All Forum Posts by: Kyle Jones

@Cameron Lam I really appreciate this post. I just walked through hell last year and this inspired me even more than I am at the moment. I have a couple of questions about your journey. I'll shoot you a message. 

I'm just following for the replies from others building quickly. I have an interest in scaling. 

That's great information. Thanks for that! 

Hey BP,

Quick questions: 

1) If you have house hacked, what was your DP and what process (fha, conventional, OPM, etc) did you use? 

2) What were some unexpected barriers/obstacles you encountered along the way? 

@Allen Tracy What do the numbers tell you? Have you considered worst case scenarios and being able to afford things if the market turns south? 

I'm only asking these things b/c we tend to look at the perfect scenarios and not so much the crappy ones if things don't go as planned. I've learned to give myself a 20% cushion on any rehabs/flips as an example because something stupid generally happens which ends up costing me more. 

Using a HELOC can work, but look at ALL of your options to use OPM to generate wealth. Do you have an agent, lawyer, and CPA you can pull together to run your ideas by so you know what things to avoid and where to be cautious? That may help in your decision making process.

Just a thought from the peanut gallery...

@Chelsea Griffin here are a few things I'd suggest:

1) Attend the webinars here on BP

2) Narrow down the two areas of RE you're most interested. 

3) Go to your local meetup and network with people in those areas. Find a way to serve in some capacity under them. 

4) Learn the language of the industry. 

5) Set your RE goals and financial goals for 2020. The more specific you are the better off you'll be. 

6) Develop a plan of attack with a mentor. 

7) Execute and teach others to do what you're doing! 

Feel free to message me. I'm always open to guide where I can. 

"Your life is a direct result of your choices and habits. If you want a better life, make better choices and create better habits. If you're not living the life you believe you should be living, it's YOUR fault. You CHOSE it." 

-Coach Kyle Jones

Finding and KEEPING a quality contractor that's honest and consistent. 

Congrats on your 1st one. Much prosperity and success! 

Oh wow. I didn't even know this existed. Thank you! We should all continue learning no matter how much experience we have in the game. 

You are putting yourself at risk if you purchase it in your own names. The LLC is a protective shell for your assets if something goes wrong.

Also, whatever you and your co-founder decide to do, you need to have your agreements DOCUMENTED. I don't care how cool you are with your partner. DOCUMENTATION BEATS CONVERSATION. 

Money tends to reveal the true nature of people. Some I thought were cool and solid turned out to be very different when it came to the dollars and deals. Protect YOURSELF first!