I recently attended a seminar by the Wealth Intelligence Academy (a.k.a. Russ Whitney), but didn’t last through a full day because they only wanted you to buy more of their training. I wasted $200 which could have been used for something else. Nonetheless, it’s gone now and I am now looking for other options to learn more about the business. I am attending the local investors meeting tonight and hope to get some knowledge on pre-foreclosures. I have the books and have some knowledge, but I feel that I need a seasoned/experienced person to actually show me what to do. I am a hands on kind of person, so reading books and not being able to apply it, is driving me insane. It’s like I can taste it and I am so anxious to get started. I believe that I am too anxious and believe I wouldn’t have a clue what to do if I indeed came upon my first deal. There is nothing like having someone there to guide you in the right direction. One of my primary goals is to buy disstressed multi-family units such as small or medium sized apartment communities and turn them around whether it be rentals or sale them. I get teased because they say that is too big to start and I’m sure it is because I don’t have the capital saved to do it yet, but eventually I would like to do this. There are a lot of these disstressed properties located within Atlanta. I may not be ready, but I just know the anxiousness is there, and feel like I have the discipline once shown what to do, I can make it happen.
Use the search button at the top of your page to search for posts by “propertymanager” and also read his blog. His website is in his signature block. He specializes in turning properties around as you’ve discussed. If you can’t start as big as you want, start smaller…just start somewhere. Read the forums on this site. When I first discovered this site, I found the five forums I wanted to read and began at the oldest threads and read every thread until I got up to the modern posts. Now it’s very easy to keep up with them, but in the beginning I spent several hours a day looking at all the information. You’ll learn so much just from this site that you’ll begin to see when people are posting incorrect information. Between this site and a local REI association, you’ll learn tons!
Read on here about how to buy right. Can you do rehab yourself? Can you do repairs when they come up? I surprised myself at what I could do when I started rehabbing our building.
Milajei - fdjake started a thread in this forum about advice for newbies… Here is a link:
He is basically challenging newbies to demonstrate that they do have the discipline necessary to be successful in this business. May I suggest you take some time to read the thread?
You say you don’t have a mentor and don’t know where to start… Why don’t start by following fdjake’s advice in the thread? I am not expert, but I have the feeling that if you do that you will increase your chances of succeeding.
Good luck and keep us posted!
Have a good evening!
I would say, gather all the REI information you can, Get yourself a mentor ASAP and get running.
Discipline and Work are both important.
Getting started NOW is also important.
Waiting on a better time, working on things, thinking…doesn’t get us started…ACTIONS do!
Just get started and learn/practice as you go. It does not make you perfect to practice. Perfect practice makes you perfect!
join your local REI club…they have some seasoned investors that maybe willing to mentor you and have a good knowledge of your area.