Aspiring RE Investor "alone in the wilderness"...
Real Estate Investor · Milwaukee, WI · Member since 2008 · 8 posts · 0 votes
I'm an aspiring, new RE Investor with tons of desire, will, and drive; the problem is, I have no guidance, help, encouragement. I am financially struggling as it is; every time I get going with something, I get my phone shut off, or my car gets issues....
I want to get into wholesaling & get a couple duplexes under contract that I can rent out for cash flow... but I'm SCARED TO DEATH! Plus, all these online gurus keep making it out to sound like if I don't buy their programs, I won't do it right! I like the idea of having an automated system... but I have NO MONEY to buy them!!
Can someone help me??? :cry:
Renae,
Yes, I can help.
The first thing you need to know is that there is NO AUTOMATED SYSTEM, when it comes to business. When you hear a guru mention "secret", "autopilot", "making money while you sleep", or anything else that implies you'll make money without a LOT OF WORK - RUN! It's a scam!
If you have no money and bad credit, you should not be investing - you should be working! There are 168 hours in a week, which is more than enough time to work two full time jobs and still have more than half the week left over for sleep and studying real estate. The worst time to start a business is when you NEED the money.
So, my suggestion is to work your butt off. Pay your bills off; build your credit; and build up a little cash. While you're doing that, join your local REIA (Real Estate Investors Association) and make friends with the SUCCESSFUL investors in your area. Learn everything you can from them and make as many contacts as you can.
Once your financial situation is corrected, then start thinking about investing.
Good Luck,
Mike
Renae,
I know several people who started out without $ or credit and now own RE investments. Of course they still hold full time jobs, but have 1-4 properties under their belt.
Mike gave you some good advice, but there are ways to invest now, without the resources you mentioned. The resource you MUST have is the "know how" or education.
You mentioned wholesaling, which is a very good starting strategy as you can "control" properties in a number of ways with very little $ (as little as $10), and no risk to your financial situation or credit. What you need to do to accomplish this is to develope a buyers list filled with real investors looking to buy specific properties and you need to know how to find, negotiate, and "flip" them to your buyer's list.
Best of luck to you, and do not let "fear" stop you as you mentioned.
One of my favorite sayings in life is "The rich act in spite of fear, while others allow fear to stop them"
A good place to start, given your limited resources, may be to join your local REIA (real estate investor's assoc.) Many, if not all, have sub-groups which are more focused on a particular area of real estate investing. You have the benefit of learning about real estate w/o having to invest a great deal of money, aside from the yearly/quarterly membership fee( a nominal fee), and you get to network with other investors face-to-face and ask questions.
You can do a google search online for Milwaukee's REIA to find where one, or several are located. Most will allow you to attend your first meeting free of charge.
I can also refer you to resources or groups as well.
PM me if you need/want to.
I was able to attend the Milwaukee RING meeting, but now it costs... I have been struggling with my business for MONTHS! I am wishing I could find a mentor to guide me through this until I "break through the ice" with my first couple of deals...
"Wishing" won't get the job done. What have you done to find someone in your area to help you? Have you made friends with some of the successful investors in your area? Have you gotten out of the house and looked at 100 houses for sale in your target area?
Everyone WANTS to be successful. The difference between those that simply WANT to be successful and those that ARE successful is what they do. The "wanters" talk about being successful. The "Doers" actually get out of the house and make things happen.
What are you actually DOING to make your business successful?
Mike
This is a prime example of not understanding the difference between "project time" and "elapsed time". In elapsed time, a 40 hour job will consume anywhere between 50 and 70 hours a week depending on commute and lunches. So, at best those two full time jobs would consume about 100 hours leaving only 68 for everything else.
I am not saying it can't be done. It can. But, bogus time estimates get many an investor into trouble.
Taz,
I fully understand that a person will have commuting time and lunch time. The point isn't to quibble about how much time a person spends commuting or how much time a person takes for lunch. The point is that if a person really wants to make money, they should do whatever it takes, including working their butt off. Make it happen instead of making excuses why it can't happen!!!
Mike
Renae:
I am new and upcoming and understand what your feeling. I agree with what everyone has said to your response. You just need to go out and look at places and talk to people. You would be suprised at how many people actually are looking to invest or are just curious. I have not bought my first place YET, and have started looking. I dont have but a few thousand dollars to my name and in just about 3 weeks of talking to some of my friends and random people at bars and co-workers, I have a handful of people that are willing to invest in my business because I sold them my idea and where I want to go. I dont have a single property to show for collateral or anything but these people believe in me because I believe in myself and am confident in showing that to them. My advice is if you want to be a successful real estate investor, ACT like one. Even if you dont have a property be confident and make it apparent to people that you WILL be. Im not saying lie at all, because I dont believe that gets you ahead, but go out and learn everything and just make reality. If you want something bad enough you will find a way to make it work, even if that means going out of your comfort zone and trying something new. That will make you more successful in your life.
As far as a mentor, you have 100+ on here that you could call mentors. These people on this site are very successful and are willing to blog and give you information for FREE because they care about other peoples success. They will give you the information you need, now its up to you to put the pieces of the puzzle together. Good luck.
Renae,
Tons of desire, will, and drive....... Reminds me of....well, me. The thing that you have to remember is to never stop inching forward, always grasping for that next rung. Everyone's advice on this thread has been great, as always. I joined this site almost two years ago with absolutely NO knowledge of real estate or investing for that matter. So far I have purchased 7 rehabs, sold off 4 of them and am currently holding 3. Keeping in the game is vital to your success.
The following quote is one that I live by, it allows me to step back and realize the bigger impact of all the small things that we do. Note where the changes come from.
“Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.â€
Everything starts in your head. So.......How bad do you want it, how hard are you willing to get it. Are you willing to give up many hours, days, months to learn it. It's all about the blood, sweat, and tears. Learn everything possible, read this forum extensively for it contains exceptional real life wisdom of real estate. Once you are comfortable with your knowledge and dying to do that deal then do it. Many would argue against this but I think that book education stops just there, in the book. Actual experience comes from DOING. I would rather DO something and go broke then look at something and be unaffected, that's the difference between success and failure.
Good luck
Renae -
Welcome to the land of Mentors! Our community is flush with wonderful people who will give of their time to help you out, with nothing expected in return.
If you're looking for motivation, read, read, read! Read how other investors are out there making it happen! Got questions - ask them! Do what many others before you have and use this fantastic group of people to help you overcome your fears and answer your questions.
Most people find having a complete plan of attack for how they are going to approach their investing to be the best way to overcome fear and hesitation.