What Have Been Your Greatest Frustrations In Starting Out? 20 posts by 16 users

Posted: 02/28/2008 at 01:00PM

Hey Sue. I'm glad you like the site! Can you tell us about your experience in real estate prior to coaching? Perhaps you could introduce yourself in the new member introductions area . . .

As for the question at hand, my answer to frustrations would be Flaky people.

Posted: 02/28/2008 at 11:30PM

Hi Sue,
I would have to say my greatest frustration was that I deviated from my original strategy and got sucked into a local REIA where everything was based on chasing the fast buck. I had the greatest investor I knew personally at home, my own father, and ignored what he told me for 3 years while I ran around trying to make quick deals happen. It was 3 years of wheel spinning while he increased his portfolio by about 5 million dollars and another $30,000 in monthly rental income but it was my own fault. Lesson learned. I now do what he tells me to do and my success has slowly and steadily skyrocketed.

Tim

Posted: 02/29/2008 at 08:14AM

Thank you all for your insights. I agree with it all!
I do not charge anyone for my mentoring/coaching. It's a type of " pay it forward" philosophy I abide by. We're not in competition with each other and there's always enough to go around!
And REI, we are still smarting this week from a realtor we bailed out who wasn't able to give away a home for nearly a year (he was shortsaling). We auctioned the property and sent him two cash buyers in two days. We also coached him on using trusts to do pass through closings. Now talk about damage - here's a guy who now doesn't want to pay us our fee.
I could write a book on people like this!

Posted: 03/11/2008 at 07:37PM

Ineptitude, dishonesty, and conflicts of interest.

I believe that the entitlement mentality looms large in cultures throughout the world. Now more than ever before, too many people think they should get healthcare, food, shelter and all of life’s conveniences whether they work for it or not.

The Federal Reserve can print a $100 bill for 3 cents. The difference between the value of 3 cents and $100 is an honor system. The difference in value is the trust that we place in one another that goods, work, ingenuity, creativity, or intelligence will be brought to the negotiation table. Which leads me to ineptitude. When people lose sight of the work ethic or the value of money, they thing of work as something that they are forced to do. All personal accountability goes out the window. I can’t tell you the number of times I have worked with contractors, brokers, people at city hall, ect. and if doing a good job takes 5 minutes, and doing a bad job takes 4 minutes and 59 seconds, they would rather do a bad job. If they have a choice between taking 10 minutes out of their day to help me, or 20 minutes out of their day to explain why they can’t help me, they would rather yammer on at the mouth for 20 minutes.

I like to deal with liars. It helps remind me of the tactics that they use so that I’m not duped when there is real money on the table. “Well if you don’t believe me, you can check with blah blah blah…” I don’t have to check, a habitually honest person would not protest that much. It’s sad but true, you really need to be a skeptic with every dollar that you spend because it seems that there is no shortage of people who try to sell you things that you don’t need, or simply skim your money out of a deal (like an insurance agent). Prospective tenants will tell all kinds of stories as to why they have 10 credit cards, all of which are run up to the limit, and none of which are current, or why they ended up getting evicted from their last apartment.

Do we have the cure for cancer? If we did, would pharmaceutical companies cover it up so they wouldn’t lose chemotherapy revenues? Everyone has heard that oil companies don’t want us to develop alternative sources of energy because of the astronomical amounts of revenue and profit that they stand to lose. Conflicts of interest present one of the biggest stumbling blocks to progress. The real estate agent who wants you to buy a property has a conflict of interest since they’ll get a commission. Many contractors get kickbacks from material suppliers for moving product. Insurance agents get commissions for premiums. The higher the premium, the more the agent makes. Financial planners get commissions for some of the products that they sell. This is more than a situation of buyer beware; it’s one of the biggest challenges you will have to face in business.

Posted: 03/24/2008 at 12:46PM

By far the greatest frustration for me was tying down all the loose ends on every deal. From finding a property to closing out a buyer or tenant there are a hundred little things that have to come together and no one is looking over your shoulder helping you figure it out. If any one of those things doesn't come together, you deal stalls until you can figure it out. Still working out the kinks 150 houses later.

Posted: 03/29/2008 at 04:47PM

Our biggest frustration in starting out is trying to determine what direction to go in. We are all over the map right now. I think once we do a bit more research we will make a decision and keep moving in one direction. We need to focus on one goal at a time, that is VERY difficult for us right now. The 2nd thing is dealing with negative people, we always hear the " horrar" stories...we ignore all them and maintain our focus.

Posted: 04/13/2008 at 06:24PM

My biggest fraustion is thinking that I am not going to make it. Every morning I look at my favortite car and tell myself if you are going to make it and you are going to be driving this soon, focus alfred.

Posted: 04/17/2008 at 05:05PM

My biggest frustration was feeling that I wasn't doing enough. I wanted to be at multiple places at the same time but physically couldn't. Then when you reach out to people that you believe could help, they never come through. I believe that this forum will help me find people that are dedicated to their craft. Just by being here we have taken a step in the right direction.

Posted: 06/22/2008 at 09:45PM

That will go for me to. I am afaird of the deals not going thru and getting stuck with a property that makes no income.

Posted: 06/24/2008 at 12:08AM

Thats an easy one. My biggest frustration in starting out is STARTING. I have not done it yet, really. I have become paralized over the fear of talking to people, of addressing my lifelong inadequacies and problems which need addressed so I CAN be successful.