All Forum Posts by: Brian Pawl

I know that accountability was one of the biggest factors for me being successful in real estate investing (or any business for that matter), and one way I was able to hold myself accountable was to announce my goals publicly on social media and/or to my friends and family. I think it would be cool if we posted our goals for 2019 below, and maybe then we make some connections that will be resources for us to help reach those goals, and also help hold us accountable.

I'll go first -

• I want my current fix and flip property under contract by the end of February
• I want to exceed the $100k mark in wholesaling profits by the end of the year
• I want to sign on 10 new coaching clients in 2019

Now it's your turn. Leave a reply with your goals below and let's all kill it in 2019!

-Brian

@Zack Park Sure thing! Sorry you aren't able to make it. I'm planning on doing a meetup about once a month, I'll let you know when the next one is scheduled.

Just curious, is 6:30 a bad time for you or do you have a prior engagement and just can't make it tomorrow? Trying to make these meetups as convenient as I can for everyone who wants to come.

Thanks!

Brian

Join me for my next Meetup in downtown Chicago on Tuesday, November 27th at 6:30pm!

You will love this FREE event if:

• You dream about investing in real estate but don’t know where to start
• You have read countless books on real estate investing and even bought an online course or two, but you still don’t have a deal under your belt
• You want to close on your first deal in the next 90 days
• You need help getting “unstuck” and finally out of the “analysis/paralysis” phase of your business

You will leave this event renewed, re-energized, and inspired to take immediate ACTION creating the life of your dreams through investing in real estate.

ONLY 20 seats available - click below to RSVP today!

Reserve My Seat!

To your success,

Brian

@Ajeenah Wilkins if you don't have much money, attempting to flip a house might not be your best first step. Wholesaling could be a good way to get your feet wet, but you also have to be careful there and make sure you have an out and you aren't stuck actually closing on the property if you don't have the funds.

Another option would be to partner with another investor to learn the ropes. Maybe invest what you have and get a small return, or negotiate a cut of the deal if you do a good chunk of the work. Try to get creative so you don't have to risk it all and you also get to learn the business while you earn.

@Ajeenah Wilkins you're going to need to save up a little more than that if you want to get into this business. Even if a hard money lender says they'll cover 100%, you will need to find an AMAZING deal to actually get that 100%, and even then there are still other fees and earnest money you will need to put down that are well over $1k. You should also have roughly a 10-20% buffer saved up above your rehab budget for unforeseen repairs that might need to be taken care of or for emergencies like a pipe bursting or a break-in.

Investing in real estate should be with your "play" money when you're just starting out, you don't want to be putting your entire savings into your first deal and have it go sideways and lose everything you've saved up.

There is no trend, every deal is unique. My experience as an asset manager has taught me that you can have vastly different operating margins on very similar-sized properties in close proximity. For instance, I have an almost 400-unit community in west Indianapolis operating at 60% margins while another 350-unit community just a few blocks away averages in the low 40%'s.

Do your due diligence and sharpen your pencil on all your underwriting up front. It will always pay off in the long run.

Brian

@Ajeenah Wilkins how much money do you have to invest yourself?

@Isaac Childs Congrats on overcoming a fear a lot of first-time investors have - getting out there and actually meeting people! Best of luck to you tonight.

I would just be yourself, don't try to pretend like you're someone you're not. You would be surprised by how welcoming seasoned investors are to a newbie who is trying to get himself out there. Ask them about what got them into investing, what they're doing now, and if they could do one thing differently when they were starting out what would it be. Those are just some questions I'm usually interested in when talking to someone more experienced than me.

As for tips on approaching people, if there are any kinds of drinks or refreshments, just go right up to the table/bar and get a drink or food and kind of stand there - the next person that comes by ask, "So what brings you here tonight?" Don't be weird or awkward about it, just be yourself and ask with a smile on your face. Genuinely sound interested. Usually works for me.

Again, congrats on stepping out of your comfort zone, and best of luck to you tonight!

Brian

Also, congrats @Account Closed! Best of luck to you!

@Brian Pulaski @Matt K. - TX market definitely less expensive than NY or CA, but I would agree with you @Brian Pulaski, your estimate from OPs description sounds in the ballpark of what to expect. I'm just finishing up one myself, only 1,100 SF with new everything and some foundation issues and I'm in the $70k range here in Chicago.