New to investing and a little discouraged

Investor · Dallas, TX · Member since 2017 · 3 posts · 2 votes

Brand new to real estate investing. Just started last month. Had a few deals come up but not work out. Getting a little discouraged. Seems like everyone else is moving full speed and I'm in the slow lane. Any words of wisdom to a newbie?

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Jacqueline Coombs

Rental Property Investor · Grand Rapids, MI · Member since 2016 · 262 posts · 205 votes

I have definitely been there! I am sure you learned something from the deals that did not pan out and that is very valuable education! I gave myself a good 6 months to dedicate to education including going out to see many houses, reading, networking, etc. It seemed as if everyone was passing me by as well but really, most of us start out the same way. It's like getting a snowball started, lots of effort/push in the beginning until it builds momentum to roll bigger by itself. Give yourself some time, value the educational experiences and trust the process! Stay in the game and you will know the right first deal when you see it!

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Steve Kontos
Investor · Great Neck, NY · Member since 2016 · 679 posts · 467 votes
9y
@Lynsey Wilson
The people who succeed are the ones that stay focused...no matter what!
Remember that you have the support of the BP community. Any questions always feel free to ask.
Best of luck!
0 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y
Holly freaking MOLLY one month and discouraged.. really ??? that is something.
this is a very very long game.. nothing can be judged in 1 month... geez
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Kenny Oliver
Avondale, AZ · Member since 2017 · 65 posts · 8 votes
9y
Same here. Especially since my hometown is expensive and the only places I can afford are out of state. And i feel like realtors think I'm an idiot when i talk to them.
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Steve Kontos
Investor · Great Neck, NY · Member since 2016 · 679 posts · 467 votes
9y
@Kenny Oliver
If your specific area is too high just branch out. That's what I did. I live in New York and at the time could not afford to invest here so I bought out of state. Haven't looked back since.
1 Reply
Nate Hananger
Investor · Las Vegas, NV · Member since 2016 · 56 posts · 10 votes
9y
Investing is a marathon, not a sprint.
0 Reply
Account Closed
Frankfort, IL · Member since 2017 · 63 posts · 18 votes
9y
@Lynsey Wilson
F.ollow
O.ne
C.ourse
U.ntil
S.uccess
Pretty sure thats from Robert Kiyosaki, but keep on searching. Nothing good ever comes easy!!
1 Reply
Jacqueline Coombs
Rental Property Investor · Grand Rapids, MI · Member since 2016 · 262 posts · 205 votes
9y
I have definitely been there! I am sure you learned something from the deals that did not pan out and that is very valuable education! I gave myself a good 6 months to dedicate to education including going out to see many houses, reading, networking, etc. It seemed as if everyone was passing me by as well but really, most of us start out the same way. It's like getting a snowball started, lots of effort/push in the beginning until it builds momentum to roll bigger by itself. Give yourself some time, value the educational experiences and trust the process! Stay in the game and you will know the right first deal when you see it!
2 Reply
Lee S.
Northern, CA · Member since 2014 · 674 posts · 444 votes
9y
Just stick with it, and never believe you can't invest locally. Once you get that first deal done everything changes. I dabbled off and on for years with no real commitment until this last 18 months. I'm like a pitbull now, no fear. I've knocked on foreclosure doors, skip tracing vacants, direct mail, harassing no good wholesalers that have no clue what a deal is, spoke with many lenders to know what is available if needed, Whatever it takes.
Don't compare your success to people that are not in your area either. Seems any knuckle head can walk down the street in the Midwest and buy a ghetto house anytime they want. I don't compare myself to them because I have no interest in that type of investing.
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David Dachtera
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
9y
@Lynsey Wilson,
I understand your frustration, especially if you've been telling everyone what you're getting into and how great it's going to be and a month later they're all razzing you, "So, how's that new thing going? Made your first million yet?"
I got back into this summer of 2011 just after my Mom died. I figured she's gone, so even if I flop, she's not around to feel embarrassed or mortified about it. Prior to that, my first exposure came back in 1985. I was out of work most of that year. Had the good fortune to hook up with a money partner the end of 1989, but that one turned out to be an aclhy. So, that was short lived. I did get into two separate HUD repo townhomes, Summer of 1990 and Fall of 1994. Did the owner-occupied thing. My ex came along in '97, and I went off the REI track. Getting back into it now. Been working on my REI education the last couple or three years and things are starting to roll now. I'm getting (potential) deals coming my way and my public speaking career is starting to get up some momentum.
I'm not saying you'll take 30+ years like I did, I'm just saying everyone's different.
I know - that's hard to hear if you're out of work or "your take home pay won't take you home". It's hard to be patient when there's too much month left at the end of the money.
Slow down, stay focused, keep learning.
My $0.02 ...
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Eric Harris-Poindexter
Washington, DC · Member since 2017 · 1 post · 0 votes
9y
@Steve Kontos Could you give me a few buying out of state 101 tips? I would really appreciate it
0 Reply
Meghan McCallum
Specialist · CHICAGO · Member since 2015 · 680 posts · 650 votes
9y
Go and network. Tell people what you are looking to do. Put it out there to family and friends. Post on Facebook that if they know someone looking to sell ask them to reach out to you first.
Don't get down...it just slows progress. Get tuned into some podcast and take a walk...you will be better educated, more creative in thought, and just a teensy bit healthier for it.
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Steve Kontos
Investor · Great Neck, NY · Member since 2016 · 679 posts · 467 votes
9y
@Eric Harris-Poindexter
That's kind of a loaded question.
Best advice I can give for any out of state investor is have a good team in place (lawyer,realtor, property manager, banker etc). There is a lot of research and interviewing you will be doing throughout the process.
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Austin Fruechting
Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
9y
The best advice I can give is stay the course and don't force a deal. If the price to returns don't meet your criteria, wait until they do and keep trying until you get a deal that meets your criteria. The market is pretty strong right now, so it will take patience, but the worst thing you could do is get into a deal that doesn't move you forward or worse, takes you backwards because you forced a deal out of impatience. I quit my day job and it took nearly a year to close on my next deal.
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Austin Fruechting
Investor · Kansas City, MO · Member since 2017 · 791 posts · 1k+ votes
9y
Also, if you're already discouraged, you don't have a big enough WHY. Search yourself and figure out why you are pursuing real estate investing. If it's just for "stuff" and money that is probably not deep enough... but if your why is to live a fulfilled life and having experiences that provide true happiness a very short delay is nothing. This isn't a get rich quick scheme promising Rolexes and Ferraris in a year, but it can provide financial freedom to live the good life in the quickest manner possible for any person.
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Tom Ott
Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
9y
Originally posted by @Lynsey Wilson:

Brand new to real estate investing. Just started last month. Had a few deals come up but not work out. Getting a little discouraged. Seems like everyone else is moving full speed and I'm in the slow lane. Any words of wisdom to a newbie?
Hello and welcome!
You will find that golden egg! Keep looking. Best of luck to you!
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Lisa Coleman-Schmid
Investor · Amityville, NY · Member since 2015 · 22 posts · 6 votes
9y
If you ever want to make yourself miserable, spend your time comparing yourself to others.
Leave off of the slow lane/fast lane thing. It isn't useful. A one year old that is learning to walk will think that a two year old that can run and jump is amazing. It doesn't mean that the one year old is inadequate; s/he simply is not at that stage yet.
Keep reminding yourself that in one year you will be in a better position than if you did nothing. Even if you don't get a deal in that time, you will be better educated and more experienced than if you quit.
Make sure your numbers work and don't try to force it. You'll be okay.
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Mark Nolan
Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
9y
@Linsey Wilson
Welcome to Bigger Pockets. You are at the right place to learn about real estate investing.
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