All Forum Posts by: Taylor Shields

@Christopher V. 

I am painfully introverted as well. And you are right, in the end it all comes down to that. 

A good question to start asking yourself is "What is the absolute worst that could happen?" Then think it out in painstaking detail. Then think, "If the worst happens, how is it going to affect me permanently on a scale of 1 to 10". 10 being something that permanently scars you for life and is impossible to recover from. Almost everything is usually a 1. Remember, whatever you are most afraid of right now is likely what you need to do the most.

If you haven't read "How to win friends and influence people" by Dale Carnegie go on amazon right now and order it.

You mentioned starting an LLC several times throughout the post. Starting an LLC is very easy and can be done by other people for you. Don't get caught up with legal issues right now because you don't have much for anyone to take from you and you don't need an LLC to do your first deal. You don't have a lot of money to take so no one is going to be suing you.

Right now you should forget about everything that isn't going to make you money in the next 60 days. If you don't you are going to get caught up in the minutiae and trivial details that suck your focus, energy, and motivation (like the legal structure of an LLC). Since you are introverted you need to deal with this aggressively, if you don't you will spend 2 weeks working on your website, and you haven't talked to one seller or made any offers. Ask me how I know. You are a web developer so it might be even worse!!!!

Also, you sound like you are good with people and self deprecation is a great way to make people like you, thats one of the reasons Ben Franklin was so good with people. The best part of it is, when you meet with a seller and talk with them on the phone you will do about 5% of the talking, the rest should be active listening and focused attention. 

I am 22, I have never had anyone laugh at me or even think I was that young. People usually think that I am 35 (trust me, I don't look 35). My hypothesis on this is that people are not expecting a young person so they subconsciously see you as being older than you are. Also, If you show competence and confidence, it doesn't really matter how old you are. 

About the market. I don't know salem at all. Portland has low inventory and is highly competitive. I would say that compared to markets around the country the northwest is very difficult. But that doesn't really matter and should not be used for an excuse unless you are seriously considering moving to an "easy market". Forget about the market...there are deals everywhere. Worry about the market when you are established. Remember, forget about the minutiae, cut the fat.

Consider making the drive up to Portland for the Rarebird Investor Network on Monday at 6:30pm. Its free for you to check out the first couple times. You need to get involved with other investors.

If I was teaching myself from where you are now the first thing I would do is prescribe this solution. Make yourself uncomfortable.

Being an introvert is not bad, I think that is it good. It makes you a better listener. You just need to know when to control it. 

Here my proposition:

Go to a mall and ask people, "Excuse me, I really like your shirt (or hat). Would you give it to me? I would be extremely grateful" (don't ask women for their shirt)

What's the worst that could happen? You get super nervous for the first 10 people  and they tell you no and give you disgusted looks, 1 person tells a security guard and he confronts you, you ask him for his shirt, he says no and asks you to stop. You go to the other side of the mall and ask more people. Now its easier and you feel more confident with it. I guarantee you will get someones shirt or jacket.

Go do this tomorrow and come to the Rarebird Investor Network on Monday to tell me how it went.

A person's success in life can usually be measured by the number of uncomfortable conversations he or she is willing to have and the quality of life is also related to the quality of your questions.

What is the absolute worst that could happen?

If the worst happens, how is it going to affect me permanently on a scale of 1 to 10?

What scares me the most?

Is this going to make me money within 60 days?

What don't I know?

The list goes on

@Emilie Benn 

Hope to see you at the Rarebird meetings in the future.

I'm a bit confused at your question. Are you asking why an investor would relist a fixer at a high price after purchasing it and prior to fixing it? A price that seems outrageous from an investing standpoint?

There is certainly money to be made with short sales. They are their own animal and negotiating one is seems almost like an art form. Banks require the property to be listed so you would need to find a good short sale negotiator or Agent that if familiar with the process. Preferably one that has done them for investors. 

Most of all you need to find out what's going on in your market, I have no idea what foreclosures look like in Maryland. Oregon has similar laws to PHIFA so you would need to be very careful. Maybe you could pay for the marketing and have it go to you short sale agent. You really can't have contact with the person. I'm sure there are investors in your area that have found creative ways around this.

Lastly, when targeting foreclosures, I have found that doorknocking is much more effective than direct mail. They get tons of mail, few people actually come to their door and let them know that they would like to help. Again, PHIFA law would make it hard for you do to that. Get creative, but BE CAREFUL!

@Karen Margrave and @Rasheda Mayse 

Maybe came across to harsh. If so, I'm sincerely sorry. 

Just trying to illustrate a rule that I stick to. Time is EXTREMELY important and should be of utmost value. If you can find out the answer to question with a brief search on the internet you should do that instead of asking it of someone else.

Here's some advice, Don't ask a question that you can find out with 30 seconds on google.  

I like the creative thinking,

@Mike Nuss might have a few nuggets of wisdom on this

How good of a deal is it? You are already in this far, if the numbers are good and you are getting a great discount it may be worth it to hold on. 

There is certainly an opportunity cost due to the long timeline, However, this is not uncommon with Short Sales. In fact, this should be expected. What shouldn't be expected is your agents poor communication and seeming lack of resolve. Should you consider doing short sales agian I would recommend finding an agent that has made it their bread and butter for the past several years. You need to have someone that is intimately familiar with the process, preferably one that has done them for investors regularly.  Most agents don't have an in depth understanding of short sales and doing a retail short sale is much different from doing one for an investor. Not to mention most short sale certification classes are a joke.  

I would seriously consider if you really want to partner with your friend. Is there anything that he is contributing to the partnership that you cannot do yourself? Can you hire out what he has to offer for 15 bucks an hour? 

Maybe you just want to partner on the first deal or two. Most partnerships fail. If you do partner, take if for a trial fun for the first few months and then re-evaluate. 

Set up a consistent budget. Dont think of it in terms of bulk. Send less more often to keep things consistent. 

Would you rather send 1000 at once and get one flood of calls or have a consistent flow of leads if you send 250 each week?

Is there a reason you are sending yellow letters as opposed to something else?

Unless you are going to be doing short sales, bad idea. Are you familiar with short sales?