Hello again......
In the last 12 months there has been a resurgence of "newbie" players to the real estate investing business. It has just been an overwhelming experince for most. I am often drained after an initial conversation with a "newbie" investor. They tell me about everything and anything real estate and how pumped they are to get out there.....
I can sit here and list the many exciting opportunities that exist in the real estate investing space, things such as: foreclosures, pre-foreclosures, shortsales, reos, tax liens, tax deeds, probates, pure estate sales, multi family, mobile homes, etc...BUT I have been amazed that the conversation is always about these topics and rarely if ever about specifics of what they are doing to get to realization and actually making money?
Face it most of us real estate investors are good at attending seminars, webinars, spending money on boot camps, buying courses to read, etc...The only problem with that is 90+% of it all sits in the "shrink wrap" on a shelf in your office or in a den at home NEVER going acted upon. Is that why you spent the time and money originally? Was that your goal? Your action plan?
I would offer some simple suggestions. First, analize your own existing skill set. Figure out what you are good at and see how that might transalate into one or two of the marketplace's subsets. Apply your exisiting skills where you are best able to capitalize on them and achieve profits. Find a mentor, someone you are both comfortable with and believe has the knowledge and experience to help you push forward toward making offers, structuring deals and executing them for profit oppoortunities.
I have been at this for 13+ years and I believe those with skill can always figure out how to find money, those with money do NOT necessarily have skill and you should NEVER let money stand in your way of success. If you find a "deal" and it is really a "deal" you will figure out how to fund it or if you can not reach out to me and I will help you figure it out. Remember, you live in the greediest country in the world, use that to your advantage, money always wants to make money!
I have particiapted in well over 200 deals/transactions, raised a few million dollars, made a significant amount of money over the years and I will GUARANTEE you I have already lost more money than 90% of the country would ever hope to individually realistically make. If you speak with a "winner" only peson run, they are full of it...
One thing I have NEVER done is stop hunting, creating and doing deals!
Figure out your skill set, see how best to exploit that knowledge, apply it to the marketplace and money will find you!
Be Great,
Joel
Comments
Great post Joel. Thank you for sharing your insight.
A lot of us newer investors tend to hoard REI books and guru courses and never end up taking action. This is the REI newbie life cycle:
1) Newbie investor finds a NEWER, BETTER, SMARTER way to invest
2) Newbie investor is excited and starts hoarding REI books and guru courses (some learning too) without any implementation
3) Newbie investor gets overwhelmed because there's too much to do and it seems impossible
4) REPEAT 1-3
As Voltaire put it, "don't let perfect be the enemy of good." And I'm saying this as a reminder to myself, but we need to learn, then implement, then learn, then implement. We're in the business of doing deals and making money, not pure academia.