Seasoned Investor Feedback
For those of you who are seasoned investors, what is one recommendation you could give to someone starting out. Something that maybe you wish you had learned or done when you first started.
I really appreciate any comments!
Do not be a motivated buyer!
In the words of Ray Como "Who cares least wins. Be ready to walk from ANY deal. Don't even look back. Be chillingly cool and watch what happens."
If your doing deals to do deals you will lose money. Anyone can do one deal. Buying your first investment property is easy. Making money on the deal is not.
Your much better off waiting for the right deal than jumping on the first deal.
Get started sooner.
I'm a firm believer in educating yourself on the business (any business) before just jumping in and "trying it out." In REI, that can cost you tons of $$$. However, you can educate yourself into not doing anything, always wanting to learn "a little bit more first."
In truth though, the basics of even the most complicated real estate buying method breaks down to find a deal, buy a deal, sell a deal, and you can get the majority of that info from pretty much any book in the library on the subject.
So learn the basics, attend some REIA meetings, and actually get started.
Roger
Several come to mind.
1. Set realistic goals.
2. Be prepared to walk from a deal if the numbers do not work.
3. This is a business so treat it as such
HTH
Bird-Dogging is a must!!!
I agree with the person above that advised educating yourself. To take that to a further level, however, you must watch a deal be made...And be a part of it.
Now, mentoring someone is important, but I'm not willing to sit down and teach someone what I do and how I do it...Basically, what's in it for me??? More competition??? However, if you bring me a deal, you can certainly watch how it's done...Start to finish...And make good money off of it, too...
I think everyone should start out by finding deals for seasoned investors and watching their moves...They have been doing this longer and they know the mistakes not to make...If you bring them what you think is this HOT deal and they turn it down...Ask yourself why??? Then ask them why...There is a reason, I promise... You might not see it right off, but it's there.
So, to start...Find several investors that are qualified to learn from, have money, and can make a deal happen if they like it... Then find out what they're buying...Unless you find something, do not bother them with half-way deals....If you run across some deal that you think could make somebody $40k or so....Give it to them for a bird-dog fee of $3k....I know this doesn't seem like much, but the wealth of info he/she can teach you will more than make up for it.
Jay C.
Birmingham, AL
Good stuff! I love to hear from actual investors as to what they truly feel are the most important things.. thanks alot!
Gexus:
You need to educate yourself.. I would recommend Ron Legrand as a good starting point. Especially his wholesale retail course.
I would get my real-estate license.
I would start as a wholesaler..
Best Regards,
Jeff Adam
[addsig]