All Forum Posts by: Nick Lee

Welcome to BP, it's the place to be.😄

If your just starting out or a seasoned investor you can learn so much. 

After reading the recent post about a "scammer" I was convinced I should share my experience with the BP community. Perhaps to some it may look like I was foolish and I guess I was. I was embarrassed I had been duped,but it could of been far worse.

I know the odd one or two people may feel they want to post criticism over my actions and that's fine. I would sooner face criticism as a newbie who didn't know better than have this happen to others.

We learn from mistakes,we all know that but who says they have to be our own mistakes? As a collective community we need to share all experiences so we can all learn together. So here is my story.

In October 2013 I was finally ready to buy more first property in the States. I had been following the Detroit market and decided to commit.

I saw a property listed on Zillow and decided to contact the agent, who it turned out also owned the property. After much dialogue via e mail I saw she had another one for sale on her website and a price was agreed for them both.

I said I needed a contractor to take a look at the place. In my lengthly analysis paralysis stage ( before BP). I had been given the details of a contractor,somebody had successfully used. But when the realtor offered to contact her contractor, I agreed.

A list came back of the work that needed to be done etc. I then asked for my own contractor to visit which was agreed.

I was asked to sign documents and send earnest money. I got this down to around $200. Over the weekend I was encouraged to send more money and I became suspicious.

When my contractor tried to contact them,they would not answer the phone. This happened several times.

When I began to look at things I could see this number and name used on many adds across the States.

I have posted a picture of one such add below. It seems they don't just limit themselves to real estate.

I learned a hell of a lot from this about how to verify people on the net. Reverse phone look ups, checking who owns the property. How to check if a realtor is licensed etc etc. As a direct result of this I feel much more confident to check out credentials ask for references etc.

It would of been easy for me to say that's it and give up,my pursuit of investing in real estate. But we all make mistakes and I do think it has helped me move forward. I realised I had a lot to learn and set about reading books, posts and pod casts. Most of these are free on the BP site.

I hope this helps people and look forward to your comments.

Below is the add I found on Zillow and below it an add with the same number and name I found yesterday.

The old LLC issue raises its ugly head. This is something that I need to take professional advice on. I guess other newbies should do the same. You pay now or pay later.

I have heard that this issue is one that puts off some investors, yes it can be a hurdle but not a bar to becoming an investor.  Nothing should be a bar to achieving your dreams,through realestate. 

BP is a great place to turn those bars into little hurdles that In time you can easily step right over as you gain knowledge and experience.

The site is a great place to be, so much information for every level of investor.

I think the list of average prices you can expect to pay was very useful. Buying in the states when living in the UK is a difficult thing to do. Particularly when going it alone, finding contractors etc and building relationships in new markets. I think the information in the books gave me the confidence to make my first purchase. When I felt that I was being quoted a fair rate for rehab work, as shown in the books it put my mind at rest. Great books

Gives me hope for my tax sale properties I seem to have to keep waiting to go through. Think a diary is a great way to share the experiences

I think if people can get better returns, then they should consider investing out of state. I invest from the UK as we cannot get the same kinds of returns here. If a market changes you need to move to the next one.

With regards to not rehabbing a house on the cliff, I think it depends on local conditions. Is the area prone to erosion? How good are the foundations in to the ground? What is the ground, sand or solid rock? We have property in the UK for 1 £, which is right on the edge of a sand cliff. These properties will not make it through the winter. Again it's worth considering all aspects. Many people like the idea of a home by the sea. It could be great investment, particular if future building will not be permitted.

Might as well give it a go. Let me know how it goes. Good luck

Hi and let me be the first to welcome you.

You can find everything you need to know in here and everybody will help you. I am based in the UK but invest in the states so s bit of a long distance investor. I just do buy and hold investments

Happy investing

Nick