All Forum Posts by: Raphaela Todd

Good to know.   Thanks for reaching out.  Making a note for reference. 

Just wanted to share my observations with my BP family with regard to my experience with a Real Estate Guru Organization.

I initially started out by attending a free 2-hour seminar, where they gave you very general information about real estate investing and stressing more on the audience's desire to become "rich" or be able to quit their job.   At the end of the seminar, they offer a "discounted" fee of $197 to attend their 3-Day Workshop.   So, for only $197 ... I decided to attend.  Well, although I did learn a lot during the first day and-a-half, it became clear by the latter part of day 2 that they were selling a very expensive education for anywhere from $20,000 to as much as $50,000.    I decided NOT to empty my IRAs and run up my credit cards to pay their fee as my interviewer strongly suggested.   I told him that even though I would love a mentor to "hold my hand" through my first deals ... there was no way I was going to fork over all that money ahead of time.    I did, however, propose that I would be happy to pay their fees by having them TAKE THEM OUT OF THE PROFITS I MADE while they held my hand.     Of course, they "don't do that."   Well, I told them, we're at an impasse, and I won't hand over that kind of money.   They called me a few more times after the 3-Day Workshop, and I firmly repeated my position, telling them if they weren't willing to work with me on MY terms, then we wouldn't be working together.     I'll never forget the look of relief on my husband's face.  I think he was afraid I was going to try and push him into paying all this money.    Luckily for me, my husband has total faith in me, and it feels great!!  

What amazed me most of all through that experience, was how the 3-Day Workshop felt more like a brain-washing than it did anything else. Aside from that, I'm glad I went as it did motivate me to become educated on my own. I've been doing this for the past 5 months or so, and have learned so much through books, videos, REIA meetings and now BP ! So glad I found BP, and am thrilled at how many wonderful people I continue to meet everyday.

Thanks for listening !!

Great Idea!!   I will definitely begin doing this!   Thanks Kim Ford

Hi:  

One suggestion I ALWAYS give new landlords is that you should not only check the prospective tenant's current landlord ... but more importantly, check the PREVIOUS landlord.   Think about it, if this is a nightmare tenant, then the current landlord will want to be rid of them!!    The previous landlord will already be rid of the tenant, so they have no reason to lie to you.    Most of all, make sure to do a background check ON EVERY ADULT who will be living there.  Good Luck to you!

The most compelling reasons are three-fold:   (1) to make my parents proud; and (2) to prove to myself I can do this; and (3) to achieve financial security for my family.

Hi Justin:

My advice to you is to make sure to spend the $50 or so to do a BACKGROUND CHECK.   Also, I would strongly suggest that when you not only call your prospective tenant's current landlord ... but also call one before him/her.   Think about it ... let's say this is a nightmare tenant that their current landlord wants to get rid of, so you call for a reference, and the current landlord lies through their teeth so they can get rid of their nightmare tenant!!

So, after having a nightmare tenant of my own ... I made sure I would also require the tenant's PREVIOUS address and landlord info and call them as well as the current landlord.   It is the previous landlord who would most likely be brutally honest with you about your prospective tenant as they no longer have them.   Good Luck!!  :-)

Looking to buy a SFR or DUPLEX in Las Vegas through creative financing with no money down.

Congrats you guys!!    I am really looking forward to finding my first deal.   Good Luck and continuing success to you.

QUESTION FOR THE BP EXPERTS::   I am interested in buying fourplexes for passive income.  However, I live in Las Vegas, Nevada and the location of the multi-family properties are in bad neighborhoods.   So, my question is two-fold:  (1) What do you think of buying rentals in another state other than your own; and (2) What state would you recommend, and why?   Thanks for your expert advice!  :-)

@Doug Pretorius Thanks for the detailed response, I really appreciate the feedback.