All Forum Posts by: Lauren Lockett

Hi Jeremy, 

I'm unsure on the answer to the question, but I'd imagine you can ask your attorney and I'm sure they'd know the laws for your state. Additionally, I tried searching the site to see if there's been any other discussions on this. 

Try

http://www.biggerpockets.com/forums/93/topics/2340...

https://www.biggerpockets.com/renewsblog/2015/03/2...

Good luck! 

I've definitely seen these names around the site. Happy posting! :) I've probably gained some serious insight from each of you - whether in joining or in reading other forum posts or blog posts you've written. 

@Ryan Hall

Welcome to BP fellow Texan! Although I'm originally from Oklahoma, I drove through Frisco with a coworker one day and you've got a gorgeous little city! ;) 

http://www.biggerpockets.com/real-estate-investing This guide was a lifesaver in choosing a place to start. It's like a kid in the candy store - there's sooooo maaany AMAZING forum posts, blog posts, podcasts, and opportunities to network - the guide just serves as a launching place! Under the Learn, you can look up flipping houses too & I'll be sure to keep my eyes peeled for anything that may come across to me! 

You mentioned your experience in leasing a few homes. Do you have a trusted property manager you like in the DFW area? Did you do traditional financing for your properties? 

Best wishes on your continued success and growing your REI portfolio!

@Scott Trench

I think this is an awesome post that definitely has BP members taking an introspective look on the unique combination of how personal finance works in tandem with real estate investing. I don't think it's unreasonable at all! It's important as small business owners that we are stewards of tools we've been given to use. 

On Personal Finance: You all may have more insight and have talked to more folks to get the idea that they want to invest with OPM so I can see how you may feel that way. I personally haven't run into that on the site (I mean the whole 3 weeks I've been here lol-I'm fresh on the scene), but I'd assume that in many things it's the majority's goal to use OPM. In talking to co-workers, how's your check gone before payday? Or in discussing with family, why can't you cover a $100 pop up expense? I'd suggest reading Think & Grow Rich. He talks about paying yourself first and that's soooo important. I've started blogging on personal finance and my experiences too. I've been working since I was 15 and always needed to help out family or Everyone's story is different (hence PERSONAL finance not general finance), but you'll never get ahead in life if you don't begin to make yourself an investment and pay yourself by setting aside savings. Additionally, I believe a higher bar is set in us being entrepreneurs. Learning to manage money is essential to the growth of our success and this community's. I echo your sentiments in creating something here that addresses this. 

On Bringing Value: In exchange for anything in life, it's imperative that we bring value. I recently read an article on BP blog about even how newbies can provide value. Personally, I've volunteered to drive for dollars and share deals in my local market. I offer advice that I've learned from on the job training with Auction.com. I'm able to discuss my experience as a vacation rental host & the success we've had thus far. You know that feeling you get, when you're the new person in the group lol? Even as newbies, we  can attribute change just as @Steve Olafson @Yasmine Bisumber @Eric Taylor @Aloma have all discussed. If you don't have money, give time, insight, and expertise in areas you are comfortable in.

Thanks for the post!

@Marco G.

 I think the lease you're obtaining for each unit sounds great. It sounds like with buy & hold being your goal, you're on the right track! 

 I couldn't tag you because your name was at the bottom of my tag list and for some reason when I try to scroll down it vanishes. Bummer! I'll have to get that fixed! 

John,

I can completely identify with you on your situation. I was laid off from my job Nov-14. Granted, I had planned on putting in my two weeks by mid-December because I too was tired of wayyyy too many things to count. Getting ANOTHER corporate job is a no-go for me as well. To be perfectly honest, you'll let the two years accumulate and you'll be good. It's the in-between time that also has me antsy! I find it difficult to find "creative financing" for these special set of circumstances. Most of what I read is no money down (not the problem I have) or no money at all (again not the issue I face). I have savings and an excellent credit rating! I need no "job" creative financing lol, which I would think is tougher than no money down. (I digress lol.) What's great about BP is that every once in a while you find someone that's a mirror match of your situation and can find awesome insight! I'll continue searching the site and exploring options and post here for ya! 

I've been scouring the site for help on creative financing since I don't have a normal 9-5, but have come up with little to nothing. Here's my best 3 options thus far: 

1.Partnering/JV'ing - I'm making a daily commitment to chat with folks in my local market to begin building relationships that will ultimately lead to trust and business!

2. http://www.biggerpockets.com/renewsblog/2013/01/12... (Ali quit her job as an engineer and faces the same thing. I think this forum may cultivate some ideas for you!) 

3. FINANCING VIA MY HUSBAND :) (My husband still works and at this point I'm feeling comfortable with this being my number one option! He too thinks this is a great option so I'm on to finding deals and getting by first REI properties) I'll try to work with his financing until the 2 years is here!

Keep up the great work! I hope to be where you are soon since I haven't delved into REI yet, but I'm learning so much in the 3 weeks I've been here. Best wishes on your continued success!

@Stephen Barton

Thanks for sharing your story, insight, and great advice! Sounds like your mentor and yourself are quite busy with 18 deals under your belt! Congrats & best wishes on your continued success. ps. I looked at the photos. Yikes!!!!!!!!!!!! hahahha! I'm sure you guys will have fun with it! 

@Essie Dodson

I read about mentors and what we can offer as newbies in the Ultimate Guide to Real Estate Investing (http://www.biggerpockets.com/real-estate-investing/education). I'm focused on the first step of connecting and creating relationships and offering value- sending deals, offering to help clean a property, helping build a website and using things that you ARE good at. I mean I've only been on here 3 weeks lol so who am I to be giving advice, but just like in building relationships in person, I think we can do the same here. Article had great insight and even had 7+ more articles on mentorship! Hope it helps! 

And even the article doesn't tell the full story behind it. Gotta love Texans! ;) 

@Mike Henkel 

Congrats on your success and thanks for sharing your journey with us! I think it's awesome that you followed your instinct and took a leap of faith! Was your financing all conventional? or did you use other avenues? 

On getting an organizer, I'd imagine even having a friend or family member help out by using a NEAT scanner (or Cannon - the magnitude of your business is probably past the NEAT scanner). Good luck on your continued success! 

@Brian C.

Ohhh got it! From context, I figured it was some sort of working with someone. Good to know! Thank you!!!