Are You Getting Ready to Get Ready to Invest in Real Estate?
He was hungry. Not literally, of course. Although tall and lean, I doubt he’d missed many meals. No, Eric Sage was hungry in the “I’m miserable at my job and will do anything to change my financial situation” sort of way.
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At the time Eric had very little time, education, or money. But that didn’t matter. He was determined to become a successful real estate investor.
Eric found a list of homeowners in foreclosure and started knocking on doors – after work each night and on the weekends. It didn’t take long before he met a homeowner that said “yes, I’d like to sell my house to you.” And here’s the funny part. Eric had no idea what to do next.
But I did.
Eric and I had been friends since high school. He knew I was a real estate investor. So he called me up and asked if I’d be interested in the property. I looked at the numbers and determined that Eric had found a very profitable deal. I showed him how to put the house under contract and assign it to me. We agreed on a fee. I closed it and later flipped the house to a retail buyer. Eric and I both made money.
That was 8 years ago. Eric eventually figured out how to do it on his own and didn’t need me anymore. And that’s fine. He helped me make money and I taught him the business. Talk about a win-win.
What Eric lacked in time, education and money he made up for in raw determination. He refused to let a lack of resources keep him from reaching his goal.
So what about you? Are you getting ready to get ready to invest in real estate? Is a lack of time, money, or education holding you back? Are you waiting to get started until your business cards are printed? Or maybe you're perfecting your door knocking script? Could it be you want to have your "team" in place (i.e. contractor, title company, Realtor, accountant, attorney) before you begin? Perhaps you want to get to know your market a little better. Or maybe you're just scared because you don't know how to write a contract.
Forget about all that stuff. Take immediate action. Get out there and find a profitable deal. If it’s good enough an investor like me will have the resources necessary to get it closed. And get you paid. More importantly, you’ll learn something in the process.
Stop getting ready to get ready. And remember, ignorance on fire is far more powerful, and profitable, than knowledge on ice.