All Forum Posts by: Scott Bell

Hello BP, 

I have been a little sporadic in participating with BP. I am down to the wire, for starting my business. The set in stone date is in 117 days and there is no going back. So I have to start taking decisive action. 

My current plans include getting my associate broker license, starting training next Monday. Using Investor Carrot for lead generation. and managing my own properties. but this is as far as I have got. 

I would like to start working for Marcus & Millichap Raleigh office (if anyone has a contact I would really appreciate it)

My assets include about 200k (cash, equity, and investments combined) an excellent credit score, and a few investors that have not given a specific amount (one investor owns a trucking company and wants to diversify). But my plan is to ensure I can cover with my assets for the acquisition then use what investor capital I can get (to make sure if an investor backs out I can still proceed with the deal). 

My questions to BP are what are the action steps to take now (I will not be trying to make a purchase before the 117 days)? 

What kind of lenders should I talk to and get pre-approved with? 

Are there some due diligence checklists I could get? 

What team members are essential for the first few deals,(I have seen lists of 20 or more) 

What other questions am I missing? 

I look forward to hearing from all of you

Alright, I have decided it is time to get off the sidelines and start playing the game, I am becoming a real estate agent. What I know is that I need to take a pre-licensing course and pass a test. I am going to sign up for Investor Carrot for lead generation. 

What else is there? What are the best companies to start working with, and which are best for investors to develop with? Are there expenses that I don't know about? 

I will be moving to North Carolina, I haven't decided on a city yet but I'm thinking Fort Bragg/Fayetteville, I already know a few people. But I just watched

How to Find a Market Using BPInsights with Data Scientist Dave Meyer

so after some serious market evaluations, I will choose what the best choices are.

Thank you all and happy New Year.

Scott

That's great information. I was looking for title companies to do the search I'm glad I hadn't paid for one yet. At least before the purchase that will make sure I'm not spending money on projects that I ultimately dont bid on. Do you know of any laws that may change things during COVID?

It's an REO.

I am looking to buy a property at auction. The property is currently occupied. I am not sure what to do for due diligence before the auction, what are some things savvy and experienced investors would do?

One key aspect to starting a new investment company is the ability to identify future potential. I have been looking at the county websites and local REI forums. What are some of the other ways people get involved in learning about a new community from a investors point of view?

I am looking to name my LLC, unfortunately, Bigger Pockets is already taken what are some other ideas.

This is the second time I'm trying to start a serious investment. I have bought two homes but both were personal homes that converted to rentals when I moved. I put very little serious thought into the investment aspect at the time. Now looking to the future I need to ensure I make money when I buy, not hoping I can make some when I sell. 

So I ask what are a few of the ways people find leads. I know the common ones Wholesale, MLS, and agents. What are some of the uncommon ones.

I am just getting started, so I don't have insight to answer your question but I am applying to Georgetown University for a Masters in Real Estate. My personal idea is that, yes I may be using a little money that I could use for investing, but I will be investing in myself, building a network with another group of people, and most important gaining deeper knowledge of real estate. Warren Buffet bought his first stock at eleven but he still got an MBA. If it worked for Warren Buffet its good enough for me.