All Forum Posts by: Brandon Chidester

I've recently partnered with a seasoned business owner and Real Estate Investor who will be a great mentor for me. One of the projects I agreed to help him work on is working to collect a large sum of back rent from the past few years. 

Tips: Does anyone have any suggestions or proven methods that I can put to practice? We want to avoid collections. 

All advice is greatly appreciated! 

Cameron, 

You're already on the right track! Anytime you aren't sure of your next step, just go to those who have done what you want to do. I have 3 suggestions that have been mentioned separately in replies above.  

1. Bank Cash (Get your money right) Start banking cash as soon as possible. ALWAYS pay yourself first! Whether you keep this in a savings account that you are disciplined enough not to touch or open a Roth IRA start building a financial runway. Through college I paid all my own rent, vehicle, books, etc. but I always paid my Roth IRA account every paycheck. I will be graduating this spring with roughly $10,000 cash that has just accumulated. (Please Note) If you place your money in a Roth IRA you can only withdrawal contributions, not interest, unless it is used for your first time home purchase, student loans, or a medical bill,

2. Gain Experience (Surround yourself with the right people) 

I have a degree in sales and marketing. My advice to you if you are looking to get in the business in real estate is gain sales internships or work for a broker. These experiences will not only teach you the business but sales focused internships will force you to learn how to communicate and come out of your shell. 

3. Build Credit (Save first and spend whats leftover) 

Spend time reviewing Youtube and Bigger Pockets money content on the proper ways to be using a credit card. Pay the card off every single month in full. 

Best of luck,

Brandon