All Forum Posts by: Dominic Jones

Welcome to BP @John Weber ! Hope you make yourself right at home here with us.

I see that you have house hacking as one of your interests. Maybe that's something you could look more into specifically - a residential multi-family unit that satisfies the living situation and the desire for an investment property.

Have you thought about that? 

Edgar, welcome to BP. Definitely read the links that Mr. Linval left for you.

One of the first things you want to do when starting to get into real estate is identify your strategy. You should ask yourself...

What are my goals with investing in real estate?

What do I want to achieve with investing in real estate?

How long do I want to take to achieve this?

- By goal setting, you can reverse engineer where you want to be 5 years from now, 10 years from now, or a year from now, and start planning out the strategies and techniques within the realm of real estate that you can use to get you there.

For example... I want to invest in real estate to build long term wealth via passive income.

I plan on doing this by being a landlord (more specifically) an investor who only purchases residential multi-family houses 2-4 units. [Long Term Goal: Have a real estate portfolio that generates my full-time salary in passive income. 2-5 years from now]

I also am a great marketer and could use more income now so wholesaling is also another investing strategy that I am getting involved in. [Short term Goal: Make more cash now. Present - Year from now].

You should also consider your strengths and weaknesses. What you're good at doing, what you're not good at doing, and that will also help you navigate through which techniques will be best for you. For instance, most people who never used a hammer before wouldn't go running to Fix & Flip houses. And most people who are all about the hands on dirty work, don't exactly go running to the courthouse to buy tax liens or invest in any type of papers/notes.

Once you find your strategy... start reading as much as you can about that particular technique. Only focus on that technique and you should be on your way to learning a lot of actionable steps from the pros (I'm only a year into my real estate education). Hope this helps.

 Okeoma, I will definitely get in touch with you. If Iand a position in Malaysia that pays well enough for me to want to take it then I will more than likely choose Malaysia. Beyond that, thank you so very much for your help. I'll be sending you a connection request right now.

 This is awesome information you've left here about Malaysia. I am still trying to choose between countries to teach English in and Malaysia just became even more attractive because of this knowledge. Thank you Okeoma.

 I do well at seeing all three sides of the coin, and that's what I came here to ask if I'm just bugging out or if others think I should move on. I know that my lack of real-estate experience makes me less desirable to work with right away or at the very least (not top priority). I also see that since they are doing deals and canceling because they have to handle business with their deals that these are guys that are out here making moves in the community and getting things done, which makes me want to work with them more.

On the flip side, I am like Micah, I hate canceling on people and when I make an appointment I want to do my best to stick to it.

I like the conversation and I appreciate the different views. I think I'm going to just continue to wait as I've said before... I haven't been doing well at getting my foot in the door anywhere else and I don't want to miss this opportunity just because I'm being impatient.

If you have any other views or suggestions or opinions, please leave them below!

You're right.. of course they want to be the best in the area. It only makes sense for a new company to aspire to those heights.

Outside of that, I think you misunderstood me. I am currently working full time in IT.

They want me to go through their "curriculum" for a month / month in a half before they start paying me. So I wouldn't actually be doing any work for them until after the "curriculum" part is all done and taken care of.

Beyond that, it's going on 48 hours and they haven't reached out to me to re-schedule the second interview, so I feel like these guys are bogus =/

I started researching RE seriously February of 2015, reading a lot here on BP, reading real estate books and listening to the BP Podcasts. I started taking action, going to the local REIAs and meeting people who are actually doing deals and working their businesses in my area. Driving for dollars, going to the court to find houses that foreclosure was being filed against, etc.

At the closest REIA, I met a young 27 year old guy (I'm turning 25 this month) who I met shortly after to talk about how we could help each other. That meeting was probably back in April/May.

Fast forward to the past two weeks of August and him and his younger brother are contacting me about an Acquisitions position in their company where there is room for rapid advancement. 

They had an 8 page application that seemed a little shady to me because it felt like they are trying to seek out inside information about the companies I worked for, like how many employees work there and what's that companies value proposition, who are their competitors, what's their competitors value proposition, etc. 

Beyond that... they've cancelled on me twice, both times because they had to meet with a buyer or a client to get their wholesale deal started or done. First they had to change the time on the phone interview (first interview of three they say). Second, they had to re-schedule the in-person interview that was supposed to be this morning, to another time because they had to meet with a buyer.

They plan on being the biggest wholesaler in my area and I love the ambition, but I just have a weird feeling about it... At first they mentioned that they wanted me to read 2 books as part of their "curriculum" to get me started with their system, but then when we had the phone interview it all of a sudden turned to 4 books and I have to learn their "neurological" speech system before I talked to any clients. Is it just me or does this sound a little odd?

I haven't any other way into real estate at the time and these guys are in my age group so I feel like working with them would be fun, and I feel like I could quickly start managing the area as they branch out into new markets which they discussed with me they plan on doing... however; they mentioned to me that they would like for me to work full time for them and that the pay would start only after I finished the first month of "training" or going through their "curriculum."

They've changed up the curriculum, they cancelled on me a second time, and I just feel like at this point I'm willing to ride out everything and see what happens because I really want to get started with a team, that has a system in place, is obviously doing deals and I want to learn. I currently hate my IT job and have yet to have any success finding employment in real estate elsewhere...so what do you guys think? Should I follow along and see what lies at the end of the tunnel? Or should I bail out? What's your first impressions of them from the actions I've stated in this post? Am I freaking out and being too hard on their processes since they are young guys and trying to get this thing off the ground?

Thanks for taking the time to read this and all responses are much appreciated.

@Sam B., that is an awesome idea and it definitely makes sense to me. I haven't done a single deal yet and I'm still learning as I go along. I have an interview coming up (part 2 of 3) tomorrow with a couple of young guys who are looking to be the biggest wholesalers in my area (Love their ambition!). So I'm hoping it goes well. I hope that by working with them and learning their system I will have accumulated some coin for myself by the end of the year and hit my 10x goal (which is to do 10 deals this year).

Nevertheless, I understand the strategy and I completely understand I just don't have the experience enough yet to follow through with that. I'm definitely interested in connecting with you.

@Brandon Friss, hey buddy. I'm not in Singapore, and I'm not completely set on coming there; however, I would suggest starting one after you get at least 10 names on a list who are willing to come and participate and just continue to grow it from there. Most of the REI groups I've been to meet once a month so you don't have to meet overly often either.

Never done anything like it, but you can always look up Italian real estate agents and I'm sure they will help you through the process. I would try to contact them via e-mail to avoid the hassle of trying to make international calls (and paying for them). If you get in touch with them via e-mail, ask for their Skype or Google+ so you can do a free video call with them. That's where I would start anyway.

What websites did you find for pricing when you do your initial research?

@Karl Maritato

There is a podcast on this website that talks about potential places to find funding. You more than likely won't get any bites here since you're brand new to the site and don't have any rapport built up; however, the other sites allow you to post up the details of your project and seek crowd funding. 1.4 million USD isn't chump change but if your project looks good you may find what you need. I think the podcast was somewhere between 20-30. I've only listened up to 33 so far so I know it is between 10-33 at the most.