Where do I begin....

Question

I want to get started in REI, but now I'm not too sure where to start.I have driven around looking at properties,gone on walk-throughs and searched for prospective deals in the paper and on the internet.Im not sure if I should wholesale,or lease option properties.I really want to get started but not quite sure where to begin.Any and all help is appreciated.

Jeff Fairchild · Answer

Mike,

What are the most common things you see beginners do that makes them fail?

Dane Whales · Answer

please share it to us.... Ken McElroy is awesome....

Michael Rossi · Answer

While I certainly do believe that you will learn a lot once you start your business, I do not believe that failure is necessary or desired.  There is PLENTY of information available to learn the business BEFORE you start so that you don't need to lose money on a failed deal (or even worse a failed business).

The fact remains that the vast majority of newbies fail in a relatively short period of time.  They fail because they don't understand the business and make key mistakes.   The information is available FOR FREE on this website to avoid every one of those mistakes.   To start without expending the effort to learn these principles or to start without applying these principles is simply foolish.  If you don't want to join the majority who fail, then you must do better than those who fail.

Mike

Dane Whales · Answer

And do not be afraid to fail coz that failure will lead you to success if you take it positively. The best way to start is to motivate yourself, motivate to be successful and to accept everything, whether to win or unfortunately to fail.

Anthony Harrington · Answer

I would like to add " The ABC's of Real Estate investing" by Ken McElroy.

Greg Saiki · Answer

Thanks for the help guys, I will go out and buy those books asap.

Dane Whales · Answer

yeah,,, read books and let yourself get exposed and involved in the business... you will by experience.. what's important is to know the basics.

Christian Malesic · Answer

The biggest mistake most, if not all of us, made is NOT STARTING.  We thought we had to learn more.  We thought we needed experience.  We thought we needed a mentor or had to read the magic book.  We thought that the formula was right there in front of us, we just need to reach out a little further.

We delayed.

Eventually, we got started and realized some year or two later, that the formula, experience, learning, etc. came from DOING.  We learned more in that first year than we ever learned from a mentor, course, book, or conversation.

Learn the basics of business, yes.  Then, get into the ring.  You may take a beating, but that will only make you stronger.  Make sure your first purchase is small, manageable, and not so much that the wrong move will put you under.

Jim Sharp · Answer

I love Carleton!  That's where I started.  It's so funny to see how many people buy his package and never open it.

Jeff Fairchild · Answer

read about 10 different books then ask specific questions that you need answered not in those books.  Start with "Buying real estate without cash or credit"  and  Are You Dumb Enough to Be Rich?: The Amazingly Simple Way to Make Millions in Real Estate 	
	
Are You Dumb Enough to Be Rich?: The Amazingly Simple Way to Make Millions in Real Estate by G. William Barnett