All Forum Posts by: Chester Davis

Welcome onboard Colton, 

I am a Navy Vet and the discipline military develops is helpful. 

Focus on providing great product for your clients and learning everything you can to be pro level, 

Good luck 

Francine, 

Welcome. Glad to have you here. 
The system in the states is definately a bit different than UK but if you focus in on providing outrageously great service for your clients they will reward you with business. For me that means I have to either have a very trusted partner onsite or have the property close by. Maybe when I am a bit more confident that my systems are providing the level of awesome that I am comitted to I can look at developing in another area. 
If you are getting in it to learn it than I would get one close enough that you can have a high level of eyes on the process and product until you are confident that you will not get burned. 

Welcome Abdel, 
We all start somewhere. 
I started cleaning out apartments my dad owned for a little while. 
Learning about the process and perspective of running at the top tier of providing great value to your clients is the key. Steve Godin wrote in some book of his that all you need is a handfull of raving fans to be successful. So make sure your goal is not to get rich or have 1000 doors but rather to be the best at providing a great service to the people who you serve. 
 

Start with your philosophy and values. 
If you already have some math skills etc it is not hard to pick up on the evaluation phase but the real details are in the operations and to operate you need to have some core principals which drive the type of product or service you are providing. 

Hi Jack, 
Welcome. I think the first thing you should be doing is start a notebook which comprises three sections. 
The first are ideas that apeal to you (I like RV and campground spaces, etc) and ways that other people succeeded in them. 
The second is thinking long and hard about the principals and values that are important to you. 
Third is areas you find you need to add knowledge. 

Take your time in the learning process and by the time you have evaluated your first hundred properties then you will have the language and the math down pretty good but more importantly you will maybe have a handle on what level of risk you are willing to take, how much leverage or types of things you are willing to do. 

Lastly, learn to live under your income and have a solid reserve. 

Hey Nicholas, 

All the "rules of thumb" are a recipe for disaster because only you can define what level of risk and leverage you are willing to deal with. Focus on that part first and not losing money and I think you will find there are plenty of "deals" out there which are solid. 

First step is connecting with real people and start evaluating properties, regardless of if you can pull the deal. 
I evaluated way more than 100 before I was ready to make my first offer. 

COnnect with real people. 

Do a full workup evaluation on 100+ properties.

Practice making outrageously low offers without flinching. 

Try to find what benefits both you and seller.

Define your own level of acceptable risk. 

Hi Nate, 
Welcome aboard. 
In addition to what others have said I think it is important for you to define what level of leverage and risk you are comfortable with. 
Personally I like the peace of mind that even with an economic downturn or other dip in value of the property I can exit the property without loss. I would not want anything more than 75% LTV on the ARV.

Welcome Onboard, 

BP has been an invaluable tool for me and I am looking forward to what new innovations and product can be filled out to help budding investors build their portfolios with confidence. 

Chet