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

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

Rental Property Investor · Lompoc, CA · Member since 2010 · 197 posts · 183 votes

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..

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Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
12y

First off - do not get as mentor people who advice you that need mentors. It's like asking a used car salesman if you need another car. There are some so-called real estate investors out there who make more money mentoring others than the money they make on actually investing in real estate. SO be careful who you listen to.

Second, having said #1 above, look for a mentor who buys properties weekly or monthly in today's market. Do not choose as a mentor someone who bought a deal 1 year ago. The market is continually changing. What works 1 year ago does not necessarily work now.

Third, where do you find these people?
1. Biggerpockets
2. Local REIA
3. Meetup groups
4. Ask real estate agents as to who are their investor-buyers
5. Ask property managers & leasing agents as to who their landlord-clients are who are still buying properties today

Fourth, here's what you can do when you meet a potential mentor to get that person to mentor you:

1. Offer to work for free for one (that's hard to turn down)

2. DO something for that mentor so he will put you above the rest of the wannabees who want something for nothing - e.g., find him a deal and ask him to help you fund it or teach you how to fund it and you will do all the work to raise the money & give him a share of the profit

3. Pay that mentor (least preferred way)

See this reply in the discussion

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  • San Diego, CA · Member since 2017 · 34 posts · 12 votes
    9y

    Great information Keith

  • North Kingstown, RI · Member since 2017 · 5 posts · 2 votes
    9y

    Fantastic post Keith! Really enjoyed it.  Be well,

    Gary

  • Real Estate Agent · Arlington, TX · Member since 2016 · 5 posts · 3 votes
    9y
    Golden
  • Rental Property Investor · Cloquet, MN · Member since 2017 · 25 posts · 3 votes
    9y
    great post. enjoy reading it and will have to look for your video
  • Holliswood, NY · Member since 2017 · 49 posts · 10 votes
    9y
    @keith Boley Thank You for the Advice I'm new to BP and to Real Estate I'm doing my first deal and love the pointers you gave
  • Real Estate Investor · Bloomfield, NJ · Member since 2015 · 9 posts · 2 votes
    9y
    Love this! Taking action!
  • Soledad, CA · Member since 2017 · 11 posts · 2 votes
    9y
    Hello Sir. Names Jose, a 23 year old in the path to become an investor, hopefully one day like urself. Live in Monterey, California. Just listened to my first ever podcast #222 Jay Hinrichs, an investor and hard money lender, It really inspired me. My question is. How or what i need to start my path to get my Real estate license?. Any recommendations? Do you recommend i start this way for my path? Or would you consider another direction. Thank you . I am really dedicated to know and strive all their is to be successful in this business.
  • White plains , MD · Member since 2017 · 8 posts · 3 votes
    9y
    Great Read! I have just begun my real estate journey right now I'm gathering information and I just want to let you know this was good man I hope to implement me in my future endeavors I will be in contact with you!
  • Rental Property Investor · Lompoc, CA · Member since 2010 · 197 posts · 183 votes
    9y

    Look forward to it

  • Curtis CloudenPro Member
    Investor · Ewa Beach, HI · Member since 2015 · 15 posts · 2 votes
    9y

    Thanks great advice. Something to get me pushing forward towards my goal.

  • Olympia, WA · Member since 2016 · 45 posts · 8 votes
    9y

    What a great post especially for someone like me just barely even learning, or hearing, about Real Estate Investing. Thank you so much for the guidance and advice!

  • Vine Grove, KY · Member since 2017 · 12 posts · 1 vote
    9y

    hello, just wanted to know how to get into REI without using your own money or credit as I have none to invest up front until getting started if someone would be so kind to send links or guidance that would be great.

  • Central, NJ · Member since 2017 · 35 posts · 19 votes
    9y
    Thank you Keith Boley ! Excellent post!
  • Realtor · Boston, MA · Member since 2017 · 187 posts · 40 votes
    9y

    Thanks for the advice @Keith Boley !

  • Real Estate Agent · Phoenix, AZ · Member since 2017 · 57 posts · 20 votes
    9y

    Never forget to ask questions along the way because there are so many ways to value deals or make your business more efficient therefore, never forget to keep learning and never quit because those who stick with it will prevail in their investing futures.

  • New to Real Estate · Charlotte, NC · Member since 2017 · 27 posts · 7 votes
    9y
    I strongly agree with number 10. I am a new Re investor and have found myself in multiple situations where I thought it was just too much and that I should just stick to my 9 to 5. Heck, this is the fist comment I have made on BiggerPockets since joining. I told myself last night that I will figure this thing out and I will be successful. I have yet to have my first deal but I know if I stay persistent I will find one. Thank you for your post. Wish my luck
  • Lumberton, NC · Member since 2017 · 6 posts · 0 votes
    9y

    I really enjoy the advice this post gives. As someone who is young and wants to get out of the 9-5 rat race, what else may you recommend? Should I try and network with possible real estate agents I know (if that helps)?

  • Rental Property Investor · Lompoc, CA · Member since 2010 · 197 posts · 183 votes
    9y

    Your local REI meetings is the best place to start.

  • Manchester , CT · Member since 2016 · 16 posts · 1 vote
    9y

    hello everyone! I am completely new to this field. I've always been interested in Real a estate but I got my degeee in politics, go figure lol! I am trying to find a mentor, someone that can teach me the ins and out of this business. But I realize not many people are willing to invest I. Others. All these training and mentoring programs cost thousands $$$. I was looking to do a few wholesale deals first so I can save up for investment related stuffs. Can anyone help me?

  • Rental Property Investor · Lompoc, CA · Member since 2010 · 197 posts · 183 votes
    9y

    Hi

    yes I agree that most companies charge way to much to get their education.  

  • Winston salem, NC · Member since 2017 · 8 posts · 4 votes
    9y
    Great advice!!! I'm feeling very motivated to find and purchase my first deal.. preferably a small multi family
  • Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
    9y

    I will persist until I succeed! 

    This post breaks it down well. Great job @Keith Boley!

    REI is a business, and we should treat it as such. If we are, then we have to be in 100%, and not on the sidelines unsure about jumping. When we do jump in, make sure you are ready to not give up along the way until you hit your goal. Keep going!

  • Rental Property Investor · Lompoc, CA · Member since 2010 · 197 posts · 183 votes
    9y

    amen to that.

  • Real Estate Broker · Los Angeles, CA · Member since 2017 · 4 posts · 0 votes
    9y

    Keith, do you invest at all in Iompoc? Or mostly Bakersfield & Ohio (per your profile).  I'm in L.A. and it's been pretty tough to find good deals.

  • Real Estate Broker · Los Angeles, CA · Member since 2017 · 4 posts · 0 votes
    9y

    And thanks for the post, great read!

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