Not sure where this goes to me it as all about mindset

Not sure where this goes to me it as all about mindset

Real Estate Agent · Voorhees, NJ · Member since 2019 · 32 posts · 14 votes

Hello, All 

I have been following BiggerPockets for many years and have been listening to bigger pockets podcasts for many years. 

I have been a premium member for several months and have posted at least several times.. 

The forum just like real estate has so many different places that you can post and provide value...

Quick on Background;

I have been a real estate licensed agent in the state of NJ since 1999. I was an active real estate agent from 99-2006 under century 21 in Middlesex County NJ and then transitioned to Remax Central after that i went to referral agent status until 2011. During my time of being agent i did a lot of residential and some fix and flip properties where i found properties and helped with project management of the contractors. 

Between 2011-2020 I assisted family members get into real estate and provided operational support (marketing /business generating activates). During this time i joined EXP Realty and then Berkshire and Hathaway ..

In 2011 i also started to learn wholesaling even joined clever investor as a founding member but at the time wholesaling was laughed at in South Jersey when i went to title companies so i kept it as a hobby more than a business of consuming information. 

In 2020 when the world flipped over i gave wholesale a try by hiring VA and spending around 20K failing to launch a wholesale operations.

The operation didn't make any sales mainly because I didn't have time to work the business and because I didn't have a follow up system at all to track and follow up with the leads. 

Once all of that came crashing down i pivoted to next shinny object multifamily joined a multifamily mentorship and quickly figured out that I hate underwriting but i enjoyed talking to people so that where i decided to specialize in raising money and finding off market opportunities. 

I build relationship with other people in the multifamily mentorship and joined their teams to help with the capital raise; 

I believe that me following that path has got me to today where i have a database of accredited investors which i have not been in touch for a long time and me raising a million dollars. 

I then launched my own group found a property in Texas that is really far away from me being based in NJ  we got the property under contract 75 units 12,3 million acquisition seller was going to carry 60% with 2% interest mature in 36 months.. It is was a slam dunk deal we got it under contract and put together a 506C but we never closed because of due diligence that tanked our number.. The group lost due diligence money & syndication costs and time.. 

However, part of this acquisition i connected with top folks in EXP and learned that they launched an EXP commercial line so that is why i joined EXP under commercial again.. 

Also I meet a very successful investor who asked me the question that i been contemplating before why are you not investing in your backyard ?

This is why I decided to switch my gear and leverage reonomy which is offered to all EXP commercial  agents and restart my multifamily journey in the Allentown MSA and South Jersey & Delaware( i tend to stay away from big cities such as Philadelphia).

If you read this far thank you... so within this forum which is psychology i constantly wonder if i will ever get out of this failures. It almost seems like once i got out of being a residential agent in 2000's i been dealing with such paralysis analysis..

I know for a fact my passion is real estate i want to retire myself out of my corporate job. I have 3 boys oldest 14 who wants to be along with me for the journey but all i am showing him is failure... 

I want to own multifamily that are generating me 20K cash flow each month and helping other people such as investors get returns on their money and coaching others to build their wealth in real estate. I also want to coach/partner with real estate inspiring or existing  investors who  want to build their wealth in real estate and take their kids along for the journey. 

What should i be doing next ?



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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
3y

I wish I could help but you are all over the place. I think I would recommend you really pick a niche and stick with it.

You jump into Texas for a "slam dunk" but then find out it's not a slam dunk, which indicates you aren't quite prepared to determine what constitutes a good deal. And the second someone suggests investing in your own back yard, you immediately pivot and start pursuing that.

Slow down. Really think about what you are trying to achieve. Find a niche and location that allow you to pursue your goals, then stick to it.

The DIY Landlord Book4.7248 Reviews
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  • Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    3y
    Quote from @Dennis Rogov:

    I have been following BiggerPockets for many years and have been listening to bigger pockets podcasts for many years. I have been a real estate licensed agent in the state of NJ since 1999. 

     Between 2011-2020 I assisted family members get into real estate and provided operational support (marketing /business generating activates). 

    In 2011 i also started to learn wholesaling but at the time wholesaling was laughed at in South Jersey when i went to title companies 

    Once all of that came crashing down i pivoted to next shiny object multifamily joined a multifamily mentorship and quickly figured out that I hate underwriting but i enjoyed talking to people so that where i decided to specialize in raising money and finding off market opportunities. 

    together a 506C but we never closed because of due diligence that tanked our number.. The group lost due diligence money & syndication costs and time..  

    I want to own multifamily that are generating me 20K cash flow each month and helping other people such as investors get returns on their money and coaching others to build their wealth in real estate. I also want to coach/partner with real estate inspiring or existing  investors who  want to build their wealth in real estate and take their kids along for the journey. 

    What should i be doing next ?


    Wow.   You've kind of been all over the place as a transaction-eer.   It can be difficult to get out of the transaction mindset and into an ownership and control one. 

    Owning is what stood out to me.  You want to own MF and earn $20k/mo (don't get hung up on arbitrary #s) so focus on that.  

    With success owning and investing, you should gain credibility and a network to coach and partner with others as a secondary why. 

    Deals you find that don't work for you can be wholesaled, but it again is a transaction JOB and shouldn't be a focus.  

    A title co has never 'laughed at me' because they are there just to facilitate my assignment.  I or my entity are just the name on a check.  I didn't go in there and ask their opinion. 

    Anyway, focus on owning and your why.  Ask yourself why ($20k/mo) 7 times to nail it. Own and the number will come.  

  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y

    I wish I could help but you are all over the place. I think I would recommend you really pick a niche and stick with it.

    You jump into Texas for a "slam dunk" but then find out it's not a slam dunk, which indicates you aren't quite prepared to determine what constitutes a good deal. And the second someone suggests investing in your own back yard, you immediately pivot and start pursuing that.

    Slow down. Really think about what you are trying to achieve. Find a niche and location that allow you to pursue your goals, then stick to it.

    The DIY Landlord Book4.7248 Reviews
  • Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
    3y

    @Dennis Rogov I agree with the others. You are all over the place. You are chasing home runs. You’ve been involved in some successful flips, it seems, but evidently that is too slow for you. You are swinging for the fences with all these ventures and missing out on base hits. 

    Choose something that works—go back to your flips, or start as a small time landlord, etc—and grow it. 

  • Real Estate Agent · Dallas-Fort Worth, TX · Member since 2021 · 116 posts · 69 votes
    3y
    Quote from @Larry Turowski:

    @Dennis Rogov I agree with the others. You are all over the place. You are chasing home runs. You’ve been involved in some successful flips, it seems, but evidently that is too slow for you. You are swinging for the fences with all these ventures and missing out on base hits. 

    Choose something that works—go back to your flips, or start as a small time landlord, etc—and grow it. 

    @Dennis Rogov   


    Dennis, I applaud your tenacity and desire. I do agree with what Larry says. Most of the multi-unit groups I'm familiar with, typically recommend that you start building your SFH portfolio until you get about 5 up and running and then at the right time parlay that into a multi-unit property. It gets you into the game and teaches you have to manage investments while building equity that will ultimately allow your multi-unit investment. Best of luck!

  • Real Estate Agent · Voorhees, NJ · Member since 2019 · 32 posts · 14 votes
    3y
    Quote from @Nathan Gesner:

    I wish I could help but you are all over the place. I think I would recommend you really pick a niche and stick with it.

    You jump into Texas for a "slam dunk" but then find out it's not a slam dunk, which indicates you aren't quite prepared to determine what constitutes a good deal. And the second someone suggests investing in your own back yard, you immediately pivot and start pursuing that.

    Slow down. Really think about what you are trying to achieve. Find a niche and location that allow you to pursue your goals, then stick to it.


  • Real Estate Agent · Voorhees, NJ · Member since 2019 · 32 posts · 14 votes
    3y

    Nathan 

    I appreciate the reply and I want to address what you said.

    1. The reason I had to walk away from multifamily  in Texas is that during due diligence we discovered lots of issues and seller was not willing to negotiate & the underwriting once we re-ran numbers was not going to be a deal for our investors 

    2.when you say pick a niche i was under impression I had one which is Multifamily up to 100 doors value add class a buildings in a class b neighborhood unless I am missing something do I need to be more niched 

    3.The reason I was not investing in my back yard was because of friendly tenant laws in NJ and parts of pa. However, I identified loopholes where it is no longer such a problem following Covid policies.. I also identified i can’t balance my family life if I am flying to other states to walk properties and meet with property managers conduct due diligence and manage value add projects. ( I heard other investors who are parents tell me it shouldn’t be an issue well I found to be a problem for me )
    I spent months researching new market and made sure it meet my and my investors criteria

  • Real Estate Agent · Voorhees, NJ · Member since 2019 · 32 posts · 14 votes
    3y
    Quote from @Larry Turowski:

    @Dennis Rogov I agree with the others. You are all over the place. You are chasing home runs. You’ve been involved in some successful flips, it seems, but evidently that is too slow for you. You are swinging for the fences with all these ventures and missing out on base hits. 

    Choose something that works—go back to your flips, or start as a small time landlord, etc—and grow it. 

    I appreciate the comment and I just want to dig into “choose something that works” 

    Syndication does work lots of my investors buddy are doing it and I seen their success first hand.  I guess  it just has not worked for me to grow my wealth. Based on your recommendation I should go back to doing flips and exit out of multifamily complete?

  • Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes
    3y

    @Dennis Rogov your son can take value from how you handle the failures. Do you confront them honestly and show him how you are trying to get better and how you have his best interest at heart? Then you are good as a Dad whether or not one particular project succeeds.

  • Paul MoorePro Member
    Commercial Real Estate Fund Manager · Lynchburg, VA · Member since 2015 · 1k+ posts · 1k+ votes
    3y

    Hi @Dennis Rogov I appreciate your sincerity and transparency and your desire to have a great life and family. Real estate can definitely provide that if you take the right steps. I don't have any great answers for you but I would be happy for you to join a free weekly call I do. I am not selling anything as I don't have anything to sell but I do have a few decades in real estate. I am happy to answer your questions and others. Please send me a DM if you are interested. Happy holidays!

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