Im new to BP, any advice would be appreciated
"I am new to BP, and investing; I am thinking about wholesaling, then fix&flip, then I want to build a super portfolio of multi-family rentals. I have no cash and bad credit, but I heard Brandon Turner say I didn't need cash or credit. What should I do? Any advice would be appreciated."
Does this look familiar? If you want to read further, I am going to share some of my thoughts on this common introduction in the forum.
Wholesaling is not an easy way to break in the business
This is lesson #1. I know a lot of people are out there spreading the myth that wholesaling properties is such an easy way to break in the business. You don't need credit; you don't need cash, and all this other stuff.
Wholesaling is hard work, wholesaling costs money, and it's considered to be illegal by many. It's not a great way to break in the business.
This is not meant to discourage you from wholesaling, but it leads to my next point.
Pick one area to focus your energy on.
There is an extensive amount of information to take in. Each category of investing has a body of knowledge and skills that are specific. Pick one area to funnel your energy and time in. When you master this area, then you can branch out into the next.
Stop being focused on buying the property.
There are millions of deals out there; you do not need to be in a rush to find one. New investors are always hyped on buying something. This is a habit that needs to be eliminated. Some new investors do not have cash or good credit, and I feel this is a result of the uncontrollable need to "buy something."
We are here to create wealth; that means we have to be super hyped to change our lives by changing our habits. Buying something does not make you an investor.
Take time to learn before you earn
Gary Keller said this. I live by these words. I would suggest taking at least 12 months to increase your knowledge, credit, and network. You would be surprised at the amount of learning, and network building you can accomplish if you commit to the task. I was able to learn the entire credit system in 60 days, and take my credit score to over 700 in the following 6 months. Additionally, Because of the contacts I have, and the groups I am a part of in the credit repair industry, In 30 minutes I was able to turn an $800 limit on a Lowes credit card into a $12,000 limit, with an almost certain possibility to double the limit in 6 months. I would have never had time to track down this knowledge. Be a fly on the wall, always be observing, and listening to what the people around you are saying.
You must take action
All the knowledge and networking is useless if you let fear or anything else hold you back. Take small steps each day to get you closer to whatever your goals may be.
In closing I just want to say, I am no expert. I am just a guy that is in the trenches with you, and I like sharing my observations of the world around me. If you choose to follow anything I say, I hope it brings you much success.
If you have any further questions, do not hesitate to reach out and ask. I am always happy to connect with others :)