All Forum Posts by: Sheri Fluellen

You've been given so much VALUABLE advice and perspective already!!! The best thing you can do is stay close to people who understand and can support you. AND remember to not take advice from people who haven't done what you want to do.  If they tried a property or two and then bailed, they bailed because it wasn't for them.  The sheer amount of people who are wealthy from real estate says otherwise.  I am a Psychologist and High Performance Coach, and I see people allow influence from others all the time, that ends up being counter productive.  Covet and protect your mind and your motivation.  Your future self will thank you.

"High Performance Habits" by Brendon Burchard was a life changer for me, literally.  It was the pivot point years ago where I shifted entirely out of my career as a Psychologist and into a career as a High Performance Coach. It's research based and applies to everyone, no matter status, race, culture, or background.

SOOO many great responses!! The first step, in my opinion, is to ensure that whatever you do as an investor, it is consistent with your current and long term goals.  I am a Psychologist and High Performance Coach (and investor) and often I find that people get lured into a bit more income, but the trade off can be a lot more stress and less time with family.  And it can be easy to get into the "hustler" mindset and stay there.  My husband and I have 25+ properties and have managed ourselves for many years.  It was scary to let go of that and hire a property manager.  At the time we did, we found major relief!  The same path isn't the best for everyone.  So I just encourage you, and anyone else, to really get clear on your goals, and what you're willing and able to put up with right NOW.  Best of luck to you!!!!

@Gee Williams, I also want to congratulate you on deciding to do something!! I'm a Psychologist and High Performance Coach. I understand how challenging it can be to take action when 1) youre a natural loner, and 2) you've already tried to reach out and haven't been getting responses!! I've even found in my local area, that investors sometimes just stay to themselves and it's hard to network.  So I commend you on your courage and determination!  I'm not sure what the Mastermind you are referring to is, but it sounds like it might have people in it that aren't highly motivated.  I'd investigate some other options where people have paid, which increases their buy in. 

My husband and I are Realtors, but for me that is secondary to my identity and work as a Investor.  Some Brokerages don't allow wholesaling with their agents b/c of the increase liability and possible conflict of interest.  For what it's worth, we are constantly looking for distressed properties ourselves.  And when we meet with a potential listing client OR an off-market lead, we share both sides of the coin.  And sometimes, people choose to sell to us off market because they just don't want the headache of listing.  As another said, it boils down to the ethics of the one doing it.  I am also a Psychologist and Certified High Performance Coach.  And I am VERY conditioned to always think of the ethics.  Others before myself. So I think about it like "informed consent" when you go to the Drs office.  What are the options, and what are the pros and cons.  That way I am genuinely collaborating with the seller not trying to pull a fast one.

Great suggestions already!! My first question to you is around why you're determined to build spec homes.  I am a high performance coach and sometimes find that people get set on an idea, but it may not be the ideal.  My concerns are just that (at least in my area), builders aren't in a good position to guarantee profits.  Market is a bit unstable, unless you have amazing margins.  So you could come up with some additional ideas.  Also of importance that we don't know is how much time and energy you have to give to active investing.  Just something to think about.  The other thought I'll add is that one of the equations that I have found most valuable is return on equity.  This helps you be able to compare apples and grapes.  Divide your cashflow by the amount of equity that is available.  This is how people can choose to sell over time.  At a certain point the cashflow doesn't keep up with the equity built.  This can help you decide if the $2400 income from paying $250k is more valuable than the other options.

Welcome back to real estate Kathy!  I have family that life in Springfield and travel there multiple times a year. I live in WY.  What I do to create a list of investors for various reasons is reach out to REIAs (real estate investment associations) and see if they have a facebook group or some other way to connect (in addition to their meetings).  Also find other FB groups that are location specific to where you're looking.  These are easy and cheap ways to find some people.

Welcome!! I second the idea of buying a place that you can live in while simultaneously renting out another part of it. ESPECIALLY if you can do one or more units as STR. For example, I have a couple 4-plexes where 3 of the units are STR. I converted them 1 at a time as they came vacant. Partly to reduce the up front costs of furnishing a unit all at once, and partly to ensure that I could keep the one profitable and rented and get my systems in place before expanding.

Welcome!! Developing a niche is important, but it can also be hard to decide on. Here's a couple things that I have coaching clients on: 1) your "now" niche doesn't have to be your "forever" niche. 2) Determine how much time, money and other resources you have to invest right now because that will significantly factor in to what investing strategies you start with. 

You're an investor (or you wouldn't be browsing BP forum posts).  You either understand or are working at growing your belief that long term investing is critical.  We put time, money, and energy in today, nurture it, and then wait for 2, 5 or 10 years for a really big pay off.  We accept this is the way it often is and we are patiently waiting.

So why is it that we don't value long term investing into ourselves?  We don't see the value in mentorship or coaching, when in fact a single shift in belief or perspective can unlock unlimited financial potential in our life!  

This discrepancy in the application of the long term investing principles may be holding you back.