How do I overcome feeling like an uneducated imposter?

Question

I'm a Dallas-based insurance professional, who is interested in getting into REI, but I'm not sure where to start in terms of offering value. And starting from the bottom is daunting especially when talking to investor who have properties/more experience. What are some ways that I can "start small" that have worked for you? (whether it be with interacting w/ other members of the community etc)

Mike Dymski · Answer

Jump in, real estate is not a complicated business.  Rents and expenses...bricks and sticks.

Alecia Loveless · Answer

@John-Patrick D. Bailey Hi. I was born and raised in Denton, but have since relocated elsewhere. I follow the DFW real estate market because I’m considering investing there. I see there are several meetups there that would be good networking opportunities for you. Finding one of these would be a great place to start.

Second, don’t be afraid to just jump in. If you haven’t already, narrow down your market and figure out where you would like to invest. If you’re unsure search the BP website for investor friendly Realtors in the city you are interested in investing in and make a connection with one or more agents. Talk with them about your goals and criteria and see if you can locate a property then start the process by running numbers, viewing it, and making an offer!

Corin Prendiville · Answer

Hey @John-Patrick D. Bailey! Everyone feels like an imposter when they are new to things, you just move forward and do it. The learning is in the doing. The best way to learn about REI is by house-hacking your own place or getting into a small multi-family and renting it out. REI is made up of only three things: Buy, Manage, Sell. Be okay with messing up your buy sometimes (even the best investors mess it up sometimes), stumbling through your management at the beginning is okay just don't sleep on it, and some day you'll sell at a profit if you don't over-extend yourself!Start with a house-hack, then think about the second one once you feel like you got a handle on it, work your way toward distressed properties, flipping, etc. If you can find someone to work alongside who does flipping or management and needs help take the opportunity, but its far from required to get started.

Maksu Ize · Answer

@Mike Dymski

What Mike said.

Go buy an entry level property. Even if you overpay by 20%, who cares, that property will be worth x2 in 10 years.

Jonathan Greene · Answer

You have a built-in expertise that could be of value to investors with insurance, but don't lead with that. Go to in-person and Zoom meetups and focus on building relationships. Feeling like an impostor doesn't make sense because who are you trying to impersonate if you don't know anything yet. That's more like wanting to be on a roof before climbing the ladder. Learn, connect, and then see how you can use your expertise to be a win-win for investors.

Andy Webb · Answer

Get out to some of the local meet ups and investment groups.  That is a good place to meet potential clients and more importantly learn the jargon, numbers, pain points for investors, etc.

Scott Mac · Answer

I will give you a tip.

Don't think about "Feeling".

Just focus on getting to some kind of goal--that could be talking to 2 people a week for 2 weeks straight.

Look at Football. If a Football player thinks about "Feeling" he's not going to do very well--because it HURTS to play football (and it hurts to train for it).

A Football player focuses on a goal. 10 yards at a time, sometimes 1 yard at a time without FEELING, just doing to get to the goal.

If you can do that--it will be easier.

There is no law that says you have to "Feel" anything.

Brock: https://www.youtube.com/watch?v=Lqe1FT_9d4A

How do I overcome feeling like an uneducated imposter?

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