Posted about 4 years ago

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 :)

Comments (24)

  1. Wow ! Every part of this applied to me ! Lol

    Great post and will apply all of this !

  2. Thank you again Brandon. I like the part where you say focus on one area of investing and then learn it well, as well as build a network before trying to "buy something."

  3. It's funny you say that new investors just want to "buy something"! =) I constantly have to hold myself back, tell myself to be patient, and make sure that I'm really focusing on researching and learning as much as I can before taking that leap. I'm planning to buy an apartment building in a year and a half, and I've mapped out my budget/goals for every paycheck until that day- and I review that plan every single day. Doing this keeps me very focused on my end goal. A year and a half will go by fast, and I'm happy to know I'll be in a good spot financially (and mentally) when I get there. =) Thanks!

  4. Interesting point about increasing your credit. That is very pertinent to me. I cam to this country almost 2 years ago, and unfortunately your credit info doesn't travel with you. I started off with no credit history at all and my first card was a guaranteed card (where I paid $100 deposit for the privilege of a $350 limit). I've been very meticulous about paying my cards quickly and keeping the ratio of debt to limit low. That's very tricky when a sandwich will make a significant percentage change on your debt! Anyway, I'm working hard on it, and with a bit extra time should be eligible for a loan. Fingers crossed.

  5. I have gone to seminars, read books an attended podcasts. Lol, my last job was working as a credit specialist for a company that had a third party relationship with the IRS. They ran credit checks through reports called the 4506-T(or TRVs) to see if prospective homebuyers were credit eligible for loans. Goodness, what a sucky job. However, it helped me understand the market and what people that may not have immaculate credit(or just want a detailed eligibility rating) have to go through to buy property. Thanks a lot for this article. I think I am ready to start.

  6. Great advice! Focus on one thing; Knowledge is powerful. Baby steps are what I've been doing. Set up 4 Goals that started in Sept 2018 and hoe to complete by the New Year 2019; they are progressing nicely. 

  7. I love this blog post and couldn't agree more! Learning the credit system I never thought about. Genius! The first paragraph sounded like me about a year ago, minus the credit part. You are correct about the misunderstanding new people have and wanting to tackle it all. I'm still there in some ways. I thought wholesaling was a great way to jump in and learn but I have also learned that there are hurdles to that in Cincinnati where my focus is currently. So I took a step back and decided to educate myself more. I'm currently in the process of building my team. I see you have an insightful blog post on that as well. I'm going to check that out. 

  8. Great post!

    I like where you said to, "pick one area to focus my energy in."

    Key right there. Have tunnel vision. Multi-tasking actually inhibits productivity.

  9. Thanks for nice article.

  10. I really enjoyed the your story/quote from Gary Keller. Based on some life choices I have made in life without any type of education, it eventually came back with consequences. So I will dedicate some time to really focus on educating myself and be able to make better educated decisions. As a newbie you feel overwhelmed with information and sometimes second guess yourself, but in my mind I have made a choice that I will take action. Thanks Brandon for  such a great blog. 

  11. It can sure be oerwhelming and alot to process for any new comer. Thanks for your advice!

  12. Incredible advices, completely true. The part I like the most was learn before earning. Thank you very much, please keep sharing your experience.

    Greetings from Chile


  13. You said that you were able to raise your Lowe's credit limit from $800 to $12,000... what was the purpose of this? To improve your credit or to be able to fund your renovations?

    1. Thank you for the information baby steps are what I'm going to take. 

  14. This is exactly what i needed to know. Thank you Brandon L. I will take it one step at a time. Really take the time to master one aspect.

    1. I'm glad you found some value in the reading. Feel free to connect with me privately if you have any other questions :)

  15. Thanks for the great information!

    1. Thanks for reading Roland, and I am glad you found it useful :)

  16. Fantastic information. Where could I go to find out more information on improving credit?

    1. Personally, I find groups on facebook, and other places online, and I read a lot. Then take action on what I read and see others doing. Send me a PM with what you are trying to do with your credit and I can point you in the right direction.

  17. Thanks for this post and good info @Brandon L. As a newbie, I'm still on the educating phase and feeling a bit overwhelmed lately with all there is to learn. Just wanted to thank you for contributing to my education. - Ty

    1. Good Morning Ty. Thanks for taking the time to share your thoughts it's always appreciated. Taking in too much info on different subjects always gives me the feeling of being overwhelmed. What helps me is to take a step back, remind myself of my end game, and then focus in only on activities and info that brings me closer to that ending.

      Good luck with your investing :)

  18. Wow. Very  insightful. As a newbie to this game I really appreciate you taking the time to lay it out, and in this format.  It was knowledgeable, and encouraging to read. I will intend on taking you up on a contact as I am still learning and would love to share ideas with other locals. I'm in sterling va. Hope to connect with you in the future! Great blog

    1. Hey Mario, thanks for taking the time to read and comment :) I love sharing ideas and knowledge as well. It's how we all get to the next level faster! I look forward to connecting with you.