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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  • Chatham, IL · Member since 2016 · 11 posts · 0 votes
    9y

    Very motivating post. I'm going to have to look up the seven levels deep portion. Sounds interesting!

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

    So The seven is this. You ask yourself the ? why am I doing real estate....answer 

    Then take that answer and ask the same question using that answer (I Why am I doing real estate for money ) and so on. When you get to about number five it starts to get emotional if you are being honest with you replies. You can have a friend ask you but I have yet to not cry by the seventh level. Mine was that I never want to see myself suffer like my mom did raising four kids on here own. She cried every week and it killed me to see it growing up.

  • Dayton, OH · Member since 2017 · 6 posts · 0 votes
    9y

    thanks Keith!

  • Developer · Menlo Park, CA · Member since 2013 · 25 posts · 5 votes
    8y

    Thank you for posting this. It really helps!

  • Rental Property Investor · Lompoc, CA · Member since 2010 · 197 posts · 183 votes
    8y
    Originally posted by @Sean M.:

    And thanks for the post, great read!

    Hi Sean
    Sorry for the delay..I invest in all three areas you ask about. There are deal everywhere if you know what you are looking for. Subject too homes in lompoc, off markets in Ohio and others. Have three going right now. Heading to ohio to buy 5 in Jan. Love this market. Reach out if you think we can help you..Keith

  • Stoney Creek, Ontario · Member since 2016 · 10 posts · 3 votes
    8y

    Thanks very much for this post @Keith Boley.  I created an account on here last year sometime and was motivated and underway to learn; however someone discouraged me from it at that time and as such, the year has been riddled with financial hardship.  I am not backing down this time and will ignore any negative feedback from others such that I can look forward to a much improved future!  My bonus from work goes into the account next week and hopefully I have some left over at the end of the month to get started in this once and for all!

    I'm linking your original post on my phones homescreen for quick reference.

  • Rental Property Investor · Lompoc, CA · Member since 2010 · 197 posts · 183 votes
    8y

    Hi John
    Let me know how we can help you get going in your real estate life..Keith

  • Wholesaler · Fairfield, CA · Member since 2017 · 472 posts · 145 votes
    8y

    Hey Keith, I see you are a wholesaler in California. Do you mind if I pm you?

  • Concord, CA · Member since 2017 · 12 posts · 2 votes
    8y
    This is great advice even 5 years later. Reading so many replies and seeing those people have pro next to their names now. When they originally replied as Newbs when this thread was written is even more inspiring in itself. 🤘🏻
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