All Forum Posts by: Dale Stevens

For me it isn't about the initial drive from my home ot the properties, but the distance between the rentals. If I have 50 rentals that are 90 minute drive, I can check them all at once.  

So if you find a pocket of great investments, then get a bunch there. Where people struggle is by having one property here, another 15 miles away, another 30 miles the other direction, etc.

My thoughts are this is just the online version of "Real Estate Investor Seeks Apprentice, 20k a month".

yeah, that is RENATUS, where you get to pay to be a part of a MLM system where the vast majority of those involved focus on MLM and not actually doing real estate. 

Seems to me, if you are real estate investor, you seek REAL ESTATE, not Apprentice types.

Let me just interject a few thoughts about mentors.

1. You want someone that is killing it in business, to slow down what they are doing so they can teach out out of the kindness of their heart? What would stop you from ditching them after learning some and basically becoming their competition?

2. Even every "FLIP" based show has them bringing in "interns" to teach them only to say it didn't work out, the intern bailed out, etc.

3. Do you go to a college and ask them to teach you to get a degree you can use in life and expect them just to say "OK"? 

I sat down and thought about what would be in it for someone to take time to teach me, and in the end it was money. We gladly play tens of thousands for a year of college education, and all you get is a piece of paper and a degree. Then you must take it and make a living from that. But we think people that will give us real life experience, not book smarts, should do it for free?

I don't content you should pay someone that you hear on the radio, on late night tv, etc. I suggest you find someone local that is doing what you want to do. Not what you think you should be doing based on "guru" advice, but what inspired you to get into Real Estate. find that person, then find out if they are willing to be PAID to mentor you. Not barter. 

I did this. I offered a local guy money. Now, I own 15 rental units with them. Best money I ever spent. The first one paid back my investment, now I have nothing but cashflow coming in.

The key for me has always been to get the in person meeting. You can display how serious you are to them, and if they know you, you have a better chance at a discount or lower "rate" on the seller financed note.

I found solid realtors that get the investor mindset at Local Clubs. Realtors work on commission and time is money. They have to pay dues, fees, and do continuing education regularly. To ask them to fire lead after lead or comp after comp without getting rewarded will be an issue. The only realtor that would take you up on that is a newbie as well, and you would be teaching them.

Get to local groups. There are far FAR more than just the ones listed on here. Not all are equal. Many are just there to sell you something from the presenters. Some are full of people that are just FULL OF IT.

I went to one, where the person running it, I had met at another meeting. She was simply sharing what was said at the first meeting at her own meeting. Was sad really to see that pathetic display. 

If I ran a club, I would be cautious about the educating my competition. Just my $.02 worth after witnessing that display.

Welcome @Andrew 

@Andrew Scheibe.... I do suggest you start specializing on one key area rather than chasing all over the Chicago area. Become the go to expert in a few zip codes rather than all over the area. Frankfort to Logan Square? You will lose time travelling and that is money.

Good luck to you. 

I attended a group a while back and heard a great analogy there. When starting out, how big should you go. Well, the answer was interesting.

When you are learning to drive or taking your driver's education road test, did you do it in a BUS? A SEMI? A RV? A Conversion Van or a small compact car?

If you are just starting out, imagine if the first time you drove was a School Bus, dealing with the worrying about where to do, the rules of the road, how wide to take a turn, and then dealing with the kids fighting among each other. In this scenario the kids were related to tenants in an apartment building. If you haven't deal with real estate, then you are thrown into the neighbors complaining about noise, garbage, parties, walking loudly, etc. You could be in for a long ride.

But if you get a single family home, to test the water, it is much easier. If you don't like it, it is usually far easier to sell a SFH usually.

I thought that was a great analogy so I wanted to share it here.

Congrats on showing the interest and initiative to post an intro on this site. Just remember, however, that there are people that utilize an online persona to be less than honest. Not pointing fingers, but there are some in our area that have an online presence that is far from reality when you meet them in person. They may fake a few people out initially, and sadly even get money from them, but in the end their fakeness comes shining through.

To get started, before jumping in with any one person and believing any and everything they say to you, including here online. Do your homework on them. Really really find out who they are, what they really do, how much they really know.

I found one local club where the two guys running it, seemed legit, but then I dug deeper only to find out they were nothing but thieves. Even their online testimonials were nothing but "creative".  I decided it was worth my time to delay my "start" until I fully vetted other individuals and their advice. One piece of advice that is wrong, can kill a career before it begins.

Sadly, some people on here need to be fully vetted out.  I searched and searched, found some people on here are nothing but full of crap. I asked key questions. if they answered like a politician (answering without actually answering) then I knew they weren't the people I would entrust to guide me. 

So I attended many local clubs. Found many that were sales pitches, some were full of people that had a really nice resume, well nice if their profession was creative writing. Then there were a handful that were just down to earth. they answered with honesty based on their personal experience. I don't have to take their advice, but at least I could tell it was heartfelt and born of real world experience.

In short, do your homework, not only on deals, but on people. Houses, don't work to hide their issues, but people do. Are there good and solid people in real life YES! We just need to know how to screen the bad ones out, like going to a store and picking the best fruit in a pile. Eliminate the rotten ones.

Ah the Buyer's list.. spoken like a person straight out of a Guru Seminar. Sorry, that isn't meant to be attacking, just meant to stir up some discussion. When you got the idea to invest in Real Estate, did you ever want to essentially be a Realtor? That is what a Wholesaler basically is. Find someone that is selling and link them to a buyer.

Or did you want to buy properties yourself?

As to the comment about Meet-ups, yes, you need to get to all local clubs. There are many that have been around for years that aren't listed here on BP. Some are better than others. Yes, not all have the same "Vibe" or "personality" to them. So you need to find one that works for you. I have attended so many lately and found some to be a colossal waste of my time. Others inspired me, some were just so annoying because it was a high pressure sales pitch non-stop.

Feel free to reach out to me for my list along with my reviews of them, and the people that run/organize them.

Unless otherwise stated in the lease, all that is required is 24 hour notice. If they violate that, you can evict! I would suggest you evict them anyway! 

If an emergency you can enter regardless. Remember it is your property not theirs.