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All Forum Posts by: Account Closed

Account Closed has started 12 posts and replied 66 times.

Great, thank you! I sent you a pm with my colleague request.

Post: Wholesaling Commercial Real Estate?

Account ClosedPosted
  • Posts 78
  • Votes 23
Originally posted by @Pierce Buchinger:

Jessica,

I'm going to agree with the other posts here. While I think wholesaling commercial real estate can be done, it is much more complicated and risky than residential. I'm a commercial appraiser and I can tell you that no property is the same. In most markets, finding comparables is relatively difficult, even when you have access to all of the necessary data sources. Also, commercial deals are often much more expensive than residential real estate. As such, it will be difficult to find a cash buyer. Lastly, marketing the deal takes much longer. Residential is the way to go because it is much easier to determine ARV and likely marketing time. Just my two cents.

Thanks for the reply. How long did it take you to become an appraiser, and how much did it cost to get your license? Would you say it provides decent income for someone just getting started in real estate?

Post: Getting to $100M networth

Account ClosedPosted
  • Posts 78
  • Votes 23
Originally posted by @Albert Hasson:

For starters, it would teach them how to spell.

 Wow... Rude. I know how to spell. I'm typing from my phone and the screen is really small, as are the keys... So excuse me if I make a typo! If you knew where I go to school and what my SAT scores are, you would feel foolish for even making a ridiculous statement like that. 

Originally posted by @Account Closed:

@Account Closed I've seen yours too and seen the similarities, but I'll take it!

Oh sorry, I was  saying Paul always seems to post the exact same message every time I've seen him post lol. But good luck to you, this seems like a great place for us to learn from the experts - I'm new to this too :) It's encouraging to see other people like myself on here!

Originally posted by @Paul Timmins:

@Account Closed 

Welcome. Best to start with a  foundation of knowledge.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 90 past ones to catch up on.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers.

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul

Every post I've seen of yours has the exact same copy and paste message lol

Post: FINAL NOTICE! Not!

Account ClosedPosted
  • Posts 78
  • Votes 23

Well, Hey... It certainly got your attention! LOL

Post: What Habits Are You Forming to Reach Your RE Goals?

Account ClosedPosted
  • Posts 78
  • Votes 23

p.s. Sorry for any grammatical or spelling errors, I'm  typing from my phone and the print is extremely tiny lol

Post: What Habits Are You Forming to Reach Your RE Goals?

Account ClosedPosted
  • Posts 78
  • Votes 23

Right now, since I'm very new in this process, I'm primarily focusing on education. However, soon I will be incorporating applicable steps towards my real estate goals by networking and building relationships with people in the industry and trying to obtain some real life experience!

Right, now I'm:

- Asking at least five real estate-related questions a day. Usually these questions will be prompted by an article I've read, or a book, etc. I sometimes think people overlook the importance of asking questions. I remember that one of my acquaintances seemed puzzled that by the end of the semester, I had an "A" in our biology lab class and she had a "C". "But you  were always  asking a bunch of questions!",  she said with a puzzled look on her face. "Well, if you had been paying  attention, you would know that following all of those questions were answers!", I replied. I will find the answers through a quick google search,  searching  BP for relevant articles and posts, and  making threads if I can' t find satisfactory answers ( hopefully soon I will also have a mentor).

- Listening  to at least 1 RE podcast a day. Podcasts are a tremendous wealth of knowledge,  and the beauty of them is that you can learn while doing mundane rasks like laundry, or  cooking dinner.!

-  Reading at leadst 50 pages of a book a day. Right now I have  about 50 books and audio books that I have been going through ( not all at the same time of course, lol). They range from RE books to  business books, marketing and sales books, personal finance books, autobiographies of  my  personal inspirations, personal finance books, and classics like "How to Win Friends and Influence People"

-  working on my overall health. As a college student it's not always easy to eat healthy but I've started being way more intentional about eating plenty of fresh, organic produce,  cutting down on  my sugar intake, and abstaining from the consumption of alcohol. I truly feel that my mind works more efficiently and I'm able to absorb more knowledge when I'm taking care of myself from the  inside  out, so  forming these habits now will continue to help me 

Curious to hear what others are doing to form habits that will support their longterm success!

Post: Why Are there So many Real Estate Mentors amd Teachers?

Account ClosedPosted
  • Posts 78
  • Votes 23
Originally posted by @Lumi Ispas:

@Jessica W. I can't say that I know why others teach and help others, however I will give you my reasons. I will give you a bit of info about me so you understand how much other's help and advise has helped me in life.

I came int he States about 15 years ago with limited knowledge of the language (hence my spelling), from a formerly communist country in Easter Europe, meaning that we had no credit card system, credit scores, no Real Estate industry per say, as most of homes stayed in the family for generation.  So I had to learn the language and figure out things for myself. I am a huge reader so very fast I found out that 90% of the millionaires in this country were made of Real Estate. I always loved arts, so architecture was a passion of mine, and immediately got drawn into the infomercials late at night of the "No money down programs. " 

I started reading everything I got my hands on and start asking questions on everyone that listened to me and had some experience with Real Estate: contractors, RE attorneys, CPAs, Realtors, Investors, etc . Due to the help of others and the books I read, now I am a Real Estate Broker in Chicago and after years of learning and working in 2013 I was named by Chicago Association of Realtors in top 1% or Realtors in the City of Chicago based on the number of sales I do per year. 

In the same time I am the biggest recruiter in my office and I am mentoring the most agents in my office. If I would have thought that I create competition for myself, then I will have not brought anyone on board, neither teach them the business that took me so long to learn and spent probably by now over $100,000 investment in seminars, books and real Estate courses. 

As an investor, I own a handful of properties for cash flow, I do flips and I am ready to start building. In the same time, I will call my clients and friends investors and give them lots of great deals, as I can't buy all the deals on the market. There is a saying that "The deal of the Century is on the market every day. All you have to do is go find it".

The market is a large pool of houses and people. It will be impossible for me to buy all the houses, to sell all the houses or to flip all the houses in the market even if I wanted to.

My mentees are sending my way great deals that they can't buy or that they are looking to wholesale, and I learn or remind myself how to do things just by teaching them. There is no better way for me to grow into my business than teaching someone else.  Some days they make my days just through their heartfelt thanks. I don't train them to get back. I get back because I train them.

The book that is the most published in the world is the Bible. So even if you are not a believer, if you read it to become wiser you'll find the following passage:

"Ask and it will be given to you; seek and you will find; knock and the door will be opened to you."

The second most published book is "Think and Grow Rich" by Napoleon Hill. One of the chapters is "Power of the Mastermind".  Read this book, there is a reason is the most published book after the Bible. 

Everything I've learned and I have in my life I owe to others. 

I start all my training of Real Estate brokers or investors with teaching them about Mindset, because Mindset is 95% of what you need in life and your endeavors. 

Unfortunately very few people understand that skill is only 5%. If you believe that you can earn money in this Industry or any industry, you will find a way and not question the motivation of others. Everyone's motivation is different.

Learn, study, attempt, take risks and when the opportunity arises - give back with no expectations and life will greatly reward you with money and great friendships!

Good luck to you, and do reach to me if I can help you with anything!

What an inspirational post! Thank you for sharing your story, and The "Deal of the Century" quote is fantastic!  

Thanks to everyone who took the time to post in this thread, lots of thought-provoking responses in here :)

Originally posted by @Eric Taylor:

The answer lies in your personality and current financial situation.  Are you risk averse?  How much money do you currently have on hand for investment?  Do you plan to do this full time?  The beauty of real estate is that you get to carve out a niche for yourself while proceeding at a pace comfortable for yourself.  Money is simply a way to keep score.

 I'm a college student so it would have to be part time, and I only have a couple hundred bucks :/ I wouldn't say I'm completely risk adverse, but I am definitely mot interested in speculating, which is why I chose real estate over stocks.