Building the idea, the broad plan, and defining the top 5 things I Want to accomplish aren’t the problem... it’s where to start finding investors? Can I expect someone to take me seriosly w no experience? I’d love to hear from some pros in CT and MA that have words of wisdom for me.
Investor · Vancouver, WA · Member since 2013 · 3k+ posts · 4k+ votes
7y
Welcome to Bigger Pockets!
1. Clarify your values, roles and goals in life. Prepare to give before expecting to receive.
2. Explore the BP website fully. Especially the items under the Education Tab. You're going to need to learn more about the real estate investing business and chart your own course. I suggest listening to podcasts, reading blogs, and reading the forums. Read some good books too. If you have a specific question to ask, use the search box to see if the topic has been discussed previously. Improve your BP profile; if it's vague and lacks focus, it won't serve you or others well.
3. You may be new to the business, but not new to life. Discern the skills and experience you already have that are transferable to the type of real estate investing that interests you. Find your passion and take action. Believe in yourself!
Investor · Vancouver, WA · Member since 2013 · 3k+ posts · 4k+ votes
7y
Welcome to Bigger Pockets!
1. Clarify your values, roles and goals in life. Prepare to give before expecting to receive.
2. Explore the BP website fully. Especially the items under the Education Tab. You're going to need to learn more about the real estate investing business and chart your own course. I suggest listening to podcasts, reading blogs, and reading the forums. Read some good books too. If you have a specific question to ask, use the search box to see if the topic has been discussed previously. Improve your BP profile; if it's vague and lacks focus, it won't serve you or others well.
3. You may be new to the business, but not new to life. Discern the skills and experience you already have that are transferable to the type of real estate investing that interests you. Find your passion and take action. Believe in yourself!
Whitman, MA · Member since 2018 · 104 posts · 80 votes
7y
@Marci Fournier Welcome! I'm still a newbie and learning everything I can, also from Massachusetts.
1. Go to Meetup.com and search real estate, real Estate investing groups and attend ones in your area. Lots of networking opportunities there. Have some business cards printed up; take a card, give a card. Contact them, see if they will meet you for coffee sometime.
2. Listen to the Bigger Pockets Podcasts everyday. You can download them to a thumb drive and listen in your car while driving to work or wherever. There are over 300 of them, jammed pack with the information you need. I call it Real Estate radio; I listen in my car and at home. Best of all its Free!
3. Think about taking a Real Estate classes; I just finished mine and it's a great foundation of knowledge whether you take the real estate license exam or not.
4. Read, Read, Read everything real estate. On Bigger Pockets there are several Free books and articles that can be downloaded (and printed); start with the Ultimate Beginners guide to Real Estate investing by Brandon Turner and Josh Dorkin. Read Rich Dad, Poor Dad; and many other books recommended on Bigger Pockets.
5. Also join a Real Estate Investors group in your area and attend the meetings and get active.
@Marcia Maynard -Thank you. I’ve been on just about every side of property loving - fixing, reselling, prp management, staging or new construction and sales.... except owning.. I just feel it’s time.
Rental Property Investor · Los Angeles, CA · Member since 2018 · 74 posts · 33 votes
7y
I completely agree with @Marie Fries. Especially attending meetups. Start going to them sooner rather than later, even with no to little experience you can still attend many of these meetups and you'll soak up so much valuable information and start building great long lasting relationships which are essential in this field.
People will take you seriously if you show that you are truly committed and consistent, so commit to a few meetups you will attend religiously.
Thank you!! I learned so much from every side of this business except actually being the owner or investor... so I’m very excited to start attending meet ups and networking events.
Rental Property Investor · Lone Tree, CO · Member since 2017 · 18 posts · 13 votes
7y
@Marci Fournier In addition to attending local meet ups consistently, as you get to know investors in those groups, build relations and offer to help them in any way that you can. Ie, if you time to edit their business blogs, help them with their newsletter, what ever it may be. If you focus on how you can add value or help them, it will come back to you in learning and education.
Rental Property Investor · Lone Tree, CO · Member since 2017 · 18 posts · 13 votes
7y
@Marci Fournier great idea to consider volunteering some of your skills as a great way to learn. Many of us with real estate investing businesses hire for those services. Currently, my daughter does my editing and she's learned a lot about the business.
Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
7y
first? understand how to analyze investments....
second? have your own capital (so you may need to save)
Third ? take your time and then once you are sure the numbers work then make an offer.
fourth - do not invest long distance until you know what you are doing if even then.
and finally - continue to hone your analyzing skills... try to learn from the big boys in MF so you know what you are buying will get you where you want to be.
Coming into this from where I am... I think a lot of my questions come from the basics. I just found a bunch of templates and materials that will help. Recently i seem to be falling over really good opportunities, just not nearly financially ready for them. I’m just eagerly looking to roll them together.
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
7y
Buy at the funeral , sell at the wedding
money Is made when you buy , not when you sell
Money doesn’t solve problems ,financial intelligence solves problems and makes money
Developer · Cincinnati, OH · Member since 2018 · 1k+ posts · 3k+ votes
7y
Since you have no experience, I agree with @Account Closed: focus on knowing how to find, analyze and secure good deals. The money always follows good deals.
Also, since you have no experience, you have to be willing to give up MOST of the equity to your private investors and/or you have to partner with one with the experience to make the deal work for your money partner. Structure something like below:
YOU - find the deal, find the experienced partner
Experienced partner - finds the cash or money investor; and does the rehab and sales (if it's a flip); or rehab and rent (if it's a rental), etc
@Marci Fournier I’ve enjoyed all of the comments. Have you put a down payment on a home? A great way to grow is starting by having a house. Anything that works for our budget, I’ve had friends who bout a house and rented out two of there three rooms and it helped a ton!
Charlotte, NC · Member since 2018 · 29 posts · 16 votes
7y
Set goals! BUT, Before you set goals you have to sell yourself 100 percent on your vision you have. Fully commit! Doubt and fear will get you nowhere. Conquer the beast. Start building a strong network. NETWORK IS YOUR NET WORTH!
Specialist · Miami, FL · Member since 2018 · 22 posts · 18 votes
7y
@Marci Fournier
1. The first thing is: you need to have a proven strategy that makes money repeatedly (the answer for that is learn, do and network as much as you can till you are ready to grow bigger) - If you do not have one that could be scaled the answer is: join someone who is already successful (a mentor who can demonstrate and do Joint Ventures with you)
2. The second thing is: you need to know that the only way you will really make it big in real estate is if you become a syndicator (a sponsor) because you can leverage your growth to an insane level (for that, the answer is: you need to find an existing syndicator who will train you and is willing to take the liability to place you under him/her as co-syndicator to get started- that was the key to my success and I went from doing $300k flips to raising millions and buying apartment buildings at $5million a pop)
3. The best way to raIse money Is to approach high Income who will give you money for your deals but don‘t waste your time showing them the deal - everyone has deals - the way to do it I learned is to offer these high income high networth people the structure and legal way to reduce their taxes - most high income people pay 40% plus on tax - I learned from my co-syndicator mentor in 2015 that there are ways to reduce their taxes to 15% - (on every million in income instead of them paying $400k they structure with the legal team we have and they pay $150k) a saving of $250k) - they invest the $250k in my syndication - it is the principle of reciprocity - that $250k was going to go to the IRS - btw what happened in 2016 my second year is, they sent me referrals and invested way more money, so I went from year one as a co-syndicator with $3mil raised to a full syndicator and year 3 I have $30mil in assets) it changed my life - it is all about what you offer them to make you unique
Real Estate Agent · Phoenix, AZ · Member since 2016 · 69 posts · 83 votes
7y
@Marci Fournier
1. Surround yourself with the right team. If you have a hard time finding investors, connect with someone who finds them easy
2. Get educated and get a coach. You WILL make mistakes. Your job is to minimize those mistakes.
3. Give more than you receive.
Good luck!!!! Feel free to connect with me. We are in the middle of buying two properties. One has a JV opportunity to work on.
Thank you so much. I’m soaking it all in now. And learning as much as I can. I just posted in the creative lender section. I was trying to be a little vague so these wouldn’t get swiped out from under me. To me it’s a no brainer because the rent income on one pays for both properties regardless of my own input. I put a lot of info in there on what I was looking for. It’s all worth a try right?!
So many of you have so many great ideas. Thank you for all your responses they are inspiring. The attributes I bring with me beyond life experience encompass so many angles of owning, investing, renting, renovating, building etc except as the owner or investor. Ive done property management, I’ve excelled in closing the deal, I’ve virtually assisted a plethora of different types of professionals, authors, and more, and I’ve worked the construction angel from office managing and upgrade sales in new construction and renovation... to doing it myself to close a deal in time. In these cases I’ve always worked for other people. I’m excited to be starting on my own. I’ve provided a pretty vague looksie at my first few ideas in the looking for investors area. TBD terms and %s. I’d be interested to hear thoughts and advice. It’s wordy but read it thru.