one of the most challenging things i have encountered has been taking the first step in REI. I feel that there are an extreme amount of new investors that find themselves asking the same thing i ask my self when i find a potential project, where do i begin?? For the last 6-8 months i have been reading blogs, watching videos, looking at properties and conversing with Agents. I don't want to get caught up in convincing my self i am productively making the right moves towards investing, i want to make it happen. I learn from so many of you here on BP and i am extremely thankful for you all sharing your experiences.
I would love to hear about some of the experiences that you new investors faced, as well as how you started your first deal. Thank you all for your great stories and i look forward to hearing from you. Cheers!
Many investors get caught up in the "learning phase"
I am not saying you should not learn and educate yourself but sometimes you just need to step in and buy a property.
Sometimes the hardest thing to do is to make that first offer. To get over that fear, you might try making one or more very low offers. Not embarrisingly low, but low enough that the offer will probably be either rejected or countered. Now you are one step closer to being in the game. And if your offer does get accepted, you might have a great first deal.
For me, the key from going from reading to action was finding a good, free mentor to help me do my deals. They are available if you hunt around. I helped him on some administrative tasks and he fed me some really good deals early on when I was getting going. He made money off of the commissions of course so he got something from it too.
Exactly there are many reasons to tell yourself "Right now is not a good time" but the real question is when is a good time? Tomorrow is not certain anything can change in the blink of an eye. Its the actions that we take today that can define how tomorrow turns out for good and for bad. Its your choice.
Just get out there and make it happen.
It took us a year to get up and running. Continue your reading/learning, get an attorney, CPA, identify your niche, and take the step. Clearly not that simple, but not impossible. Nothing ventured, nothing gained! You can do this!
Best of luck!
Nice Dale C quote in the header. Here is another (not from Dale I actually saw this in a tweet the other day); "Sometimes the best advice is to stop taking advice and take action."
Go ham looking at properties. Find a couple that tickle, meet, or exceed your criteria. If your still shy, throw some low ball offers at them (not all at once); maybe you get one at a discount... maybe you don't and you get a lesson in the whole Look, Analyze, Offer game!
I saved for over a year to prepare for buying and repairing my first property. Once I had the funds lined up, I was anxious, but nervous, to actually buy something. When the time came for me to get my first property, I bit pretty quickly. I located a few properties in my price range. Checked them out. And made a bid in about two or three days.
Aside from learning as much as you can (and it will never be enough, because there are some details you can't learn until you actually do it,) the most important thing for a newbie is to make sure you have enough money to see things through. If you think repair/other costs are going to run $10K, you should have (or have access to) $15K. If you think $20K, try to have access to $27K. If you can't finish the job, you can't rent/flip the house. If you can't rent/flip it, you can't make money on it.
Hi @Matthew Horn!
Welcome to biggerpockets! Keep learning from these site and from forums. This will benefit you a lot and connect with people same with your passion. Keep growing your real estate venture!All the best!
I bought my first place 13 months ago. My advice...get at least two quotes on everything, make sure your roof is leak free, make sure you get a termite treatment (tent...spot treatment is BS), find an area you like, and get a property there. Don't wait for exactly the "right" property, or you will be waiting forever.
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