Jumped in Head first! What to do next?

4 Replies

Hey all,

So, that last time I tried my hand at REI, I got so bogged down in courses and information that I got stuck in analysis paralysis...

Agonizing over every detail...what should my biz card look like, do I need an LLC etc.

This time around... I kinda jumped into the deep end.

I put out a ton flyers in my farm area, passed out hundreds of business cards everywhere I went, and also a few bandit signs for good measure.

Well...my phone has started to ring, and i have my first appointment tomorrow!

I'm just not sure what to do next!

Do I start marketing for buyers? Find someone to partner on this deal with me? I have no clue if it's even a deal yet. (details in the deal analysis forum)

Part of me thinks I need a "mentor" to help me through the first few deals and another part thinks I should try to "wing it" on my own with the help of BP lol.

Any ideas on the next steps?

Hi Ana,

Congrats on jumping in. That's a step a lot of people can't get past. Congrats on your first potential deal as well. I haven't looked it up in the Deal Analysis forum yet.

As far as working with someone or not, there are arguments for both sides. True, you can go it alone and put more money in your pocket if the deal goes through. You will learn a lot this way. You may also lose the deal. Working with someone who is experienced you will still learn a lot, and probably faster than learning on your own, you may have a better chance of closing the deal but you'll also put less money in your pocket. So the question is, would you rather have 25%, 40%, or maybe 50% of the profits of a deal, or 100% of the profits of a lost deal?

Best of luck!

Eric

Go to the appointment and do the best you can. Look at this as a learning experience. As long as you learn something it will be a success. You will get better at it as you go.

Your first appointment may raise more questions in you mind. Bring those questions here and we will mentor you though it virtually. Think of BP as one great big virtual mentor. You don't need a mentor to move forward but here are some tips on how to find one. How to Find a Mentor

Hi @Eric Black ,

Thank you for the candid advice! Wow, way to put things in perspective. I think 50% of a deal is better than a potentially lost deal.

Hi @Ned Carey ,

Thank you for the link on finding a mentor. I plan to follow your advice and keep the BP forum abreast of my progress after appointment. There is also an REI meeting tonight that I will try to attend. Thank you!

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