I'm Obviously Over My Head

13 Replies

Having been at this real estate thing now for 2 months with nothing to show for it but expenses. I can see that I need a lot more education. So I would like the opportunity to become an assistant of an Investor that is interested in the real estate market in Amarillo Texas.

@Cecil Russell it's not uncommon at all for it to take a year to get your first deal. Don't get discouraged. I think the "ramp up" time is what weeds out a lot of wannabe investors who are looking for a get rich quick plan from the folks who are committed to financial freedom and passionate about REI.

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agreed 

I also noticed on recent posts that you were trying to find a deal first ; then a buyer 2nd.

I wouldn't do that. What good is a deal if you have no one to sell or assign it to ? You also will feel lost not knowing what type of deal to look for. Find as many cash investors as you can ; ask what they are specifically looking for them go out and find deals that match their criteria. If you do this they will be exstatic and purchase. Trust me ;)

Suggest you go look up a real estate school for agents and take the class, you don't have to take the test, but that might be a good deal for you, then, you don't need to become a Realtor, but you might. What you will then know is more that half the folks on BP and you'll be answering questions! Then, a light will go off knowing the basics and you'll have a foundation of knowledge to understand all the strategies used in investing and you'll see how likely one might be in some situation.

At least buy the text book and work book and read it! If you have a question on text material, post a question, mention me and I'll walk you through it.  

Until then, it's the blind leading the blind through a maze of guru materials and paying out for mentors or coaches that, they themselves may not have a good grasp of the basics of RE. :)

@Cecil Russell   I think if you are just starting out you should spend some serious time and energy focus on your “Why”.  Meaning why are you pursuing or drawn to real estate and what is it that you hope real estate can accomplish or provide for you?  You can spend a lot of time chasing a deal just to realize that it was not in line with your Why and you are not any closer towards achieving your goals (even though you will still learn from that experience).

Once you have discovered your Why, you will have a clearer idea of what your next steps should be.  I spent my first nine months (+/-) in real estate pursuing wholesaling and lease options with absolutely nothing to show for it.  Then I finally realized that building wealth and passive income through buy and hold was what aligned with my personal Why and that’s when things really started to happen for me.  I got focused on activities that were going to move the needle for me and I was motivated because I could see the dots connecting as I went.

It’s easy to feel overwhelmed with all that real estate has to offer so find the strategy that aligns with your goals so you can focus on that and not get burnt out.  Good luck as you continue on the road to you first deal and stay motivated!  Two months is a relatively short time to try to break into real estate.  You’ll get there if you stick with it and have clarity on why you’re doing what you’re doing.

Buy a little fixer and move in. Paint, clean and repair. In a year or so find a renter, run credit and background checks and buy another. Keep your W-2 income for qualifying. 

You can learn everything you need to know (almost) with this process.

If you aren't so inclined toward all the paperwork take on a partner. RE agents can help in all this including property management.

@Cecil Russell   I really think @Hattie Dizmond  is dead on....2 months...really?????? 2 months??  Cecil..c'mon....2 months is nothing.

It took me 3 months to get my first deal, and I had NO...repeat...NOOOO clue what I was doing.

I would say this, quoted by John Jackson " Education builds the foundation, but experience builds the house"

(I like to quote myself) :) 

I would look at this...  Who are you marketing to and what is it that you are marketing to them?  (IE. Sub-2 (take over payments) absentee owners (wholesale) listed properties in nice areas (lease option))

Define what you are doing.  It's easy to get lost in all the menutia.

2 months is nothing. Have patience. Have you got a plan? Devise a plan, set goals, and then work for them. 

@Cecil Russell You have the right idea to find a mentor and you are in over your head.  The only thing you have to decide is what area of real estate you want to invest in, then find somebody who is working in that area of expertise who lives close to you.  How do you find them you might ask?  I could give you a list of ways to locate this but I think that if you are motivated enough you can locate these people yourself.  After you locate somebody then offer them value (if you have to offer to work for them for free).  Whenever they talk to you and impart wisdom your job is to listen, do not interrupt, do everything they ask you as long as it is not illegal and, most importantly be humble.  They will often tell you things more than once and will also tell you things that you already know from other research.  Do not tell them that you already know this, act as though it is the first time you heard that information.

This will ensure that you learn everything that they know if you stay with them long enough.

John Jackson: Ron LeGrand recommended I look you up and I am on your mailing list. I have the Texas Principles of Real Estate I & II book form. In Ron LeGrands course he says I can't do a lease option from a seller and then to a buyer but then in a video Q&A he says I can and to look up John Jackson.

I realize that it takes time to learn this and I am in no way discouraged but I can recognize flaws in myself especially when other people point them out. The difficulty is understanding proper procedures and learning to make an understandable presentation.

The plan is simple-provide myself with a comfortable income as I reach retirement age that greatly surpasses pre-retirement income. I dislike people seeing me as unprofessional and incompetent which I suspect I may be. The idea of this post is to find a investor who needs a VA or assistant in the Amarillo area so that I can provide myself with a reasonable income while I learn.

The area I'm looking to get into is more expensive homes lease options or free and clear. There are a number of homes in this area above $400,000 for sale but as I do not know what I'm doing I wrote this post. I found an investor in the Lubbock area that is in need of a "bird-dog" and I know you don't start at the top. Its a start anyway. As he looks to the more middle income investments and wholesaling, I can start there.

@Cecil Russell  You have received some good advice about hanging in there. Looking for mentors is also a good thing. I am in your area, but probably not at a point where I have enough to offer you. It took my to 9 months to find my first deal here. 11 months after that my second. 4 Months more and I had my third. I go with the patient route. I did tons of reading in books, listened to ALL the BP podcasts,  and read 5-10 articles/blogs a week on BP. All those things have given me virtual mentorship. I've learned what strategies I not only want to pursue, but am able to pursue with my knowledge, experience, resources, and time.

After developing a track record of three rental homes that cashflow and talking to my friends about it, I was able to build a little bit more credibility amongst my peers. Just yesterday I had a friend that has a few rentals offer me private money for a forth deal. I say this not to brag, but to encourage you that its a slow process, but I feel like the progress is more exponential than steady. As you gain knowledge, experience, respect in the community and such, things will happen faster and faster. If you give up, or make a bad investment/decision out of impatience, it will set you back more than studying a little more. You cant let that lead to analysis paralysis, but after two months, you aren't at that point. 

Pursue the LBK deal. keep your eyes open, and your ears tuned in here. You will do a deal soon enough! 

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Thanks Mr. C. I'm taking the bird-dog route with local investors. I decided to utilize the yellow letter platform in searching out prospective properties while investigating opportunities of my own. I know that I have a lot to learn, for instance, I have no idea what LBK means.