Hey everyone! I was listening to the webinar the other day and I remember Brandon making the case to analyze 3 properties per day on the calculators to get started and to get comfortable with the process. I also heard the same advice in Robert Kiyosaki's book Second Chance that I am listening to on audiobook right now. With those two sources, I figure I can give it a shot. Has anyone else gone through this kind of strategy either with BP or elsewhere to start committing to the idea of REI? What has your experience been like? Do you have any tips with the BP calculators?
Hello @Erik E. ,
I had a great experience taking a few weeks to REALLY focus on analyzing deals using a software I purchased about a year ago. I think it gave me a good sense of what price range of homes I should/can go after in my target area(s).
One tip I would have is- Don't overdo it. Get familiar with deal analyzing to the point where you've answered all/most of your own questions regarding deal analysis. Otherwise, you could develop what they, in the RE biz, call "analysis paralysis" or "paralysis by analysis" or whatever... lol.
Get a hang of the analysis part of the business then shift your focus to the next step (whatever you feel that might be).
Best of luck to you!
@Erik E. this is how I started and it really helps you understand the things to look for.. After doing this for a week or two, you'll easily start to see what's a deal and what is not.. The BP calculators are awesome for getting started and are very easy to use.
Follow the advice Brandon gives out and your knowledge about analyzing deals will get better and better everyday.. Hope this helps! If there's anything else I can help with, let me know.
BP calculators are great! Have a realtor sign you up on the MLS to send you properties so you can look at multiple houses every day.
Yep. It especially helps me to focus on a target area so that I'm becoming an expert on a particular market.
I second Abel. Do the analysis with the intention of purchasing. Fastest way to learn IMHO and getting you doing deals, and you can always rely on a second set of eyes if you're unsure.