All Forum Posts by: Lyle McCartee

Nate,l applaud you aski

this question.  I  too am new, but I'm 41 years old. I'm kicking myself for not pursuing this industry  20 years ago.  What I love about BiggerPockets is it's a treasure trove information and incredible experts willing to "pay it forward. " I wish you great success and prosperity!

That certainly weighs on my mind Jeff, however I'm just not in position to pull the money of thin air. Or at least any of my personal accounts. Besides, the  $20,000 of the cost of the program gives me access to the vast network i need to get started. That's in addition to the educational stuff. I'm sure down the road as i become more experienced and create a separate branch of my own network,  i won't be so dependent on the infrastructure of this program. But it really is a good value those of us just starting out. They even created my websites that capture my leads. I really appreciate your input, Jeff.

They do give me access to wide variety of lenders, but it's money that is typically used for actual real estate transactions.  Not the educational program. I supposed i could reach out to them about this. Especially those that are linked to the program.

(PLEASE FORGIVE THE BEGINNING RANT), but BANKS SUCK!!!!!! I now fully understand why most investors and independent business owners despise doing business with banks. THANK YOU WALL STREET and CAPITOL HILL (Cir. 2008 - 2009)

Greetings colleagues:

A LITTLE BACK STORY ON ME: My name is Lyle and I would love if some of you more seasoned investors would give me a "nickel's worth of free advice" on finding money without having my credit score take a hit! I have good credit that I have maintained throughout my adult life. Currently with Trans-union, I am at 706, but that is after I took out a loan from a credit union a few of months ago to finance a truck + a HELOC the following month. At one point in August of 2014, I was at 756 with my credit score.

A couple months ago, I took the plunge and bought into a $20,000 real estate education program in Texas. I LOVE IT, and I'm learning a ton from it and connecting with all sorts of incredibly talented people when it comes to their profession. I have paid $12,000 of it, and I need to find the last $8000.00 more (that I just don't have lying around) to pay off the program. I just received word today from BOA that they are turning me down for a HELOC product because my home "loan v. value' ratio doesn't jive with their standards. I tried applying for a business credit card through Capital One, and their not happy with my current income. (I still work for the man.)

I've considered this a personal educational expense, however I will soon be applying all of this to my business and creating some type of income to show for what I have invested so far. My lawyer just notified me that I now have an EID # with the IRS, and he has filed my LLC and DBA's with the Texas Sec. of State, and the county that I reside in. Many of you may or may not consider all of this "set up costs" to be "skin in the game," but as far as I'm concerned, FAILURE AT THIS POINT IS NOT AN OPTION!!! I have no other direction to go in, other than FORWARD to make it work.

I would consider it a personal favor if some of you would contact me either through this topic tree or privately and give me some direction. I can't keep hitting up banks and traditional lenders, having them run a credit check only to turn around and decline my loan AND HURT MY CREDIT SCORE. I'd really hate for a measly $8000.00 to stand between the path of poverty that I've been on for a while with my current profession as a journalist, and FINANCIAL FREEDOM.

I appreciate your insight into this matter.

All the best,
Lyle

Agreed  David, but I certainly appreciate the intent that the organization strives for. Particularly,  in consumer protection.

Greetings Colleagues,

This is a question for all of you seasoned investors that have created your businesses from the ground up. I'm "in the works" of creating mine.

I was wondering if any of you have become members of your respective Chambers of Commerce or local Better Business Bureau agencies. If you have, what are the benefits? What are the risks?  Is this a good idea or not? Why? Why not? (Not looking for a 'War & Peace' answer.)

I ask this because often friends and other businesses (that don't understand how our industry operates), look at this profession as a "vulturistic" endeavor. Or at least when I try to explain to them, what I'm doing. They may see us as people that prey on vulnerable victims of poor decision-making or badly thought out management of their personal affairs. I'm a capitalist just like most in this field, but I also believe that by providing a way for people to save their credit (and dignity) before they go off the cliff, is also a noble trait to possess.

I'd love to hear your thoughts from all sides of the fence.

Cheers,
Lyle

Muchas Gracias,  Joe. I appreciate the insight.

Good afternoon colleagues, I've subscribed to list(s) and sent a small batch of direct mail to potential sellers. My next move is to knock on their doors (at least those that are local) about their properties in default. Is there a "best practices " approach to this method?  I would love hear from those of you that do this regularly.

I'm proud to say that i am OFFICIALLY working on my first deal in REI. It's only a referral for a client that is looking to fill her condo with a tenent, but it's a start. Part of the deal includes providing professional RE photography as part of the marketing campaign. (photography /video production is my background ). I was wondering if any of you agents or REALTORS have a ballpark estimate of what you normally pay for your properties when you purchase such services for your own campaigns. Thanks for your insight. Lyle

Hi Friends,

I know there's plenty of companies that offer mailing lists for investors needing to generate leads. Is there any particular company that is a MUST to subscribe to? Also, what would the average cost of 1000 potential leads cost? I'm interested in acquiring NOD/Lis Pendens (Pre-Foreclosure), Probate, and perhaps unoccupied owners lists.

If y'all have other great tips on lists, I'd love to hear them.

Peace, love, and prosperity,

Lyle