I live in NC and am ready and willing to begin investing in real estate. I educated myself by reading as many books related to the topic of Real Estate investing as i could. Just looking for some advice or suggestions on where to begin from people who have experience. Ready to take action. Thanks.
Just looking for some advice or suggestions on where to begin from people who have experience.
Where to begin what? What are you planning to do? Rentals? Wholesaling? Rehabbing? Notes?
I would begin by deciding what you want to do. Then, write a short business plan to determine how you are going to get from where you are now to where you want to be.
Good Luck,
Mike
I agree with Mike. I am big on goal setting. What is it that real estate investing will accomplish for you in life? Once you define your goal, you can develop an investment strategy and a specific plan to get you there.
There are a lot of experienced investors participating in these forums, and all of us are ready and willing to help.
Let’s start now. What is your real estate investment goal? What real estate investment result will define success for you?
I agree with all of the above. Just be willing to take a no. Keep track of what you do. Keep a tracking report with all of the appointments that you make, all of the “maybe’s” and “no’s”. With this report, you can figure out how many people you have to talk to, how many phone calls you have to make, how many are referrals, etc. Just don’t give up. Be disciplined. Keep it up. Let your spouse and everybody else know what hours you will be working the business. Keep us all informed. Royal…
The above advice is sound. Also, don’t be afraid to actually start. Like that IBM commercial, I think it says something like “Less Think. More do.”
A lot of people spend time learning and learning and learning, but never get around to actually trying it out for themselves. Take action, continue education yourself on the latest in real estate, and it will take its course.
I wrote this about a year ago and have found it helpful…
Have you ever stayed up late at night hoping to catch the infomercials on how to make it rich in real estate? No money down! Or, have you spent endless hours reading this “How To” or that Real Estate Success Story book, maybe even gone so far as to attend a boot camp or two? None of which have helped in your quest to succeed in Real Estate Investing?
I once read that if you read seven books on a subject, just the act of reading the books will make you an expert. I am not so sure it will but it does add a considerable amount of confidence to you as you prepare to introduce yourself to your new world.
What I find fascinating is that all the infomercials and boot camps seem to have a slight twist on the same goal. The goal of buying real estate below market value, for as little of your own money invested as possible, then selling for a profit. The American Dream, right?
Get rich in real estate? We have all heard the saying “the only way to become obnoxiously rich is to invest in real estate”. In fact, when we are born we are slapped on the fanny to breathe and told we can get rich through buying real estate. No wonder why so many of us are choosing real estate as the means to wealth.
Every home type cable channel has their own version of the “How To”, “Flip this”, or “Rehab that”, programming that brags “make more money than you have ever made before, and you don’t you even have to know how”.
I wish it were that simple. It is/was for some of you I am sure, and I imagine as you reflect on your beginning, figuring out your tomorrow was the most frightening battle you faced. But here you are a success, the one that people will look at now and say, “If he can do it, I can too”.
As I write this course, I sit reflecting what I have accomplished and how I can help those new investors who want so badly to create their paradigm shift on riches. What little hint or piece of knowledge can I give them to turn the light bulb on? Can you hear the rally yell, “You can buy houses too”?
YES you can. My wife, being a third grade teacher, tells me all of the time the reason most people don’t jump in is because they like the security of knowing they have a paycheck coming. They also like the security of knowing that their retirement is being taken care of. Or they think their health insurance coverage is too costly to give up. Which I then politely say to her, I will have the opportunity to have earned in two weeks what it will take her all year to earn. I feel bad for those people who feel they can’t make the change because of fear. Fear is a great emotion, we can either let it stop us or we can use it as a driving force towards success.
Most investors don’t like what I refer to as “Burn their Boat” when they start. Most look at this career as a part time career at best, a career that is only adding to their wealth. They keep their day job as a subsidy to their income until that big break. You know, that one big investment that will put them over the top.
I understand that saying to your wife -or husband, girlfriend, or boyfriend- “honey I quit my job today and we’re going to be rich, filthy rich” is not something that easily flows off of one’s lips. I am also not so certain that entering into this career slowly isn’t the best option for most investors.
So here you are ready to make millions in real estate. You are eager and willing to invest, to do something, but what? What is the first step to fulfilling the promise given to us a birth?
This may sound so cliché but in my opinion you must set your goals first. You will not succeed by determining the amount of money you want to make, but instead determining what you want out of this paradigm shift. Decide, in the beginning, those things that will drive you to success. Sure some are going to be physical possessions, but I bet some of them will be spiritual and mental as well.
So if you would, go grab your wife- or husband, girlfriend, or boyfriend- and say these words to them, “honey would it be okay if we started making more money”? If their answer is yes then get into your car and drive.
I know what you are thinking. You’re thinking, did Michael just ask me to drive? Yes I did. I want you to get into your car and drive.
Stop by a craft store and buy the following items:
- 24” x 36” poster board, white
- Glue stick.
- Set of magic markers (all five colors)
- Scissors
After you are done buying your supplies, drive to the neighborhood you always wanted to live in, the one neighborhood only those “rich” people can afford to live in. Drive around and look for houses that are listed for sale.
When you locate the first house for sale, ask yourself, would I like to live there? If the answer is “YES” and the “for sale” sign has a flyer box, take a flyer. Don’t let size or price get in your way. By the way, call the agent and make an appointment to see the inside! I want you to smell what money smells like too.
Then drive to the closest auto dealership and pick out the car you have always wanted. Go to the Mercedes dealership, or maybe you have always wanted a Ferrari, even a Lamborghini. Now that is a car.
Take the car for a test drive, smell the interior, imbed the smell of the finest leather in your brain. What color is it? Is it the classic black, or is it the gutsy red? Or is it a color somewhere in between? Now, pick out the accessories, from the rims to the navigational system. Don’t forget satellite radio either. Find out how much it costs “CASH”. Negotiate the entire sale; experience how easy it is going to be for you to buy your dream car once you are a Powerhouse Real Estate Investor. Get a brochure of the car.
Now drive to a chain bookstore, they are open late so you won’t have any problems getting in. Walk over to the magazine section. Begin looking through the vacation magazines for that special vacation you have always wanted. Don’t tear that page out of the book, just pay the 4 or 5 dollars they want, after all what’s money when you have more then you will ever need?
Now here is where it gets fun, there is something in that bookstore that you have always wanted. Maybe it is a how to book on losing weight, maybe a book on the best colleges to send your children to, even a book on your faith, whatever it is, buy it.
Walk over to the section on Real Estate Investing and buy the book with the best cover. Don’t worry about content, it could say, “Zero to a Million” or “Get Filthy Rich,” my only criteria is it must say, or show, something that makes you inspired.
Now walk over to the coffee area and sit down with your wife, -or husband, girlfriend, or boyfriend- and together cut out the pictures of the “Dream” vacation, cut the cover off of the investment book, cut the car out of the brochure. Next, using the glue stick, glue the pictures and cover onto your poster board. The order doesn’t matter as long as there is a flow. I personally would put the cover of the investment book on top as I would want to focus on it all of the time.
Now on the top portion of the poster board write,
“These are my goals and I will achieve them”.
Somewhere on one side write the words,
“I am a great person and I am worthy of having nice things.”
On the other side write,
“God loves me and wants me to become wealthy and prosper.”
On the bottom, sign your name, both of you, and write the date next to your signature. Finish your coffee, or drink if you purchased one, then drive home. Once you get home, place your poster somewhere where you can see it every day and everyone else who comes over to visit can see it too. Don’t hide your goals from those who know and love you. Especially, don’t hide them from yourself?
I know this has nothing to do with real estate investing; you wanted some wisdom that would get you going. But as I began my journey to learn to swim a mile (it’s on my poster), the young swimming instructor told me to cup my hands to hold water so that I could place my face, submerging my nose in the water and blow bubbles, I was reminded that learning starts with a desire. We cannot succeed unless we set a goal and follow a plan. Sure there will be times that you will breathe water up your nose and want to quit. Today, my task I needed to learn was blowing bubbles, tomorrow…who knows, but I am one step closer to learning how to swim a mile. And yes, you will learn to buy houses too!
Much Success in your real estate career,
Michael Quarles
Investor, Author, Broker
Let’s get real here. If a person needs to get their motivation off a poster; through chanting; by dreaming of what others have; or believes any of that psychological mumbo-jumbo, they aren’t going to make it. Successful people are DRIVEN to succeed, they don’t get their motivation from a poster; from writing messages to themselves on a mirror; from placing sticky notes everywhere; or from repeating “I am worthy” over and over. You also don’t “think and grow rich” - you “work hard and grow rich”.
Here’s an exercise. Make up the poster with pictures of your dream house, Mercedes, vacation, etc. In the morning, repeat “I am worthy of being rich” one hundred times. In the evening, repeat “I will achieve my goals and get my dream house, my mercedes, my vacation” one hundred times. During the day, do nothing but stare at the poster. Do this every day for a month. At the end of the 30 days, go to the mailbox. See what’s in there. I’m betting that there won’t be a big pile of cash. In fact, probably the only things in there will be bills AND AN EVICTION NOTICE!
The “secret” to getting rich in any business is to learn the basics of the business and then WORK HARD and BE PERSISTENT. When you start out as an entrepreneur, expect to work long hours and forget about vacations for a few years. Psychological mumbo jumbo won’t make you a penny!
Mike
McCoy… You sure dont like much do you?
Lets try this one and see what you say… I need another good laugh.
Goals
I believe that without goals you will never fail.
Yes I said without goals you would never fail. Let me say it a different way. Without goals you will never accomplish what you set out to accomplish. You must know where you want to go or you will never end up there. I want to you to stop reading for a minute and think about where you want to end up.
Let’s look at the rules for setting goals.
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Make sure the goal you are working for is something you really want, not just something that sounds good.
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When setting goals, it is very important to remember that your goals must be consistent with your values.
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A goal cannot contradict any of your other goals.
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We should continually strive to eliminate contradictory ideas from our thinking.
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Develop goals in the 6 areas of life:
• Family and Home
• Financial and Career
• Spiritual and Ethical
• Physical and Health
• Social and Cultural
• Mental and Educational -
Write your goal in the positive instead of the negative. Don’t use words like:
• “lose”
• “quit”
• “stop”
- Work for what you want, not for what you want to stop, lose, or quit. The biggest reason we write down our goals is to create a set of instructions for our subconscious mind to carry out.
Your subconscious is very powerful but it cannot differentiate between right and wrong and it does not judge. It’s only function is to carry out its instructions. The more positive instructions you give it, the more positive results you will get.
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Thinking positively in everyday life will also help in your growth as a human being. Don’t just limit it to goal setting.
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Write your goal out in complete detail.
Once again, we are giving the subconscious mind a detailed set of instructions to work on. The more information you give it, the clearer the final outcome becomes. The more precise the outcome, the more efficient the subconscious mind can become.
- Can you see yourself achieving your goals?
Picture yourself standing on the porch off the master bedroom and the fog is lifting off the mountain. As you look down, you see two gardens. The first garden is full of tomatoes, green beans and cucumbers. To the right of that is the other garden which is full of carnations and roses. Can you see it? So can your subconscious mind.
- By all means, make sure your goal is high enough.
Shoot for the moon; if you miss you’ll still be in the stars. If I set my goal to do 200 transactions and I only hit 100, wouldn’t that still be a great accomplishment? If I never make it, everything I do to reach that goal will make me a better person. If I make it, then it is another story…Shoot for the moon!
- This is the most important, write down your goals.
Writing down your goals creates the roadmap to your success. Although just the act of writing them down can set the process in motion, it is also extremely important to review your goals frequently. Remember, the more focused you are on your goals the more likely you are to accomplish them.
Sometimes we realize we have to revise a goal as circumstances and other goals change. If you need to change a goal do not consider it a failure, consider it a victory as you had the insight to realize something was different.
- Make sure everyone is on board.
If your family and friends do not believe in what you are trying to accomplish then success will not be in your future until you change them or remove them.
People that you know now will start disliking you because of your success. People act this way because of their inner belief of their own failure.
What Family or Friend is Not on board and Why?
• Who __________________________________
Why __________________________________
• Who __________________________________
Why __________________________________
• Who __________________________________
Why __________________________________
- Believing in your goals, yourself.
Although writing your goals down and reading them daily is extremely important, believing in them yourself is more important.
Where will you be tomorrow if you don’t change?
Where will you be in six months when you change?
Where will you be in one year when you change?
Where will you be in three years when you change?
Where will you be in five years when you change?
- Reviewing your goals daily is a crucial part of your success and must become part of your routine.
Each morning when you wake up, read your list of goals that are written in the positive. Visualize the completed goal, see the new home, smell the leather seats in your new car, feel the cold hard cash in your hands. Then each night, right before you go to bed, repeat the process. This process will start both your subconscious and conscious mind on working towards the goal. This will also begin to replace any of the negative self-talk you may have with only positive encouragements.
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Every time you make a decision during the day, ask yourself this question, “Does it take me closer to, or further away from my goal.” If the answer is “closer to,” then you’ve made the right decision. If the answer is “further away from,” well, you know what to do.
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If you follow this process everyday you will be on your way to achieving unlimited success in every aspect of your life.
There are three types of people who can help you stick to your goals.
You, your loved ones who hold you accountable and people who
dislike you. -
You: Although writing your goals down and reading them daily is extremely important, believing in them yourself is more important as well as sticking to them.
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Loved Ones Hold You Accountable: Write down a list of three family and/or friends that you will call weekly and tell them about your success.
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People That Dislike You! : Write three people’s name and telephone numbers on a sheet of paper and write a check to each of them for $1,000.00.
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If you do not meet your financial goals… they get paid!
Mike: Good job. I have been following my goals for a long time. It works. If you are going someplace that you have never been, what do you do? You get a map out or go to Mapquest. If you don’t, you will get lost on the way. I always know where I am going and I display my “Road Maps” everywhere including home and my office. When people ask me “what is that you have in your office” I say, it is my goals of where I am going. Anyway, thanks for taking the time to write that. I learn something everyday. Royal… :bobble
IMHO, the first step to success real estate investing is to purchase your own residence. Its get your feet wet with the whole process and the trials and tribulations of being a property owner.
5. Develop goals in the 6 areas of life: • Family and Home • Financial and Career • Spiritual and Ethical • Physical and Health • Social and Cultural • Mental and Educational
- Write your goal in the positive instead of the negative. Don’t use words like:
• “lose”
• “quit”
• “stop”
- Work for what you want, not for what you want to stop, lose, or quit. The biggest reason we write down our goals is to create a set of instructions for our subconscious mind to carry out.
Your subconscious is very powerful but it cannot differentiate between right and wrong and it does not judge. It’s only function is to carry out its instructions. The more positive instructions you give it, the more positive results you will get.
Thinking positively in everyday life will also help in your growth as a human being. Don’t just limit it to goal setting.
Write your goal out in complete detail.
Once again, we are giving the subconscious mind a detailed set of instructions to work on. The more information you give it, the clearer the final outcome becomes. The more precise the outcome, the more efficient the subconscious mind can become.
- Can you see yourself achieving your goals?
Picture yourself standing on the porch off the master bedroom and the fog is lifting off the mountain. As you look down, you see two gardens. The first garden is full of tomatoes, green beans and cucumbers. To the right of that is the other garden which is full of carnations and roses. Can you see it? So can your subconscious mind.
- By all means, make sure your goal is high enough.
Shoot for the moon; if you miss you’ll still be in the stars. If I set my goal to do 200 transactions and I only hit 100, wouldn’t that still be a great accomplishment? If I never make it, everything I do to reach that goal will make me a better person. If I make it, then it is another story…Shoot for the moon!
MichaelQuarles,
It’s no wonder newbies aren’t successful. If they believe and actually do half this phsychological mumbo jumbo of yours, they wouldn’t have time for anything else. All they need is a “Peace” sign; a daisy for their hair; and a tie-dye shirt and they could join a commune and chant all day. Another kool-aid drinker I guess!
However, here’s a chant YOU might try:
“I will read and follow the forum rules”
Try that. If it works, I’ll be a believer
Mike
Chanting doesn’t work???
Dammit!!!
On to Plan B…
McCoy…
When I wrote the number 200 on a piece of paper and stuck it on my wall, looked at it every day and told everyone I knew what my goal was guess what? I accomplished 226 transitions that year…
When I decided I wanted my first Hummer I printed a picture of one and stuck it on my wall as well… After a few months I ordered it online and had it delivered, then wrote the dealer a check for the entire thing…
When I get in the ring I visualize knocking my opponent out… And it works…
When I decided to get on S… Never mind…
If you don’t believe in yourself and remind yourself of your goals you will not succeed.
Michael Quarles
BTW what rule have I broken…
[quote]Chanting doesn’t work???
Dammit!!!
On to Plan B…[/quote
What’s plan B? The psychic hotline?
Mike
Michael - I don’t doubt your expertise in real estate…I have over $1M in equity from my investments over the past 3 years, but I’m certain you’ve far surpassed that number and I admire you for accomplishing that very much…I mean that very sincerely…
However, I have to agree with Mike on this one that writing down goals doesn’t accomplish them - working hard and working smart does…And a little luck tossed in for good measure sure doesn’t hurt…I easily admit that my real estate results to this point have been more luck than prowess, especially in hindsight after learning a hell of a lot from this board and realizing that I just as easily could’ve fallen flat on my face if I’d been in another part of the country…
Goals are great to have but having them written down and looking at them every day doesn’t make them come true…You have to have the MINDSET to accomplish them…And that’s done by getting down in the trenches and making it happen (as I’m sure you’ve done in your career)…
Back in the early '80’s, I was 28 when I decided to chuck it all and go back to Asia for a one year vacation, since I was still single and figured it’d be my last chance to go…I blew through all my money before the year was up, and found myself in Korea with $100 to my name (cash in my pocket)…I was about 2 days away from going to the American Embassy and getting a plane ticket back home (which they do if you’re stranded without funds to return home)…I would’ve ended up standing back in an American airport with the clothes on my back and that’s it…I was walking down the street when a college student tapped me on my shoulder and asked if he could practice his English on me (remember, this was a few years before they held the Olympics and everybody wanted to become the English master)…I said sure, we talked, and I explained that I couldn’t find the English institutes that I had heard about, so that I could find work as an English teacher…He took me to the largest one in Seoul (on a Friday) and I started work that next Monday…That weekend I moved in with him and his family (didn’t have the money for my hotel)…When I started teaching my class on Monday, nervous as hell since I never taught before, I was just determined that I was going to have all the confidence in the world and be a damn good teacher, even though I didn’t have a clue what I was doing…In the beginning I faked my way through it like crazy, asked other students for answers to questions by students since I didn’t know the answers (but I pretended that it was my teaching method, and agreed with whatever answer they gave since I figured they must be right), and worked as hard as I could to be the best teacher I could be…Long story short, I was recommended for a Gov’t. position teaching the higher level Gov’t. officials, then went on to become the head speechwriter for the Presidential Cabinet for 7 years and ended up having 9 books published during that time…
Why do I say all this?..I accomplished what I did because I was DETERMINED, and worked my butt off, not because I put a bunch of notes on my mirror to look at every day showing me the kind of car I could buy or the next vacation I could take with the money I was making…The mindset has to be there, but you still have to work at what you do to be successful…I knew what I wanted to accomplish (being a successful teacher, writing my own material, writing knockout speeches that the Prez would thank me for, etc.), but I never had a dreamy attitude toward achieving it - I simply put my mind to writing the best books and speeches I could, and constantly improving my teaching methods, and I knew that my results would come about from that…
Sorry if this rambles a little bit…I’m writing this while watching the Patriots beat the Giants (poop!!)…
I am big on goal setting. Setting goals, writing them down, focuses your thinking and stimulates you to action.
I am big on goal setting. Setting goals, writing them down, focuses your thinking and stimulates you to action.
I agree wholeheartedly with setting specific goals (including a timeframe) and having a written business plan. It’s just the chanting, poster, and other psychological mumbo jumbo that I think is a waste of time.
Mike
I think some of you are missing the point… Heck maybe I am… And Mike it’s not a chant… Or cool aid… It is the mental reinforcement of your goals on a daily bases.
I have little doubt that the people who have made it either looked at their goals daily or envisioned them daily. Then we work our butts off and make it happen…
If goal visualization doesn’t work why do you think they put the sexy people in the beer commercials? The idea that if you drink this type of beer you get this type of partner is fairly absurd but we buy into it every day. I even bet there is some poor sole with a six pack right now drinking away looking at their bottle thinking about Pamela Anderson…
for some people they have to brainwash themselves and force themselves into different habits. After all if they were successful already or had a successful attitude they wouldn’t need a poster. The fact is that most people can’t envision what success looks like so creating a poster helps. They have no idea where to begin and so they fail.
Yes it’s cheesy without a question… You just have to ask yourself. “What would I do to be successful”? And is an evening at the bookstore creating a poster such a bad idea if you subliminally reinforce your commitment to success…
Mike I even bet when you started writing your book you wrote down your goals and looked at it numerous times to keep you writing… My experience at writing books is that you have to be reminded why you’re writing as writing a book is draining.
This thread and your and my arguing privately reminded me why I became disgruntled with another forum a few years ago… There was a poster there who only believed their opinion and wouldn’t give credit to anyone who had an alternative view point. His augment was always pro Trust and negative everything else… A pain in the butt…
While rereading your posts and some of them at another forum I have come to the conclusion you’re not in the category of someone with a closed mind frame. I welcome the banter and learning opportunity…
Happy New Year!
I have little doubt that the people who have made it either looked at their goals daily or envisioned them daily. [b]Then we work our butts off and make it happen.. [/b]
The latter part is what was missing from your original post. If a newbie is going to visualize sitting in their new Mercedes, then they should also visualize what it takes to really get there - like getting up at 6am and working 12 hour days without vacations for 2 or 3 years while they build their business. Every successful person that I know has worked their butts off to become successful. My point is that if people need to look at a poster just to get motivated, they don’t have what it takes to be successful and might just as well get back to watching TV and eating potato chips.
BTW, I don’t (and didn’t) look at or visualize my goals daily. I also don’t have daily, weekly, or monthly goals (as many people suggest). When I first started, I did a five year plan and then just started working like a dog. I worked LONG hours with hardly a day off for 2 1/2 years. I didn’t have to visualize anything, since I was actually doing it instead of dreaming about it.
Ironically, my goal for next year is very simple to say but very hard to do - DON’T BUY ANYTHING! I won’t have any problem remembering it, but I’m not sure I’ll be able to do it (especially in this market).
My main point is that becoming successful is not about sitting in a Mercedes - becoming successful is about working hard, making sacrifices, and being persistent (something that is always missing in those silly infomercials).
Mike
propertymanager
Can you explain why you’re planning to buy nothing this year? Is there some underlying reason newbies should be aware of?