All Forum Posts by: Cory Lucas

@Michael Reilman thank you sir, sound knowledge and advice. Greatly appreciated, hope you have a good Christmas

So I played Santa Claus today and handed out some gifts to those that have been kind enough to answer my questions and begin helping me on my real estate journey. Well turns out when I went by the Realtor's office that I've been working with he invited me to lunch and we discussed a duplex that he currently owns and is going to be putting up for sale next spring. I was blown away that things steered in this direction as he and I have been discussing real estate since the late summer months and he's mentioned this duplex a few different times and has always described it as his "cash cow." I haven't ran any numbers yet, wanted to share, but I am curious what anyone's take would be on a good way to approach the topic of assessing the property? I want to take him at his word about the property, I've known the guy since we were younger, but I don't want to do a disservice to myself by not looking at the inside of the property, I also am concerned of not wanting to step on his toes as I feel blessed to have been even offered this deal. I should preface with we never even discussed going inside the property, purely a concern of mine that I'm probably making too big a deal of as he will likely have no issue with it. Any other thoughts/suggestions/advice is greatly appreciated? 

Either way I was merely sharing what happened today just from a pure generosity aspect on my part and how it turned out to possibly be something even bigger. Hope you all are well and have a great Christmas! 

Thank you all for the great tips! Convo went very well, we talked for about 2 hours, I never brought up him investing with me even though the opportunity presented itself, I was much less nervous and was actually at ease just meeting up to have lunch rather than putting expectations on the conversation. So thank you all for the insight, one way or another it was a good learning moment and step forward for me and who knows maybe something down the line toward a deal together might happen. Hope all have a great Christmas

@Steve K. Ummmm your post literally made my heart jump! The man I will be speaking with tomorrow his name is literally “Steve K.” as well. I’m guessing a different last name, but still that definitely threw me for a loop! LOL, wow

Great advice, thank you for taking the time to reply. Much agreed

@Whitney Hutten thank you a ton! Such awesome stuff you provided me with right there. I know he’d be willing to help, as he is a lifelong friend of my fathers. It was just awkward for me to try and approach the subject of basically asking for money. But you definitely helped bring things full circle so to speak for me and realizing that whether he invests with me now or later it’s going to be a relationship for days, months, years to come possibly, should he choose to do so anyway. More of a relationship than what we have had to this point anyway.

@Chris Coleman Great stuff! I really appreciate the thought and time you put into that and greatly appreciate the reply. Definitely has given me some better tools for tomorrow

@Aaron K. Truly appreciate the advice! And that is why I asked the question even as ridiculous as I thought it sounded. Your advice has helped ground me on this topic, can’t say thank you enough for the reply and the time taken. Much appreciated

Great info you all! I greatly appreciate it, I'm currently at work (ER Nurse) so not much time to respond individually at the moment, but I will. Thank you for taking the time to respond

Hey BP, I am meeting with a family acquaintance tomorrow that has relatively "Big Pockets" so to say themselves, as you may guess I'm a tad intimidated and nervous. I've been wanting to call this individual for some time now, finally overcame said fear and did so. I am just getting started back into real estate and I am going the Buy and Hold route and look to use the BRRRR method.

My question to you all is a good approach to breaching the question of him investing with me? I didn't approach that over the phone, it was basically a "hey can we do lunch to talk about real estate?"

I know I'm putting too much thought into this so please give me a little leeway there, my thought is to of course see how the convo goes, lay out my plan, and just simply ask "Would that be something you'd be interested in investing in?" I realize this seems trivial maybe to some of you, but this will be a first big convo for me with someone of this stature. Either way I'm "Reaching Up" to try and bring myself to the next level, so I know I'll learn something if nothing else. Thanks for taking the time

@Don Konipol good thoughts, my concern there is with conventional it’d be under my name only correct? I tried flipping houses about 10+ years, different ball of wax I know, but I didn’t incorporate and it ended very poorly, so I’m trying to protect against things of that nature. Thoughts?