All Forum Posts by: Kelly Beasley

Thank you @Ben Miller! This newbie needs some luck/guidance. Working on it...

@Steve Milford also, I like the idea of multiple exit strategies. If I could only FIND my STRATEGY first. LOL! So. Many. Roads. To. Take.

@Steve Milford Yeah, that doesn't sound like you had equal bits going on there. If we DO pursue something, well, at this point, I just don't know how we would manage it. I think we would be ok working as a team as we always have done, successfully, but probably there would/should be some things in writing to make it binding. Especially as I am the one with all the skin. 

Still researching... Thank you for your input!

@Rebekah Keller all very valid concerns. My history with this partner is one where we have NEVER had an argument about business. Or elsewhere, in life. We have been made plenty fun of by our friends who say we are like an 'old married couple'. (Well, without the intimate relationship and without the quarreling, lol!) 

This is what I base my judgment on with this- I don't see us having to knock out details like that in advance. Like @Sue Hough pointed out, it has worked for us in the past. 

With anyone else, I would SURELY have everything planned out ahead of time. I am still concerned that I would be the only one putting up considerable dollars into a deal. Again, researching so many things to try to find the right 'fit' for us. Which may mean going a totally untraditional route, each on our own. 

All of this input is very helpful for myself (and other newbies) to SOMEHOW figure out which road is best for them. Thank you all!

@Moises R Cosme- That's good backing advice. I will keep it in mind. Because if the complexity of my situation, and since I ran into this idea yesterday, I am currently researching the whole Air BNB hacking thing. That's something we can each do on our own without blending any business deals with it. I'm quite intrigued by it now. 

Anyone here play the Air BNB hacking game?

I guess that should be another post altogether.  : D

It's true. I'll keep that in mind. Thank you, @Matt M.!

@Ben Miller I couldn't agree more. My bank account reflects my partnership with him for sure. I really do feel that we can be successful in this area as well. It would be new ground for both of us. But the best things in life tend to be the ones that scare you but you do them anyway. Right? 

Here's to new ventures!

@Dave E. very goon perspective on the loss part. Yeah, best for sure to make it all legal. Wouldn't want a RE deal to ruin what we have going well with our other business. It's all so very complicated. 

At this point, my brain is leading me to just start doing some AirBNB hacking. LOL! (And even that is shaky at the moment with shutdowns and COVID.) It just sounds so much easier. 

Dealing with a contractor- all of that sounds a bit nightmare-ish if you don't have THE MOST AMAZING CONTRACTOR EVER. (Does that person even exist?)

Life is hard. 😂 😐

Maybe I will stick to buying and holding. I just do wish I could incorporate him somehow into finding deals and profit-sharing. We have all of our eggs in one basket for the most part with the website company we own. Looking to diversify. (AND to have some kind of non web-based project at the same time.)

Hi @Rick Pozos,

Thank you for your experienced insights!

Is it not the time? I haven't heard anything from Brandon or other on BP stating that things are going downhill. 

I'm not arguing the point, I am just stating what I have/haven't heard. IMO, from my research, there's no reason to not invest now as far as what is going on in the world.

I'd love to hear your points further regarding why not now, if you have a moment. I have been researching for about 2 months. Not JUMPING on anything, and biz partner would likely help me NOT do so even more, lol. 

This navigation is challenging for sure. 

Here's what I keep reading- people ask "Where should I invest?". The answer is almost always "Wherever you are- deals are everywhere, you make your money when you buy". (And that resonates with me, though buying low is not an easy feat) Then I read/hear that the market is doing fine, most people are getting all of their rents, etc, etc, etc.

Maybe it's different when it pertains to hiring contractors for flipping? (Maybe this is what you are referring to as far as why one wouldn't do it right now?)

If 'everyone' is flipping right now, I haven't seen it/heard about it. Seems to me people are ALWAYS investing in RE, which PARTIALLY discourages me as a beginner, with the understandable/common mindset that 'if hundreds of thousands of experienced investors are already doing it, how can a newbie find good deals?' 

Then I hear/read people saying anyone can find a deal. Ugh. The challenge for a newbie is real. 

My OTHER and BIGGER challenge is I am literally a nomad. I don't 'live' anywhere.

 I live in my travel trailer, BY CHOICE, full-time and I travel full-time. So I am trying to pick one area to focus on, to try to stick around in for the deal, and to invest in. (Focusing on Tucson, at the moment, as I like it there, and it's an area I will easily be able to visit each winter.)

I want to find a property where my biz partner and myself can both park our trailers (he's a full-timer as well) on the property while we do the rehab. 

So I am STARTING to look. Doing research. Got my BP membership so I have unlimited access to the calculators. I have an agent in Tucson. No other team members, though. Being at a distance, how do people start finding their team? (Yes, I will ask this agent for recommendations) Outside of getting rec's from an agent, all I can figure is to just call places and hope I  pick well, grrrr. (I'll look on BP as well) 

Honestly, mad props to those of you who have ventured into RE successfully! There's SO much to consider and to figure out in order to do it. 

I'm just starting to navigate the waters... and I guess I just kind of unloaded on you, Rick. 😂 Sorry about that! Newbie excitement/angst... 😄

@Sue Hough I think you’ve hit the nail on the head. We have NEVER had a quarrel over one of us working more than the other, one of us not holding our own weight, etc. He even came and helped me with my property in Florida a couple of years ago. There was nothing in it for him. He just wanted to help.

Yes, we make a VERY good team. This is a big reason I’d like to bring him in on this whole idea of how we can make more money as a team. 

So I think you’re absolutely right here. We are tried and true, and I’m guessing 50-50 will work perfectly for us. (after I get my $ out with interest) 

Wise words, Sue! Thank you.