All Forum Posts by: Shiela R.

@Dan Mackin great job! Keep us posted on income and Erie STR rules.

@Michael Pierce hello:)  So, lease options are a whole strategy.  If you know a seller is open to it, even better.  I'm both licensed and a creative investor.

Do you plan to live in the home or lease option it out (basically a sandwich l/o)?  I would highly recommend becoming familiar with the rules on lease options in your state.  For instance, in Texas there is a limit on the length the option can run for (I think 6 months?).  But here in CO, where I am, there is no such thing. Depending on what you want to do, I would make sure the option gives you enough time to accomplish your end goal.

@Corey Graham hello:)  Almost all my deals have been creative finance.  I had tons of success with DM when I started 20 yrs ago.  But fair warning: the market was a lot slower paced and it was a whole strategy. I targeted people who either were in foreclosure (it's public record) for sub to or even short sales.  Or who were advertising both for sale and for rent for lease options. I use messaging and scripts based on NLP.  I'm now using FB, craigslist, wholesalers, my network and may begin DM again if the market continues to slow where I'm at.  Right now, it's come off of almost a decade of white hot to a more "normal" pace and inventory.  I've also twice gotten an off market, seller financed deal by door knocking.

Hi @Tony Valle. Welcome to BP.  So when investors first start they usually have 1 of the following: time, money or knowledge.  I'd dig a little deeper before looking for a coach or mentor.  What do you like and what are you good at?  What do you dislike?  What do you know? What are you interested in?

I paid an upfront fee and split the first 2 deals with my mentor and it was the best money I ever spent. I learned so much about how to communicate (marketing, how to market and what to say when sellers call me and other effective messaging).  He taught me scripts based on NLP and I still use this language bc it works.  IMO, my mentor was a fast track to success. Well worth the money.

@Michael Furey all good info but one critical thing - buy right. Get a discount on the buy end (know your ARV based on recent comparable homes sold) that's where you make your money. You collect it when you sell;)

@Billy Farley, in my experience, you've got to be way more targeted and strategic with direct mail.  Who are you sending these to?  There are many successful strategies with using handwritten and bulky mail but you've got to know who and why you are sending dm to so you can refine your message and then what will you say when they call you?  Scripts are key.

I don't take any listings that are tenant occupied. They always become a PITA. Have them move out. Most people (buyers/investors) can't visualize the highest and best use so if you don't feel they are using the space to its highest and best use, get them out before allowing showings. Sometimes it's worth paying them cash for keys to end the lease early. You can always put "owner occupied" in the MLS to avoid scams.

@Edwin De leon, decent info here.  As an investor who got her license, I'd ask you what is YOUR criteria?  I only work with other investors who are repeat clients or those they refer.  I often tell them if you don't know what you want, I certainly can't find it for you. :)

Seriously, though you need to be crystal clear about what you are looking for. Is it distressed properties to flip, or to rehab and rent? Do you want a multi unit but no more than 4 units? Or do you want an STR? Do you have a proof of funds letter from your bank or a pre-qual letter from your lender? What's your exit strategy? Do not rely on an agent to do this critical step (knowing the purpose of why you are buying). That's just lazy and frankly, not the agents job. The agent's job is to listen to what you want and use all their experience (people skills, negotiation skills, construction knowledge, market knowledge et al) and resources to find it for you.

@Scott Holland hi there!  Just wanted to add that I feel you!  I'm so distrusting. And investing is so personal. Lots of good advice and resources here on the thread.

I will admit to almost approaching stalker status with a few syndicators I finally invested with after years of following them. @Paul Moore of Wellings Capital is one of them. I've followed him and Wellings for 5+ years now, 4 before ever investing.  I'm pleased with the results so far.  It's def the long game for this fund.  The thinking and strategies are very conservative.

So I'm a huge proponent of due diligence.  I also won't touch a fund where the sponsor doesn't also invest and doesn't have at least 10 years of personal investing experience. The team has to have lived through a cycle or otherwise prove that they know their stuff.  Plus be a good human (s) :)

@Chris Seveney has a great offering right now.  No accreditation needed and the taxing is different bc it's a different type of fund setup.  But if you don't understand foreclosures, it may not be for you.  I like that they always try to keep home owners in their homes.

I'm part of the Left Field Investors too.  I appreciate the openness of the community but sometimes it's too much info for me.  Anyway, best of luck!

@Mark Berge you could allow it but only if you have specific terms in writing about who does the work, do the colors and sheen need to be approved prior to the fist brush stroke? does the area need to be repainted back to what it is currently at the end of lease term? If so, who does that and who pays for it?  If repainting doesn't happen is there a fee? You get the drift.

I've allowed it but my tenants are A+ and stay a minimum average of 6 years...and I get everything in writing.