All Forum Posts by: Ken Morris

1)How do you get accurate financial numbers on a potential property?

2)Who do you get the accurate financial numbers from?

3)What is the point of a pro-forma if the numbers are altered and made to look good? Why not just skip the pro-forma and get the accurate numbers and other needed information?

4)How do you know how much you should put away for reserves?

5)What is a good baseline cash on cash return to expect from potential properties? or is this dependent upon your area like vacancy rates and cap rates?

Sydney Chase could you email me the hard copy also? [email protected]

Hey BP I am a newbie in the sense that I have not done any investing into real estate yet while I have been investing in myself with my financial education. I have been reading voraciously, reading the BP forms and I have been listening to BP and other real estate investing podcasts and have been watching the BP youtube videos and other youtube videos that will help me understand some of the vocabulary and concepts of real estate investing (Buy & Hold). 

Okay, so here is the deal. I have been searching for a way to help set meyself apart and to help accelerate my understanding of real estate investing since I am still in school (I have one more year and then I will graduate get a job and then immediately start investing once I have an appropriate time length of work under my belt for loans and once I have enough saved up to put down for an FHA loan possibly tied with a 203k on a small multi-family, triplex or 4-plex). So to help accelerate my studies of real estate and my "platform" I have been in search of a mentor or rather a rich dad. So I thought about some people that are where I want to be and I think about my old landlord that I use to rent from. So, one day, yesterday to be exact I call him up and leave him a message that I want to learn from him and that I read the book RDPD and it changed my entire thinking-because i was planning on going to law school, now I'm not. So he calls me back immediately and I tell him everything again that I had said in the message. so then we begin to start texting and he says this:

Potential Mentor:"Ken I need an intern for next semester. It does not pay but only commission for any house you find. If interested apply. This will not be a high paying job but if you want to learn real estate there is no better place in Virginia then my business which has been the fastest growing around VCU area. If you are interested let me know and I will tell you how you can start preparing for the internship in the fall semester. I need someone who can do 20 hours per week. Consider this your rich dad education crash course you are about to have!

Me:" I am interested! I would like to flesh out the details a bit more. When would I be learning how to be successful at doing exactly what you are doing?"   

Potential Mentor: "You must learn to crawl before you can walk and then run. But if you commit this senior year to working for me then when you graduate you will be ready! You will learn more in my business than in business graduate school. Let's talk in a week to flesh out the details."

then we text back and forth and then I let him know what I have been doing to self educate myself and then he says

Potential Mentor: "Learn everything you can about sourcing deals from Biggerpockets This is the main thing you should focus on until we speak next week.

So my question is, 1)does this look like a legit opportunity? 

2) I haven't found much about sourcing deals yet is there a specific blog post or something that BP has created that I could go to and digest?

3) Am I just overreacting and should I just wait until I get more details?

4)What are somethings I should ask him when I meet him in person?

5)any other advice is welcome!

I'm doing the later option. If you want to go with the later option (duplex, buy n hold, FHA) well then do that, even if it means you will have to wait to get the work experience. In the meantime, while you are waiting continue to study and increase your financial intelligence so you will be even more prepared for what you want to do when the time comes. Patience is a true virtue practice it.

@Ray Orellano how do you define what a puppy is? If it is based on age what age? If it is based on being house trained how do you insure that the pet is house trained?

I wouldn't go with ARM loan if i were you.

@Brandon Turner haha okay sounds good. I'll see you at the webinar this Wednesday, looking forward to learn a lot!

 Well then, let's connect and grab some coffee and get to know each other.

@Rashad Dove 

@Rashad Dove Well then, let's connect and grab some coffee and get to know each other.

@Brandon Turner yeah that is perfect for the books! But yeah I was listening to a podcast and I remember y'all were saying terms are very important to know because they allow you to at least sound like you know what you're talking about. And I remember reading in one of Robert Kiyosaki's books he said that financial intelligence is stemmed from your vocabulary that you use; just how a doctor has his own vocabulary and a lawyer so does an investor, a sophisticated investor most definitely. Especially as a new user I haven't been able to find a list of vocab words that are in laymen terms that are just for say buy-and-hold investing so if y'all could provide that it would be a huge addition. I mean honestly, I would buy a pre-made pack of vocab/concept cards from y'all just how say the company powerscore makes lsat study cards; could yall eventually create something like this and add it in the BP store?