Everywhere I turn it seems like people are getting into RealEstate. With so many people joining the industry, should I be worried about jumping in also?
Simply, is there enough opportunity left out there for the first that wants to jump in now?
Yes, there is opportunity. Only if you're willing to go find it. The key is getting past limiting beliefs.
REI isn't a consumable. It's more like a "tradeable". There are way more opportunities available than investors looking for them
Sure there’s a lot getting in but there’s many who will ultimately fail at this too . There’s more people being made everyday and they need a place to stay so don’t let that deter you !
That is like saying “ I might as well live a life of celibacy and be a monk because it seems like everyone around me is dating women and there’s no point looking for a significant other these days “
Great advice! I’ve recently became a member, and I gotta say, this is one of the best communities I ever been a part of!
@Ravi Ramphal there’s plenty to go around. As someone who just got started about 14 months ago, I can say there is absolutely no shortage of deals. I see deals all the time I wish I could do but just can’t because I don’t have the funding yet.
@Ravi Ramphal you're right that there are too many people, but I don't think that means don't do it.
There are a lot of people on here who aren't serious, but if you are actually looking at deals and you are realistic about underwriting them and you understand the costs and revenues and you still want to proceed, then proceed.
@Ravi Ramphal Sorry, you missed the boat! All the deals are gone and no new investors can make money in real estate... How silly does that sound?
Of course there is opportunity out there. Learn, network and take action. Good luck!
“Learn , network , take action” mic drop. Thanks @Jon Kelly
@Ravi Ramphal hey man, I had this same notion as well at one point in time. The deal with real estate is that oppertunity is unlimited out there. There are many different avenues you can take when it comes to investing and/or being willing and able to help out other investors. Also, the majority of people opt out of this game when things get tough or don't pan out. Those that stick with it and take consistent action are the successful ones. Hope this helps.
Hey @Ravi Ramphal . Great to hear you're getting involved!!! I think the key is to know your top skills, what you actually want to do in real estate, and focus your energy there. When you're ready, you can then focus on the next area for you.
Think I read somewhere that 80% of brokers are gone after 5 years?
Ask yourself if it is you want to do and then realize you may have 1 out of 5 chance of surviving.
Get past that, you'll do OK :)
Although a lot of people jumped in the past few years I believe much of the reason for the competitiveness and sparse inventory are the low interest rates.
The more the rate rises the more inventory there will be (in most markets, anyways).
Yes there is a noticable increase of people who want to get into RE, but I think most of them are fair weather investors and will never do much. But what will happen is we will see a lot more gurus offer training programs and courses.
The reality is you can learn everything you need to know for free here on BP and by reading a few good books. Find a good agent who is an investor.
I am part of the Brew City Group in Milwaukee and Rebecca Knox approached some of us to be part of group that would provide a la carte coaching - get an expert for an hour and pick his brain on the topic you are stuck on. Not a whole course, just a one on one session with something you need help with. I thought it was a fantastic idea and people would jump on the opportunity. It turned out that some did, most people seem to very much prefer to hand over a large amount of money for the promise of "everything you need to know" and a "proooven no-fail system".
I think that's the difference; the real entrepreneurs, who just find a way and grind their way to success are a lot more ressourceful and they are out rain or shine. The new breed of "I want to invest in real estate" is attracted by the strong market and I don't think they will make a mark - or be much of a competitor to you.
So, go for it! The best day to get started was 20 years ago, the second best is today!
Yes, but people getting into Real Estate doesn't mean that "they are really buying real estate".
We've gotta be able to make that distinction.
Just my two cents, but it happened to me. Before I committed to getting into real estate investing, I didn't think it was very well known. After I joined BiggerPockets, listened to Podcasts daily, and talked to friends and family about it, I realized how many people are actually involved. For me, once I was awakened to RE, I then understood how many people are doing it. More of a perception vs. reality thing.
Think in abundance. Not something to worry about.
@Ravi Ramphal I think so because it’s hard when you first start out and not a lot of people are up for that challenge.
As others have said opportunity is out there. Hunters are rewarded. 80% of the people in Real Estate are cold/luke warm. You won't get anywhere doing nothing.
I’m a nurse. So to me, it seems like EVERY American is sick and dying. That’s just my perspective.
Same phenomenon happens when you are looking to buy a new car, you see it everywhere.
Or when you jump into real estate.
Less than 5% of the population has a rental property and of those who do less than 5% of them have more than one . The reality is many of those folks getting in these last few years who got in the game will wither away like grass ,most will buy wrong get horrible tenants and give up because it was way tougher to make money than they thought
@Ravi Ramphal , a good friend of mine is find of saying, "you can't swing a dead cat in this town (Austin) without hitting a Realtor or massage therapist," and he's not far off. That said, the median Realtor sells one house a year. ONE! In other words, yes there are a lot of people in it, but most of them are playing real estate, not working it.
On a side note, I thought I would be one of them. I make a comfortable living off of my rentals and only got my license so I would have access to detailed MLS data, so I never marketed myself as an agent. But through word of mouth and an occasional out of the blue investor client, my Realtor income is actually starting to beat my landlord income. Long story short, if you're consistent, competent, and committed, you WILL do well in RE.
All I see is a bunch of distressed landlords who underestimated the amount of effort it takes to make it with rental properties, and the effort it takes to get the proper systems in place to have a “fairly” passive investment.
For all of you "plenty of opportunity people", this is easy. Prove it. Ask him what market and deal type he is interested in and show him one example of an available, legitimately good opportunity.
You might be right, or you might find out the market and deal type he is interested in is currently crowded out, and he's not wrong about it being overheated.
At least we'll get past platitudes.
How can I get more information about the meetup? Is there a FB page?