Hello BP and perhaps more specifically,my fellow newbies. My partner and I have been stuck in analysis paralysis,for at least 1 year. Although we may feel ready,we can't help to sometimes feel that uncertainty. If you're like us, where you have a burning desire to pursue this journey,but still need a push, then let's take this leap of faith together.
We can share our passion and experiences together. Share our mistakes,goals and more importantly our journey into success.
So how do I begin and sum it up for my partner ( who happens to be my future son in law) and I.
Our WHY - To obtain wealth that will allow us to provide a legacy for our family. To bring God glory,with financial freedom in where he may lead us.
OBTAIN knowledge - Books we have read: Rich Dad Poor Dad , by Robert Kiyosaki ; The Millionaire Real Estate Investor, by Gary Keller; ALL OF Brandon Turners books (thanks Brandon ), The book on flipping houses,by J. Scott and many more.
Pod Cast ; picking brains ( not figuratively )
Bigger Pocket and the burning desire to learn. HENCE THE ANALYSIS PARALYSIS
...... And there is a lot more.
It all led to us making our first offer a few days ago. It was for a pair of Duplexes ,class D area .
( LOL ,Check us out trying to come out the gate in a blazing fire)
The COMPS are $74 , Asking was $105K for one and $99K for the other.
We offered $136K for both. They said we didn't even come close, but a week later,a duplex directly next door sold $68K
So PATIENCE,PERSISTENCE ,and PERSEVERANCE ........And away we go.
I listened to a podcast the other day,he said
" PERSISTENCE + OPPORTUNITY= LUCK "
SO I THINK THE A ANSWER IS TO TAKE ACTION
WHAT SAY YOU ?
As a fellow newbie, I'd say just go for it! I bought my first property (a duplex) in May and I'm glad I did! In my experience, the more I learned, the less I feared. Have a good understanding of all aspects of real estate.
It sounds like you have done your research already, and knowledge is key in this industry. Research your market, and when you find a screaming deal, act quickly and confidently in it. DO NOT settle for a mediocre deal. A great deal will minimize your risk, and you make your money when you buy.
That's my two cents. Good luck to you!
@Tim Hertz Congrats on your Duplex, that seems to be the common theme for Newbies.
Your are correct, minimize risk by purchasing right and for me keeping emotions out of it
Thank you Tim.
I have another offer I just put in on SFR, this one requires no rehab, essential a turnkey (not by real estate definition)
I offered CASH (they say cash is king)
Crossing my fingers
Take care Brother
Wow...planning to partner with a future son in law. You defiantly like to take risks on the high side. I am a risk taker but you are way beyond my game.
Real estate investing is extremely risky to begin with but you are throwing in a variable that potentially is a time bomb waiting to explode.
If you are prepared to take that much risk with a partner I would say take LUCK off the table and go for it.
I truly believe that this partnership will work , he's an incredible person (lol if he weren't- he wouldn't be marrying my daughter-lol)
I do understand what you mean about partnering- there are inherent risks.
As a seasoned Fireman , trust me I know Risk. I hold position of safety on fire ground, and although we are talking two extremely different things, I have Learned to appreciate "Risk vs Benefits "
In this partnership we balance each other , in all aspects. We treat it as a business , have a written agreement and having monthly meetings. ( we also have a 2 yr agreement on partnership - at that point we will re-evaluate)
We are trying to model some of the success stories out there in partnership.
Thank you very much for your advise
Welcome to BP.
Hello BP Fam. Fellow NEWBIES. So You know how everyone says to stick to one thing, and master that. (I've not read "The one thing by Gary Keller , not yet anyways) Well I don't know what to call it luck, fate or persistence- but we meet and took to dinner Tom Krol. He's Podcast show #176. We are know focused on doing Wholesaling and plan to put ALL our energy into this.
As a Newbie , its very hard to get in the game, be it- building capital; finding deals; networking or just taking action. For us its all the above, but we are determined to succeed , and we will.
So to all the Newbies out there, its good to learn the business (reading, webinars , etc...) however, I am finding its the actions that we take that will lead us to success. WE ARE BURNING THE BOAT. (figurative saying, that we will drown our swim to solid ground)
PS -They denied that last offer. We put in several others, All denied. (My mentors says that good)
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