Farmington, MI · Member since 2008 · 2 posts · 2 votes
Hi all; my name is Diane and I'm brand new in the real estate investing business. Thought it would be a good time to get into the business as we in Michigan have one of the highest foreclosure rates in the country. I've got a question for those of you who have been doing this for awhile: is it natural to feel a little nervous and downright scared when you start out? I haven't done my first deal yet but I find myself nervous about whether I know enough to do this. Do I just dive in and learn from my mistakes?
Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes
18y
Diane,
Welcome to bigger pockets. If you didn't feel nervous I would be worried about you! For most new investors, the most difficult deal not only to find, but to pull the trigger on, is your first one.
The best thing is to educate yourself and surround yourself with knowledge. Network with other area investors and learn from them. Maybe find out how you can assist them and possibly work with them on one of their deals to help ease your nerves some.
Minneapolis, MN · Member since 2008 · 691 posts · 12 votes
18y
Hello Diane, and welcome!
As Ryan said, education is the key. Read books, join a REI club, surf the internet, and read all the forums on this site. Get your forms in place, and focus on one strategy for investing and become a book-expert on it. Find areas good for investing, and learn the property values so you can know how much less to offer. Select your marketing budget, and decide what strategies you will use to market. Take action!
Then, as you said, you will need to dive in and go for it! Ask questions and we will try to help. Good luck! Mike
Real Estate Investor · Lancaster, OH · Member since 2008 · 87 posts · 0 votes
18y
Greetings Diane!
I am in Ohio and travel to Michigan on business a few times a year. Michigan and Ohio both have high foreclosure rates. Is that the direction you are going... to invest in foreclosures? One option that I use is online auctions of foreclosed reo properties.
An investor's exit strategy would also determine which direction to take.
Short term or long term investments?
Another option is to partner with an experienced investor or mentor until you are in a position to work deals on your own.
Take a deep breath and one step at a time! Good luck & good investing!
Real Estate Coach · Oakton, VA · Member since 2008 · 695 posts · 43 votes
18y
Diane,
Everyone is "terrified" when they first begin. Do plenty of research on this forum, but set a firm deadline when you will do your first deal...maybe 60-90 days out.
The last thing you want to do is be someone who does "research" for 2 straight years because they let their fear control them.
Residential Real Estate Broker · Conroe, TX · Member since 2008 · 1k+ posts · 43 votes
17y
Hi Diane,
Welcome to the group! Apprehension is healthy. As for learning from your own mistakes.....I suggest that you learn as much as you can from the mistakes of others. You'll do fine....