Feeling overwhelmed and discouraged
New to Real Estate 路 Baton Rouge, LA 路 Member since 2023 路 1 post 路 17 votes
Feeling overwhelmed and discouraged
Most Popular Reply
Scott TrenchPro Member
Rental Property Investor 路 Denver, CO 路 Member since 2014 路 2k+ posts 路 6k+ votes@Kenneth D. - BiggerPockets is built for you. This is the challenge. You are right on track, you are doing it right, and everyone feels this way when starting out. We have these forums, the podcasts, books, and more. Please email me at [email protected] and I will send you a free copy of one of the books to get you started.
Aside from that, it is an immersion. Many (most? All?) of the investors here go through an immersion period of literally 100+ hours, including books, forum lurking/posting, blog reading, YouTube video watching, networking with agents and other investors, etc.
That's before they feel COMFORTABLE with even taking the next steps towards buying that first property.
And yes, being two years away from that first or next down payment is totally normal. Many investors, certainly myself, went through a 12-15-24 month "grind" to accumulate the cash to invest in real estate. A grind that repeats between each of the early deals. It can be frustrating watching hotshot social media stars seemingly getting to the endgame overnight, but know that for every smiling photo on the beach are underlying risks/advantages/secrets that may not be exposed on the surface. Some of those who got rich quickest will give it all right back. But, if you approach it as a grind, with a long-term outlook, you can look up in 7-10 years with a solid pile of equity and a surprisingly large and/or reliable stream of income.
You are doing it right. Sit back, make REI self-education a hobby, on the side, for free or the cost of a few books, and when you are well-capitalized, speak the language of REI fluently, and have a clear and compelling thesis for the type of deal that will meet your goals, set yourself up to act with a combination of boldness and conservatism that feels right for you.
91 Replies
- 2yPeter MckernanBusiness MemberResidential Real Estate Agent 路 Irvine, CA 路 Member since 2013 路 2k+ posts 路 1k+ votes
Quote from @Kenneth D.:
I'm 43 and wanted to invest in real estate. I am trying to learn but for whatever reason it feels over my head. What resources exist for absolute beginners? I tried going to a local meetup and felt really out of place. Speakers immediately started using acronyms I had no idea what was going on. Also financially I don't know if this will make sense. Even assuming best case scenario the soonest I can save 25% down is another 2 years away. I spoke with a property management company and she was helpful but I just don't think I can do this.
Podcasts, BP books, hit Amazon for Rich Dad Poor Dad, and any books on real estate will get you deeper into the knowledge space. Connect with people on BP in your local area and ask for a 15 minute coffee sit down.
The McKernan Group4.957 Reviews - New to Real Estate 路 Omaha, NE 路 Member since 2023 路 36 posts 路 5 votes2y
Quote from @Peter Mckernan:
Quote from @Kenneth D.:
I'm 43 and wanted to invest in real estate. I am trying to learn but for whatever reason it feels over my head. What resources exist for absolute beginners? I tried going to a local meetup and felt really out of place. Speakers immediately started using acronyms I had no idea what was going on. Also financially I don't know if this will make sense. Even assuming best case scenario the soonest I can save 25% down is another 2 years away. I spoke with a property management company and she was helpful but I just don't think I can do this.
Podcasts, BP books, hit Amazon for Rich Dad Poor Dad, and any books on real estate will get you deeper into the knowledge space. Connect with people on BP in your local area and ask for a 15 minute coffee sit down.
- Investor 路 Costa Mesa, CA 路 Member since 2016 路 1k+ posts 路 1k+ votes2y
Kenneth, you have learned a valuable lesson. When we try to better ourselves and fail, it makes us feel bad. The secret is to never try to do anything. This way you can never fail, and who wants to feel like a failure? The next time you feel a burning desire to be successful, simply lie down until the feeling passes. This is the secret to a happy life.
- New to Real Estate 路 Omaha, NE 路 Member since 2023 路 36 posts 路 5 votes2y
Amen. Failure is great learning even if it hurts 馃憤馃徎
- New to Real Estate 路 Cape Coral Florida 路 Member since 2023 路 3 posts 路 1 vote2y
Bigger Pockets Real Estate Rookie! ANY bigger pockets podcasts. I listen in my car on youTube. Read books on general knowledge in RE, get creative in your mind. Find a niche that piques your interest more than others. I have not made my first deal yet, but with time off during a medical lapse from my job, I gave myself a 90 day challenge to something, anything, and it should happen because I've been networking on many Real Estate Investing (REI) FB groups, People out there WANT to help you help yourself to get it going. House hacking is most likely best bet. Many listings do not mention a mother in law suite, so find a realtor ( on Bigger Pockets listings) or elsewhere, who is REI friendly and knowledgeable to find leads. They should be able to point OF ALL- KEEP AT IT !!! Doing nothing gets nothing done.
- 2yBen ScottPro MemberProperty Manager 路 Oklahoma City, OK 路 Member since 2019 路 577 posts 路 351 votes
You will learn more by purchasing and closing one deal with your own funds than you will a thousand podcasts or book. The learning is in the doing! The books and podcasts are immensely helpful but the best way to get started is to get started.
- New to Real Estate 路 Omaha, NE 路 Member since 2023 路 36 posts 路 5 votes2y
I have two and am closing on my next two properties with a cash purchase that I will have done start to finish so to speak. 馃槼
- 2yDave KushPro MemberFrankfort, IL 路 Member since 2022 路 204 posts 路 132 votes
There are a ton of good replies and good advice here. I echo everybody else in saying to be patient, both with yourself and with the time it takes to land that first property.
My all-time favorite book on real estate investing is the weekend millionaires guide to real estate investing by Mike Summey and Roger Dawson. The BRRRR book is very good as well, but I prefer Summey and Dawson as a beginner read.
Times change. Markets change. The deals are always out there to be found with enough time and patience.
- New to Real Estate 路 Omaha, NE 路 Member since 2023 路 36 posts 路 5 votes2y
Thank you for the recommendations on the books馃憤馃徎
- Member since 2023 路 1 post 路 0 votes2y
Hi Kenneth,
I feel your pain, I have read like 5 or 6 books and still feel like there is so much to learn. Is it the egg before the chicken or the chicken before the egg. I understand everyone should be paid for the valuable time, but its hard to get started when you don't have the $$$ to put into it. I wanted to do a mastermind but it was $20,000, if I had that I would buy a house, lol. I was super excited to hear you can get into it with no money and bad or fair credit. I have still not found out how BUT, that being said I am not giving up, I know this can work. I would love to have a new new newbie group. I find so many properties, but just don't have the $$$ to start. I have found one investor and feel grateful. But its just a possibility right now. I am stubborn and hyper I will make it. I really don't know much about how this platforms work, but if you know how to reach out lets start a group. We can do this!!!! Laurie
- 2yMike ReynoldsPro Memberconstruction 路 Nacogdoches, TX 路 Member since 2011 路 2k+ posts 路 1k+ votes
Quote from @Laurie Burleigh:
Hi Kenneth,
I feel your pain, I have read like 5 or 6 books and still feel like there is so much to learn. Is it the egg before the chicken or the chicken before the egg. I understand everyone should be paid for the valuable time, but its hard to get started when you don't have the $$$ to put into it. I wanted to do a mastermind but it was $20,000, if I had that I would buy a house, lol. I was super excited to hear you can get into it with no money and bad or fair credit. I have still not found out how BUT, that being said I am not giving up, I know this can work. I would love to have a new new newbie group. I find so many properties, but just don't have the $$$ to start. I have found one investor and feel grateful. But its just a possibility right now. I am stubborn and hyper I will make it. I really don't know much about how this platforms work, but if you know how to reach out lets start a group. We can do this!!!! Laurie
I was exactly where you are once. This platform, bigger pockets, is exactly where you need to be. You don't need a group. You have one right here.
learn all you can. Ask seemingly stupid questions. Someone will answer. We all start from Go. This can happen and it will if you let it.
- 2yMark WilliamsPro MemberReal Estate Broker 路 Huntington Beach, CA 路 Member since 2010 路 63 posts 路 35 votes
Hi Kenneth,
I completely understand that starting out in real estate investment can be overwhelming, especially with the learning curve and financial considerations. Your concerns are valid, and it's essential to approach this venture with caution. Here are some additional areas to explore that may help you limit your risk and build confidence:
1. Besides becoming familiar with real estate niches, consider enrolling in beginner-level real estate courses or reading books and online resources specifically tailored to beginners. Understanding the basics is key before diving in.
2. Develop a comprehensive financial plan that outlines your current financial situation and goals. This includes not just the down payment but also ongoing expenses, potential vacancy periods, and how your investment aligns with your long-term financial objectives.
3. Identify the risks associated with your chosen niche and develop strategies to mitigate them. This could involve having a contingency fund, studying market trends, or having a solid exit strategy.
4. Focus on understanding your local real estate market. Market dynamics can vary significantly from one area to another, so knowing the specifics of your region is crucial.
5. Building relationships with experienced investors can be invaluable. Seek out mentors or advisors who can provide guidance based on their own experiences. Real estate investment groups or online forums can be excellent places to connect with like-minded individuals.
6. Learn how to evaluate potential properties rigorously. This involves assessing the property's condition, neighborhood, potential for rent or resale, and the overall return on investment.
7. Explore various financing options beyond a traditional 25% down payment. There are creative financing methods, such as partnerships, seller financing, or real estate crowdfunding, that might work for you.
8. Consider beginning with a smaller investment property to reduce risk and gain hands-on experience. Learning through smaller-scale investments can help you build confidence for more significant ventures in the future.
9. Understand the local laws and regulations that pertain to real estate investment. Compliance is crucial to avoid potential legal issues.
10. Set realistic expectations for your investments. Real estate can be a long-term game, and success often doesn't happen overnight. Be patient and persistent.
Remember, everyone starts somewhere, and the journey can be both challenging and rewarding. By taking a step-by-step approach, seeking guidance, and continuously educating yourself, you can navigate the world of real estate investment with confidence and reduced risk.
-Mark
- Lender 路 St. Simons Island, GA. 路 Member since 2023 路 74 posts 路 8 votes2y
Hi Kenneth,
Real estate investing can indeed seem overwhelming at first, but there are numerous resources available to help beginners navigate the process. Here are some resources and advice that might be helpful:
Resources:
1. Millionacres: A real estate investment service provided by the popular financial advisory site, The Motley Fool. They provide resources that simplify real estate investment for all investors.
2. BiggerPockets: Their mission is "to help people find personal freedom and financial flexibility through real estate investing so they can work around life鈥攏ot base their life around work. (You are here now.)
3. R.E. Tipster, Fortune Builders, and JoeFairless are also great resources for beginner real estate investors.
Other great resources for real estate investors to find the latest news and market-moving information include the blog pages on Zillow, Forbes, Trulia, and the Roofstock learning center.
Advice:
1. Identify Your Goals: Every beginner real estate investor should identify their financial goals in order to find a preferred exit strategy.
2. Assess Your Finances: Start by looking at your finances, keeping in mind that they are only one factor to consider.
3. Risk Tolerance: No investment decision comes without risk, and real estate is no exception; however, it is a good idea to identify what level of risk you are comfortable with.
4. Time Commitment: How much time are you willing and able to spend on your real estate investing career? You may need to devote extra time in the beginning to familiarizing yourself with the real estate industry.
5. Education: One crucial aspect that separates aspiring investors from successful ones is access to real estate education.
Remember, every successful investor was once a beginner. It鈥檚 okay to start small and learn as you go. Good luck on your journey into real estate investing!
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