All Forum Posts by: Pete Storseth

@Jenny Roman

Hey Jenny. Is your loan program gonna still have the same criteria? I'm thinking I better apply for preapproval and an extra line of credit before this economy gets any crazier

Make sure to read the BP book on house hacking by @craigcurelop

@Ryan Wiedner

Good luck man. Great strategy

Ok, so every thread I've seen about gurus mentioned I have actually heard of start with a new wantrepenueur asking "has anyone ever bought the mentorship or course from 'x' I have recently signed up for?"

After a series of replies, it usually progresses into people asking the original poster what happened. No answer. Years pass, the newbie drops out of reach.

This HAS to be because they exited the business and NEVER get started.

As a new investor, personally, I have to say nobody should ever pay for a course or mentorship program, period.

Find a mentor or partner here on BP, sure. But if you're gonna watch YouTube for information, leave it at that. Get their free info and then move on to the next one until you find a real person or grow the courage to make your first move.

It's a cold pool of water. You can stick your toe in, but until you jump in and get that chill over with, you'll never get passed that first chill. Its inevitable.

Its gonna be cold, take courses if you want. But dont buy something and expect it to be the way to answer all your questions. I've been there.

When you ask, "has anyone ever tried so and so's course/mentorship program? Is it a scam?" Just know, whether or not it is a scam, you have to get educated and do the work yourself. Paying someone to make you a hero from zero is a scam.

When I become more successful at this business, I will mentor people free. But the way in which I do so will be offering them to make cold calls, post ads, answer the phone calls and if they are good at converting prospects into real leads then partnerships could materialize. This is what a real mentor would do

If there are newbies asking this question, I hope it answers it.

If there are experienced investors out there reading this, this is how a newbie should be mentored. I would do tons of work for free to learn and get coaching. All most of us want is just someone to ask questions, call for advice along the way, and red flags we cant see because we dont know what the color red even looks like yet.

As a new investor, most of the crms I have looked at are way passed what my needs are. 97 a month isnt bad, but all I need is an automated system to track my lead intake and auto respond and notify me. Sure a VA could do most of this but starting out I'd like to track my marketing and make sure if a call, email, or website entry is made the prospect is immediately replied to. Then I or a helper can schedule an appointment if necessary.

REI blackbook is very clear in its format vs podio which is way too complex

As a new investor, it is way too risky to invest my own or private money into certain deals with all the unknowns.

The banks are attractive if the rates stay low and prices drop, but I'm anticipating future opportunities.

Once the first of April comes, and possibly more so in may, I would expect people to have a hard time paying their mortgage if they had lost income. They may need to downsize, and for those already behind, subject to existing financing will become more likely their best solutions. Furthermore, if banks are tightening up, it could be opportune to create wrapped mortgages for those sub2's.

Could this be a key entry point to investing with low or no money down investments? Will it be more competitive with other investors attempting the same strategy? Is their more or less risk of doing this during a downturn?

My thoughts are that this could create a demand for both sides, ethical solutions and win win wins, and a great low risk investment for a newbie.

At this particular moment, with rates being low, sellers aren't all dropping prices because buyers are buying.

Soon, it may swing the other way. I'm waiting for deals to open up and sell at lower prices and that happy medium with low interest as well. Waiting, but not more than a month.

I haven't used craigslist in years. Its flooded with wholesalers and owner finance companies. Every ad I've posted gets flagged and removed in minutes.

Is CL dead?

@Theresa Harris

Might even fall in love with cash flow

@Vincent Gizzi

Craig curelops book about house hacking covers this, even though it's about house hacking, it covers a bit about screening as well