BiggerPockets

Focus on learning as much as you can and don't get in a big hurry to impress everyone with how many deals you have done. What matters is maximal profits...not maximal deal count.

Surround yourself with great people! Advisers, attorneys, title agents, mentors, other investors...

The list could go on and on, but in the end, make sure you associate with the best. You will be most influenced by the 6 people who are closest to you, so if you want to find success and have a great reputation, surround yourself with successful people with great reputations.

Learn your market, do your homework, and as Chris says surround yourself with the best.

Set goals and write them down. There are six areas of life to set goals in. Without a clear idea of why you are wanting to accomplish what you are attempting to accomplish you will most likely either stay stagnate or fail. When setting them dont allow your goals to conflict one another.

Dont just buy business cards pass them out. The best prospect group you can give cards to is you center of influence. People you know. Dont be shy about expressing your decision to be a real estate investor.

Answer your telephone. Or return prospect calls within 15 minutes. Too many times I have been at the kitchen table signing a contract when the telephone would ring from an investor returning the sellers call.

Ask questions of everyone. Dont worry about being embarrassed about feeling stupid. Youre only stupid if you dont ask.

Everyone who tells you you can't or shouldn't are great objection handler opportunities. Practice on the naysayers.

Make the friggin offer. If uncertain how much to offer then start at a number that even with your level of experience you know if able to buy at that number it would be a good deal.

Every NO is one step closer to a YES.

Think long-term. If you are in your 30's time starts to fly. If you own a few properties you will gain equity and before you know it they are paid-off or close to it. Long-term means big picture. If your big picture is 10 years then it is easy to put up with the little bumps. You don't need an immediate reward if you know in the long-run you will be in good shape.

Bite off what you can chew. Many have gone down in flames trying to get too big too fast. Real estate, or any business for that matter, can ruin your life if you let it. Maybe 4 properties will complete you and 40 won't work. You need to decide, not anyone else.

Jeffrey, I have a problem with your characterization of wholesalers as "bottom feeders". I have been told that the real estate investor family is always there to support one another, whether cheerleading or nitty gritty mentoring. As new investors who do not have much working capital, we were encouraged to wholesale to build our business by many who are quite wealthy and successful in RE investing. Unfortunately, if beginners were to read your comments, they wouldn't be too eager to undertake this venture. Shame on you!

Just get that first deal under your belt. After that the adrenaline kicks in and you wonder why it took you so long to get that first deal completed. As more deals roll across the closing table - it gets better and better.

Join or start a weekly Investor Breakfast. We started one about 25 years ago and it is still going. We open it up to rental property owners, Realtors and anyone that has real estate related businesses.

Jim Wood

Take care of your personal finances!

1. Although many advertise that you can do this with no money, no experience, and no credit-there are probably not many people that have really made this happen. It takes money to get started even if it is just gas money, advertising for bandit signs, or money to pay for your laptop and internet bill.
If you need work, try to find some work in the RE industry even if it is cleaning out rentals because that will get you involved with people in the industry.
2. Ultimately, managing your personal finances with a modest amount is training for handling larger amounts.

You should understand that to be successful, it will probably mean that you will work hard. (Read Jeffrey K's post again.) I have seen many wannabe's come and go because they think this is going to be easy. The less money you have available to get started, the more sweat equity you will need to invest to be successful.

Lastly, read everything there is to read here on BP. The forums are great but make sure you include the articles and blogs as part of your education as well.

Best wishes on your journey.
Chris

My Top Tip to newbies is to pick a strategy that fits your personality and abilities, then get educated on that strategy, do not get side tracked with other strategies. You must have determination to succeed and to get over the emotional roller coaster you will encounter!

Having a mentor who actually does what you are learning in the real world is also a key factor in getting you over the hump.

In regards to some comments on wholesalers - Jeffery called them bottom feeders and Pat took offense. I would say that in this business, the problem with approximately 95% of those who call themselves wholesalers, is that they do not add value to a transaction and they are not educated enough on the strategy. To be a good wholesaler when your target buyer is an all-cash rehab flip investor, you must know your market, know how to estimate rehab costs accurately, know how to properly calculate after repair values (I call them exit values), and you must know your market in and out. So many so-called wholesalers give out inflated exit values and undervalued rehab budgets to make their deal look better. This makes them look bad and is likely what lead to Jeffrey's comment. Again, this is not to say that all wholesalers are bad, just that so many simply do not learn the ins and outs and fall prey to the gurus advertising that wholesaling is the easiest way to start out and you need no money and no credit. While that can be true about money and credit, you do need to have the knowledge to find good deals and find good buyers, it is hard work.