All Forum Posts by: Jason Carter

Setting up your team, without question, is one of the most important things you can do as a REI. The team should be made of a particular recipe depending on your goal with investing and how you plan on reaching that goal. With this understanding, and success in mind, please share your team's framework and a brief description of why you chose them. Also, please pay consideration as to how you recruited them on to your team.

I have heard and seen differing schools of thought on say, a Real Estate Agent, and who or how you go about securing them as a team member. Some say to find a local person...but they may not mesh well with you, in which case, you will be searching for someone else. I would have to imagine that you would interview them, formally or informally, to see their credentials and what they can bring to the table. If you are just starting out and do not have a team, this can be a daunting task, and it may be difficult to find a highly-rated REA who has an awesome portfolio who will be willing to work with someone who has little to no experience. This would cause you to find someone else who is relatively new or someone who doesn't have a stellar portfolio.

Other members or your team need to encompass the varying aspects of what REI is all about such as a Real Estate Attorney, Accountant, Property Manager, etc. etc. Again, it will all depend on your goals. I am excited to see your responses and experiences!

Congrats! The property looks great... Thanks for the information regarding Listing Spark. I see this as a win for sure, especially since you did 70% of the work, thus creating a higher profit margin for yourself! Reading a post like this is inspirational...

In my thinking, I have been leaning towards creating a LLC to operate underneath so as to help shield and protect me while I undertake this REI adventure. I understand that there is a thing called insurance which is supposed to cover you in case of a mishap on your property(ies) but that won't necessarily stop someone from going after your personal belongings/assets. It would be a good thing to have that extra space between you and them legally.

Also, anything you do for the business of REI can then also be written off at tax time, correct?

I am looking at working this as smart as I can. I understand that it is much easier to operate initially as a 'homeowner' not under that umbrella at first, but once things get going, I can see different possibilities that could arise that would be beneficial to have that LLC.

What are your thoughts? Am I missing anything here? Overthinking/Underthinking things?

Well, @Brandon Turner said to take action...

It all started off with joining BiggerPockets.com as a free member. Then I heard Brandon talk about being a PRO member, as well as to take action, and it sold me on the resources and value. So, I become a PRO member. Now, I have just downloaded the several resources that come with the introduction of being PRO! Talk about a lot of information...but I am hungry. So, I will be listening in the truck on my 1hr commutes to and from work. I will read in my spare time. This is exciting!

Hi all,

I just watched my first Webinar with @Brandon Turner and was thrilled throughout the entire thing! In my short time being on BiggerPockets, I have seen enough to get it, and Brandon closed the deal for me this evening...So thanks Brandon! I am taking that action...the proverbial 'first step' at investing. I decided to invest in myself! SO I did it... I became PRO! (Patting myself on my back) I am going to make this work and I look to all of you fellow PROs for the help, encouragement, and knowledge/wisdom that you all have to share. I look forward to one day being competent enough to do the same for others. I have to assemble my REI team like the Avengers (Sorry Marvel, no royalties on that shout out.) I just have to decide if I want to be Cap or Iron Man...lol I have much reading to do, so farewell for tonight, as tomorrow is another adventure!

Jason

So I recently attended the Success Path Seminar which is put on by a training group affiliated with Tarek and Christina Al Moussa. As a newbie coming in to the REI world I can honestly say that the seminar was not awful. I was expecting a lot of hard pushy sales and shaming from the reviews I had read beforehand. They gave some useful information and insights. Their pitch was to learn their method by buying into a 3-day course. After attending that 3-day course, they say that they have their own pool of lenders ready to provide you with the funds to do deals regardless of your financial status for 6 months. I think that after that, they want you to take another course which leads to a larger cost but will ultimately open up their lenders for longer to you? I did not stay for the second half of the seminar because I got the gist of what they were selling and understood what they were saying. They even are giving a money back guarantee if you don't make a REI within 6 months after you go through the 3-day course. What I didn't care for was the price structuring of the training. Basically, they try to make you feel panicked to get their "special" seminar cost for the course at $1799 or something like that, otherwise, it is a $6k cost thereafter. They did, however, say that the $1799 cost would include a guest... I didn't know what to do because I don't make decisions like that on the spot. So I didn't and left. The allure of having access to their lending pool of investors was very attractive...but again, my mind doesn't make purchases on the spot. I guess in the grand scheme of things, that cost of $1799 is not horrible to learn a "tried and true" method, as long as it can actually produce results. The other issue I have to cope with is that I am a DYI guy. I think if they could do it, I should certainly be able to do it as well, and why pay all that extra cash in doing so... What are your thoughts?

Thank you @Michael S., @Dave Visaya, an @Darius Gill! This community is immense with knowledge and experience. I know I have come to the right spot to help me get lift off with what I am trying to accomplish. Darius, I especially would like to thank you for taking the time to put your response together and give some guidance! You make some very good points and the 7 layer concept is an awesome concept to apply... You are alluding to the fact that most do feel overwhelmed and that feeds the procrastination monster that quickly eats all the little seeds of get-up-and-go mentality. Utilizing this site is certainly a good thing and your advise on to start is going to go a long way for me. Thank you...

REI is going to be my life changing event that will hopefully bring many wonderful things, but above all, it is going to help me get into a better position to help others. I am excited to be starting out on this journey with all of you and look to make a lot of great acquaintances and friends along the way!

Darius, I am going to jump on what you said without a doubt...God Bless!

Hi all!

As you can tell by being in this forum, and obviously by the subject line, I am new to the game. I have been wanting to get more involved in REI for some time now. I had bought a few books a couple years back which detailed things like beginning the journey, foreclosures, rentals, etc. etc. I had a couple things happen, who doesn't (that is why its called life)...but the short to the point is that I was thrown off my path. I am now back in a place where I can continue my journey.

First, I would like to talk about the "Why" aspect of getting into REI. Inside I have a drive much like others, in that, I don't always want to work for "The Man" or I don't want to have to work for "The Man" the rest of my life. I would like to reach some type of financial independence that allows me to live my life to the fullest, create something that is there for my children when it is time for me to leave this world, and to provide me the means to give back in a more impactful way for others.

Next, besides "Why", I think the "Why haven't I" deserves some time and has credence for us all, so I want to make sure I state that as well. I haven't moved forward or taken any risks, thus far, out of fear. Plain and simple. I make a good wage and live in a nice house. Everything I have I worked hard for. My children are loved and taken care of. My wife and kids have nothing to worry about at this point. It is nice to have those assurances and stability. I don't want to upset the nature or harmony that I currently live in... However, if you dream small, you never achieve great things or you limit yourself to the lesser of things. I get it... No risk, no reward. The bigger the risk, the bigger the reward. I needed time to overcome, somewhat, the paralyzing fear that has kept me from delving deeper into the unknown. I am still scared as hell but I need that to be a motivator and not a crippling inhibitor.

My goals... I have roughly 15 years to work before I can retire. I am in my early 40's right now. Getting younger is not an option. Life isn't going to get easier neither. It is time I take the plunge and get involved. So, like I said, I have roughly 15 years before I can retire. I want to get something established within that timeframe, so when I do retire...I can have something that is relatively stable and I am not having to put in the ton of time then to get things off the ground at that point. Everything should be in place for me to provide more for those I love which will include more of my time.

I look forward to the networking and relationship building here on Biggerpockets.com. One thing I learned from my time in the United States Marine Corps is that I am not an Army of One (inter-service banter there...I do have the utmost respect for all of us who have served our great nation). I recognize that I will need a team to be successful. Hey, if I am in a team and I am successful, that means that those on the team will be successful as well, and who doesn't like the sound of that? That is one of my biggest takeaways of my life's lessons or experiences... We need each other.

So, to close, I am new with drive and vigor. I have goals and dreams. I am not deterred easily and look to overcome any and all obstacles that are going to present themselves because they will. I understand that, while being a sponge and soaking up all the information I can does wonders, it is not the end all be all for this journey. I have to get out there and start hustling, putting in my time and effort, as well as simply making it happen. I hope to have a great time doing this with good people on either side of me sharing in the experience. I look forward to any and all comments left in response to this post. Heck, that is why I am here...networking and relationship building (not to mention the education).

Thanks for taking the time to read this and respond! Have a great day...

Jason