All Forum Posts by: Nicole Pettis

Many say grit and persistence keeps us going. @Engelo Rumora  reminds us to be willing to keep going when you don't think you can keep going any longer. And I've learned that its about the relationships that you build within this industry that will help you along the way, whether their good or bad.

So with all that being said and following those "rules". I've worked diligently for the past year and a half building relationships. I started a real estate investment network group here, I've educated myself through Bigger Pockets, got the books:) Also I got involved in the blogs and forums. I took action last year and bought a foreclosure(our residence) with a 203k loan that I successfully project managed. And during all of that time I networked, networked and networked.

I've called successful flippers in my area to meet and mentor with, but many are so busy with their own business, they really don’t have time. And its difficult for me to work with them, because I have full time job and a toddler in tow. Although I do offer my web design/graphic design/branding skills as a barter. But still, many are so busy that they don't have time for that either. However in these past few months, through someone I trust, I found an investor and then another through my group. I was like FINALLY, all of my hard work has paid off!!! Yay! I’m finally going to be doing what I want to do and living my dream!!! So exciting right!!!

Nope.

The investor that I met through the group, turns out he is a hack. Trying to get me to go into listings, take photos and get numbers to have him turn around and upload to his site and try to "resale/wholesale" illegally. Then the other, I bring him properties and numbers to have him say yes! Lets make an offer, to a few days later saying he changed his mind, there was something about the property he didn’t like. Which in the end wastes my time and my agents.

So here I am frustrated. Very frustrated and not to mention discouraged.

Don’t get me wrong, not looking for a pity party here. Nor did I think this was going to be a walk in the park. I just didn’t expect it to be THIS difficult.

The point to all of this is I just want to share my story with the beginners, newbies, rookies or whatever we are called that are trying to find a mentor, an investor or even a partner. Truth is, it’s very difficult. It isn’t as easy as going “I am looking for a mentor” and listing your skills. Because trust me you aren’t the first one and you won’t be the last. Same with private investors. What can you do to stand out in the crowd, what can you bring to the table. What is going to make you different than the last guy? Passion? We all have that. Dreams...yup got those to. Want to be rich? Money isn’t everything.

And then trying to find a partner who has the same goals, dreams, motivation and strategy as you...that is probably the most difficult. And that is where my difficulty lies. The houses I want to invest in aren’t the houses they want to invest in. My sense of urgency isn’t the same as there’s, because they have other houses they are investing in. They really don’t NEED mine, but I need mine and that’s where we hit the bump in the road.

So what to do now. There are days I want to quit and just keep doing what I was doing. But then I go into work and realize I don’t want to sit at this desk any longer, this is not where I belong. Then I listen to the amazing podcasts and read the great success stories on here and I remind myself, these people didn’t do overnight. Heck it didn’t happen in the first year. It took them a years to build it and they are still working at it everyday.

Then I ask myself what qualities did they have that helped them succeed? Well obviously they took action. They had grit, persistence, passion, resourcefulness and patience. I think patience is the hardest, because we all want it now, but in reality, it takes time. Time to build those relationships, time to figure out what you want to do and time to find the right properties. And trust me it sucks...big time. But in the end it will pay off, just have to stay focused and be persistent and say “how can I” do this and then do it.

Thank you! @Bill Gulley 

@Bill Gulley 

He's pretty much saying that his REI company(website) has "these" listed properties for sale, with price and photos.

His words to me this morning is send me the photos, I will upload them to the site and advertise on Craigslist.

I told him.."you can't do that, you don't own the property, nor do you have it under contract, that's illegal and misrepresentation"

He told me that it wasn't and that once he got an end buyer, then he would buy the property and resell.

So I will do what you guys said. Just pisses me off! But hey, live and learn. 

Thanks everyone!

@Matt Devincenzo Thank you! That's what I thought and that's what I told him and he told me it wasn't illegal, but of course he is going to do that. 

I knew something didn't seem right.

Appreciate your feedback.

Hello everyone! 

Need some advice, because I am not sure what to think of this. I have an "investor" who says he has money to invest. But it turns out he doesn't.

What he is doing is he is finding properties in Milwaukee and asking me to go look at them..he is in Chicago. Take photos and send him the "report". I was about to do that with a property he is "looking at" to come and find out, he just wants to upload the photos on to his site and say its FSBO and find a buyer to "flip" it to.

He's not buying said property. Or at least he won't until he has an end buyer.

In my opinion this is completely unethical. He doesn't own the properties, he's just taking listings off certain sites, adding the photos to his site and saying they are for sale. 

Needless to say, I am severing ties with him. However I just wanted to get others thoughts on this practice.

Thank you!

awesome job @Dawn Anastasi , I've got a lot of fabric that I plan on making curtains into when I have time;)

@Stephan K. Epoxy is like any other paint. However it is oil based and a little thicker than normal paint. It has a longer drying time as well, so make sure no one touches anything for at least 48 - 72 hours, because it has to have time to cure. Make sure that the surface is properly prepared otherwise it won't last.

You'll want to get a good painters mask as well, not those little paper ones and make sure the room is ventilated properly, this stuff stinks. But the end result is amazing! I have used it many times on claw foot bathtubs and while it is very laborious, at the end it looks like a new bathtub!!

@Michael Marcoux Staging is going to separate you from the rest of the pack. Staging doesn't only help people envision their furniture and how their stuff would fit in, but it creates an emotion of warmth and home. While purchasing homes has become a business for us on the forum, its not the same for the retail home buyer. Its an emotional purchase for them, whether its their first home or third. They want a place they can "love" and be their next dream home. You've done a great job at creating the aesthetics, now its time to add the finishing touches.

Great photos are important as well, because many home buyers choose the houses they are going to look at through the online photos. I think the photos you have now are fine, I would keep them up until you have new ones. But when you do take new ones, try to take photos of the rooms with as much natural light as you can.

As for the price, I would wait to see what the market responds to. If people walk through the house and say the price is too high, then I would drop it. If you get a lot of feedback from realtors that its too high, I would drop it. I would market the heck out of it, before I would start aggressively dropping the price, especially if your comps are right on.

Great job!!

@Tara Piantanida-Kelly its like @Melodee Lucido states. Its about setting goals and then establishing a base of people you can trust. Whether that is a turnkey business or some "boots on the ground" group. 

It is really up to you to do your research regarding neighborhoods and numbers. There are so many tools at your disposal today to check on those things. Trulia gives you crime stats, neighborhood reviews, schools and such. Google Maps allows you to see the street/neighborhood view. But at the end of the day, you really need to travel to the place that you are looking at investing in and see for yourself if its something that you want to do and meet the people you are working with to build that trust foundation. 

As many people have stated in the podcast and on these forums, its about building trust and relationships that matter in this industry. Without those two things it is really hard to get started. Another thing I have learned is patience, because no matter how much you want this to happen now, it won't. Rushing into deals will reek havoc on your investments, because it will cause you to make bad decisions. So take your time, build relationships, study the markets and then based on all of that make your decision.

Hope this helps! Good luck in your adventures.

P.S. I am sure there are some bad turnkey businesses, but that does not make all turnkey business bad. There are some good ones out there that are filling a niche for out of state investors to help them reach their goals in their REI business.

@Felipe Gonzalez It really depends on you and him at the end of the day. What do you two want in this agreement. Does your uncle want to have 10% interest in a property or does he just want a return on his investment? If he wants a return and not an interest, then I would work out a payment structure with him. If he wants an interest, then I would figure out what that means to you two.

If your uncle wants 12% back on his money and not a part of the business, then I would set up terms. Meaning if he is lending you $10k, then 12% on $10k is $1200. So you would owe him $11,200. How you want to set it up and pay him back is up to you. You can do payments or eventually refinance and give him his lump sum. If he is okay with you paying him $100 a month for the length of the mortgage, then that is up to you as well.

Again at the end of the day, you two need to discuss how you want to set up this deal and have some exit strategies in mind.