I have had many comments on my postings regarding not understanding how to structure a deal or how to calculate yields. Many of you newbies don’t want to hear this but as a successful mentor and coach, I will say what needs to be conveyed!
If you are looking for success just by reading this forum, you are misguided! Success requires action and knowledge of these calculated risks we take investing in notes, mortgage, and real estate. Not understanding how to calculate a yield is elementary to our business. There are books, tapes, CD’s, Mentors, Coaches, experienced partners available on this forum and website. How about reading, studying, partnering with experienced investors, and taking some actions rather than staying in a confused and uninformed state?!!
Most people are wired to fear and avoid taking action. The very reason one would experience success in R.E. Investing or any other endeavor is taking massive action. Get out of the stands and jump onto the field and start taking action. Otherwise, you will continue in your confused and broke status and find yourselves in the 92% of our poor population living on Social Security some day.
There is no excuse for anyone who is motivated and ambitious to be an investor who fails! All the resources exist right here on this website. Pick a strategy, pick a mentor, pick a partner, pick a CD Course…pick something and get to work! Take Action and step out of confusion!
Mentoring and Coaching is not pretty all the time but someone needed to say this.
This business is the most difficult to learn and easiest once you do…
A while back I came across 4 pics that kind of define the real estate investor pattern of success or lack of… Which one we stop at is up to us.
Thank you for your positive feedback.
MichaelQuarles I am going to have to sue you for using my picture without my permission.
Hi Rob and everyone,
I think this post is exactly what I needed to hear. I am currently working full time, but real estate has been calling to me for about 2 years. I’ve read about every book i could find (and amazon would recommend). I feel like i have the overall knowledge, some detailed knowledge in certain areas, and I know where to find some good resources. But you’re right, I am fearful to take the first step, and I’ll tell you why…
what is holding me back is 2 things:
I don’t know if i’m ready to start posting craigslist ads for sellers or buyers and get the phone ringing, because I don’t have the expertise or experience to really know how i can help them, or what to say.
I don’t want to start the process and over-promise what i can do for a homeowner, only to find out that what i promised them isn’t feasible. I would feel terrible if that happened, and wouldn’t tarnish my non-existent reputation and kill my confidence.
…and I know everyone is going to say “the first deal is the hardest” or, “you just have to jump in” or something to that effect. But that first leap is terrifying!!
Good to meet you…
Your first deal wont be the hardest… The hardest one will be the one right after you lost money on another one… And you will in the beginning… Unless you spend some on a mentor.
As for your two questions… You’re not alone… Heck Ive been doing this for years and I still have to ask questions from time to time… The key is to learn what type of investor you are before you begin promising and then learn that methods presentation and learn to explain the agreement used like a pro. That takes practice and role playing…
You have to be confident or sellers buyers vendors will see the weakness… If you want to role play let me know…
Hi Michael, thanks for the response…
being in California (northern but moving soon to SD), my strategy is going to be pre-forclosure short sales. exit strategy for now will be wholesaling, to minimize risk and lack of start up capital… I like the idea of being able to help distressed homeowners, while making a decent buck for myself.
In my current job I speak with homeowners every day, and i am very comfortable doing so, in fact I think it is my strongest advantage coming into rei. I think the fact that i DON’T have an in-home presentation is one thing holding me back, good call…
Appreciate your being vulnerable on this forum. Most people are wired for fear, which is why most people fail. Take action, get involved in offers, inspecting, etc. When the deal is right, make sure you have a good exit strategy and go for it.
Taking action will overcome any fear!