All Forum Posts by: Nick Webb

@Russ Scheider that’s awesome! The ability to “shift your focus” and adapt to sudden changes seems to be key to the overall success to any business. And the addition of your RE License to your arsenal compounds the opportunities to service sellers/clients - great move!

I 100% agree, I am seeing no signs of the Charleston market slowing down yet. And I imagine the market will continue to run on all cylinders and even see more opportunities arise in the coming months as well.

Very insightful Russ - thanks for sharing! Would love to connect and come together on a future project, let’s stay in touch!

@Marlen Weber That's great to hear! I think we've all been guilty of getting caught up in the 'day-in, day-out' GRIND of work/life and forgotten that there is still beauty in slowing down and reprioritizing. Thanks for sharing your perspective!

Hey BP!

It has been pretty easy lately to talk about and focus in on all the negative aspects that COVID has placed on lives, and how it may change the way society and the RE industry operates in the future. Cap this off with on-going racial tensions all within an election year, it seems that we are constantly anticipating another negative event and questioning whether a silver lining will ever present itself through all of this. I'm a firm believer of "You are what you think about" and the Law of Attraction, so to switch up the narrative a bit, I'm curious to hear from those who are willing to share, how has COVID POSITIVELY impacted YOU and/or YOUR REI strategy??

Have you been able to take advantage of quarantine and spend more time with family or reconnect meaningful relationships, in which discovering this balance allows you to work more effectively? Any landlords take time to have a conversation with their tenants and provided relief/understanding of the current situation and developed a stronger relationship with them than before? Did COVID present a unique opportunity that proved to be advantageous to your RE portfolio/network? Did COVID eliminate a day-to-day distraction which allowed you to focus on personal areas of improvement? Learn any new skills, RE techniques, creative financing opportunities? Ignited a strong desire for success?

I can start by saying what COVID has done FOR me is kick-started my personal RE Investing journey. With already working in the RE industry (in Charleston, South Carolina) for about 5 years now, I've always been aware of the endless opportunities found in RE but never took the initiative to start my own personal pursuit. Because COVID was, more or less, sudden and unexpecting - it abruptly shifted my perspective on my quality of life and how I don't ever want to rely on another person, business and/or company to provide my only means of income. I then made the decision to not become complacent and find an opportunity that builds wealth and is self sufficient. And why not with real estate?! Fast forward a few months, I'm a part of the BP community and had the opportunity to virtually meet several awesome like-minded individuals, engaging in conversations sharing insights of our experiences in the industry. I'm now at the point where I'm actively pursuing my first (outside my primary residence) investment deal! Though this process isn't easy, I'm learning and motivated to pursuit and fulfill my goals! 

I'm excited to read how everyone else is capitalizing and leveraging their opportunities during COVID!

The aspect of mentorship plays a HUGE role in the success of a new investor. I wouldn't say this is stopping myself from closing on my first investment rental property but is definitely slowing down my anticipated progress.

I believe that receiving a 'hands-on' experience and learning the ropes from a seasoned investor will reduce the overall risk exposure when approaching my first deal. Plus, I can offer my financial expertise to a mentor to develop a conducive working relationship (and possible partnership in the future!). However, for obvious reasons (COVID), finding mentors/mentorship opportunities is becoming more difficult especially in the Charleston, SC area – whether that’s local REIAs or simple meet and greets, but not losing hope!

I’m more hesitant to go about my first deal by myself but I’m exploring/learning creative alternatives to compensate in the meantime. But connecting and starting conversations with others here on BP is definitely a step in the right direction!

Thanks @Joseph Copella for the suggestion!

@Steve Morris I'll check out the local ROA as an option as well - thanks! 

@Bjorn Ahlblad Agreed! I believe having great tenants plays a huge role to the success of a RE investor, which makes screening potential tenants that much more important. And of course, Fair Housing and Anti discriminatory language is engrained within my rental applications and course of conduct between myself and tenants.

I've thumbed through a handful of threads/forums/podcasts/videos/etc but I wanted to see what everyone suggest/prefer at the moment.

Is 'State LL Association' a state-runned program? I'll have to research and see if the state of South Carolina may have something of that sort. Thanks for the tips!

What has been the most helpful platform/service in your experience (asking the BP community) for screening potential tenants? 

I've conducted several formal interviews for my day job in the past so I feel that have a good grasp on how to decipher whether potential tenant is a "good person" but having a little more difficulty confirming 'hard information' like credit and criminal reports.

For example: I've received CreditKarma credit reports from potential tenants but found that it is quite difficult to confirm that the credit report provided is actually the credit report from the potential tenant (and not a fake credit report to make it seem they have a better credit score than what they actually have). I was hoping to use their SSN provided on the Rental Application (adequately disclosed) to confirm with the SSN provided for their credit report but seems that CreditKarma doesn't have this capability (they don't have a live customer service number to call and confirm info).  So currently I find that I'm exposing myself to quite the risk and as landlord.  

At the end of the day, I would like to ensure that 1) credit/criminal report is in fair standing and 2) the report provided is the report of the potential tenant. 

Any suggestions?