Hi! New to all this and would like any and all advise possible!

Jacksonville, FL · Member since 2015 · 280 posts · 53 votes

Originally posted by @Eric Espinosa:

My name is Eric and I'm really interested in real estate. I've been here before but I don't know, maybe it was just fear, maybe me just being an idiot, I don't know. I've been to all the seminars, watched all the videos, read the books, yet here I am, not doing a damn thing. All of them promise the same thing - no money, no credit needed. Is it just me or is it just a joke? I've done the asking friends and family, tried finding investors - I run a small business selling and installing home theater equipment, so I've met a lot of wealthy people - but still can't even come up with enough to just front the money myself to get this going. I've gone as far as finding a company that'll find and assess the homes and literally show me what the potential earnings are after flipping and I can't even do that. Am I doing something wrong? Call me a knucklehead perhaps, but you fall so you can learn to pick yourself back up, right?

My overall goal, incorporate my home theater knowledge into flipping homes and making it so anyone can achieve entertainment at home. Yes I know, that's not what sells the homes and makes no ROI. I get that. I look at it as giving back, paying it forward, whatever you want to call it. What can I say, I love my home entertainment and want the same for others. With all my ways to get things at wholesale pricing and with the ways of knowing how to essentially get it all in there, while saving money on other things and still make a chunk of change at the end, I'm all for it.

I guess what I'm looking for is guidance, advice, a foot in the door, someone to push me off the cliff and show me how it's done. I've always been more a hands on type of learner. My whole life I've been that way. Moved from p New York 10 years ago to Houston so to say I've learned from my mistakes, is an understatement. Was moving here a mistake? Absolutely not! Had I not moved I may have never gotten into loving homes and all this flipping madness.

Enough ranting form me. I'm here to learn and do and master this real estate business as best I can. I'm not getting any younger. Ultimate goal, I'm turning 40 this year on December 21st. I want to say I'm financially secure enough to know that my next 10 years are going to build on the best ofme and have me and family secure enough for generations to come. Someone crazy enough to help show me these ways? I hope so. If not, I'm sure I'll fall down plenty more times on my own before getting there - and I will get there.

Thanks my story. Thanx for taking the time to hear me out.

Hey Eric,

I trust you're not an idiotic person as your post states. You're a small business owner, that's #1. Second, you've come to Bigger Pockets (a great place to be). This forum is doing things for me that I didn't realize was possible.

So, you're used to hands on learning huh? It's not that different here. Spend time here reading for 30 days without fail and see what happens. Just dedicate yourself to doing it and let it prove itself.

If you're not broke and have a credit score of 600 or more you're ready. If you weren't you'd still be ready. IF YOU THINK YOU CAN OR YOU THINK YOU CAN'T, EITHER WAY YOU'RE RIGHT - Henry Ford.

FEEL THE FEAR AND DO IT ANYWAY is what Zig Ziggler said. If it's good for you, then just go it. This is definitely good for you, no doubt.

I'm here to help if you need me!

2 Reply

Lee Scarlett

Jacksonville, FL · Member since 2015 · 280 posts · 53 votes

10y

&.... Welcome to Bigger Pockets!!

1 Reply

Jonathan J. Miller

Lender · Denver, CO · Member since 2015 · 275 posts · 35 votes

10y

I think the way to go is baby steps. I don't know the NY market but you usually need 15-20% down to do a deal. Other markets are less expensive than others as well. The US is your oyster. Partners in crime are also good to get started.

1 Reply

Drew Shirley

Attorney / Multifamily Investor · Houston, TX · Member since 2009 · 173 posts · 136 votes

10y

Hi Eric, welcome.

The "no money down" mantra is a bit of a misnomer because it's very difficult to invest in real estate without any money whatsoever. At the very least, you are going to need some sort of marketing budget to generate leads for buyers and sellers.

If you're going to wholesale and do double closings or assignable contracts, you at least need a good assignable contract and a list of investors to assign your deals to. That requires an attorney and marketing, or maybe a membership in the local real estate investors club.

You can cold call FSBOs and FRBOs on Craigslist and in the magazines... that's free but time-consuming. If you're actually going to take title to your properties, you'll need to buy a sign to put in the yard, a lockbox, more contracts... etc.

I do know that the only way you'll ever make any money is make offers, the more the better. So you've got to get in touch with motivated sellers somehow and make offers. Everything else is window dressing.

Good luck.

3 Reply

Curt Smith

Rental Property Investor · Clarkston, GA · Member since 2012 · 2k+ posts · 1k+ votes

10y

Good comments! Also, go read in the many forums about: creative deals, direct marketing, wholesaling. All answers are already in the forums.

Buy the BP books, low to no cash deals...

1 Reply

Linval T.

Investor · Bay Shore, NY · Member since 2014 · 1k+ posts · 688 votes

10y

@Eric Espinosa

Welcome to the vibrant BP community, where you will find like minded individuals committed to REI and also helping others succeed.

Your time on this social media site will be well spent.

You have taken the 1st step by announcing your readiness and commitment to embark on a REI career.

I didn't see any mention of your particular REI area of interest, but, whether you pursue, wholesale, rehab & fIip or buy and hold it's up to you to decide.

I added three links below from the most popular niches for you to pick one, focus on it and expand to the others if needed later.

https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)

http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)

http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)

Also, in reading your introduction my take is that you should stop thinking of the past in terms of could have, would have and should have. It's 2016 a new year and a splendid opportunity to start on a new page in a new book for your REI career. Stop knocking yourself and move forward, if not ten years from now you will be talking the same way. Your issues/problems are not insurmountable and there are lots of people out there with larger issues/problems and they are moving ahead. So, continue to educate yourself, put together a consistent savings plan and be prepared to take action.

The BP community is here to help and will be delighted to hear from you in the near future about your accomplishments.

The bottom line is that you must take action to start.

Don't get bogged down with analysis paralysis. You must take risks, but, ensure that they are calculated risks.

Below are some links to get you started.

https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)

https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)

REI books suggested by BPers

https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)

Before making your 1st REI purchase please visit the link below for some useful tips

https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

1 Reply

Lee Scarlett

Jacksonville, FL · Member since 2015 · 280 posts · 53 votes

10y

@Eric Espinosa, you can see from the additional posts (after mine) how helpful this forum can be. @Linval T. is seriously awesome at providing those resources for you to fully take advantage of the suggestions I previously offered.

In addition to some of the comments above regarding starting and or marketing, do a search here on the forum for "Driving for Dollars". You can also contact other BP members near you who may have properties ready to sell. They could offer you some sort of a split if you can find buyers for those properties. That could be another way to start if you're looking for a way to get going.

0 Reply

Theodore Rivera

Investor · Houston, TX · Member since 2013 · 76 posts · 35 votes

10y

Eric,

Gotta love the post! The honesty and transparency you describe is something most of us have experience at one point or another. The fact is that investing in real estate is real and a very promising way to secure a financial future.

You make note of the internal struggle that is going on within you and I believe you gotten to the point of making a decision, and you now realize that it is time to "jump off the cliff" as you say. Unfortunately none of us can push you off the cliff, the decision is yours to make, all we can do is encourage, suggest, advise, and support you along the way. There is one point that needs to be made. This business requires hard work, dedication, persistence, and perseverance; not for the weak of heart.

The fact that you have your own business, pretty much sums up the fact that you can do it! Take the plunge! You and your family will be better for it. There is a wealth of information on this site as well as real estate network meetings throughout Houston. RICH Club, Prosperity Group, Real Acquisitions, Wealth Club, Jet Lending, REIA, and the list goes on. Start networking, and meeting like minded individuals who are either doing or striving to do the same. I do advise that you to be cautious, and due your own diligence when attending some of these events, as most promote their memberships and/or offerings. Just to be clear I am a member of a few clubs, just be cautious. Don't let the hype or your emotions run wild.

Wish you the best of luck, and hope to see you at some of the future network events.

1 Reply

Eric Espinosa

OP

Contractor · Richmond, TX · Member since 2014 · 26 posts · 5 votes

10y

hi guys. wow all the feedback is great!! really it is. as for my goals, flipping homes is where i seem to enjoy this venture. i get to work in a lot of homes doing the home theater thing and i see so many different types of homes and what people are doing with them. from new construction, to renovations and everything inbetween, i just love being involved in the process. funny part is i see so many things that people cheat through that it kills me. its like home theater for example - how many times have i seen jobs go so wrong that it kills me to have to go back out there to fix what the last guy screwed up...more times than i care to even think about. this is one of the main reasons i went into business for myself. little by little just kept working up the chain of things i see that i can fix or do better myself. my chain has now gotten me to real estate. i live in texas - coming from new york i see so much potential to have so much down here. i've been playing in the little league as i like to say - time to make it to the majors! real estate!

there i go rambling again - one day i'll write a book i guess lol.

anyhow, seems like i have a lot of reading to do. new year, new ventures, right?

0 Reply

Chaim F.

Property Manager · Brooklyn, NY · Member since 2015 · 537 posts · 56 votes

10y

Hi @Eric Espinosa, welcome to the BP community!

I don't have much to add after all these posts, there's just one thing that is very important, having goals and working on them "every single day", that made a lot of people successful.

Wishing you lots of success!

0 Reply

Ricardo Murph II

Specialist · Cleveland · Member since 2015 · 90 posts · 24 votes

10y

@Eric Espinosa it sounds like you have developed your "why" and this will push to take action this time. As Theodore said the local clubs could be good. I attended my first REIA meeting last night. They did pitch the membership and events for the first 2 hours. After that they started giving out some more useful info. I had to leave early but I did meet an investor that is also on BP that has done a couple deals in the past year. Outside of the forums, Podcast and books it may be good to check out a few local meetings. I found a bunch on Meetup.com

0 Reply

Hi! New to all this and would like any and all advise possible!

Hi! New to all this and would like any and all advise possible!

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