All Forum Posts by: Account Closed

Why is it illegal to walk up to someone and ask them if they want to invest their money in your investments?

Is it legal to walk up to someone THAT YOU KNOW, and ask them if they want to invest their money in your investments?

Is this the case for all states or provinces?  Or is the laws different for this topic?

I want any opinions of Stefan Aarnio and his book "self-made - 5 secrets that transform ordinary people into self made millionaires".

A little backstory, I went to a local REI group in Winnipeg, Manitoba, Canada and he was the host of the event. He sounded legit. Some of the things he talked about were similar to the material on Biggerpockets, except it was Canadian and it felt fresh. I talked with him for a few minutes after the networking was over and it felt like I could pick his brain for hours, so I bought his book instead.

When I started reading his book, it felt guruish.  You know, the motivating hype of what investing in real-estate can do for you and the results, but as I continued reading, it felt real.  How real-estate investing is not just some cakewalk, it's a jungle.  What skills that need to be developed if you want to be truly successful.  So many gold nuggets in this book to the point that I have to re-read the chapters 3-4 times!

Thanks in advance!

Thanks for the answers everyone! I completely forgot about offering free labor to other investors.  When I know I have more time, I'll sit down with each one of them and ask if there's any specific work they need help getting done.  I can't wait until spring!

As for what I could offer, I do know someone who does his own yellow letters for marketing, maybe I can free up his time by writing for him instead?

I'm currently going to school to get a full time job so I can save money for REI. So far I'm reading books, attending seminars, REI clubs, going to the occasional open house and learning from Biggerpockets material like webinars, podcasts, forums, and blog posts.

1)  What else could I be doing aside from learning, networking and saving money?

2) Another question, I've found a few people who could be very good useful on my REI power team. I've also found several people who can be good private lenders or to form partnerships with. Since I'm not going to start REI for at least 2 years, is it too soon to approach these people?

I was reading Brandon Turner's rental property book and I wanted some more information about paying for property inspectors.

Let's say you find a property that fits your criteria, crunch the numbers and find out it's a good deal.  So you send a property inspector to check for problems and maybe other people as well, like a plumbing inspector.  You find out that the problems of the property would cause HUGE financial issues in the future, so you pass on buying the property.  

1)  You paid for the inspection services and in the end you didn't buy the property.  Wasn't that whole process a waste of time and money then?  I assume you can't get your money back?

2)  Also, while I'm waiting for these inspections, aren't I on a time limit?  Good deals on the market don't stay on the market for too long, so I would want to grab it as quickly as possible.  However, if I'm waiting for my inspection to be completed, couldn't the property get snatched up by someone else during that time?  Is there a way to prevent anyone else from getting it?  

3)  Another question, does anyone know if there's title companies or something similar in Canada?  They sound essential to any form of real-estate investing and I would love to know more about the local ones.

@Matt Motil

I agree with you on the managing aspect.  In it's logical extreme, you could outsource your managing too, but you would still end up with your manager updating you on the current events, resulting you having to make decisions and stuff anyway.  I'm perfectly fine with the reality though.

You'll probably slap me, but I was reading the 4 hour workweek a few weeks ago and I dropped it.  He kept talking about motivating topics, taking action, goal setting, etc, and at that point and where I'm at today, I already have those done.  It kept talking about similar topics and eventually I grew tired of it and dropped it.  I might pick it up again because people, like yourself, keep telling me about the virtual assistant material and it frustrates me that I didn't keep reading till the end.  Oh well, one of these days I'll pick it up again.

@Joe Villeneuve

So this amazing discovery for me is actually a practice that has been used since the 19th century?  Unlimited amount of returns?  It makes me feel like I've discovered some ancient martial art that can allow me to walk on water or something.  Probably ignorant to say, but I feel freaken powerful!

I also love how so many of my questions get answered by you Joe. I don't have to look at your profile to see what your experience or background is because I can tell just from reading your posts here and there, that you know what you're talking about. I feel very grateful that I can get your insight on REI topics, and I thank you for that.

Hi everyone! I just recently came to the realization that to have true passive income or to own your own time, you need to outsource as much work as possible in your REI business. I don't know if this is a topic that every REI should know or if this is such a beginner/novice/newb realization, but I'll be honest, I'm a beginner REI and I just want to tell the whole world about this!

1) Take out a piece of paper or word document and just write everything that comes to mind, even the little things. Such as managing your properties, paying bills, doing paperwork, talking with sellers, marketing, etc. This list depends on you!

2) Like the saying from Kiyosaki's book, Richdad Poordad, "I can't afford that, to how can I afford that?", you must think on how you can outsource every single piece on your list. Such as hiring a property manager to manage our properties, hiring virtual assistants to talk to sellers who've called the phone number on your direct mail, or hire wholesalers to find good deals for you, etc. What work gets outsourced will depend on you as well!

Outsourcing work = automating your business

Automation is the product of outsourcing your work.

Automated business = business that runs on it's own

Automated business = you don't have to be there

Automated business = more time

Mind you, there will be some things you can't outsource like checking in on your systems or doing paperwork, but the fact is that you've outsourced so much work that you don't have to work incredibly hard every single day and to me, that's why me and so many other people are here.

I don't ever want to lose this amazing mindset, so that's why I decided to write on here. Not only to reinforce this information but also to get some insight from other perspectives.

What else am I missing guys?

What was BP like in it's early years?  From what I can tell from the podcasts, it was just a forum, but was that all it had?  Was there no marketplace, tools, webinars, podcasts, books, or member blogs?  Was there just a single blog that Josh Dorkin wrote here and there?

Did some more digging, I guess the fact is, if you want to invest in another country, get in contact with a international real-estate attorney/local real-estate attorney in that country, who has experience with foreign buyers.  You'll have to shop around for a good attorney, but once you do, you'll get a good understanding of the laws and regulations in that country.  

In conclusion, pick a country to invest in(learn as you go, you don't have to learn them all at once), do your homework on finding a good international real-estate attorney, and go from there.  If you can't invest for whatever reason, then move on.

Just a little summary of what I've learned :)

@Roy N.

Wow you really surprised me with your quick response Roy, thanks for the answer!

I was hoping there would be some patterns or similarities between countries, but I guess it wouldn't be that easy.  So it comes down to good old fashioned homework eh?  Do you have any good resources for this?  I found a good general list here, but I'm open to any suggestions!