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- The Woodlands TX / Avon, CT
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Biggest Misconceptions of New Real Estate Investors
#1 Mortgage Brokers & Lenders Contributor
- Investor
- The Woodlands TX / Avon, CT
Biggest Misconceptions of New Real Estate Investors
- They will be able to FIND great deals - Great deals, even good deals, aren’t identified as such on realtor.com or Loopnet by an advertised “bargain” price. In an era where information is immediate and accessible to everyone; you don’t FIND a good or great deal, you NEGOTIATE the deal so that the price (or terms) make it good or great for you.
They can build up capital by “wholesaling” at no cost to them and done when they have a few extra hours on weekends. The myth promoted by an entire industry selling “how to” advice. Enough has been written about this. Just refer to the couple of million wholesaling threads on BP- Purchasing a program, “education”or mentorship with a “guru”, “mentor” etc. is all that’s needed for real estate success. Even if 95% of the real estate guru programs out there weren’t total bs, an investor or real estate service provider would still need extensive knowledge;edge of real estate principles, real estate law, and real estate finance for sustainable success.
If they find a great deal capital will follow - MAYBE, but you’ll probably give up 95% of the upside.
Lacking experience and knowledge, they will be able to identify a great deal, or even be able to distinguish a good deal from a bad one.
- Don Konipol
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#1 All Forums Contributor
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#1 All Forums Contributor
- Real Estate Consultant
- Summerlin, NV
rags to rich's in RE is a well known myth.. but there are those that succeed no doubt.
But I personally think most do very well as either very well paid w 2 and invest for the long term in quality assets and locations.
Or they get into the business.. IE work for a development company and work your way up.. start as a loan broker work your way up start as an agent work your way up.
And or sometimes contractors can do well too they know that side of the business.
What it boils down to though with great deals is simply logic and math.
Every city only has a certain amount of great deals and when gurus train thousands of people there simply is not enough deals to go around mathematically so the hard workers the better sales folks etc etc.. dominate its a tough gig to break into no doubt
- Jay Hinrichs
- Podcast Guest on Show #222
