All Forum Posts by: Stephen E.

@Clayton Crawford 

You have en established relationship with someone that does assist you on a regular basis. The issue you seem to be having is how the offers are presented and what you view are value vs their term of value.  A few good questions to ask: Do they own investment properties? If so, do they share the same strategy as you when analyzing, market research,  and purchasing. Do they have to split the commission with another agent or agency? What are their personal goals with real estate? 

Yes, i would agree @Steve Vaughan that a letter of intent (LOI) that would save a good amount of time. Also, i would include a Non Disclosure Agreement with that letter. Have you used a LOI before to purchase other properties. It is a common thing used for commercial purchase.  

Is this the National REIA Leadership Conference? If so please let us know how it went. If not please let us know your experience. It will help education ourselves and others more effectively.

@Dominique Ivey

Pro:

 Exposure to other investors who are in different stages of investing. Learn through snippets and a notebook that your write upon. Different view point for how to accomplish investing or your own personal goals. Meet another who shares your passion and niche. Overall networking and some learning.

Con:

I have seen the webinars and attended many seminars myself. The issue have had with them is they give you just enough to make you want more and I agree with @Bob B. about leaving your money at home if you have trouble controlling impulses. They are designed to sell to people who are looking for a quick buck. I think I can say we have all been there and then realize that true freedom is earned through knowledge, practice and experience. I have a saying, "The speed of which you earn is the speed in which you lose it."

Question to all: Is it appropriate to ask what seminar this is?  Who is hosting or sponsoring the event?

@Brian Corbett

I would glad to discuss the market in Greenville. Send me a PM and we can discuss this further.

@Bill F.

I agree with the research. I wonder if there are individuals who data aggregate the information presented in markets that have lower volume.

@Denny R.

I think have a team is very important but they should be built of people you have had good relationships and know you can trust then to do the job with some oversight. Never just hire the first contractor, accountant, or other professional. They should align to your values as a person and a business.

If you are uncomfortable to go alone on a first deal then I would suggest finding someone who has an active deal flow in your area of interest and maybe working for free (experience). You never know! They may be one to help you catch a bad error in your assumptions or direct you towards a deal you would have never sought. The experience might be able to help you better evaluate who you would want on your team.

Teams over all take good management and leadership to help progress in a fashion that you would want and to meet guidelines. I think another approach would be as have clear goals for each member of the team as part of an interview process. This could be a simple document that lays out your expectations and what are the grounds for dismissal. Are you willing and able to dismiss a team member for negligence? What actions or recourse would you follow to ensure you are protected?

Overall, Yes! A team is valuable and a great asset but it can be like a marriage. You to know who they are and what to expect.

Who would conduct research on smaller or rural areas? I have heard the a Chamber of Commerce is not a bad option to seek out for information of city changes or projects. I have also heard alot of investors stay to the large cities because that is where support will happen in the event of a crash.

I have seen a few commercial buildings for sell in the Jacksonville area. Where would someone be able to find the number of build permits issued or the plans for a city for development?

@Rob Jones

I am interested in the Greenville and Eastern North Carolina (ENC) because of the proximity to my location, universities, and room for growth. Overall, i am trying to find the market that would suit and support the steady rental income to the greatest number of people. I am seeking informaiton on trends for SFR and Multi-Family to see what is favored in ENC.

I am looking for a the market profile, average rents to include increases and decreases, and major changes to the areas. The areas I am looking at are Greenville, Jacksonville, New Bern, Morehead City, and Havelock.

I am trying to conduct research into all of theses areas because I want to be well informed before I make a huge purchase and to see what is any change are coming to those perspective areas. Thank you.

@Matthew B.

I think many of the members here have some valid point and good ideas about how to proceed to think about this form a different mindset.

Trends

1. Ask around and be specific with different vendors. Another thing is ask someone to review you sales pitch to the lender and see what areas you could improve.

2. LLC vs personal purchase. I would recommend you keep the LLC and if you are dead set on dissolving the entity I would consult with legal and tax advice before you do. The other half doing a personal purchase then Grant Deed or Deed of Trust it to the LLC. You may be able to include language of the purchase to allow you to grant the property to a partner after a specific time.

3. Talk to a leader investor or investor group in your area, not just real estate, and have them review how far you have come and what else you could improve.

4.  Review how you got to where you are and see how you got there. Is there something that you could simplify or rework the would increase your flexibility as an organization or entity.  

I am interesting in hear about different experiences investors have had with retails vs commercial loans. What are some of the areas of best use, caution, and traps?  What creative ways have you use a loan to advance you career in investing?

@James Wachob I would be inclined to agree. The team and network is problem the hardest and most important part of REI. Networking and find like minded investors in whom we can share our goals and ideas. Real estate is slow to change and it allows you the time to build a team. It has been a struggle to realize that rushing into the field without knowledge increases your risk and doesn't allow you a chance to know what areas to explore.

I see that you are in the Memphis area. Does the market still favor SFR or MFR?