All Forum Posts by: Rochelle Ray

@Mason Marin find your local REI group and talk to people. Get a mentor that can walk along side you and even work for them for free while they do their business and you can learn first hand some of the things they do before you do it yourself. These are ways that can be beneficial to help you get comfortable with all the process, terminology, etc. Also, their are many creative ways of financing. You don't have to get a conventional loan. You can always refinance to a conventional loan later. Get an owner finance, a partner or maybe a relative isn't making much in their retirement funds? Get creative! This is something you have to decide but I just wanted you to know there are other options out there.

Thanks Jim.  I have one company that I like for testing and inspections.  Worth a call!  I'll try a few more.  Its just too expensive to learn from experience!  I'm spending a ton of money on a lot of inspections that I think I could save if I'd learn more.

I am running into a ton of mold homes.  I am tired of turning these down.  I'd like to grab a few of these.  I keep running the numbers and I think I could make some work out but I let the fear of the unknown hold me back.  I'm thinking one mold spore left untreated several years down the road could be the end of me in a future law suit.  Am I wrong?  So my question is:  How can I educate myself in this area, to know how much mold is too much as to not take on the project  (even if I use a contractor and strip to the studs, if the money works right?) and what areas can you treat and not throw out the material and how to know?  Any input on how I can learn more would be helpful.  I am just finding too many to ignore anymore.  

First of all make sure your numbers truly work. Consider getting a second opinion. Then if it is a green light, get OPM (other peoples money), a partner on the deal, Hard Money Lender, a HELOC loan if it applies to you, use your 401K or IRA if it is self-directed. Also try Crowd Funding or if it is cheap enough use a ton of credit cards, family money and Prosper Loans and get the deal done, later refinance! Be creative. There are a lot of ways. That is the beauty of being a real estate investor. Hope I got you thinking! Oh, you can also consider wholesaling the property.

Check out @Phillip Dwyer and @Robert Adams in the LV area.  If they can't help you out, they know someone who can!  I am not currently in the LV market right now but I know they are upright men.  

@Mason Marin, go to www.meetup.com and it will allow you to sign up for Phillips group to get notifications for their meetings and also to see any others in locations you want.  Phillip has a great, friendly group of investors that will be willing to help you or share ideas.  Its a laid back group of people.  You'll like it.  I keep missing the meetings due to one reason or another but they have it once a month so see if you can't make it next month.  Hope this helps!

Alex,

Welcome to BP my friend!  You are in the right place to learn all you can.  You'll find people are very friendly on this site and willing to answer even the smallest of questions.  I currently have my attention and money in the KC market but further north than you.  I am from KC (do not currently live there) but have some family in Wichita area as well.  I know both areas however I do not pay attention to the market in Wichita.  Good luck to you in your ventures and keep connecting with people.  I find it is hard to balance all there is to do but this is a networking business so do what you can.  

@Omar Merced I have lived on 3 Hawaii islands and been on 4 of them total so I can give you insights to them if you need to choose one.  I also have a contact of a great friend who does rental house investing on one of them if you need a contact at some point.  We plan on eventually gravitating that way as well but in a small way while still keeping our feet on the ground here, too.  Hawaii moves at a much slower pace than here.  Also, if your an "outsider" it is hard to get things done.  It takes a while for the locals to trust you.  Money talks though!  Of course if "surfs up"  you will find very little help in the afternoon!  Good luck to you!

Thank you @Alisha Wagner.  I did get a referral but if for some reason it doesn't work out, I will check this out.  Great advice!  

I need a good referral for a real estate lawyer in the Las Vegas area.  Preferrably the Green Valley or Southern area.  I would ask that any referrals be from sources you've actually used first hand and not just heard about or a long lost cousin twice removed you haven't seen in years.  I just need one mostly for consultation, review of contract and also my sons want to start into the business in a different area than I do and need some consulting due to age, etc.  So I don't really need a high profile, high expense lawyer but a moderately priced, dependable and reputable one.  Thanks in advance!