All Forum Posts by: Casey Bishop

Hello BP. I've come to really appreciate and value the opinions and advice on BP, so I thought I would solicit some responses on an idea I've had lingering for some time. 

As of right now, my team consists of myself, my wife and my brother. We have done a few fix and flips and are trying to increase our marketing efforts and do more wholesale deals while also having better options on Fix n Flips and BRRRR when we want them. We have split the team up into the 3 phases, Acquisition, Project Management, Sales. I'm generally on the Acquisitions side while also managing the marketing (but also assist in all phases). From there my brother will go view any property we have a lead on, evaluate repairs, etc. If we decide to take the property as a flip or BRRRR, he also oversees the project, but I also help where I can. He has more time than I do. Whether we decide to wholesale the property or fix it ourselves, my wife then takes over to market the property to end homeowners (for ones that are fixed) or to our buyers list for wholesales.

My idea and question is this. My background is in Accounting/Auditing. I'm currently working a full time job as an Auditor. I have the required education and experience to be eligible for my CPA license. I just need to take the tests. This is why I have become the numbers/capital guy of the team. For credibility (and to achieve a personal goal), would getting my CPA license be of benefit to the team and help grow the business?

My brother has many years of construction experience in many different trades. Would getting his Contractor's license, even just the small one (in Utah its called a R101 I think), be beneficial to the team?

My wife has a background of customer service and telephone sales. She has become quite savy using the online tools such as zillow and the like. She is currently a stay at home Mom unless we have a house to sale (which hasn't been much in the past 6 months). She is willing to get her RE license to get MLS access, to save on commission, and is also interested in maybe doing RE separate from the duties our business requires until we can turn it into a full time position in our business. So should she get her RE license? (PS we have a broker willing to put her on for basically no fee, if she just wants to do RE for our business).

I'm thinking this would be somewhat of a dream team. Having a CPA, Contractor, and RE Agent making up our team. When talking to Private Investors, motivated sellers and other professionals, I feel having these licenses will give us an edge. Or, am I just getting caught up in this in my head?

I believe me getting my CPA license will be the biggest time commitment as there are 4 exams that are recommended you do about 120 worth of studying for each part. I project I could get it done by end of 2020 if I really commit. 

Contractor license and RE license should only take 4 to 6 months. Plus, they have more time than I do.

So BP, is this Dream Team idea just a fantasy, or do you think it will provide an edge in building a strong network around us? Or will these licenses give us to much exposure to liabilities?

PS - I don't plan on using my CPA to consult, advise, audit/attest, or do taxes for anybody except my own business. If that's what I wanted to do in life, I wouldn't have become a RE Investor. 

Recently moved to Roy, UT and wanting to build my network. If you live or invest in Utah, let's connect.

I've recently moved up to Northern Utah and am getting back into Real Estate. I've been networking on Facebook and have been added to many people's buyers lists, but have not been able to land any deals.

Looking to network in Northern Utah, as well as any advice and techniques that have helped you find more properties to fix up.

Northwest of St. George, UT and West of Cedar City, UT is some very small towns called Newcastle and Enterprise. My wife is from that area so we find ourselves driving about 35 minutes a few times a month to go out there. In between Newcastle and Enterprise you can see one of these solar projects that your are talking about. Since it's such a small town my wife happens to know of the person who owns the land and leased it to the solar company for the project. Rumor is the land owner is making over half a million a year on this deal.... but that may just be rumor. When I heard this, I started looking into it as well. Land is cheap out there I thought, and I want in! Here is a few things I have learned in my research: The quality of the land is going to be the first thing that must check out. It must be flat, and have no trees or buildings that block the sunlight. Also, the lesser amount of objects that must be moved for them to construct the solar farm is also plus. Next is going to be the area itself, such as the city it is in, the neighbors around it and the activities surrounding the land. They must also make sure that a solar farm is allowed by the ordinances of the city. The biggest thing I remember reading, and big reason why I didn't pursue much further was that 95% of the time, the solar company will find the land they want, check everything out and then engage the land owner about letting them do a solar farm on their property. The chances of you buying a piece of land and calling them up and getting a solar farm is far less likely. Since your family member has already been contacted is a good sign. I think there is a lot of positives in a deal like this. You have a high paying and established "tenant" for your property. You don't have to do any of the building yourself. You don't have to work a farm, or build buildings to make money on the land.... etc. You sign a contract and that land starts making you money, it doesn't get much easier than that. I think the last consideration they make is if there is a need for the power that the solar farm will generate. They won't build a solar farm if there simply isn't enough market to consume (and purchase) what they make.... so there may be a sense of urgency to do the solar farm, or they may do it somewhere else and may not be in position to do another solar farm for a couple of years. 

I hope to attain my CPA license by end of year 2019. I may be slightly shy of the experience requirement by the end of 2019, but I want to at least have all of the exams passed. As far as real estate goes, I hope to have done at least 1 rehab and acquire another rental in 2019.