All Forum Posts by: Jay Richardson

Bigger Pockets What’s up!?

Jay Richardson here. So in all my due diligence and readings a common factor in just about every real estate book is “choosing your buying criteria .” Why is having a specific criteria so important rather than having a diverse portfolio of cash flowing properties? What are some ways you can scale your business more quickly? Also can you explain why you choose the criteria that you do? And state what does your criteria consist off.

- Thanks in advance.

Jay

A little about me:

My name is Jay Richardson, I have been in the business of real estate for about a year and a half. Within my time in the business I have completed 2 single family deals. Learned to skip trace, constantly becoming a better cold caller, drove for dollars, and created and hand delivered a multiple mailing campaign. My first year I was able to develop the understanding of how important acquisitions are in this business. However many experienced investor deliberately delegate majority of the acquisitions duties to their mentee; which is understood because that value of creating opportunities are extremely important in a young investor career. However what should the split be on those deals? For example if we wholesale a multi unit for net profit of $65,000 a lead that I generate. Should I be limited to 10% because that was our first deal together? Or is that a sign of a bad partnership? What criteria as a new investor should I look for in a mentor? Should a contract or some type of operating agreement be signed between the two?

@Charles Parrish thank you tremendously, you provided me with some great information.

Hello BiggerPockets

I have been working really hard for this past year gaining as much knowledge as I can about everything real estate. I’ve manually skipped traced, drove for dollars, as well as cold called hundreds of people. My biggest challenge so far is just developing a eye for what a good deal looks like. If any experienced investor in the Baltimore, Maryland area looking for a someone to take a bird dog ish role in exchange for knowledge on how to be successful in this business please reach out. Referrals on people to contact will also be a tremendous help.

Thank you.