Where to Get Started...New Agent/Investor

Question

I'm 20 yo and just got my real estate license. I've been learning a lot about real estate investing but theres so much out there. I've been learning about REOs, foreclosures, short sales, lease options, options, buying and selling notes, and commercial investing. I've been studying real estate since I was 18. It's been more an off and on thing, and I've spent the last couple years trying to learn and get the right mentality (discipline, mindset, etc) in order to be successful. 
            
            The problem is I can't get this first deal done! And I am getting frustrated. 
            
            Really I feel like I just need something to help me get started...a deal of ANY sort (just not one that eats up income of course). I feel like I read all of these things but can't actually solidify a deal, and need help. 
            
            I'm an agent but got the license more as a way to learn about the business in greater depth from a legal standpoint, and understand contracts better. I don't really want to be an agent and right now it doesn't seem like agents are doing very well anyway. 
            
            I feel like I need to narrow my focus and get some help to complete that first deal. It's very frustrating to feel like there are all of these options out there but I still can't get an actual deal through. 
            
            So I'm thinking of focusing on:
            
            -Lease Options
            -Short Sales
            -Multi-Family/Commercial (more of a long-term goal)
            
            Any suggestions to actually get started and get a plan of attack to close that first deal ASAP?
            
            Thanks in advance.

Regan Brookins-Longville · Answer

Hello Sean,

I know exactly how you feel.  I'm also a new Realtor and got into the business to gain knowledge for my own investing, and also to help others do the same.  In this business, you have to have a lot of patience.  Talk to as many people as you can.  You mentioned finding a niche.  I know I'm focusing on those who want to buy and hold, rental property, because that's what I'm interested in.

Most people don't want to sell their homes, right now, for good reason.  So, naturally, I focus on the potential buyers interested in investing.

Nevertheless, there's a huge learning curve.  I've made many mistakes, but I'm learning from them, and I'm confident I will be successful.  You will be, too.

Dave P. · Answer

Dustin,

I'm not saying that's what I do!

Dustin Lyle · Answer

David, you are a go getter.. lol I will take my notes from you :)

Dave P. · Answer

I'm 20 yo and just got my real estate license. I've been learning a lot about real estate investing but theres so much out there. I've been learning about REOs, foreclosures, short sales, lease options, options, buying and selling notes, and commercial investing.

I can guarantee success if you do one thing:

Have 25 real estate fact finding discussions with different people every single work day (monday-friday).

Prospecting is something they forget to teach you about in RE school.

Iman Yusef-Yahya · Answer

I agree with both Mike and Ben - analysis paralysis gets us no where. Deciding on what area of real estate you are most interested in is key. Once you've decided that, then you have to start marketing to sellers, e.g, letters, postcards, craigslist, etc.

The only way people are going to know you exist is to tell them, i.e. marketing.

As the Nike slogan goes, "Just do it!"

Regan Brookins-Longville · Answer

Yes, I agree, as a new agent myself, I find that deciding what to focus on and time management are both very difficult endeavors.

I became an agent to be a better informed investor, as well, but I also wanted to make real estate a career.

Right now, I'm trying to develope leads by 'walking the farm.'  It's a long term experiment where consitency matters. It's hard to know if my efforts will pay off, and the problem is I won't know until I've spent a lot of time doing it.  I have doubts as to whether it works.  I've spoken to some that say, 'yes,' and some that say, 'no.'  Frustrating!  UGHHH!!

Clayton Burgett · Answer

Just don't spread yourself to thin, don't try to play in to many markets. If you focus on just 1 or 2 to start you will be much more efficient and actually know what your talking about.  If you are looking into 3,4,5 or more fields that it is very difficult to become very experienced in any of the fields.

Sean D · Answer

I've been networking more. Part of the problem is what to focus on.

I'm a residential agent but would like to focus on a niche in the market. I've been thinking of putting my attention on lease option deals and subject tos.

In addition, I've been working on networking with other investors in order to get a project together for an apartment complex.

Mike, do you have any ideas for how to manage my time in terms of setting daily goals and time frames?

Account Closed · Answer

I'm in a similar situation. I have been contacted with TONS of Lease Option properties that are available, but can't seem to be able to get them under Option/Contract!  I also can't seem to find SERIOUS tenant/buyers for them!  Also, I been wanting to get into flipping/placing homes under Option, but can't seem to figure out which ones are good deals, and can't find any Sellers willing to allow me to do this!

I am BEYOND broke-no money at all!  I've spent tons on marketing of various kinds, only to still be sitting here waiting to get my first deal.  I keep hearing about these automated systems, virtual wholesaling, etc.  But in order to find out  more, you have to spend money to get the programs!  UUGGHHhhhh....

Ben Blackmon · Answer

Welcome to investing..... uncertainty, aggrevation, stress, that sick feeling in the pit of your stomach awaits.  Ok, it's not that bad at least not in the beginning.

All kidding aside, finding deals are really simple and easy.  My opinion is finding the deal is the first thing to do, figuring out what to do with it is second.  I tried it the other way and never got much done.

Now I focus totally on marketing because that's where it begins.  It's a lot easier trying to get a deal done when you've got five or six to choose from then when you are trying to cling to 1 crappy potential deal.

Make contacts, make offers but most of all keep your eyes and mind open.  Potential deals will fly past your face almost daily you just gotta be awake.

Once you think you might have one go for it.  Due diligence is of course part of any good investors operation, but acting quickly and decisively are also good traits.

You can make deals or make excuses but you can't do both.... ( I can't remember who I stole that quote from or I would credit them right here)

Hope this helps.