All Forum Posts by: Richard Phan

I am currently in the process of forming a real estate investment club . I have 30 people already interested and I am looking for more. My plan is for everybody to contribute at least $6k a year and we will start by buying land and building on it single family homes. Once the construction is complete we will sell and split the profits. What I would like to know is the best way to form an Llc and i would like to grow my network of legal professionals, contractors and investors. I am in Southern California 

People usually talk about giving something first to the mentor to make yourself valuable to them in the first place.

Did you ever do something like that? Maybe offer your marketing or scouting skills or whatever?

@Richard Phan, having a mentor is the best thing you can do for yourself. Most successful people are happy to help lift a new investor, because somebody helped them when they were coming up. You should reach out to the local guys flipping or wholesaling at a high level.

The easiest way to start is to google "sell my house fast." Don't click on any of the ads, as you'll cost them money. But those guys are buying houses for sure.

 Everyone is different but I can promise if you have a good mentor (not guru) you'll learn a lot quicker and make less mistakes.

A good mentor is available to you every single day, answers your questions in a timely manner (within the same hour you ask them at minimum) because this could mean you lose a deal or not, is able to teach you how to properly use the technique of investing you are seeking and provide you with the documents necessary AND doesn't cost you an arm and a leg. They also don't have 1000 students because there is NO WAY a good mentor has the time to teach that many people properly.

If you do not have DIRECT ACCESS to your mentor but one of his/her helpers - you don't have a mentor... you have a guru.

I personally have a mentor and I can attribute a big part of my success to their teachings and guidance. I also know I'm doing it right and not just hoping I am. Keeps me out of trouble both legally and financially.

Do they help? Absolutely. Do you NEED one? No - but it sure does help.

You 1000% do not need a RE license to invest in real estate. In some cases having a license is actually detrimental but in other cases it can be useful. Like when a seller won't sell low enough for a wholesale, won't sell with owner financing and just wants to cash out. You can just list it for them instead and still make money from it.

Why do you think getting your license will give you more opportunities to get into RE investing?