All Forum Posts by: Ken M.

My name is Jay and I've been wanting to get into this real estate thing for a hot minute. My motivation? Financial Freedom. I work in construction and being mid-30s while knocking out 12hr days (for the next 20+ years) isn't going to be the highlight of my life. The other thing that interests me is that once I learn this, through you all and experience, I want to teach it to others so that they can achieve the same thing. Lastly, I want to leave something behind so that my kids and future generations have a stepping stone to a better life.

I have absolutely no idea what I'm doing and been pushing off joining because I never seem to have enough funds to "get into the game". I hope to find a mentor who can break it down Barney style for me. So yeah, that's a little bit about me. I'm always open to answering more questions, if you have any.

but here's to starting this journey. Inches = miles.

We just had dinner in the Plaza and enjoy Santa Fe a lot. However, it's a very competitive market there. And Albuquerque has too much crime for my taste. The state is very renter friendly so you have an up hill battle ahead of you.

If you can afford the better side of Albuquerque, that may work since your other choices are so far away. Just be sure to assume your project will be broken into and tools stolen and have to deal with squatters and drugs. If you are tough, you will survive.

I've made a lot of money on the tough side of Phoenix, but I've had to be tenacious.

1 Vote

Santa Fe, New Mexico

Quote from @Alec Barella:

Can I simply just put this contract can be assignable when I am using the public standard Colorado real estate buyer seller foreclosure contract even though it says in 2.2 this contract is not assignable otherwise specified in additional Provisions if I just simply put in the additional Provisions that this contract is assignable does that allow me to wholesale the contract

I commend you for actually reading the contract. That is a rare feat these days. You are showing great promise.

However, that's a pretty simple question and if it isn't an answer you are familiar with you will get yourself into trouble wholesaling. The world has changed. Get an hour in front of a local real estate attorney for what you can and can not do in Colorado for wholesaling.

2 Votes

Fort Collins, Colorado

Quote from @Andrew Hejtmanek:

Good Morning BP!

I'm an investor in Oklahoma. Over the past 7 years, a buddy and I have partnered 50/50 on a few flips and currently have 1 long-term rental. We would have more, but I went through a divorce and that really slowed us down. Now we are looking to ramp back up.

This time, it looks like its going to be a little different. I have the capacity to bring cash to enable acquisition. He has some, but its definitely a bit more limited but he is the rehab manager and he is excellent at managing the day-to-day.

We were contemplating setting up a new LLC with different ownership %'s where he would see cash flow as he operates the properties (similar to a property management firm), but might only own 10% (or something similar). He would benefit from monthly cash flow whereas I'm more interested in the long-term benefits (appreciation, debt paydown and yes, cash flow).

Does anyone have any suggestions on structure/terms that you may have seen in the past that would be beneficial to us both?

I'd stay away from Partnerships as defined by the IRS for liability reasons, and stick with each of you having your own LLC that does Joint Ventures with each other. Less liability, more flexibility and gives you what you are looking for.

0 Votes

Tulsa, Oklahoma

Quote from @James McGovern:

What is the best way to objectively compare YouTube real estate agents that focus on new builds in central Florida? Which ones are most successful in getting builders to offer the highest concessions and lower purchase prices?

any thoughts on Mary Caldera, Dee Gupta, Reno Montiauti,Kaleb Shaw, Lenibel Conception or Jared Jones?

Unless you can see the properties they have dealt with, their involvement and the success of the project, you are chasing wind. Anybody can say anything on youtube to gain a following. Find a local REIA (NationalREIA.org) pay the $20 a month and meet real players.

0 Votes

Orlando, Florida

Quote from @Micaila Frazier:

Hi! I am a new rei in the kansas city area and I am looking to connect with someone who has experience doing single family home purchases for buy and holds using creative financing strategies. I've read a lot, followed some people on YouTube, and am now looking to take that first step of building a team and learning the ropes of actually doing something instead of just reading about it.

What do I bring to the table? A hunger to learn how to do things the right way, a teachable spirit and am unafraid to fail as long as it's failing forward!

If you would want to take me on, please reach out!

Here is something to get you started

Using Subject To, to Get "Free" Properties - A Quick Guideline

https://www.biggerpockets.com/forums/311/topics/1188416-usin...

and another

Using Subject To, to Get "Free" Properties This Is Where The Deals Are

https://www.biggerpockets.com/forums/311/topics/1184681-usin...

0 Votes

Kansas City, Missouri

Quote from @Don Konipol:

Quote from @Ken M.:

Quote from @Isaiah Hall:

Awesome story, Gabe! Really inspiring to see how far you've taken things since 2021.I’m a new investor myself with one rental property and looking to eventually scale, so it’s always valuable to learn from those a few steps ahead.

I’m also a licensed agent based in Texas and work closely with other investors, so I definitely relate to the hustle behind sourcing deals and staying active.

I’m planning to check out your YouTube channel; it sounds like a solid mix of real-world insight and actual project breakdowns, which is always helpful no matter what stage someone’s at.

Would definitely be interested in connecting and talking real estate investing, especially since you're growing into the Houston and San Antonio markets.

Is this a fake post by the original poster? Or someone who can't read what experienced posters have already noted?

Asking for a friend. ;-)

This one’s probably just a relatively new and naive lad

Most of the time”rah rah” posts on this thread are from posters either brand new to BP or with relatively few posts. So it’s probably a combination of posters “set up” to comment by the OP AND legit albeit inexperienced people “wowed” by the claim with no understanding of the improbability of the claimed result.

And you are so nice about it.

1 Vote

Houston, Texas

Quote from @Isaiah Hall:

I’m also a licensed agent based in Texas and work closely with other investors, so I definitely relate to the hustle behind sourcing deals and staying active.

I’m planning to check out your YouTube channel; it sounds like a solid mix of real-world insight and actual project breakdowns, which is always helpful no matter what stage someone’s at.

Would definitely be interested in connecting and talking real estate investing, especially since you're growing into the Houston and San Antonio markets.

Is this a fake post by the original poster? Or someone who can't read what experienced posters have already noted?

Asking for a friend. ;-)

1 Vote

Houston, Texas

Quote from @Daniel Lenders:

@Joseph Bui -- I definitely hear that. It often comes down to the numbers. I haven't started running any numbers and dont actually know what to look at for numbers. Could you direct me on a resource on what factors I should be calculating?

Be careful, numbers don't always account for risk and hassle.

2 Votes

Boston, Massachusetts

Quote from @Don Konipol:

Quote from @Jason Eyerly:

Quote from @Don Konipol:

Quote from @Ken M.:

Quote from @Gabriel Watts:

@Ken M.

1. Yes

2. Yes they do!

3. highly leveraged on some, and I am licensed so my selling cost would be more like 4%. Some not as much leveraged as others. Seeing as I started this Journey with about 80K in a savings account owning no assets still renting a 1 bedroom apartment and now sitting over 7 figures of liquidity (yes, cash in the bank. True liquid) and about a little over 2M in equity. I'd say the math is working just fine! No Biden math here :)

I didn't go deep into the numbers because I wasn't trying to boast or say oh look at me. Was just giving some context to my portfolio size. But since you asked!

As a gentleman, I won't ask for proof of course, but your post as likely as "whirled peas".
Fun story, though. I'll give you that. Have a great 4th of July.

Ken, I like you “smell a rat” when we see the following All together

1. Brand new poster
2. Limited experience in real estate
3. Obviously trying to position themselves as next big guru through social media
4. An announcement of “achievement/success adhering EXACTLY to one certain method and lacking ANY specifics.

Now, I of course have no knowledge what so ever of anything this guy may or may not have done. So, the possibility exists that he’s just as he represents. But a bigger possibility exists that he’s either full of s__t; or has exaggerated, omitted, or fudged his track record.

Mr Watts says he operates almost exclusively in Corpus Christi, and he only got his license “for access to MLS”. Well, first of all everyone has “access” to MLS since it open and on line. Second, the information about him as a real estate agent on line shows as if he’s a ACTIVE real estate agent, not someone who just happens to hold a license (like me).

Doing a search of the Nueces County Appraisal District shows two properties owned by a Gabriel Paul Watts - one of which is his homestead (personal residence) and the other of which is a house valued at about $100,000. Of course, like many of us Mr Watts can be operating under an LLC or corp entity. Since he is encouraging people to watch his videos, and intends to "sell his expertise", and is using BP as a free advertising platform, I think it fair to ask Mr Watts to provide a minimum of information allowing anyone reading his posts to do at least some basic research as to the accuracy of his claims. So if Mr Watts would be willing to disclose the names of the LLCs in which he purchased all these properties, and the links to the Texas Sec of State filing where he's shown as the sole or managing member of the LLC, it would go a long way to his believability.

Btw, when I see someone who says real estate has never fallen 50% in value ever not even in 2008, as Mr Watts did, my radar for BS goes sky high.

Misery loves company and boomers hate the success of any newer generation. Let the man celebrate his success and brag. T Boone Pickins once said "The first million is the hardest". Regardless if you agree or want to nitpick markets and numbers and "when" he was in the market he's successful and he's done something right. Do you despise the corporations that were founded in the 30s and 40s because they came up "out of a recession"? It's harder to be successful now than it ever has been before in history, thanks to prior generations ruining secondary education, health care, social security, the economy, etc. As we say on Wall St. A bull makes money, a bear makes money, but pigs get slaughtered. There is money to be made in any market if you're smart.

You totally miss the point. How do you know the OP IS (or has been) successful? The point is that the story he relates, the way he relates it, and his obvious lack of real estate knowledge, all point to the possibility, or even probability that he’s grossly exaggerated, or even made up his “success”. We who have been playing in, working in, observing etc the real estate investment field for a lifetime have come to recognize signs of potential BS .

Further, I have no idea how your rant about boomers “ruining secondary education, health care, social security, the economy, etc.” has ANYTHING to do with any of this, other than displaying your immaturity and lack of professionalism.

@Jason Eyerly: We old timers have seen a lot of "fake it 'til you make it", flash on the pan, all hat and no cattle, : crash and burn, It's a pity, But it's simple math and his math doesn't work nor does he show any proof / properties that could be a multiplier to make it work. We boomers like to see proof and hear truth.

1 Vote

Houston, Texas

Quote from @Julius Vincent:

Thanks for sharing your story, @Gabriel Watts! Inspiring to say the least.

I'm in the Houston area if you ever want to link up and chat tax strategy.

A good accountant always checks the veracity of the information before certifying. I suggest you do that with this story. ;-)

What constitutes good proof is addresses, closing statements, etc.

0 Votes

Houston, Texas

All Forum Posts by: Ken M.

Ken M. has started 83 posts and replied 1136 times.

Post: It’s about time I start this journey

Post: Need professional legal advice

Post: Wisdom on Partnership Structure

Post: Objectively comparing YouTube real estate agents

Post: Hand hold through first deal - looking for help

Post: Just wanted to share my experience with BP and how its changed my life!

Post: Just wanted to share my experience with BP and how its changed my life!

Post: Should I buy close or in growing markets?

Post: Just wanted to share my experience with BP and how its changed my life!

Post: Just wanted to share my experience with BP and how its changed my life!