Many of you come on to BP looking to start your real estate investment business. Here's a few helpful hints.
1. BP has some of the most experienced, and intelligent real estate investors, lenders, partners, developers, contractors, property managers, architects, etc. anywhere. HOWEVER; just because someone is on BP, and says they're experienced, doesn't mean they are. ALWAYS check out anyone you are dealing with
A. Check licenses (Most states have a website where you can check contractors, and real estate licenses)
B. Check bonds and insurance (again, usually available on the state website for that license)
C. Check corporation status if it's pertinent
D. Get references, and then, make the effort to call them and check them out.
E. Get a list of other deals they've done, and the details. Check them out. (Google earth is actually very helpful in verifying properties, seeing if they look anything like what is being represented, etc.)
F. KNOW what you are getting into, the process, the numbers, who is doing what, how money will be handled, etc., and GET EVERYTHING IN WRITING.
G. IF YOU DO NOT HAVE EXPERIENCE, HAVE AN ATTORNEY, ACCOUNTANT OR SOMEONE THAT DOES LOOK AT THE DEAL FOR YOU!
H. Finally remember, that missing out on a deal is far better than getting sucked into a bad deal.
Sure seems to be more 'beware' posts than normal the last couple weeks (I dubbed Labor Day week 'scam week') so your timing is perfect @Karen Margrave . Good information, too!
I would just add, going back to economics 101, TANSTAAFL. First thing the prof wrote on the board. "There Ain't No Such Thing As A Free Lunch", he yelled. Sounds too good to be true? It is! Want to cut corners and buy the magic software bean for $20k? If the words "credit card limits" and "increase" are in the same sentence at your seminar...
Common sense needs to come into play somewhere. Have patience and do the work to learn. Shortcuts cost! Verify with trusted folks here on BP first. Cheers!
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