All Forum Posts by: Scott Pollard

I've flipped, wholesaled, and developed in the Austin and surrounding markets. It will be very difficult to get started in Austin unless you're willing to door knock or get really aggressive ( it's crazy competitive). Let me know if you need some pointers if you're moving to Austin. I could definitely be a buyer for you if you're willing to put in the work. I'm looking to expand into northern SA within the next 6 months to the year. 

Everyone in Austin is a "guru" depending on what they're trying to get out of you. I would try to network with as many people as you can before entering into any paid version of mentorship. There are plenty of smart investors in Austin willing to help out as long as you're willing to put in the work and not treat it as a hobby. As an investor, your most valuable asset is your time, so when working with anyone serious, you want to bring some form of effort and critical thinking to questions/scenarios or you won't be looked at as being serious. Make yourself available on their schedule. Also, think of what you bring to the table for the investor. There's always a debit/credit system to these types of relationships. 

Don't be offended if an investor puts you off from time to time. As stated above, we're always wishing there were more time in a day.

Hope this helps! Happy learning. 

Hey @Chris Wolfe I just saw this thread. I've flipped in Austin for a while now. I'd be happy to chat on the phone for a bit to discuss the market and see what you guys are doing in the Austin area. I'll send you a message as well.

@Dianne Pettitt it sounds like you've made your decision. 

Just going back to what you discussed earlier. You said they were planning on developing and selling units. Now it seems the strategy has changed to leasing units? This whole thing sounds like confusion on either your part or theirs. Are they developing and leasing it up and then selling it off after some performance has been established?

You need to know how you're getting your money out. This doesn't seem clear; what you're conveying to us on BP.

Just my two cents here. If you don't fully understand the investment, do not invest. 

I really don't understand the question of " Can you afford to lose all of your funds?" Maybe that's a qualifying question for them to determine how much money you have, or if  this is the right investment for your risk profile. Meaning you shouldn't be putting all of your eggs in one basket. Especially a new development. Anyone else ever been asked that question?

My response from your other thread about this subject...

Hi @Dianne Pettitt , do you have any more information? Are you asking if the company is legitimate or if it's possible to double your money in 3-4 years in this area via multi-use? Either way I don't think anyone would be able to give you much help unless there were more info to be had.

I would be extremely skeptical of someone that would say you can double your money in such a short time. It will take at least this long to develop the land and then you would have to obtain leases or sell whatever it is you're developing. What is their strategy? Develop and operate? Develop and sell to an operator? These exit strategy would be essential to know how you would "double" your money.

How did you get in touch with these people and what is their track record? do they have any referrals or a book of past projects that have similar performance? These would be just basic starting points for me if I was going to invest with anyone, much less anyone I didn't already know something about, and possibly thought could be illegitimate.

Hi @Dianne Pettitt, do you have any more information? Are you asking if the company is legitimate or if it's possible to double your money in 3-4 years in this area via multi-use? Either way I don't think anyone would be able to give you much help unless there were more info to be had.

I would be extremely skeptical of someone that would say you can double your money in such a short time. It will take at least this long to develop the land and then you would have to obtain leases or sell whatever it is you're developing. What is their strategy? Develop and operate? Develop and sell to an operator? These exit strategy would be essential to know how you would "double" your money.

How did you get in touch with these people and what is their track record? do they have any referrals or a book of past projects that have similar performance? These would be just basic starting points for me if I was going to invest with anyone, much less anyone I didn't already know something about, and possibly thought could be illegitimate. 

Check out Easy Street Capital in Austin,TX. They're legitimate, up front and don't have any junk fee's. Truly asset based lending. Rates maybe a bit higher than some but you'll know what you're getting into.

I don't think they'll do anything on long term holds if that's your strategy. Better to get bank debt if so.

I would second @Andrew Allen's idea. It will feed you some deals to try and sell and help you "learn" how to analyze deals. Not knowing anything about it and jumping into it could be an expedited learning curve but most likely not and will be extremely frustrating for you. 

Anyways, if you come across something in Austin, I'll buy it!....if the numbers are right

It's extremely competitive especially if you're looking to hold properties. Good luck on finding one you can cash flow. My suggestion would be to look further south to San Antonio. San Antonio is a much better buy/hold market as real estate is much cheaper. The area between Austin and San Antonio is prime for appreciation over the coming years. 

We flip and develop new in Austin primarily because of the high price points. 

Good luck