How did you know you were ready to start?

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How did you know you were ready to start?

Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes

When you began in REI, how did you know that you were ready to make offers and look for buyers? Did you wait until you got a complete understanding of REI? Or did you just jump in once you had a basic understanding?

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Nathan GesnerBusiness Member

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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes

I didn't even have a basic understanding. I read a book about real estate investing and thought it looked like a good place to invest. I saved up some money and bought something without having a clue. It worked out. As long as you're in it for the long term, real estate is pretty forgiving. You can make mistakes and still turn a great profit.

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Dennis M.
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
7y
I read 52 books and listened to hundreds of hours on podcasts and YouTube videos before I closed on a property .yes a lot of doing this comes from practical experience but you can have a huge leg up by simply being educated and understanding what to expect . People skills is another huge one . I always thought of property management as managing property , that’s the easy part , it’s actually managing people I learned ! Some can do that and some can’t . LOOK Don’t spend your life living with a bat on your shoulder . You gotta take a swing if you expect to win this game .
2 Reply
Ramsin Jacob
Realtor · San Jose, CA · Member since 2018 · 184 posts · 71 votes
7y
I was a Realtor before I figured out the whole investment side of RE. It happened by accident when a wholesaler reached out to me and told me if I found the deals, that he would bring the buyers, cutting not much for me, my thinking at first was that is how it is. Quickly I realized this wholesaler was basically short shifting me, as I was the one putting the leg work in and finding the deals, not to mention handling the legal transaction. So with out much knowledge in the beginning, I set out to find as many investors as I could. I learned a lot along the way and now I am fixing and flipping properties on my own through my entities. Also still working with other investors, not at a place yet where I can handle each deal that comes my way. So I present them to the network I have & if someone like the deal, we move quick on it! You won't learn from just reading books, forums, watching videos; the real experience comes and then the lessons follow after that. It's always the best way, through all my years of business, not just in REI but through my other companies, that is how I always learned, by getting my feet wet! Good luck @Tiffany Milan
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Ian WalshBusiness Member
Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
7y
Being ready to start was a no brainer. There wasn't a time I wasn't ready. Being ready to go full time was different. That I waited for until my day job made me less money over 90 days than my real estate investing that I was doing nights/weekends.
1 Reply
Ryan Evans
Rental Property Investor · Cleveland, OH · Member since 2016 · 653 posts · 769 votes
7y
You'll never be ready, but you can mitigate risks and go in informed. You can read every book on how to ride a bike, but you'll never figure it out until you give it a try. It's the same thing with real estate.
Plus, have you ever heard someone say they wish they had waited longer to invest in real estate? My point exactly :)
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Nathan Rude
Rental Property Investor · Dayton, OH · Member since 2017 · 48 posts · 68 votes
7y
I read a few books and listened to about 50 podcasts while waiting to find a deal. I purchased my first rental 6 months ago, and it's been a great learning experience. While books are great, nothing compares to just doing it and learning along the way.
1 Reply
Daniel Campbell
Lender · Detroit, MI · Member since 2017 · 36 posts · 30 votes
7y
@Tiffany Milan I had 5 years of experience as an intern for a Real Estate Investor, but when I finally pulled the trigger, I was not 100% ready. Honestly, I equate it to having a child: you’re never ready, but you will be when it happens. Get the fundamentals down. Know what a textbook good deal looks like and what a bad one looks like. Once you know that, have a big savings account to live off of and then just go do it. Jump in. I knew it was time when I would rather be homeless than work for the company I worked for. 😂
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Tiffany Milan
OP
Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes
7y
@Jim K. Interesting. Thanks for sharing your knowledge. You are absolutely right. In order to do this business, there is a paradigm shift that must take place. I can deal with judgmental people and rejection, I mean all a homeowner can say is no. I have run other businesses and setbacks happen. Thanks again for the reality check.
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Tiffany Milan
OP
Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes
7y
@Dennis M. Education is key. I love how careful you were. I am not sure if I would have read 52 books before I started, but I am asking you for advice. I have read books and attended seminars and worked for credit agencies that ran title searches, so I am not completely clueless. I'll tell you what, I will be looking for a mentor. I definitely need someone to bounce ideas off of.
That was a great answer. It definitely made me think. Thank you
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Tiffany Milan
OP
Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes
7y
@Ramsin Jacob Sometimes the best things that happen in our lives begin accidentally. You had to take that journey to find your true calling. I am glad that you figured it out and was able to start something on your own. That's great. Yea Ramsin, I am starting to see the hands-on nature of this business. It is time to get started. Thank you so much!
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Tiffany Milan
OP
Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes
7y
@Ian Walsh Thank you for your thoughtful response and congrats on being able to quit your day job. That must have felt rewarding.
0 Reply
Tiffany Milan
OP
Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes
7y
@Nathan Rude Thank you. I think that that will be my approach. I have the basics down. I am trying to make a few decisions about whether I want to stay at home or search in a nearby market. I have even found a cash buyer already, which was completely by accident. Now I am about to pull the trigger. I love people and am genuine about helping them. Imo, REI is a perfect fit for me.
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Tiffany Milan
OP
Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes
7y
@Daniel Campbell Wow. You interned for 5 years, but at least you paid your dues. I bet you have attained some valuable knowledge. Thanks for sharing your story. Your whole business was built from the passion and fire inside of you. That's one to tell your children.
0 Reply
Tiffany Milan
OP
Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes
7y
Thank you to all that answered so far. This information has been invaluable and inspiring. Whenever I start doubting myself or getting discouraged, I will read this thread.
Good luck to all of you in your future endeavors.
0 Reply
Linda S.
Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
7y
@Tiffany Milan,
For me, the right time to start came when I met my partner and we realized we had an equal amount of desire and excitement for real estate. I was always nervous before about maintenance calls/expenses/my lack of knowledge of general household stuff (I'd never touched a breaker box before!), so when I was talking with my partner about it, he knows and understands that stuff, so it was like the perfect storm....
So based on that-- where are you lacking, and could you partner with someone to make it work? Figure out what you need and proactively find it and get started.. As someone said, no investor ever says "I wish I would have waited"
0 Reply
James S.
Detroit · Member since 2018 · 27 posts · 19 votes
7y
Our family is involved and we stumbled into adding this to our life. We bought our first home and decided to do a ground up rehab on it... 2 years later we wanted more space with our second kid on the way and we made a good profit by selling. Knowing what we knew and some shared knowledge from our family in the many processes of owning, buying, flipping we wanted to take our profits from the first house and turn that into additional income. We knew the market very well just out of our constant curiosity and leaped at the chance when we found our first rental just to get one under our belt. We are now in a sprint so we can walk mentality, it's very exciting and we are glad we did.
0 Reply
Shawn Ward
Real Estate Investor & Consultant · Los Angeles, CA · Member since 2016 · 620 posts · 386 votes
7y
Once I had a joint venture set up with an experienced flipper, I knew I was ready. I'd never go it alone. Partner w/ an experienced investor and bring something to the table.
0 Reply
Cassandra Sifford
Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
7y
@Tiffany Milan ... I recently purchased my 1st buy and hold after researching and getting my finances in order for about 2 years. Along the way I watched various podcasts and took notes galore. My schedule has always been hectic (single mom with 2 kids), but if you're passionate about making your dreams come true and your future that much brighter, you go for it! I think you don't really know what you've gotten yourself into until you get into it. I'm still at the beginning, but am excited to see what the future holds :)
1 Reply
Account Closed
Rental Property Investor · FL · Member since 2017 · 74 posts · 27 votes
7y
Originally posted by @Llewelyn A.:

I graduated College in 1996 and got my first professional job in 1996.
Then I said to myself..... who do I really want to get rich? The Company I work for or the ME!?
I choose ME! haha!
Bought my first Building in 1997.
Quit my job in 2004, never had to work again (except if I wanted to) as I became financially free.
That's awesome Lweleyn! Would you mind sharing some numbers? Would love to hear how you did it!
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Daniel Campbell
Lender · Detroit, MI · Member since 2017 · 36 posts · 30 votes
7y
@Tiffany Milan I should probably also mention that I was in college getting a degree in architecture over the course of that internship.
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Tiffany Milan
OP
Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes
7y
@Llewelyn A. Exactly. It took me way too long to get to that point in my life. Although I am grateful that I am here now. Thanks for responding.
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Tiffany Milan
OP
Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes
7y
@Linda S. Thanks for the great advice. I have been proactively looking for partners. I have found a cash buyer and a private lender so far. I am still looking for an experienced investor/mentor that can show me the ropes.
0 Reply
Tiffany Milan
OP
Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes
7y
@James S. That sounds great. You're lucky to have experts in your family. At least you have someone to bounce ideas off of. Thanks for responding.
@Shawn Ward We'll do.I am actively looking for partners now. Thanks for the advice.
1 Reply
Tiffany Milan
OP
Egg Harbor City, NJ · Member since 2018 · 43 posts · 26 votes
7y
@Cassandra Sifford Congratulations on your first deal. I like the fact that you didn't let your shortage on free time stop you. There are really no excuses when you want to get something done. Thanks for responding and for the great advice.
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David H.
Madisonville, LA · Member since 2018 · 125 posts · 71 votes
7y
It sounds like you are about ready and just need to make the leap lol. I have found once I'm about ready I just start looking and eventually a deal comes up and causes action. Not saying to just go buy something but if you have some room financially and have the basic info, you are probably at that point to get your feet wet. Nothing like experience to really start learning!
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Moises B.
Investor · Bronxville, NY · Member since 2017 · 114 posts · 48 votes
7y
@Tiffany Milan yo don't. You just inform yourself as much as you can possibly can. In other words, until everything begins to sound the same. To start you need the concept, once you're in you begin educating yourself more into which avenue you'd like to tackle based on the type of person you are.
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