All Forum Posts by: Logan Vierstra

If you haven't started listening to the podcast, I'd start there!

@Erik Stewart 

I agree 100%. Once I felt I could confidently have a conversation with other investors, sellers, buyers, brokers, etc. the whole world seemed to open up. 

What made me get into real estate was a pretty organic process. I remember my Dad telling me when I was a kid (probably 10 or so) that he knew a guy that owned something like 50 houses and never had to work again. That was the seed. Fast forward roughly a decade and I had no idea how I was going to do it but I knew I wasn't going to work a job for the rest of my life. The first plan was with a friend who wanted to do a live in flip. Our friendship fell out and I had to start looking elsewhere. Around this time a friend introduced me to Rich Dad. Like so many other people, that book created a huge shift in my mindset. I realized trading time for cash wasn't the only way to do it. I could use other peoples time, and other peoples money. It also sparked my habits that I have maintained since 2016. I read 10 pages from a book every day, listen to at least 15 min of a real estate podcast a day, analyze properties every day, etc. This is where the exponential growth you mentioned comes in. I'm now at a point where I'm learning more from my real life interactions with people in the real estate world, but I only was able to gain the confidence to do that from diligently educating myself. 

The most difficult aspect so far has been... hmm. I would maybe say patience, but there's never really been a point I've considered giving up. There have been points where I started getting frustrated when I felt like I should have had more progress by now, but I never once thought about quitting. If I had to choose I would probably say the hardest thing to conquer for me has been my fear of looking stupid. Embarrassment is a strong emotion for me when I don't have the answer to something I think I should have. With sellers I would worry about them asking me a question I might not have an answer too, then they would know I'm an imposter! Same with brokers. What if I call a broker to ask about a property and they bring up a question that any investor should know and I don't know it? I would look like such an idiot! 

That has had to be my single biggest hold back. And I'd be lying to say it doesn't still creep up from time to time. The difference is over time I have hammered that nerve so that it's not so sensitive anymore, and every time I do, it gets a little easier. 

Love the question. I'm not a shining success story just yet, but I am scraping and clawing my way through the process! I started in real estate in 2016. Spent the first 2 years just learning as much as I could. Got my first flip in 2018. After that I limped a long until just about a month ago I got my 2nd flip property that we are just days away from listing, and we are already in the process of our next property. 

It has taken me almost 4 years to get real traction, but it's finally coming together and I won't quit till it does!

Hi Amari. This is a pretty debated upon topic. There's a school of people who will say no you don't, and one that says you will. The answer is that it really comes down to where you live. Some states it is illegal to wholesale without a license, although I do not believe that's the case in most places. 

It also depends on your priorities and goals. 

For me, I chose to get it. For one, to cover my *** so that no one can accuse me of representing someone without a license, and secondly I wanted access to the MLS in my area.

What would be the pros and cons of leveraging these properties to get new properties versus just getting new financing for new properties? 

Either option is certainly possible. Do you maybe have a more specific question? 

David Oldenburgs group is a good one. Roseville real estate group. I dont think hes done much since covid started though 

Are people allowed to borrow against the income they receive from the government? 

I'm wondering if there is a certain percentage of the house buying population right now who are leveraging the government aid they are receiving due to covid? 

Hey @Oleg Ivanov

Another option is to look into bringing your cash to the table in a partnership. Depending how much you have, there are a ton of opportunities out there if you reach out to other investors who have deal flow. I know a couple guys who partner with cash investors all the time. 

I don't think anyone is going to be able to provide you an in stone number for that. It could be any of the above. It depends how much your investor values his cash and how much you value your time. If you are both putting in equal cash, but you are doing 100% of the work, it should obviously lean in your favor. If you considered a "normal" split to be one person invests 100% of cash, one person invests 100% of the time and they share profit 50/50 then in this case you might argue 100% of the work is worth 50% of the profit, and since you're 50/50 on the money side, that you should split the remaining 50% equally. In other words 75/25. 

If the other investor puts more than 50% of the overall cash, maybe split the remaining 50% prorated to however much cash you each put in. Maybe to keep it simple just call it 2/3 profit to you, 1/3 of profit to him. 

At the end of the day, the percentage doesn't really matter. Make sure the ROI makes sense for you, and it makes sense for him, then do the deal.

That's one way to look at it.