Newbie to the game

15 Replies

I know the topic that I'm inquiring about has probably been addressed and/or beaten with a dead horse but I'm really not trying to allow my fear of the unknown to stop me from jumping in and taking action like I did 10 years ago when the passion for real estate investing took hold of my soul but I feel that there are a few things I need to set up before starting my direct mail campaign. i.e. having certain team members in place such as a closing attorney and an investor-friendly agent for valuation of deals. I'm currently half way through the process of getting my real estate license and I guess my question to anyone willing to impart any wisdom or past experiences is whether or not I should hold off until I complete my class and get licensed to start my campaigning. I have a decent amount of start up capital for my marketing but I just want to make sure that I efficiently maximize each and every dollar so that I can build and maintain sustainability with my marketing. Not to mention being able to capitalize when deals begin to surface. 

In the interim I've been consuming every BP podcast, I read the UBG, and I just started The Book on Flipping Houses. I've invested in a UPS suite box and I'm in the process of getting my llc started as well. I'm not planning on trying to learn everything before pulling the trigger but I also don't want to set myself up for failure right out the gate not having these things in place. I've attended my first REIA meeting in hopes to network and meet local wholesalers willing to help me with my team building but haven't came across anyone as of yet willing to even share their contacts. Any help with this would be much appreciated.

@Evaristo Urbaez  It sounds like you're on the right track.  Good luck to you my friend!

Originally posted by @Jim Brown :

@Evaristo Urbaez  It sounds like you're on the right track.  Good luck to you my friend!

 Truly appreciate the vote of confidence bud! Best wishes to you and your business @Jim Brown

Originally posted by Account Closed:

@Evaristo Urbaez

Welcome. 

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

 Appreciate the advice and I can never get enough to read regarding RE investing so I'll be sure to check that book out. Thanks again bud.

@Evaristo Urbaez, If I may. In regards to getting your license, I would continue working on the license but at the same time move forward with you direct mailing. 

I buy and hold and have my real estate brokers license. I bought my first five rentals then got licensed.

You may not even need a licenses if you plan on working with an investor friendly realtor. You sound as though you have invested some money thus far so start your marketing going and keep the momentume going.

Good luck and remember fear is False Evidence Appearing Real 

Originally posted by @Vincent Grant :

@Evaristo Urbaez, If I may. In regards to getting your license, I would continue working on the license but at the same time move forward with you direct mailing. 

I buy and hold and have my real estate brokers license. I bought my first five rentals then got licensed.

You may not even need a licenses if you plan on working with an investor friendly realtor. You sound as though you have invested some money thus far so start your marketing going and keep the momentume going.

Good luck and remember fear is False Evidence Appearing Real 

 The reasons I decided to get licensed are for the educational and accountability components of the process. The time investment needed to attain my license is going to solidify my commitment towards my passion. Not to mention not having to rely on an agent every time a potential deal presents itself via my marketing campaigns. The only reason I haven't started my campaigns is because I currently would not be able to begin the due diligence needed if an opportunity presented itself once I begin my direct mail. Only thing currently stopping me from jumping in. Not sure if my thought process is valid regarding this. 

@Vincent Grant 

Thank you so much for the kind words of motivation. I truly appreciate it. If I am overthinking things let me know. I just don't want to throw marketing dollars out there without being able to capitalize and/or assist a motivated seller when contacted, you know?

@Evaristo Urbaez Tell me this, if you started your marketing and a deal came your way, what would stop you from going through with it?

Originally posted by @Vincent Grant :

@Evaristo Urbaez Tell me this, if you started your marketing and a deal came your way, what would stop you from going through with it?

 How would I know what to offer without being able to pull comps? Not to mention being able to estimate the amount of work needed to determine what the maximum allowable offer should be. Not trying to make excuses for not starting it but really trying to find out ways around my concerns. 

@Evaristo UrbaezFind a realtor and a general contractor to work with. The realtor can pull comp's and the contractor can give you an estimate on the repairs. I know, easier said than done. Find a mentor in your area and latch on.

Originally posted by @Vincent Grant :

@Evaristo UrbaezFind a realtor and a general contractor to work with. The realtor can pull comp's and the contractor can give you an estimate on the repairs. I know, easier said than done. Find a mentor in your area and latch on.

I can't argue with that sir. Especially because I do not want to lose the momentum and motivation I've built up so far. I'm going to refocus my energy on doing just that. By any chance, would you have any pointers on the most effective way on going about that. Unfortunately my REIA only meets once a month and I didn't have much luck getting people to share their contacts the last meeting I attended. I honestly only contacted a few people with cold calls so I'll resume doing that instead of waiting around for me to acquire my license and finding folks willing to help me find investor friendly folks to work with. I can't thank you enough for the kick in the pants and I hope to be able to return the favor real soon.

Hi @Evaristo Urbaez!

Welcome to Biggerpockets! Wish you the best!

@Evaristo Urbaez Sorry for the delayed response to our last thread. One way to find a good investor friendly realtor and a contractor is to ask other investors in your area who they use. Also use PB, this site is great as a means of resources and education. 

Keep the momentum going good luck with your nursing program.

Originally posted by @Marlon Wilson :

Hi @Evaristo Urbaez!

Welcome to Biggerpockets! Wish you the best!

 Thank you my like-minded friend. I wish you the same both in your personal and business life.

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