All Forum Posts by: Ben Randall

@Rod Lambe welcome to real estate.

I suggest getting a good amount of money for capital before approaching others. This way they see you have skin in the game and they are able to immediately benefit from you.

I’ll apologize for him though for talking you up and giving you false hope, to just move on without even saying anything. Unfortunately, it won’t be your first time dealing with that.

This industry is rifled with those who take advantage of others and are able to keep a smile on their face while doing it. It is most certainly a nice guys finish last type of industry. Be careful and do your own research. Over analyze your first deals before committing, don’t let the mindset of losing a great deal make you rush into a bad situation.

I say this due to you having dealt with someone successful talking with you, giving you hope and possible benefit. Imagine if he directed you to a property.. you’d probably just be grateful he’s part of it and hop in... don’t do this with anyone. CYA.

As always, good luck.

@Jim K. Haha! Thank you Jim! Flipper McFlipperFace LLC might just be a winner though...

Looking for ideas for naming the LLC I'll be conducting my business through. I'll be utilizing it on property purchasing, remodeling, flipping, and building a rental portfolio.

Should I have more than one LLC for this or would one be good enough to encompass the responsibilities listed above?

Let me know your ideas!

As always, I’m grateful for your responses!

@Dutch Langley Awesome information!! I most certainly need to get out and meet people. It’s scary for me to think about bringing other people in considering the boundless reports of less than ethical business dealings some are exposed to. I do not have legal resources if something went south. Was there something you did to help you feel more confident in entrusting others in this venture? Also, I most certainly have a passion for this and it’s pretty cool when I read that, I knew exactly what you meant.

When I tell others I enjoy real estate and remodeling they think I’m crazy. Can’t wait to do something I enjoy and to have it make money. (I wish fishing did the same lol.)

@Brian Wagers thank you so much for your reply. I chose flipping / rehab because it’s about all know how to do. I will be extremely involved for the next 10 years or so and hopefully begin getting into rentals.

As of now I know it’s incredibly hard to get financing for purchases other than your main home and I’ve heard you can only utilize 30% of rental income after you’ve had it for 2 years for loan purposes.. they sure make it difficult to break out of socioeconomic barriers. As of now I’ve got the cash to do something, just not sure which would be the most effective considering I don’t have room for error on my first go.

@Anish Tolia and absolute sheer luck. Determination, grit, work ethic, all this is worthless without money, preparation, and opportunity. All those combined is what causes story’s like the one above. We all like to think all it takes is hard work... but you’d be wrong. Hard work is about 10% of the equation... most rich actually work the least.. everyone else is doing it for them.

I’m in the Tulsa, OK area. I have no idea where to start. I’m from a low income background and have no one to reach out to for information on real estate. I’m a seasoned remodeler, licensed HVAC, business owner, and a LEO.

I’ve worked since I was 15 trying to make something of myself and have just now got an opportunity to obtain a lump sum of money. I need to use this opportunity to start into real estate but not for long term investments quite yet. I need to make money first, and slowly build a rental portfolio over time.

I need information on the most efficient way to invest and capitalize within 6 months to a year at a time.

I appreciate any and all information and I’m grateful to finally have an opportunity to be on this side of the fence.