Finding Smarter friends

Finding Smarter friends

Peekskill, NY · Member since 2021 · 20 posts · 28 votes

I've been putting off introducing myself to the BP community
because it seemed, well... scary. The thing you are most scared of is
the thing you should do to grow though, right?

I've also been told that when you are tackling a problem, you find a smarter friend to help you find a better way.

My name is Gabriel and I'm new to BP. I'd never thought of my self as a real-estate investor until recently. Like many people, Covid cost me my W-2 job. Unlike many people, I don't want a new one. ( I may have to get one, and accept that at least for a while.) I built a sales portfolio over that old career that paid me handsomely, made my bosses happy, and ultimately was taken away when Covid reduced my margins. I forgot that if you aren't working on your own plan, you are part of someone else's. They gave what I build to the senior salesman and cut the rest of us.

I don't know how to make a living investing in real-estate. I know how to learn, how to sell, and how to hustle, and I'm hoping to learn the rest here.

So... hello smarter friends! I'm learning and reading and listening to podcasts. I have one investment property that pays for itself, it's repairs/upgrades, and usually makes a small profit. I've learned a great deal from that property. (Both what to do and what NOT to do) I know I'm not ready to leap into BRRRRing through 6 properties this year, but I'm trying to learn what I need to learn to get there.

I'm here to learn, grow, and makes some friends along the way. 

Thanks for reading!

Gabriel

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Most Popular Reply

Real Estate Broker · Huntsville, AL · Member since 2019 · 1k+ posts · 872 votes
5y

Your humility will take you far. Most people don't have the guts to say what you just said, but we all feel this way. Welcome to BP!

See this reply in the discussion

40 Replies

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  • Investor · FL · Member since 2015 · 202 posts · 34 votes
    5y

    @Gabriel Bures

    Welcome to BP.

    As far book, anything from gary keller or kiyosaki is a great place to start. Also for each BP podcast there is a list of books they reference you can find in the show notes

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y

    @Gabriel Bures welcome to BP and congrats on starting your REI journey!

  • Developer · San Diego, CA · Member since 2014 · 294 posts · 70 votes
    5y

    Hey Gabriel,

    Welcome to the site. It looks like you've already made a number of friends! Having previously worked as a career counselor (among other things) I always recommend new investors find something that fits in with their skill set and that they'll enjoy. There are a bunch of different niches to real estate investing and you don't have to follow the beaten path. Find what works for you. You mentioned having a sales background. That's a great skill set, but do you want to stay in sales or are you looking for a change? Do you want to
    write reports or hammer nails? Do you want to work with contractors, city officials, tenants, lenders, delinquent homeowners...?

    You mentioned having built up a network. There's definitely a place for people who can raise funds for larger projects and that includes building networks of potential investors, getting them interested in a project, and selling them on the abilities of your team.

    Finally you said,

    Before you jump into spending that money, make sure you have someone more experienced confirm whatever you're about to do (even if it's simply posting here). For example, you mentioned two options: buying outright or using that money as a down payment on (I assume) a larger property. Well, option #3 would be to divide that money into thirds and use it as three down payments on three smaller projects. Given that you're new and no offense, more likely to make a mistake, diversifying could be beneficial.

  • Real Estate Agent · Kalamazoo, MI · Member since 2021 · 10 posts · 5 votes
    5y
  • Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
    5y

    @Gabriel Bures

    You might consider something out of the box - like I did. After a frustrating year looking at real estate deals I was desperate to find something, and it had to make me money pretty darn quick.

    I stumbled onto flipping a mobile home in a park. Less than $20K invested, $15K profit in 45 days.

    I now own a nice portfolio of income producing real estate - most of it purchased with cash from mobile home flips.

    Takes less money, quick turn around time, and higher profit margin percentage than most real estate. Just a thought :)

  • Peekskill, NY · Member since 2021 · 20 posts · 28 votes
    5y

    @Effram Barrett @Account Closed @dmitriy fomichenko @mark s. @Jerry lucker

    THANK YOU EVERYONE!

    I won't make a habit of tagging everyone in the future, but I wanted those of you who contributed to my first post to know that it made a difference.

    I have a ton of information to chew on and process now. Thank you all for your welcome, advice, kind words, and offers to help in various ways. I was very nervous about posting and asking for help. You all are proving why Bigger Pockets was the right community to choose. 

    I'm going to dig into some research and consolidate all the info in this thread into some action steps. I'm also going to reach out to those of you that offered to talk further as I learn enough to at least have some good questions for you.

    I'm no expert, but if I can answer any questions about successful(ish) high-end airbnb, carpentry, or running really far, I absolutely will. 

  • Peekskill, NY · Member since 2021 · 20 posts · 28 votes
    5y
    accidental double post deleted.
  • Rental Property Investor · Knoxville, TN · Member since 2011 · 701 posts · 531 votes
    5y
    Originally posted by @Gabriel Bures:

    @Christopher B.

    That's a really good point!

    Can I ask what qualities really set an agent apart for you? What really makes an agent a Rockstar in your eyes?

    As an investor I want someone who is: Self-driven. Trustworthy. Has sincere market and industry knowledge. Knows their product. Excellent communicator and at networking. Smart negotiator. Professional. Consistent and reliable. A team player. 

    A retail buyer/seller may need some different/additional things. Many agents aren't full-time so lack drive and consistency in their agent business. If you are driven and professional there is a lot of opportunity for good agents imo. 

    Good luck with your journey and feel free to reach-out anytime. 

  • Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    5y
    Originally posted by @Gabriel Bures:

    I've been putting off introducing myself to the BP community
    because it seemed, well... scary. The thing you are most scared of is
    the thing you should do to grow though, right?

    I've also been told that when you are tackling a problem, you find a smarter friend to help you find a better way.

    My name is Gabriel and I'm new to BP. I'd never thought of my self as a real-estate investor until recently. Like many people, Covid cost me my W-2 job. Unlike many people, I don't want a new one. ( I may have to get one, and accept that at least for a while.) I built a sales portfolio over that old career that paid me handsomely, made my bosses happy, and ultimately was taken away when Covid reduced my margins. I forgot that if you aren't working on your own plan, you are part of someone else's. They gave what I build to the senior salesman and cut the rest of us.

    I don't know how to make a living investing in real-estate. I know how to learn, how to sell, and how to hustle, and I'm hoping to learn the rest here.

    So... hello smarter friends! I'm learning and reading and listening to podcasts. I have one investment property that pays for itself, it's repairs/upgrades, and usually makes a small profit. I've learned a great deal from that property. (Both what to do and what NOT to do) I know I'm not ready to leap into BRRRRing through 6 properties this year, but I'm trying to learn what I need to learn to get there.

    I'm here to learn, grow, and makes some friends along the way. 

    Thanks for reading!

    Gabriel

     Welcome aboard playa.

  • Peekskill, NY · Member since 2021 · 20 posts · 28 votes
    5y

    @James Wise

    Thanks James!

    I'm not sure if you know or not, but Cleveland is near and dear to my heart. I lived in Tremont from 2010 until 2015 and hung out in Lakewood for most of my 20s. I even refereed for the OG Burning River Roller Girls back in the day. Cleveland is one of the two markets I would be looking at if I decide to invest remotely. How's it going out there? I haven't been home to Ohio since late 2019 and I miss it.

    I saw that you were a guest on the BP episode 127 and went to check it out. Lots of good info. Glad to see you are still on the welcome wagon! 

  • Rental Property Investor · Lakewood, OH · Member since 2016 · 119 posts · 156 votes
    5y

    @Gabriel Bures

    Lakewood is on the up and up. I've lived here for 7 or so years (5 in lakewood) and it's one of my favorite places in the world. Not many chains, everything is small biz. All around its just a wholesome place. Prices are high right now (bought for 110k 5 years ago. Just appraised at 270 last week) but I guess that's everywhere

  • Peekskill, NY · Member since 2021 · 20 posts · 28 votes
    5y

    @Kyle Parks

    I've still got a bunch of friends out in Lakewood! The ones that bought homes a couple years ago are pretty thrilled right now.

    One of my friends from Tremont sold their place right before the boom really hit. Right across the street from the Southside on w11th. She's bummed to say the least.

    From your profile it looks like you are in the middle of your first house hack?. Is that true?

    I bought my house (my first) when I had a great W-2 and put it up on airbnb just to cover the mortgage. I really wish I'd house hacked first, but I had no idea that was even a thing back then. 

  • Rental Property Investor · Lakewood, OH · Member since 2016 · 119 posts · 156 votes
    5y

    @Gabriel Bures

    House hacked before I knew what it was. Just understood that someone else paying my mortgage was a good idea. We still own the place - its now 2x airbnbs and we bought a small condo down the street.

    The rising prices did 2 things- raised my taxes and gave me the option to take alot of money out. Can't complain. Working on 2nd house now. :)

  • Peekskill, NY · Member since 2021 · 20 posts · 28 votes
    5y

    That's cool! Hows the airbnb market in Cleveland? I'm not far out of NYC so it's booming here right now. 

  • Rental Property Investor · Lakewood, OH · Member since 2016 · 119 posts · 156 votes
    5y

    It's really good id say. But the competition is moving in hard and fast. Ask me again in September:)

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