All Forum Posts by: David Garrison

I don't know anything about this mentoring program but I live by a firm philosophy. I'm not going to pay anyone for the knowledge I can learn somewhere else for free.

If it was an ongoing networking group has you spend $40 for ticket at cool, trendy location but you get a couple beers and some snacks for free, that's one thing.

Shelling out that kind of cash, in my opinion, is an absolute waste for information you can probably learn here for free (or $30 a month if you decide to go PRO). You'd be better off spending no where near that $3k on highly recommended real estate books. I've probably spent $100 or so on books I see recommended often and I bet I've learned everything that guy will teach you. Sprinkle in a lot of reading on BP and you'll save a ton of money plus you'll probably gain better knowledge.

The offer you've outlined screams caveat emptor (The princple that the buyer alone is responsible for checking the quality and suitability of goods bfore a purchase is made) aka buyer BEWARE!

Too bad I saw this so late! I'm in Monterey and working in Santa Cruz! That commute is killer!

I'm headed to Texas to get started because it'll just take too long for me here! Wish you all the best of luck in the bay though!

Hi Alex!

I'm moving to Dallas in less than 2 weeks! Wish you the best of luck out there! Maybe we'll cross paths!

I've been reading forums on BP for the past year or so getting myself ready. I can't even tell you how much I've learned. From getting my business plan created to adjusting how my strategy will unfold due to everything I've learned, BP is definitely a wealth of information!

Sounds like it's the same a networking for work really. Your examples will come in handy.

I was given two ears and one mouth so I'll just focus on listening and learning. This way I can just wait for the 'fakers' to reveal themselves and know to avoid them.

Thank you for the input, gentlemen.

Technology is definitely going to take over. I don't doubt that for a moment. I'll certainly be using technology in my favor.

I don't think that a company like Zillow is going to be the answer. I'm very surprised to learn that Zillow and Trulia are the same company. In my area, I find Trulia to be much more accurate. I think it's interesting that Zillow would continue being so awful in it's pricing but maybe they have some reasoning to do so.

Someone will eventually figure out the right model. I just hope whatever it is sends Zillow to an early grave.

I'm in banking and I've always found Zillow to be fairly unreliable.

I have clients come in saying, "My house is worth 'x' on Zillow". Before I even run an application. I will check Zillow, Trulia, and Redfin to try to point out that estimates can wildly vary and the appraisal is what matters. At least, I'm able to prep my client for the bad news that I know will come.

Eventually. their home is appraised and it's always significantly less than what Zillow said. I'm amazed at how many people think they can believe whatever one website says but I digress.

If the Zestimate, as @Christopher Brainard mentioned, is as awful as we know it is... The rest of Zillow's services will be just as frustrating. In my opinion, Zillow's wild estimates are enough to make me never take anything they say or do seriously.

Hi Everyone!

I'm moving to Dallas in a couple weeks and I'm going to start networking as soon as I'm settled. I'm used to networking for work so I usually can tell when someone isn't genuine but this is going to be a whole new ball game. In another post, I saw someone mention identifying and avoiding people that are just trying to take advantage of a newbie. Rather than hijack that thread, I figured I'd start one here.

What are some examples you've seen or experienced where naivete created difficulties for you or someone you know?

Thanks in advance!

@Roberto Santana

What you're describing isn't true cashflow.

You would simply be buying extra cashflow with you own money. In my opinion, you'd be better off using that money to secure another property that also cashflows. If you're tying money up in one property, you may miss out on the next amazing deal.

@Roberto Santana

For me the answer was paying down all my debt.

I had a car loan and 0% interest credit card that I used to buy some nicer clothes after a promotion (trust me I needed those suits... lol).

I was deathly afraid of not getting the 0% card paid off before it was due (it's still not due but it's paid off... I'm paranoid). The car loan I had I was paying 6%+ on because my credit wasn't very good when I originally bought the car.

My thought process was that I needed to get rid of that 7% car loan and make sure I paid off the 0% card before I started being charged interest. I also knew that I wasn't going to have enough saved to buy a place in my area.

So now, I have no debt and I'm getting ready to move from Monterey, CA where I'd have to save another 5 years to buy anything decent to Dallas, TX where I'm going to buy my first place. The card and car payment have been finished for some time now and I was able to then put all the money that was being paid toward those into my savings. Man, it's been nice seeing that money going to me instead or Ford or Chase.

The only debt I'll have is the mortgage and my mortgage with taxes and insurance. Estimates for that will be $5-600 based on the homes I'm eyeing. That's over 50% less than what it costs to rent an awful studio/efficiency apartment in this area. Now, let's just hope I can find some cool roommates for house hacking and I won't being paying a cent to live. I'll just keep stacking more money for the next one.

Anyway, getting debt free was definitely the best for my situation. To ease my worries and not have any of those previous distractions/payments hanging over my head, makes me a lot more confident. I'll be able to focus more on getting this started the right way. I'll be focused on building my business not stressing over how I'm going to get those bills paid plus remembering to pay them on time.

Good luck to you! I'm sure you'll find a plan that makes you knock it outta the park!

This is true.

Depending on your situation, it can take a quite a few years off the length on your loan and save you a ton of money.

The downside being that you will have less cash for your next deal. If you aren't planning on buying more property, using this method is a smart way to pay less overall.

It does all depend on your own financial situation and what's best for you. My take is that I would rather take the money and buy another property. You could always pay down your mortgage faster and apply for a HELOC later but... why pay interest on the down payment for your next place as well as the new mortgage?