All Forum Posts by: Daniel Haberkost

Hi everyone,

In a 22 year old investor looking for advice from those with more experience than me on where to go next. This was my first year investing in real estate and I purchased two properties (a duplex and a single- family that I house-hack) read numerous books, listened to dozens of podcasts, and met a number of successful investors through real estate meet-ups. I’m primarily interested in buying and holding property as opposed to flipping because I want to build significant long-term wealth/passive income.

I’ve learned an incredible amount from the two deals I’ve done and from a couple other investors who have taken the time to help me. In 2019 I plan to take significant action to start really building a business and working towards being in the industry full-time.

The key to everything in real estate is finding a good deal so I have been planning to work for free on the side of my day job for a wholesaler I know in order to learn how to find and buy distressed properties.

This seems to be the most logical next step, however; I’m well aware that I’m a newbie and know very little so I would love any advice or feedback from those who have been in the business longer than I have.

Any input is much appreciated!

-Dan

@Ian Kee Thanks for your reply Ian. What method has been most successful for you in finding off-market deals?

@Matt P. Hey Matt I didn't see your response until today. That makes sense then I'll probably stick with that. Thanks for your advice!

On BP's podcast, forums, and various books I hear/read that experienced investors are making offers themselves without a real estate agent. However, I haven't found any good resources that explain how to make offers on your own. Has anyone come across any good articles or books on how to do this? Any insight would be much appreciated!

Great episode! I love that he emphasizes the importance of staying objective when analyzing properties. It's easy to fall in love with a property and end up making poor investments so this is an important reminder. 

@Will Gaston

I'm relatively new to real estate investing but still feel the need to reply to this terrible advice. 

1. This is complete garbage. If anything the internet (for those who choose to use it wisely) allows one to find even more deals. 

2. This is also incorrect as is exemplified by the numerous flippers on here that have done this successfully. If you analyze comparable properties and have a solid contractor on your team you'll know what you need to buy the property for in order to make a profit. If you find a motivated seller and are able to solve their problem you absolutely can buy the property at a price to make the numbers work. 

3. Again, I'm no expert but the multitude of experts who have appeared on BP's podcasts have said repeatedly that this is bad advice and it's simply harder to find deals during this stage of the market cycle; not impossible. Plus nobody has a crystal ball and you can't know how long the market will continue to appreciate. As always  ensure you are buying properties with strong fundamentals. 

4. This is mortgage fraud. I would avoid anyone who gives this advice. 

5. Once again if you regularly listen to BP's podcast you will hear creative ways to create a competitive advantage every week. It simply takes more effort. 

It would seem that the individuals you are getting advice from either are clueless or do not have your best interest in mind. I would refrain from listening to their opinion's any more. 

@Guillaume D.

As a young investor myself this is awesome to read so congratulations! I love to see others succeed and it's also extremely inspiring to see other people who started with nothing having success in this business. 

I'm 22 and and am set on having complete financial independence by the time that I'm 25 which will require approximately 50 doors. I acquired my first property this year and am shooting for two more before the year is out. Stories like yours are extremely encouraging so I'm glad that you posted this!

@Account Closed

You make a good point here. I've read quite a bit of material that encourages using as much leverage as possible and this effectively illustrates how that can lead to financial ruin; especially at this point in the market cycle. As a new real estate investor who is anxious to buy more property this was good for me to read so thank you!

@Shayan S.

As someone who just graduated college and closed on their first deal I can tell you the best thing I did was not to follow the crowd throughout school. I worked full-time in a variety of sales positions while going to school and missed out on the "college experience" but I'm glad I did because it allowed me to graduate with no debt and quite a bit of real-world experience that has helped me in my real estate business. I'm determined to close on two more properties by the end of the year and I would not be in the position to do this if it was not for the decisions I made over the last four years. 

To answer your question I would say to make sure you prioritize your coursework to ensure you learn the material and graduate with the highest GPA possible and find a sales job that you can work on the side. Learning to sell is absolutely essential to your success in real estate (and business in general). In your free time make sure you read books on real estate and of course articles on BP and you will be well ahead of all of your peers when you graduate. 

That is the best advice I can give based on my own experience; good luck!

@Jonathan Dempsey

"Think and Grow Rich" by Napoleon Hill has been huge for me. "Rich Dad Poor Dad" and the subsequent books in the series. One I haven't seen mentioned that I really liked was "Emerging Markets" by David Lindahl. Also, I enjoyed "The Perfect Investment" by Paul Moore.