Conflict of Interest Occupations?

Question

Real Estate investing is definitely my calling. Been doing extensive research for the last 6 weeks. I attended a seminar in which it was $1,997 to go to a 3 day training. Of course this was just a taste of the "good life". I did not move fwd with extensive training as the guru training was extremely inflated (21k, 35k, 50k). However, I do now have access to private capital. Looking to get an LLC set up in my state. Fairly aware of the process in Colorado. My question pertains to get started is getting a position that deals in RE: Are there any occupations that are considered conflict of interest for being a real estate investor. Is it possible to become a home inspector or would that be a conflict of interest?

Wayne Brooks · Answer

Just do you know, you don’t have any more access to private money than you did before the seminar.....they just gave you a list which may or may not be better than a list you could generate anywhere.....and you still have to meet these “lenders” requirements.

Zach Quick · Answer

@Alex Wojcik Can't recall anything that would be a conflict, just be above board about everything and you will be fine.Being a home inspector would compliment being an investor really well, no conflict.

Joe Splitrock · Answer

Why did you spend $2000 on a three day seminar without even researching REI on the internet? If you do a google search on real estate investing, BiggerPockets is one of many first page results. No worries at this point. You are here now.Let me just assure you the $40 per month will get you more material from BiggerPockets at $480 a year than you did from the three day seminar. BP is your best resource to learn more about RE. Download all the podcasts. Buy the books. I would even say buy the PRO membership so you can listen to all of @Brandon Turner archived weekly webcasts. Since BP is local, I am sure there are meet up groups you can get involved with. It is a great organization with good intentioned people. A guru makes money selling seminars, people BP make money in real estate. Who is better to take advice from?

Alex Wojcik · Answer

@Joe Splitrock. Thanks for your comment. I was not aware that I could get into REI until attending that 3 day seminar. How would one know to go to a website, before knowing such a REI Network existed? Did not move fwd with anything further with the guru, as I didn't see the value. I'm not clear why I would pay $40 per month with no knowledge or properties to move forward with analyzing. I want to build a foundation, instead of trying to do too many things at once. I don't clearly understand the market in CO, but trying to figure out a way to do so. Being an agent could be lucrative, however, it just doesn't excite me as much. I want flexibility more than just a paycheck. I also want to have some job enrichment, which I believe Home Inspecting might do. Joe, do you have any advice on learning the RE market indicators, to better understand RE markets?

Joe Splitrock · Answer

@Alex Wojcik say it isn't so, you just spent $2000 on a 3 day training course with a guru! You do realize the best real estate resource in the world is BP and they are located in Denver, CO. Yet after spending $2000 with a guru, I see you don't even have a PRO account on BP? If you are serious about real estate you would be better to be an agent than an inspector. Nothing is really a conflict of interest, but being an agent will accelerate your knowledge of the market and it pays better than home inspections.

Alex Wojcik · Answer

@Zach Quick. Thank you for your input. I have heavily been looking into this as an occupation. @Wayne Brooks. I do have to meet these lender requirements. Current CS, 745. However, I can utilize the Private Money for transactional purposes such as Wholesaling. They take a small fee. I am still a little uneasy about using such Private Lending on the first flip. @Cara Lonsdale. Thank you for providing yourself as a resource. It is nice to know that there are not COIs, as long as you disclose your occupation for personal Reinvestments. I will keep you in mind :) Thank you so much. Thank you for your time and Merry Christmas to all!

Cara Lonsdale · Answer

Inspector, appraiser, escrow officer, even Realtor....none of them would prevent you from doing your own RE investing, and any of them would compliment your goals as an investor. Of course if you become a Realtor, you need to make sure you are properly disclosing your licensing status to any potential Sellers or Buyers involved in your personal deals.Best of luck to you! If you decide you want to explore the Realtor route, PM me for some good advice. :)