All Forum Posts by: Benjamin Orozco

@Rochelle Duong

Los Angeles meet up for newbies! Look newbies or experienced it should be where anyone is welcome. You will have newbies and experienced investors interested in meeting. A good meeting discussion can be OOS since that what this post is about. I have had some experiences I can share and challenges I’ve faced so far. Nothing about investing is easy it takes making mistakes and learning at a rapid rate to gain experience and knowledge and if you don’t want to grow exponentially then going slow and getting that first property like most experienced investors will say is most crucial. Once you do one you the process down to do more and more. When you make that mistake you can’t take it personal or let others discourage you, you need use it as jet fuel to move forward and make it your obsession to succeed and learn and fine tune your business.

I started 4 months ago with bigger pockets podcasts. Since then I’ve listened to over 200 episodes and have read over 15 books . All I talk about all day is real estate. No music, no social media , no tv, I have canceled all distractions. I’m focusing on one thing. I’m making it my absolute obsession. I visualize what I want and my subconscious mind will work to get me the results that I’m burning to get and I will not let something as little as challenges and obstacles stand in my way. You need to get fired up and stay on fire by momentum.

I bought a triplex in CA in February and I’m close to getting a out of state property in kansas. You need a plan, knowledge, mentors, and a cold blooded passion to take action knowing and accepting failures along the way. Learning is my absolute passion. Learning to build wealth to give back to everyone I encounter to also pass down what I learn will help me continuing learning and build wealth and help others do the same. Encourage others of there full potential they have deep inside!!

@Rochelle Duong

Your friend that is self managing is doing well with it because it's family, and that doesn't always Guarantee success. Since you are out of state the best thing you could is get property management. A good property manager will save you time to do other more important things like working on the next deal. Sure you have to pay them but as you create a relationship and have volume you can negotiate discounts on management fees as David Greene mentions in his BRRRR book. Turner also mentions that a property manger can make or break your investment so screening one is crucial as well.

I looked into turnkey and it's very tempting but the reason I decided to go make all the connections and relationships with people to do what a turnkey company does is for the learning process. Aside from forced learning through networking you are creating and obtaining equity through the rehab process. It's two dynamic benefits from manufacturing your own ROI vs paying for a estimated ROI through turnkey.

@Rochelle Duong

I’m investing out of state as well I live in Los Angeles.

I’m going to mention some important details about lenders. I was told by a couple portfolio lenders there requirements. They want to see cash reserves, they want a good credit score 680 and above. They want a low debt to income ratio. That your W2 job produces enough income minus your expenses(cash flow). Your landlord history. They ask you fill a financial analysis statement. Now I don’t know what kind of financing your using but if your choosing to use portfolio lenders this is what they require. If your using conventional Fannie may and Freddy mac loans the requirements are a little similar but change quite a bit. Before you find a lender I would pre screen as many property Manangement companies as you can. Ask the property manager for referrals for a real estate agent. Then screen agents including the referral and pick one. If you have a good property manager he will recommend a solid agent they like to work with. Then you can ask both the property manager and your new real estate agent for referrals to great lenders in the area. Once you have your lender, Agent and PM. Ask all of them for referrals for Contractors they trust.

@Benjamin Orozco

Update I talked to all three parties and repaired the mistakes I made. I formulated a plan to have both agents and my PM happy including myself all while building relationships. I’m grateful to have found bigger pockets thank you all for the support!

@Nick Rutkowski

Thank you I did lie and I own up to that lie.

I have a better understanding of how to screen an agent so I don’t waste any particular agents time.

I learned in any situation to be direct and honest about my needs as an investor. Expectations i have in the agent and expectations I set on myself to work with that agent. I have worked with many agents in California and they have liked my work style but going out of state became more a challenge but I do enjoy figuring out this core 4 and fine tuning it. After reading BRRRR I decided to action and I have and my intentions is not to let obstacles get in my way of my goals. It's a tough lesson of authenticity but I fully embrace it and glad it happened.

@Sylvia B.

Everything the core 4 have said has been solid the only real struggle has been changing from one agent to another which caused some issues for me. I could have prevented those things from happening but I’m glad they happened to me that way I can learn. Thanks for you input

@Sabrina Sanchez

for a new investor like myself this was a great lesson for me thank you for your time to write and teach me.

@Randall Weatherall

I tried to do things right but learned a painful lesson! Thank you for your time

@Tony Kim

Yes a very good look at how things really are thank you for this lesson

@Kristin Kiddy

That’s very informative thank you the lesson