Beaumont, TX · Member since 2017 · 9 posts · 18 votes
7y
My best advise (not just for real estate investment) would be for you to determine what "successful" means to you. Once you know what successful means for yourself, you will be able to build a plan and method to achieve success. Write your goal on paper and stick it on your bathroom mirror so you see it every day. Success could be simply owning 1 rental property that has positive cash flow by the end of 2020. To someone else success could mean attaining enough passive income or wealth to quite their day job or retire early. Endless ideas on what "successful" is.
Once you have a goal, then list the steps out that you think you need to accomplish in order to reach success (these steps will most likely change as you learn more and move toward success). After that, focus solely and intensely on NIS (next important step). Heard/read NIS from someone else and it has been a game changer for me since I can get overwhelmed at times with a long list of things-to-do but nothing done yet. Once that one NIS task is complete, and only when it is complete, move on to the next NIS and repeat until you have accomplish "success".
Start small and build on each of your successes. There will be mistakes and bad decisions along the way. Pick yourself up, learn from them and move forward with the new knowledge you have gained.
Beaumont, TX · Member since 2017 · 9 posts · 18 votes
7y
My best advise (not just for real estate investment) would be for you to determine what "successful" means to you. Once you know what successful means for yourself, you will be able to build a plan and method to achieve success. Write your goal on paper and stick it on your bathroom mirror so you see it every day. Success could be simply owning 1 rental property that has positive cash flow by the end of 2020. To someone else success could mean attaining enough passive income or wealth to quite their day job or retire early. Endless ideas on what "successful" is.
Once you have a goal, then list the steps out that you think you need to accomplish in order to reach success (these steps will most likely change as you learn more and move toward success). After that, focus solely and intensely on NIS (next important step). Heard/read NIS from someone else and it has been a game changer for me since I can get overwhelmed at times with a long list of things-to-do but nothing done yet. Once that one NIS task is complete, and only when it is complete, move on to the next NIS and repeat until you have accomplish "success".
Start small and build on each of your successes. There will be mistakes and bad decisions along the way. Pick yourself up, learn from them and move forward with the new knowledge you have gained.
Investor · Cincinnati, OH · Member since 2015 · 242 posts · 182 votes
7y
@Keith Smith. Buy low, sell high. Before you jump in build your knowledge of your market. When you’re an expert at knowing your market you’ll recognize a good deal.
Rental Property Investor · Richmond, KY · Member since 2019 · 6 posts · 3 votes
7y
@Mathew Spray that’s great stuff. You’re only reinforcing what I know I need to do. Goal setting, but also how to reach that goal. I like the NIS..it makes so much sense.
Rental Property Investor · Richmond, KY · Member since 2019 · 6 posts · 3 votes
7y
@D.J. Melis I’ve noticed it can be so easy to want to jump on a deal just because I “believe” it’s profitable. You’re right, I really need to know the numbers as much as possible without handcuffing myself and not taking the calculated risks.
Rental Property Investor · Tampa, FL · Member since 2015 · 1k+ posts · 969 votes
7y
@Keith Smith it is the basics of your education and building a solid network of high net worth individuals, if you haven’t read before go ahead and get “Best Ever Apartment Syndication Book” it will give you step by step process how to become one.
Chino Hills, CA · Member since 2019 · 3 posts · 0 votes
7y
@Keith Smith Just make offers, find a Investor friendly buyers agent, and get offers out there, if they don’t get accepted, send it again in 14 days. Just keep moving
Flipper/Rehabber · Indianapolis, IN · Member since 2019 · 31 posts · 19 votes
7y
Find someone through networking events or forums that is doing what you want to do for yourself. Go buy them as much lunch and coffee as it take to figure out their systems and how you can implement/replicate their systems WITH them or on your own deals! Good ideas are invented, but great ideas are stolen!
Real Estate Consultant · Brighton, MI · Member since 2013 · 607 posts · 251 votes
7y
I'm an investor and a licensed Realtor. I've seen way too many new investors get bogged down with a slew of formulas and pass up worthwhile investments. They get all caught up in numbers, talk themselves out of it and fail to act. Many of these investors, though not all, I've met through this forum, funny enough.
Many give before they hit their goal. Remember, it takes time.
It appears many people jump into REI because they heard someone speak at a seminar for 30 mins and the speaker conveniently excluded the long journey it took for them to make that 100k on a flip 🤔
From a numbers perspective: give yourself at least 5 years before you give up!
Contractor · Lexington, KY · Member since 2019 · 9 posts · 1 vote
7y
@Keith Smith I’m new to this as well (currently educating myself). The best advice I’ve ever received that can be applicable to your question is stop looking for a silver bullet. You actually hinder your ability to be successful in any endeavor by looking for the “one thing” that will solve your problems. You’re on the right track by reaching out and asking for suggestions from those who are experienced in what you want to be involved in. Surround yourself with people who are where you want to be.