All Forum Posts by: Sean Lunny

Hey Barb,

Seems like you've done your research! Congrats on making the jump. That being said I personally would not spend the money until you've exhausted every opportunity outside of paying someone $1000 to teach you things you can learn for free. I don't want to knock anyones course by any means. I am SURE they will be golden nuggets in her system that would be worth the price tag. Not that you are, but, if you're thinking "once i buy this program/course THEN I can start investing" in other words, you dont need anyone to give you permission or assurance your doing the right thing. I hope that makes sense.

Have you thought about reaching out local investors? I know you mentioned there are no meets ups near you - have you thought about STARTING one to be as the boys on the podcast put it "The Hub" of your area? Even if its only a couple of people - if you're looking for it I am SURE others are. Just some food for thought. Also - going back to the point of exhausting every free learning tool - have you listened to all of the BP podcasts? Those could easily be worth WAAAAYYYY more than $1000.

At the end of the day its your decision and you should do what you think fits best with your goals, but me personally I would seek another route before I paid (because I have made that mistake before and have wasted thousands haha).

I hope this helps! Best of luck!

Hey Tevin,

I've never done a sale like this so take my advice with a gain of salt - Its sounds like a "subject to" sale and its a lot more complicated. Its something I would talk to an attorney about, you'd have to get the fine print of the mortgage and make sure there is nothing in there that stipulates that the rest of the mortgage is due upon the seller "signing" over the property. Best way to go about it is to talk to an attorney and get the lender involved to work it out that way - 

In a perfect world the lender would be perfectly okay with getting the past due balance and then receiving regular payments at the same rate/interest rate. They shouldn't care who is making them but as we know the world is not perfect lol

I hope that helps!

Great job man! Lessoned learned but you still made some cold hard $$$ thats a WIN -WIN!!

Hey Landers, welcome and congrats on taking the first steps. My advice would be to reach out to investors in your area who are doing what you want to do and see if you can meet up with them, learn from them  and offer something of value in return (I.E. what are you good at that can make their life easier?)

The other thing you can do is to go to REIA meet ups in your area and start making some connections with other investors there! Network and make it happen!

Hope that helps!

Hey Najee! Its all good brother man. We have ALL been there myself included. It seems overwhemling and at first it always is. If you've done the research, have a lender/funds, know your market and the strategy you want to use - go after it brother! Go look at some property and start making some offers on some deals!

I guess the short version is - go look at some property!

Hope that helps!

Hey Alex,

Congrats on jumping in. I would keep doing what you're doing. What I mean by that is to reach out to investors in your market who invest out of state if thats the route you want to go. A good way to do this is to attend your local REIA meet ups and network with some people and of course, here on BP. Maybe you find someone at the next meet up who can show you a thing or two about the process or even how to invest right in Brooklyn!

Another good place to start with investing out of state in David Greene's book on the BP Book store : https://www.biggerpockets.com/store/long-distance-...

Hope this helps my man!

Although I've never invested in condo's the only other thing besides HOA fee's would be the rules/guidelines that I can think of off the top of my head. A lot of HOA make it so you CANT rent it out or the first few years OR at all. I would just be sure that it would be okay to rent out after you purchase if thats the route you want to go.

Hey Corey! Congrats on getting outside of your comfort zone. My piece of advice would be to try and relax and realize there will be people there who have been in the game a lot longer than you who are even MORE nervous than you. 

Its sounds simple, but the best way I find to approach someone is just to do it confidently - be direct and say something like "Hey how are you my name is Corey, whats your name? What do you do or what strategy do you use to invest?"

Just be yourself my man and if things get too awkward with one particular person just thank them tell them it was nice to meet them and move onto the next person.

I hope that helps!

Hey Ape, congrats on taking some first steps!

I think the strategy you should use should be in line with your goals. If you want to be a developer, maybe doing a rehab or a BRRRR would be the best first strategy to use. You can do this with low or no money down in a variety of ways

Another good piece of advice would be to reach out to other developers in your area and see if you can shadow them on a project to learn the basics - maybe offer of something of value in return ( how can you help them?)

Lastly - adding on to the second point I made, go to your local REIA meet ups and network and start building some relationships with other real estate investors!

Hope this helps!

Hey LaQuata!

Congrats on making the jump - I typically run them three times, once on best case scenario, then on worst care scenario, lastly I have either a partner or friend run them for me a thrid time to make sure Im not missing anything.

Hope that helps!