All Forum Posts by: Larry O'Connor

Well, for some reason by the time I realized I needed to get things going with the podcasts, it was the end of the month and I realized that it was February. I did some read some but I didn't get all of the podcasts in. I have been spending this month with working on an income coming in so I have something to present to any investors. I still did numbers though like i said I was going to do.

Hey all,

I have been thinking about all the feedback I've been getting and weighing all my options and input I've received and I have possibly had the door opened I've been pushing to find. I am not backing down on doing a deal with a partner and I'm still running numbers and looking for those deals, but I've added to it.

I'm not interested in a brick-and-mortar exchanging dollars for hours but when looking at a possible "job" I found one with real estate. I've been kind of desperate and not wanting to be negative but letting the universe provide and see what happens. Well, I did my 2nd interview with a real estate agency for joining their team and they will help with training including the payment for the certification and testing maybe. I'm super stoked as I have loved real estate for awhile and this will give me some income along with my copywriting I do to build up that income I can use for my investments and to meet some of the income qualifications required for funding my deals.

I have my old pdf from a few years back for the testing in Oregon so I'm studying it to get a head start on prepping for the exam. I do have one more meeting with the staff at the agency where the Principal Broker said they will have more questions for me, making sure I'm going to be a fit for their team is what I"m thinking. But, I wanted to share and see if anyone had any input on my adjustment to my plan and for passing the test. I am right now going through the reading and memorizing terms I feel I will need. For memorizing I'm using Quizlet.

Have a great day everyone and bombard me with all of your awesome ideas and suggestions. I want to be a sponge and learn everything I can from all the "Pro's" out there so I in turn can help those that want to move into the field of investing and real estate.

Thanks,

Larry

@ Jeffrey Holst I truly appreciate following up because you're right, the power is in the follow up and accountability. I've kept up with the posting and pretty close to the keeping up with the podcasts I was going to listen to and watch. I have been doing real estate seminars as well to get my feet wet and really jump in to the field. I have checked on at least one possibility and have followed up with financiers. I am going to have to go with a partner on my first 1 or 2 investments which isn't necessarily bad and I expected it. Now I just have to begin to build relationships to move in that direction. 

I have a question from all those pro's that have started their real estate investing career. I am practicing and practicing with calculations and analyzing properties so I can find that good deal when it comes around. Here is my challenge in beginning. First, I know we will encounter challenges as soon as we start to move in any direction to improve our lives, I am trying to figure this out.

I am starting out in this from a position of having dealt with the earned income area of money making and not being able to get work. I have trained in copywriting but haven't gotten much of any work in the field and when I talked to my real estate agent one of the things he brought up was the scenarios this may cause when I go for loans. He also reminded me that I need to get an LLC or structure to begin my investing career.

The thing I've run into is without being able to get foundational work, a job, or something like that I'm running into expenses I will have before I even get my deal off the ground. My question is, how have other people handled this in their own experiences? I feel like I'm going out of my mind in having to depend on others in employer to possible employee if I get the right combination that causes them to want me to work there. I'm not trying to sound negative but I see so much potential and where I want to be doing the thing I love makes me want to do this so bad. I just know this is a forum of people helping others so I feel like I want to turn to a community of like-minded, focused people. 

Thanks for any input,

Larry

Congrats on your new career, too. I have thought about getting my Real Estate License to accompany my investor work but really wondered if it affects the deals you can get. From what I understand, if as an investor find this unbelievable deal you have to make sure as an agent that you give the seller fair market value and as an investor you don't necessarily have to do that? Anyone find that is the case and if so has it affected your career as an investor and/or agent?

Thanks,

Larry

Hello everyone,

I am working through this plan just to prepare while I'm looking at properties but I have a couple of questions.

In the expenses section I am putting in P&I estimates that I get from Redfin, also the taxes from that page gives me an estimate of what was paid last year so I use that which is different from that the taxes that are included in the debt service payment. Also that shows the property taxes and insurance included in the mortgage payment total. I calculate an estimate of property management of around 5% but want to include an estimate of all my expenses to get a real picture. Am I missing anything in this other than vacancy rate which I look at bestplaces.net to get. 

Any input would be appreciated. I got the "60-day Newbie Plan" from BP also if you want to see what I'm doing.

Thanks,

Larry

Congrats Denis, great job.

@Jeffrey Holst Thanks Jeffrey. That confirms what I was thinking. My idea was that it more meant I was to get out there and get the ball moving so that's what I'm going to do and work on not getting discouraged as I'm doing this. I truly feel that this is there place where the millionaires will be made and I'm tired of being controlled by an economy that tries to decide what I can and can't do. I want to be sitting on some beach somewhere drinking margaritas as I watch my fortune amass.

I love this idea Jeffrey Holst and I will join you in posting my goals. I am doing this without support from family and no significant other so it will give me that accountability that we all need to keep that pressure on to accomplish what they want to achieve. As a precursor, I have read a lot and now I am putting that first step forward in creating my new career.

1) I am going to join you in doing at least 10 posts a month which will consist of new posts, responses and maybe a blog about my beginning in my new career as real estate investor which will go along with my beginning of writing of concise books in the kindle publishing venue.

2) I am going to begin to listen to at least 7 podcasts a week, and at least 2 of the webinars that are in the resources available. I am going to listen to at least 2 audible books a month and I am already ahead of that with 2 this month.

As far as my real estate goals they consist of these at this point:

1) I am going to fill out and create analyses on at least 3 properties a week. I will analyzing various neighborhoods in search of potential properties that create positive cash flow. I will be, and already am, participating in various trainings on becoming more of a professional in the area of real estate investing. 

2) My goal is to check out 100 properties whether that be visiting them, scheduling a tour and meetings with agents. Out of that 100 I will be looking at picking 10 potential and making offers on 3 and picking up 1 and my time frame for this is within the next 90 days. Types of real estate will be either single family residences or small multi-family residences and possibly using one of them in a land hacking type of buying and holding. 

Well, that's where I am at this point. Looking forward to any input on this and looking forward to working and talking with all of you.

Thanks,

Larry

Thanks Mathew for the input. I have done lots of handling inventories by careful and efficient analysis of P&R's so I will apply this to finding excellent deals and become the best I can be and then apply that to doing all I can to contribute what I can until I get that financial foundation. Also, by being able to analyze deals to find the best it will help me all through my career.

I appreciate your help and ideas. Thanks again.