214 votes
    17y

    this sounds great.....

    "good morning! and if i don't see u--good afternoon, good evening, and good night!"

  • Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
    17y

    good one Josh. I thought what is he talking about and then realized the quote from the movie and realized I'm a dummy

  • Investor · Bloomfield, NJ · Member since 2008 · 95 posts · 14 votes
    17y

    I'll volunteer to be the BP guinea pig. I have several goals with REI, but for the purpose of this thread, I'm working on doing my 1st wholesale deal. I'm planning on mailing to probates (already started) and pursuing REOs. Let me know what you think and I can elaborate more on my progress so far.

    Brian

  • Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
    17y

    Thanks Brian. I'm surprised 100 people haven't volunteered yet. More importantly I'm really surprised no one is really picking up on the idea. I certainly thought it would make for a great idea to get BP'rs working with each other.

    Maybe I'm wrong?

  • Investor · Bloomfield, NJ · Member since 2008 · 95 posts · 14 votes
    17y

    Well if you guys/gals pick me, I'm happy to do it.

    Brian

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    17y

    I think it sounds like a very interesting experiment. It would be a incredibly cool social experiment and prove the power of this site and the internet, in general. That said, I do see several potential liability issues that can arise here . . . I guess we could look into them.

    Until then, I'm very curious to watch and see as things develop.

  • Commercial Real Estate Agent · Encino - Los Angeles, CA · Member since 2009 · 123 posts · 11 votes
    17y

    I'd say i qualify as an ideal newb. I'm a commercial broker, but i'm 22, not a lot of cash, and don't have a mentor.

    I've been networking a little, putting together a business plan (check it out on getting started page), and trying to figure everything out on my own. I'm looking for a mentor and i'm definately willing to be someones "slave" for 6months or so so i can have a good base.

    I definately enjoy being held accountable by professionals, only problem is i'm looking into long term holds. Maybe we can have a picture of the "monthly" paycheck?

  • Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
    17y
    Originally posted by Joshua Dorkin:
    That said, I do see several potential liability issues that can arise here . . . I guess we could look into them.


    What would those be Josh?

    I certainly wouldn't entertain the idea if it were a liability for anyone.

    Being it is your site, would you have any suggestion as to the structure of doing something like this?

    I by no means am volunteering to handle the whole project by myself, I'm simply attempting to bring together the BP'rs collectively to plan this out and watch it unfold.

    Maybe we can get some big shot like Larry King to feature you and your site if we're a success :mrgreen: (of course I would want credit for "thinking" of the idea :wink: )

  • Investor · Bloomfield, NJ · Member since 2008 · 95 posts · 14 votes
    17y

    After discussing with Josh, I decided to start a blog here at BP detailing my progress to my 1st wholesale deal. Here is a link to my 1st entry -

    http://www.biggerpockets.com/blogs/492/blog_posts/1778

    Please feel free to drop in and leave any encouragement/criticism.

    Brian

  • Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
    17y

    uh ok

    I guess I can take a hint from the BP gods :shake:

    good luck to ya I guess

  • Joshua D.Pro Member
    BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
    17y

    Nick -
    I actually like your idea very much. Brian approached me and asked how he might be able to share his experiences with everyone in a way where he might get feedback, and I suggested creating a blog. I think it will be a great way to go because he was itching to get going ASAP.

    Just because he is going forward the way he is doesn't mean your idea won't work. I'd actually be interested in talking with you about the idea in more detail if you have some time (PM me). When we chat, we can get into a little more detail about my thoughts on it all.

    I'm looking forward to it.

    Best,
    Josh

  • Real Estate Agent · San Jose, CA · Member since 2009 · 34 posts · 0 votes
    17y

    Hi,
    I just posted following in 'Properties Wanted'. Do I qualify for this challenge as an ideal newbie?

    --------------------------------
    I have been in IT profession for about 20 years. Even after these many years, there is no guarantee that I will be spared during next company-wide layoffs due to economic conditions.
    I hate it and want to kick them before I get kicked.
    I have much interest in RE since last few years, and have learned about it during my spare time (which almost non-existent). This interest born after I bought a property here in No. Cal as my primary residence and saw the appreciation going out of the roof. (It certainly came down in last two years but I still have some good equity in it).

    I also have done few RE courses and following some online resources, including this one, during that time.
    I even bought 3 properties on eBay and then ended up selling them there (with almost no profit).

    I also bought an REO in Atlanta with all cash last year but still not sure what I am going to do with it.

    So now here I am, wanting to get into REI so that to make living out of it.
    The most ideal situation for me will be to have some (or many?) rental properties to generate a steady monthly cash flow, and also do few buy-rehab-sell per year to generate extra income.
    My target would be to make at least about $5K per month from rentals and at least $15K per fix-upper, doing about 4 of these each year.

    Do you think it is a reasonable goal for someone with very minimum RE experience ( but a lot of enthusiasm and energy, and of course some cash in hand) ?

    I am already looking (and need help of gurus here) to identify which markets I need to explore for good rental properties.

    Please help this newbie and make it a success story for BP :lol:
    ------------------------------------------
    -MN

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