So You're New To This: A Guide for the New Real Estate Investor

181 Replies

Hi All
I just wanted to post here on what I thought was the most important things a new person should do when starting out. Below you will find a list of what I think a new person should do first before diving head first into this great world of real estate investing.

#1.Ask yourself the real reason you are doing this. Why are you really doing this...We all can say money but it is more than money, let me tell you! Do the seven levels deep that dean talks about on here under his weekly wisdom. It will help you to put your feet firmly on the ground.

#2. Set goals: Don't just say them but put them in writing and put them up so that you can read them every morning and evening. It will help you so much you will not even realize.

#3. Find a mentor: Go to your local REIC meeting and find a seasoned investor and ask for some schooling. If they say no ask someone else. Check this site for help..There are several mentors on this site including myself. If you don't ask for help you will not get any. If we are to busy we can point you in the right direction.

#4. Make a to do list and carry it with you. Make the list on a piece of paper with three columes on it. Now, soon and later. Now is stuff that you need to you need to get done for real estate and other things in your life this week. Soon, is for stuff that is coming up like a website or LLC for your business. Later, is stuff that you want down the road like the house paid off or to take your family someplace special for a week. As you get things in the now area done you mark them off the list. At the end of the week you do a new list and move everything forward. It helps to get stuff done and before you know what has happened your goals are getting done. Got this from the edge (dean). He has the list in his pocket at all times...That is great stuff.

#5. Tell people who you are and what it is you do. Say it like you mean it too. If they don't know who you are and what it is you can do for them how are you going to get anything done. I have had tons of people come up to me and say so and so told me you buy houses or help people that need to sell fast.

#6. Advertize: Put signs on your car, make business cards, do fliers, get your name on the web. The web is the number one area to get your business to the next level. 86% of first time home buyers look on the web first for their home. What does this tell you that you need to do. Put it on your list under soon or even now if you have the funds.

#7. Build a buyers list: Run adds on craigslist for a house or go to the county recorders office and get a list of all cash sale in the last 30 days in your area. Send them a letter (yellow letter) telling them what you can find for them and ask if they could contact you back (business card).

#8. Get a deal and make sure it is one: If someone calls on your adds or signs and has a house get all the info you can but the main thing is to let them talk. They will give you 99% of what you need to know. Then if you are unsure ask someone here or your mentor.

#9. Get an Agent: Some say this is a must..I have two great agents for item on the MLS but I have found most of my deals before they are on the MLS. Yellow letters, bandit signs and word of mouth. There are to many people on the MLS looking at the same thing you are. You can get deals there but so can everyone else... follow the road less taken.

#10. Don't stop: Most people get turned down and give up. If you do that you will do that with everything in your life...Life is hard so get off you &%## and make this happen for you , your family or ??? If you have seen my video then you know what can be done. There are stories on here that will make you cry but that will not put food on your table. You need to do that yourself and be the next story here. So, why are you still here reading this???Go do your list and start marking crap off...NOW GO GET SOME...
__________________

Not having a goal is worse than not setting one..

Keith Boley, Real Estate Investors Wealth Academy | 805‑931‑6507 | http://reiwealthacademy.com

Thanks for the post and your thoughts. Regarding #9--I've begun to develop relationships with a couple of agents and was wondering the best way to compensate them for their access to the mls and other leads--cash when a deal closes, referrals? I've found that most good agents are in it for the long haul and know that they'll get great referrals from me, but sometimes its nice to have some cash in the pocket. Interested in your thoughts.

Hi Let them know they can double side it if you are doing a flip with it. Even a three side if you want them to sell it for you or they bring you a buyer when complete..Keith

Keith Boley, Real Estate Investors Wealth Academy | 805‑931‑6507 | http://reiwealthacademy.com

Thanks, I needed to hear this!

Hi @Page Huyette Real Estate agents love referrals.. Just make sure it happends on a consistent basis. Since they have to pay for MLS access, i offered to pay for their access.. that alone will make them happy.

You can also gain access as an unlicensed assistant.. This is my prefer method, because you get a log in name and password of your own.. For this, the broker has to agree to.

very inspirational! I kind of dove head first into REI, I have to say lately I feel very unorganized! I need to find my niche, this post will help me with that I think, in the very least it will help me get organized.

Thanks for the advice. I am going to copy and paste and save it on my desktop. When I have a little extra time, I am considering printing short articles like that out and putting them on the wall. My wife doesn't like my interior decorating skills (I had an 08/15 Maxim on a sled in the living room at one time)...and she will not like me putting this stuff all over the bedroom walls. However, I feel like I need to read it over and over. It is motivational! I am ready! I am fired up! I just bought "THE" books!

John Thedford
Naples, Florida

No company avatar mediumJohn Thedford, John Thedford | 239‑200‑5600 | http://www.capehomebuyers.com | FL Agent # BK3098153

thanks John
Join your local reic and start working with people in your area..

Keith Boley, Real Estate Investors Wealth Academy | 805‑931‑6507 | http://reiwealthacademy.com

Originally posted by Fred Ramos:
Hi Page Huyette Real Estate agents love referrals.. Just make sure it happends on a consistent basis. Since they have to pay for MLS access, i offered to pay for their access.. that alone will make them happy.

You can also gain access as an unlicensed assistant.. This is my prefer method, because you get a log in name and password of your own.. For this, the broker has to agree to.

BE CAREFUL! Brokers can get in TONS of trouble for giving out that information. Also, Fred is right about consistent referrals; we only get a portion of commissions (commission splits, office fees, etc.), consistent flow of referrals helps US while we're helping YOU!

This is some of the best advice I've read so far while learning about real estate investing. It seems everyone I talk to says now is a terrible time to do real estate (I def don't agree) and all I hear are horror stories about renting out property. Thanks for another inspiring post!

David

David Holland, The Holland Group Inc | [email protected]

Thanks David
I am glad you know that now is the time ti be investing in real estate. You will never see another market like this again in your life time and yes there will be tons of new Warren Buffets made in the next few years...

Keith Boley, Real Estate Investors Wealth Academy | 805‑931‑6507 | http://reiwealthacademy.com

Well, there may be some new Warrens but I doubt a ton of them and certainly not hitting a billion bucks messing with small time RE investing techniques....in reality. Good points initially made.

@Jon Holdman , sure seems like a blog in the wrong forum, I'd suggest the marketplace all things considered. IMO :)

Medium logoscopiccroppedblue2Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com

well bill what can i say. You see it one way and I see it another way. I love nothing more than showing a new person that this can be done. Watch as they finally get it and are able to close a deal and get paid. You know as well as I that this only happens if they do the work to make it happen. Marketplace...We all have a business to run if that is teaching or doing real estate deals..I happen to do both. Next week I go to the edge in scottsdale to learn better ways to do short sale deals and much more for four days. We all seem to need more education..lol Keith

Keith Boley, Real Estate Investors Wealth Academy | 805‑931‑6507 | http://reiwealthacademy.com

Sir are you available to mentor me?

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This post has been removed.

Folks - If you want to solicit others in order to grow your business, please respect our site rules and use our Marketplace. Those of you who aren't happy about the rules, please understand that this site is a business, and one of the ways we make money is via our Marketplace. Any post that elicits commerce must go there.

If we don't monetize the community, it goes away.

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Thank you.

Medium fbprofileJoshua Dorkin, BiggerPockets | http://www.biggerpockets.com | Podcast Guest on Show #100

I got it but I had to reply to his need. I am sure after this one being remove he will feel unwanted which is not the case..

Keith Boley, Real Estate Investors Wealth Academy | 805‑931‑6507 | http://reiwealthacademy.com

Keith - That is certainly not something that we want. However, we have to enforce our rules evenly. That isn't an easy thing to do, but if we make exceptions for one person, it ALWAYS comes back to bite us.

That said, if he gets in touch with me, I'm happy to offer him a free one month PRO Basic trial so he can post about his needs.

Medium fbprofileJoshua Dorkin, BiggerPockets | http://www.biggerpockets.com | Podcast Guest on Show #100

Hi
Good to see i am not the only one that hangs on their own web site..lol You might want to let him know because I don't have any info now that the post is gone. I was waiting for him to show he was for real and wanted to do the work. I would call him and let him know but that was on the post as well.lol If you have it I will let him know the reason in the morning. Thanks again..Keith

Keith Boley, Real Estate Investors Wealth Academy | 805‑931‑6507 | http://reiwealthacademy.com

WoW! Thanks for this insight. It's what I was looking for.

I think this is an excellent post. The processes are starting to resonate with me and I feel much more confident going out and getting up to my elbows in ugly houses. Lol. I think its natural to want to learn from someone who is doing this and doing it right. That expertise can only be learned in the field. I respect the seasoned investors on the site who offer their services and guidance to us entrepreneurs (I refuse to refer to myself as a newbie!). Hats off to you @Kieth Boley. People like me appreciate what you do for us. PM me if you want to talk sometime...I will be signing up for my Pro membership very soon Josh.

@Keith Boley awesome post,

I am curious though. what would you consider a respectful way to ask a mentor to let you be their men-tee if you really cant bring that much to the table due to inexperience in REI?

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