new real estate investing and new to biggerPockets.

new real estate investing and new to biggerPockets.

Winchester, CA · Member since 2017 · 18 posts · 6 votes

Hey guys!. i will start off by saying that i am 21 years old and have never bought a property in my life. I have been very interested in Real estate investing and trying to learn the ropes. I am as a beginner can get though, has not been that long since i figured out what escrow was. I been starting to connect with a few investors/house flippers around my area. I might have even found an investor (house flipper) that might be willing to equity partner with me given i have potentially good home under escrow. thats the thing though, i just dont feel that confortable going and talking with home owners since i am still such a beginner. so i am asking, what are the things that i should know going into and talking with a home owner? what is the process like when it comes to negotiating? what Laws should i know? how and when to do due diligence? what would you guys recommend me learning?, currently trying to get the books (the book on flipping houses) and (the book on estimating rehab, by j. scott). I will try to keep it short in the future. there is just so much!

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Rental Property Investor · Allentown, PA · Member since 2016 · 279 posts · 105 votes
9y

@Jorge Retes

Don't be afraid to let the homeowner know "That's a great question.  I'm not 100% sure of the answer in your case, but I will find out."  This isnt a situation that I would "fake it till I make it".

I heard a saying years ago..."You have 2 ears and 1 mouth.  Listen twice as much as you speak!"

Good Luck and welcome to the BP Community.

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  • Specialist · Westlake Village, CA · Member since 2010 · 1k+ posts · 781 votes
    9y

    Since you are in California you would be wise to study and understand civil code 1695. No need to be afraid to talk to homeowners, you need to be a good listener and learn how to ask questions. Treat them respectfully and with courtesy. Let them know that you are there to gather information and to help them find answers and solutions.

    I would recommend books on persuasion and understanding human nature. Robert Cialdini has an excellent book.  There is also a great book titled "Just Listen" which I recommend as well.

    Best of luck

  • Winchester, CA · Member since 2017 · 18 posts · 6 votes
    9y

    Hey thanks for the reply, I looked into those books you talked about, I might be getting them soon. I think I might be in analysis paralysis mode, I just don't want to be asked a question I have no idea how to answer. Thanks again for the reply.

  • Rental Property Investor · Allentown, PA · Member since 2016 · 279 posts · 105 votes
    9y

    @Jorge Retes

    Don't be afraid to let the homeowner know "That's a great question.  I'm not 100% sure of the answer in your case, but I will find out."  This isnt a situation that I would "fake it till I make it".

    I heard a saying years ago..."You have 2 ears and 1 mouth.  Listen twice as much as you speak!"

    Good Luck and welcome to the BP Community.

  • Santa Ana, CA · Member since 2017 · 15 posts · 4 votes
    9y
    welcome I'm also new around here and I'm trying to get in the business but for rental properties I live here in southern Cali but trying to invest out of state best of luck to you good sir
  • Winchester, CA · Member since 2017 · 18 posts · 6 votes
    9y

    thanks everyone, I'll start to talk to home owners. Try and get the hang of things.

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