All Forum Posts by: John Ellzey

Hi, welcome to the forum. I am glad that I found this forum so that I can have my home discussions here. Thank you all in advance. 

@John Ellzey Congrats and welcome to BP! One of the best resources to date and let us know how you enjoy the books! 

Hello and welcome to BP!  Since it is now a seller's market I would, depending on the status of your work employment and a possible family needs, I would take my time and be ready for the real estate  cycle to turn in your favor.  I am sure your business will do well because of your property management background.  Know that your education goes on forever to help you dominate your niche and your financial statement readability and understanding.

When beginning just do what is tradional, building design, and the location will make a difference besides the amenities that come with it.  Just do what is average in your  subject property in that neighberhood.  Being around Austin you will have many different options to choose from.  There are several things you should do after you have selected your niches and market area.

Stay in control of everything until your Team members have waned your trust.  Do not make any assumptions when other people are supposed to do your needs.  Do not think because a title on a business card does not mean that they know anymore than you.  Make all your Team members know what you are accomplishing with the "subject" property and your goals.

Find/Get your local Team members who you feel about them fulfilling what you expect.  If you are planning project management let your contractors know what they are expected to do.  Make sure your primary Team members that are local and are experienced in what you and what you expect.

The primary Team members are Attornies/lawyers, real estate Agents/Brokers, CPA's (or knowledgable accounts), Inspectors with a license, General Contractors, Property Managers, and Handymen.  Do not try to do everything yourself.  Do not cut any cornets ti justify doing a project or to make something look better on paper.

You might need to form some type of corporation or a LLC. One thing that does accomplish is to keep you personal wealth from your business legal problems. You might have to hire an attorney and/or a CPA to advise you on the best way to go.

Another thing you should do before you make any offers is to find and get qualified lending for your projects accomplished so you can have a loan letter that you can copy and include with your offers to make the current owner feel relaxed that you can close.  Your loan letter should include their average closing time and the maximum amount you qualified for.

Another thing you should do before starting making offers is to have a new office location that is convenient and has a minimal distraction that will disturb your working.  You can locate that in your place if it can be closed off and have minimal personal distractions that need to be done.p

I have said enough for now but reach me if you think I can help you through BP at any time.  I am on this website just about every day.  By the way, I am 60 years old and tent to be long winded and opinionated.  I had been in the construction business since I was 17 years old including those college years.  I had a real estate broker license for about 30 years but Inever did that full time.

Good luck to you!

Welcome aboard @John Ellzey

@John Ellzey

Welcome to Bigger Pockets. The Bigger Pockets book store if full of great books: https://www.biggerpockets.com/store

John, 

Welcome to the BP Family. I am a current wholesaler here in the Austin area. Let me know what your criteria is for properties and I'll be happy to get connected. Thank you. 

Best Regards,

Fernando M