All Forum Posts by: Justin Fallas

@Courtney Rollins I hear you. I appreciate the feedback!! And yeah I've heard the same in regards to having a good understanding of what your handing off to a VA or any assistant. But again I'm trying to find that balance of not becoming to invested in things that dont give me a great ROI on my time. Trying to figure out CRMs feels like that at the moment :/ I'm grateful of the fact that I've been busier these past 12-18 months so I've been forced to slowly delegating work to colleagues, for example I dont really show homes to buyers anymore, or I'll have them cover open houses. But theres so much I need to learn in terms of delegating all the admin work I have. We'll figure it out!! Thanks again for the feedback and Good Luck to you as well on your ventures!!

Hey BiggerPockets Fam,   

I've been intrigued by the idea of hiring a VA (Virtual assistance) since my goal for this year is to learn how to delegate the things I've hated for the PAST 3 YEARS!

   One of my hurdles at the moment is not knowing exactly what I can delegate or how to go about it. A real life example I have would be; having data on an excel sheet that I would like to be on a CRM and managed. I have glanced at CRMs a couple of times, literally, but dont have a real understanding of it. Don't think I care much for it either if I'm being honest.

Am I crazy to expect a VA to have knowledge of how to transfer the information and manage the CRM right off the bat, or would I have to have a good understanding of how to run the CRM prior to handing it off.

Appreciate the help in advance!

Hey @David Meyers . I can understand the frustration. As a Realtor who's always trying to snatch a good deal for clients or myself, it is important to get creative. That is definitely a good plan, I also suggest you drive around and look at properties that interest you, find out if it's owner occupied or not. I've had the most success finding great deals by just knocking on the door. Face to Face interaction is such an uncommon thing now a days that it'll be extremely difficult for the homeowners to not take you into consideration if they intend on selling. Cards and letters are easy to dismiss but a friendly face isn't. 

Best of Luck!

Thank you @Scott Smith . Just finished reading the article! A lot of great tips! The financing end of the partnership is something I have to get much more educated on.

P.s Now I'm interested in listening to your Podcast Episode! Thanks again!

@Allan Szlafrok LOL Got it. Thanks man seriously. Its a question that I feel has dad me stuck for a couple of months. I work now for a real estate office that specializes in REOs and I've sold many properties that I wish I would have kept. I want to stop wishing now! I have people that will trust me with the private money, but now the part that gets me is knowing how to structure these partnerships so that I could refinance them working with others that can do the financing. Again like you said I guess I'll have to give more since they are taking the loan but I want to at least feel like my strategy is making sense.

@Kyle McCann Definitely! Thanks for the advise. But on the financing end I still feel like its confusing, maybe I'm overthinking it. But does the way financing is structured matter? 

--For example I may be able to use private money from family members that want to help me, renovate a property, and have someone interested in assisting me with the refinance. If the loan is solely on them am I still able to claim 50-60% ownership? 

Thanks @Allan Szlafrok appreciate the feedback! One part that is still confusing is the financing part, can I be 50-50% owner if I worked with someone who finances only under their name? Lets say using an FHA or a Conventional loan? Again with the intentions of buying and holding using the BRRR strategy, for example.

Hello All:

 I'm a Realtor in New Jersey, have been in the business for 4 years now and things have really picked up for me within the last year. I learned about BP last summer and became obsessed. I'm 25 years old, and want to start getting serious from an investment side. I just recently purchased a home. ( Duplex with 70K in equity and will give me $1,000 in positive cash flow once I move out - no real strategy honestly, I got real lucky that my Landlord wanted to unload some of his properties and move back to Israel.) It was a hard process and I got the financing by the skin of my teeth and mostly because of how savvy my mortgage broker is, to say the least. That being said I want to start ramping things up and although I'm becoming good at finding deals, my concern is that I dont know how to structure partnerships! From the looks of it getting another deal financed under me will be near to impossible, so how do I actually structure something that will be beneficial to me and who ever it is I work with??

-Just an example of how uneducated I am on the matter, I technically own a house prior to this deal I just bought. My best friend and I wanted to start investing last year, so we had intentions of buying a triplex. Long story short, he does the financing under his name, I'm not on the deed, we didn't form any paper work that states I'm a partner. Its pretty much all verbal. (BTW it was a turnkey property, neither of us brought money into the deal because the mortgage broker was a partner with the investor so they "Did us a favor". Property cash flows positively but not a deal I'm proud of.) So that being said I guess you can say I own two properties??

- So BP community! My brothers and sisters, please advise me on how to create true partnerships, specially for someone like myself who has the intentions of buying and holding. I have educated myself a lot on the BRRRR strategy but now my minor set back is the lack of understanding when it comes to financing with partners since I'm aware this will take me 3-5 times longer to accomplish on my own.

-Thanks in advance for the help!