All Forum Posts by: Lisa Phillips

From what im seeing, its going to be location specific (IF there is high inventory).

Any place with low supply and inventory will not suffer. This, unfortunately, are many metro cities with large corporations purchasing buy and hold properties over the last 15 years. Not every market crashed during the 2008 downturn, and honestly Im not seeing a huge crash at all, just localized. 

As long as there are 5x more buyers then homes available, no crash coming. When that flips, and there are 5x more sellers than buyers, thats when it will be a major crash (but again, location specific). 

Interest rates are slowing things down, but with low inventory, homes in different markets are still selling at a premium to the top buyers. 

@LaPrice Ali Thank you, I hope you like the book! Rich dad Poor Dad was a break through title for me, as well as the Millionaire Next Door. 

Doesnt look my last reply made it. Most of the people who work with me are in my facebook group if you want to know. If you want to get to know me or ask about how i work, you'll get plenty of responses. Also, a good way at a low cost to see what i'm about is my bestselling book. All info in the bio.

@Jay Hinrichs I didnt meant to make it about me. I just help people everyday who find me here on BP who do need help, have questions they need answers to.  My experience is the exact opposite working with people. But, if you have been doing it for years, it really can seem a lot more easy to you with the capital you have built, the time you acquired the prices and the price points, compared to a new person starting out in 2019.

@Jay Hinrichs I've helped 100s of investors, and from your view point its easy - but i will say that because of that viewpoint, you dont see where a lot of privilege in that statement. 1.) That you think buying a rental is all about capital and credit.... There are people I work with in NY, DC, CA who have money, but its NOT just about that - Which house do they pick if its too expensive in there area? How much renovation should they take on if they invest out of state and its your first time? Which neighborhood should they focus on? 

Every single one of those questions require more than a basic answer if its somebody's else's hard earned money, and they dont have a safety net to bounce back on. You may have safety nets that you are not even aware of compared to others, and you dont even realize it -otherwise you would NEVER say its that simple to invest in rental properties. Never.  So I will just end it with this - as long as the majority on people on BP think and say what you just said, the more people are absolutely ecstatic to work with me personally. Because i understand its not that simple, and I meet people where they are.

Im not for everyone, but then again, people who find me on BP are finally glad to have a discussion on what they can do to invest safely and little risk, and not be told "it should be simple" and "dont know why you need more help than this forum answer." I literally have hours of conversation with investors (who I then subsequently help with their first 1-3 rental properties) on how  BP investors are helpful, but just completely overlook some new investors definitely need more help and mentorship and just waiting for that one lucky person to mentor you in the detail that you want is a long wait.

But it's Thursday and I have energetic  toddler, so we can agree to completely disagree (I cant be here all day debating). and everyone can read our comments and determine the best advice to take that works for them. Again, my way of thinking isnt for everyone, but it definitely is for a lot.

@Jay Hinrichs actually, a LOT of people waste a LOT of money on CRAPPY rental properties every single day, so I am not sure what you mean. Which just shames people who have made mistakes in rental properties which isnt helpful. The reason BP exists is because a LOT of mistakes are made in investing.

And, last piece - STOP THE SHAMING!!
I speak to people everyday (SOME of whom i end up coaching) through BP. They were ALL TOLD not to get a mentor. But guess what the reality was?

1 - go to a local reia. Interested investing in lower priced neighborhoods they could afford

2 - none of the investors form a link with them, or bond, OR they are not interested in helping

3 - person is stuck

4 - then they call me.

The read a 1000 article method and 500 books isnt reality - so stop giving that advice. 1000 article with 1000 pieces of advice is not helpful. Finding someone at the local reia depends on A.) can you make that connection (many people can NOT) and B.) Are they even doing what you're interested in? (Sometimes they are not - ).  People know BP is heavily against paying for mentoring, training, or coaching outside of whats sold on this site- but the fact that people STILL contact me to help them through my programs  FIND ME ON THIS SITE BECAUSE THEY WANT HELP AND ARENT GETTING IT.  That should at least tell you - its not enough for some, and it's overwhelming for OTHERS **Emphasis on SOME - everyone is not the same, so the advice in here needs to acknowledge that some people DO need assistance to feel comfortable investing their hard earned money, and others dont.

Thats my experience working with normal, regular people who have anywhere from 10k to invest to 100k to invest - it's good, but its not enough for everyone. And they shouldnt be shamed or told if they do seek to pay for help its a "rip off" or a scam.  FYI  - i actually have a video up on scam training on youtube - some definitely are, doesnt mean everyone is. 

@Brandi Graham also, the Live Richer Academy has amazing experts for real estate investing, as well as the Jay Morrison Academy - all extremely low cost, specific and niche information. Just want to throw that out there - sometimes too much free knowledge can be as paralyzing as too little. 

I just want to offer an alternative viewpoint as someone who has mentored and coached hundreds of first time investors succesfully. Also, that people who advocate that all you need to read is a 1000+ articles on BP just dont get it. 

1.) There isnt necessarily anything inherently wrong with a 20k-40k price tag....IF you are a first timer and have a lot of capital in the bank (a whale, so to speak. 200k- 1 million). What I think is unethical is that they dont vet or ask - they just want you to buy regardless if it's good for you.  If you only have 20k, they shouldnt be asking you for your last dollars. ANd, if they were more open an honest that they were targeting whales, it would be easier all around. But they dont, and they will take your money and you'll never be able to get them on the phone.

2.) People advising you to spend years studying is a bit crazy as there are faster more efficient ways to get this to work. Find the niche you want, and then find and research and training on it. If you find a book you like and want, follow up with their resources. We are all different, but a lot of money and big mistakes can happen going about it alone.  What all these people are against investing in training or coaching aren't being mindful of is this - Just because THEY were comfortable taking a leap financially and hoping for the best, that is NOT the norm for other people. Some people have a low tolerance for risk for GREAT reason - they dont have the resources to just bounce back. It may have taken them years to save up 20k. They didnt have generational wealth, money, or friends - they dont have that financial cushion, so its absolutely crazy when people advise them to do it alone - then they look up 10 years later havent moved because that's not best for everyone.  They dont have the time for trial and error because they have life and dont want to spend it on trial and error, just wins. And that's okay. There shouldnt be any judgement around it.

3.) There are training that is for $199 for a year (mr landlord has that), $37 a month, $500 a month - with varying levels fo direct 1-1 training. I offer 1-1 training myself and group coaching - it just depends on how much people have to invest and how much support they feel they need. Unless you have a LOT of money in the game, and really deep pockets and resources (wealthy relatives), you can find detailed and more tailored support for 25% of that 20k price tag. If you do have bigger pockets, go for it. 

4.) Investing is individual. A website blog posts can only go so far, so can free articles. What people dont understand that it is overwhelming to be told to read 1000+ articles and start there. That's not a "start." that's oversaturation with people who may or may  not be clear about their background, who they are targeting, and who their advice is for. i.e. I help mostly black professionals invest in lower income and working class communities. Its not all who i help (my groups are diverse), but that's who and what all of my conversations and teachings revolve around.

Personally, I've helped hundreds of people. Every day I have the same conversation that people thinking they need 50-100k to invest. We have succcessfully proven you can start with 10k-15k, even if you are investing out of state. I am SO happy they didnt just follow any random advice and preserved their capital, and are building a legacy. THEY are glad they held off as well, because they much prefer a lower cost entry. The whole sub30k had entire blog posts about it when I advocated it (look at earlier articles around 2013), but look at us now. We are killing it in this arena. 

BUT, regardless if you like my stuff or someone thing else for mentorship - start small - blogs are free, and books are under $12. If you like them at that point, you can get a $97 training. if they are STILL giving you great advice, go for a more upgraded and personalized experience. You generally don't have to jump straight to 20k for coaching. By starting small, you are all in by the time they introduce that higher priced object and you already know at that point if they worth it. 

Myths to be debunked - 1.) No, it doesnt have to be local. I just helped a maryland investor and a new yorker invest out of state, and it took less than a 10 week program. Will be doing a podcast with them soon, so you will hear their stories. If you want verification, you can join our sub30k mastermind group on facebook and ask there  about investing out of state, working with a coach, etc(my profile has the info, now over 7000+ investors focused just on this niche). 2.) You can get everything for free! ---yeah, no. That's not true in any niche.  They are KILLING it in there, left and right. People go from thinking of investing, to knowing they can invest, to actually investing within a couple of months. **Im not telling you to sign up, just wanted to show you that a lot of advice on here is just wrong and if you want proof where to find it.  My niche is for people comfortable in buying low, and purchasing in lower income minority neighborhoods - NOT FOR EVERYONE**

@Jay Hinrichs I will say about lots that were $30k and you are giving a homeowner $450k - that's a bigger discussion about gentrification I have no desire to expend on individual vs community. But I hear you. But NOT TODAY on this beautiful sunday morning. 

As far as out of state investing - this is where the money is made, actually. This is where you win or lose. So many times when people ask questions about these cheap homes, they start with the property first - meaning, they find a cheap property and want to know if that makes "sense." That's all wrong, not just for the deal, but for being a hands off investor. 

The first question should be which market makes out of state investing sustainable, continuous, and scalable - that's a completely different question. I don't care how cheap a house is - the first question I ask my clients is "Do you want to be hands on or hands off?" And depending on that answer, we have to find a completely different market. There are definitely some cities where you NEED to live there to cut through all the shenanigans, and there are other cities that are fine but limited in infrastructure and the team on the ground (think of small cities where they don't have "property management companies" but individual realtors or priests who informally take the role as a side job). Those places can still work, but isn't an ideal starting point for your first investment out of state, it's not long term and an investor should well steer clear of. There are SOOO many of these little things to check in your potential market first (my book goes into the higher level ones), that I start there when helping investors start their own. 

So, I say that it's not that you can't do it out of state, it's that you need to choose a market that makes sense for out of state investing - at the end of the day there are a dozen of ways to skin this cat, and since I have been helping investors all over the country do this for the last 6 years since my first BP article, you learn from all that experience how to do this quickly - and there aren't any obstacles you encounter we haven't learn how to overcome. But if you watch my youtube lives or fb lives, this was literally my main point about 6 weeks ago that it starts with Market First, not the "cheap" property - because there is so much more of picking a location. Basically, when i have these discussions it all comes down to location, location, location - because what works in the midwest doesn't work in the south, which may not work in the northeast. Can it be done - 100% - it's being done daily. BUT, is there a wealth of factors to take into place for long term sustainability - thats the nuance that many investors dont always arm themselves with, and like mistakes i've made in my past, i know how much it can hurt.