Find a Mentor or Quit?

http://reiskills.evsuite.com/bp-3steps-kennethgoldman/

Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes

12y

Originally posted by @Kenneth Goldman:

Originally posted by @Brian Gibbons:

Originally posted by @Kenneth Goldman:

....It has been so difficult to just identify opportunity in this over inundated market with little supply.
Anyone have any ideas? I have seen the concept floated around about a local investor's coaching program but I don't have any money to spend aside from splitting the profits of a deal 50/50 nor do I know where to identify such a program. Help!!!

Wholesaling - flipping-rehabbing-retailing is one box.

Another box is the Seller Financing Box, Lease Option Assignments and Sub2, etc.

I show the seller they have 3 options (little equity seller)

1. Sell with an agent and pay the costs to sell. Commissions, closing costs, sellers concessions, spruce up costs, holding costs (PITI costs while listed vacant, etc. This is about 10% to 15% of comps, especially if the location is not great (corner, busy street, etc.)

2. Renting it out, many do not want to.

3. Selling on terms in IL. Sub2, Wraps, Lease Option Assignments, etc. Or Owner Financing a free and clear house.

This model is not flipping - retailing. No builders, no cash buyers being too picky.

Just matching up Little Equity Sellers with Just Missed Financing Home Buyers.

Make $5000 in 10 Hours.

@Brian Gibbons

Brian, your advice is great. For number 3 in your list, how do you identify those opportunities? Thank you-Ken

Ken,

Here is an audio response.

no links

Keep determined.

Brian

OP

Investor · Chicago, IL · Member since 2013 · 57 posts · 3 votes

12y

@John Weidner

I have been looking at 3221 51st in Chicago and others around there.

@Account Closed

Jacob, Thank you!

@Aaron Mazzrillo

Aaron, I am grateful for your candidness. Your posts gives me the desire to go on in this business. Love the quotes. So true!

@Brian Gibbons

Thank you so much for explaining in the audio. Invaluable information. I am grateful you took the time to share all that great information with me. The one area I have been weak is marketing and I really need to get my act together. I like your idea of finding expired listings. I am not a broker so I ask you if there are other ways to find them i.e. redfin? I appreciate the open invitation to ask you questions as any mentoring I can get is gold to me. I certainly will have follow up questions and will spend time listening to your audio over and over again. Thank you very much. Best-Ken

Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes

12y

I will coach u for free, just call me. 626 318 0599

8 Reply

OP

Investor · Chicago, IL · Member since 2013 · 57 posts · 3 votes

12y

Originally posted by @Brian Gibbons:

I will coach u for free, just call me. 626 318 0599

Amazing. I will reach out to you. Thank you again.

Shaun Reilly

Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes

12y

It can take a long time to get going, but once you do you usually gain some momentum and things get easier.

Remember there are only 2 kind of real estate investors:

1) Those that make a ton on money.

2) Those that give up to soon.

5 Reply

OP

Investor · Chicago, IL · Member since 2013 · 57 posts · 3 votes

12y

@Shaun Reilly

Thanks Shaun for the encouragement. I am from Mass originally so nice to hear you. Best-Ken

Edward Adekanbi

Dyer, IN · Member since 2013 · 79 posts · 4 votes

12y

I'm in the same boat @Kenneth Goldman I'm about 5 months in and you've gotten way further than me. I can't even get investors even though I see deals everyday. I have no investors, I couldn't get a hard money lender. I'm paying for some company to guide me through wholesaling because I couldn't get investors and I'm not getting any support from that company. I was thinking about quitting this week too. I'm so frustrated but this post and all the response is giving me hope and makings realize that it doesn't happen overnight. @Brian Gibbons can i call you too. I just need to know which direction to take for my situation?

Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes

12y

Originally posted by @Edward Adekanbi:

I'm in the same boat @Kenneth Goldman I'm about 5 months in and you've gotten way further than me. I can't even get investors even though I see deals everyday. I have no investors, I couldn't get a hard money lender. I'm paying for some company to guide me through wholesaling because I couldn't get investors and I'm not getting any support from that company. I was thinking about quitting this week too. I'm so frustrated but this post and all the response is giving me hope and makings realize that it doesn't happen overnight. @Brian Gibbons can i call you too. I just need to know which direction to take for my situation?

Sure call me.

5 Reply

OP

Investor · Chicago, IL · Member since 2013 · 57 posts · 3 votes

12y

@Edward Adekanbi

Edward,

I have been overwhelmed by the incredible outpouring of support from so many great people in this profession. Knowing there are such quality people with incredible words of encouragement, personal stories and invaluable advice has been enough to give me my proverbial "second wind". I am glad you were able to get some benefit from this posting. Best-Ken

Podcast Guest on Show #155

Henry M.

Specialist · San Antonio, TX · Member since 2012 · 462 posts · 294 votes

12y

Brian Gibbons,

Class Act.

Great advice for these newbies or those who are struggling in this business arena.

Kenneth Goldman & Edward Adekanbi - And this is why the BP FAMILY exists. This is where the priceless advice from experienced investors comes into play. Not to mention, there are many on here just like Brian.

We all have been there at some time or another.

Keep this thread alive with your journey and future success.

BTW, Vote for Brian's post (he may not care, but it is acknowledgement to others of his posts).

Just my two pesos.

Big Henry

3 Reply

Sharad M.Pro Member

Carlsbad, CA · Member since 2010 · 1k+ posts · 1k+ votes

12y

Originally posted by @Edward Adekanbi:

I'm in the same boat @Kenneth Goldman I'm about 5 months in and you've gotten way further than me. I can't even get investors even though I see deals everyday. I have no investors, I couldn't get a hard money lender. I'm paying for some company to guide me through wholesaling because I couldn't get investors and I'm not getting any support from that company. I was thinking about quitting this week too. I'm so frustrated but this post and all the response is giving me hope and makings realize that it doesn't happen overnight. @Brian Gibbons can i call you too. I just need to know which direction to take for my situation?

Edward, if you really have deals, call me on my cell number listed in my signature and I will be interested. Please don't send me MLS listing.

Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes

12y

Originally posted by @Tyler Kimmel:

No problem. I wanted to make a point that good things will happen despite how you may feel right now.

"If you Will it, it is no dream"

Keep me posted

U rock, Tyler.

Best Wishes,

Brian

Studio City CA

http://reiskills.evsuite.com/propertyinfoworksheet/

Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes

12y

Ok I have been motivated to use this thread to help newbies learn CASH or TERMS REI.

Step 1 - Use a simple form on the phone and walking through the house.

Step 2. Use the motivated seller questionaire. Memorize these questions.

http://reiskills.evsuite.com/motivatedsellerquestionaire/

Step 3. Before doing Steps 1 or 2, listen to this video.

http://reiskills.evsuite.com/bp-myblog-iamarealestateinvestor/

What are you willing to do to succeed.

What are you willing to give up to succeed, like insecurity, fear, procrastination, pessimism, etc.

Original on my BP Blog is here.

http://www.biggerpockets.com/blogs/3/blog_posts/19-read-this-daily-if-you-are-a-rei-i-do-

Lastly, if you are REALLY struggling, look here.

http://reiskills.evsuite.com/mentalvitamins-1-best-profile/

May God Bless Your Endeavors and Your Dreams.

Brian

Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes

12y

Originally posted by @Aaron Mazzrillo:

Can't fail if you don't quit. Of course, if you quit now, you'll never know what could have been.

There's been more times than I can count I've laid awake in bed, stressed about the deal I couldn't get out of, not having any deals, running out of cash, etc.

The best quote I've ever read that applies so much to this business is

-----------------------------------------------------------

"This too shall pass." When times are rough, I read it every day. When times are flush, I try not to remember it!

A Couple of Mine...

Common Sense Plus Action = Power

You Always Find The Finest Fishing Holes Where the Average Fisherman is Afraid to Go.

Aaron you are one of my favorite posters and helpers of BP Nation. God Bless You.

Brian

Rachel H.

San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes

12y

With each opportunity, you will learn something new which will make you more knowledgable and wiser down the road. It took me almost a year to do my first deal in my niche. Though, I kept going despite the obstacles. The key is to stay focused. If you decide to get a mentor, it's best to work with someone who understands your needs and goals. Hope that helps!

4 Reply

Andy Luick

Real Estate Investor · atlanta, GA · Member since 2013 · 456 posts · 237 votes

12y

Perseverance is key....the whole keep a positive mind thinking of napolean hill is powerful...but you have to exercise common sense....that and creating a team to exploit a niche you know extremely well....become an expert in a specific area and gold nuggets will eventually come your way. No one can know everything there is to know...there is always someone smarter around the corner or better capitalized. Knowledge in your head...as many have here....is WORTHLESS until it is actually USED and put into practical application. Figure out what the right tools are for what you are trying to accomplish and gather those or get people on your team who have them. You can eventually smash through a wall with your head but wouldn't you rather use a hammer? Give those you seek to team with an incentive to partner with you.

For instance, raising capital for more deals is always a headache...even for me after so many years of doing this. I created a program offering awesome returns and a referral program where people earn half our profits just by referring a cash investor who does a property with us. I got laughed at by some local investors which is fine by me...I'm still making money and my referral partners put me in contact with investors i would never reach on my own. Happy Investing.....get educated....find the niche and the dollars will follow.

3 Reply

Sylvia Grimes

Real Estate Investor · Greenbelt, MD · Member since 2012 · 6 posts · 2 votes

12y

Kenneth,

DON’T give up. When I started out it was easy to get folks to call and inquire and it was around the time when the market was right for wholesaling properties seller’s eager to sale. However, it still took me some time to obtain a good property and close on it. Persistence is the key to real estate. I’ve experience bumps in the road dealing with other wholesalers and investors who weren’t serious or jerked me around. But you brush that off and take it as a learning experience of what not to do moving forward. So NEVER give up.

Aaron Mazzrillo

Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes

12y

Originally posted by @Brian Gibbons:

Originally posted by @Aaron Mazzrillo:

You Always Find The Finest Fishing Holes Where the Average Fisherman is Afraid to Go.

2 days ago, I was talking with another investor about mailing lists. I said to him, "Lists are like fishing holes, the harder the water is to get to, the better the fishing will be.

Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes

12y

Here is my next installment of Newbie Training - Be a Transaction Engineer.

This an actual 1 on 1 training over several days, 150 min.

Download mp3

Talking to sellers on the phone

5 steps of negotiation

3 column sales presentation

PM me if you have questions.

Brian

Shaun Reilly

Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes

12y

Originally posted by @Brian Gibbons:

Here is my next installment of Newbie Training - Be a Transaction Engineer.

This an actual 1 on 1 training over several days, 150 min.

Download mp3

Talking to sellers on the phone

5 steps of negotiation

3 column sales presentation

PM me if you have questions.

Brian

FYI it is asking for a password to access it.

Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes

12y

Password reiskills

Dante Nava

Real Estate Investor · Cary, NC · Member since 2014 · 79 posts · 11 votes

12y

I called and talked to Brian today guys. I don't know how many more of you did too, but my brain has been doing it's best to wrap itself around this completely different way of thinking about real estate. It brings a WHOLE new meaning to making money when you buy. Thanks again @Brian Gibbons , hope I can call you again when my brain stops steaming and have had more time to digest.

Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes

12y

Dante

It is giving the seller options, choices, not just wholesaling,

looking for the 65 percent of ARV less costs deal.

I like pretty houses, no work, make 5k in 10 hours.

Easiest way to get started.