All Forum Posts by: Spencer Davis

Hello, thanks for reading my post. I know it's a long shot but I am looking to talk with some people over the phone about their careers and the services they offer. This is for a business class and is aimed at business professionals/ real estate professionals.

For my class, I need to interview:

A Lawfirm member,

A mortgage/business loan lender,

A Insurance lender

A material supplier

I would be looking to talk with them about what they offer that might be able to help my business in the future. I am planning to start a multifamily property investment firm but would likely start out with residential or small multi family in the beginning

If you or someone you know would be willing to talk for 5 to 10 minutes about this, I would greatly appreciate it.

@Nathan Smith

I think that answer as many people have said, depends on what you are going to do.

I think there are steps you can take down either path that could be helpful or harmful. Many people seek to work a W2 job, and invest on the side. Others have profession in the real estate industry that directly help their investing efforts.

The path you take should be thought out, and planned. Your next steps should align with your long term goals. What are your goals for investing? Why do you want to do this? Is it for freedom, a certain lifestyle, security? These are important things to ponder.

That being said, goals change, and so do the means of achieving them. The road is not usually as strait as we expect.

Good luck with figuring it out! Let me know if you have any questions.

I am interested in getting started in real estate investing. I am currently looking for advice and guidance.

A bit about me. I have read a couple of books, and have been following bigger pockets, and other real estate podcasts for a couple of years. I am working on my obtaining my bachelors degree, and graduating debt free. I'm finding it hard to network and meet new possible mentors, partners, and friends in the REI industry because of the corona virus. Most events seem to be canceled. I am interested in taking steps now that could help me get started.

Here are some possibly beneficial skills. I am handy (I currently am a construction management major). I am business and financially savvy. I have worked with excell quite a bit. I am not afraid of rejection, cold calling or door knocking. I am good at finding contact information, ie. Who is the owner of a property, and how to contact them. I can really work towards something if I want it.

My weaknesses, I don't where to start or what I could do in my situation.

Any advice or guidance would be appreciated.

@Shane Griffin

Thanks for the advice! I definitely think that internships are important and I am currently looking for some. Do you have any advice on how to find an Internship? Thanks again for the advice and support.

-Spencer

I am moving back to Rexburg for school. I am looking for ways to gain real world experience in real estate investing. There is alot of information regarding the topic of REI, however I believe that all of the podcast and books I have read have been helpful, but it is time for me to take action. I am looking for advice in ways to enter this industry and start learning.

A bit about me. I am currently studying construction management and business management. I was first introduced to real estate investing in 2016 and have been building my skills and knowledge since. Do any of you know a good way to enter the industry? I am looking for opportunities to network in my local area, and people who could use some help with anything real estate related. Any advice or direction will be appreciated.

I am a college student with little money looking to get into and learn more about real estate investing. As much as I love reading, I feel you can only go so far without taking your first steps. I have looked into wholesaling and birddogging, however there are alot of legality issues. From what I have read, the only way to do it is to be an employee and be payed on a per leed basis. I feel this could work, however I would much rather be a silent partner (with less liability in the deal) and recieve a set percentage of the deal, and learn from the decisions they make. Do you think this could work? How would I find investors interested in a deal like this? Any advice on things I could do to learn more about the industry hands on for a college student would be appreciated.

Thanks @Moises R Cosme, this helps a lot. It makes sense that others would have likely found his number before me, and it would likely be a question of when. Asking about why the property is the way it is and trying to better understand his position is something that will definitely help.

Is it wrong of me to contact him saying i'm interested in buying the property when I don't have the means personally? I would likely have to bring in a partner. What questions would you ask him about the property? What would stand out to you in regards to a letter? Do you have any tips that would help me seal the deal if he is ready to sell?

Also, What are your thoughts on the property?

Thanks,

Spencer

Today I drove past this very run down property. It appears to be a vacant 5-plex. This property intrigued me so I decided to dig a bit. I am interested learning more about this property and if it could be a opportunity. I am trying to figure out what my next steps are. I found the owner (out of state), his address, and phone numbers. I feel like a freaking computer wizard for doing this. I feel uncomfortable just cold calling him. The other option is to write and mail a letter. Which do you think would be more effective? Here is some information from various local mapping, plot records, and google wizardry. (Also I haven't seen rents near me for less that $900 for a 1b 1br)

The owner is in his late 70's and has owned the property since 1988. 

The property was built in 1952

It is classified as commercial property

The building is estimated by the town at $7000

The land is estimated by the town to be around $240000

It is on a 1.5 acre plot

It is zoned in an area that the city wants to gentrify through supporting the development of new business centers

there is enough room for a commercial business and parking-lot.

My questions include the following: Knowing what you know, what would you do next? How should I make contact with the owner? What should I tell him? Would you Renovate the units for rental income, would you subdivide the plot, or hold it in the chance it could be bought for a business? Where could I get the money for this (College student)? What other questions should I be asking?  

Any discussions or advice is appreciated. Feel free to ask me questions. Ill do my best to find answers. 

Thanks,

Spencer

@JD Gunter thanks for the input. I am interested in focusing on multi family properties. At this point in my college degree, this semester is the turning point that matters. The classes I take now determine if I graduate sooner vs later.