All Forum Posts by: Account Closed

First recommendation is to get the property under contract.  THEN, look for your funding.

If the deal falls through because of lack of funding, you're not out anything, except your time.

I want to be very clear though, you should spend 100% of your time looking for financing once that property is under contract.

In parallel, once it is under contract, start looking for a buyer to assign it to.  That way, if you can't find financing, at least you can wholesale it to an end-buyer and still make some change.

I am trying to start (have started. Did one last week) a regular networking session, outside of the (very large) REIA for similar reasons as this thought.

The motivation behind this post was the same motivation for me starting the networking session.  I see a LOT of new people get in and quit.  It could be for many reasons, but they quit.  I have a feeling that a lot of this game is extremely overwhelming for new people.  (Granted, some are just lazy.  I'll never change those people).

My intention in starting the local group was for many reasons; inherently selfish reasons, if I was being candid.  The more I can help others, the more I help myself, in spades.  So, I plan on giving this a go for a year or so every weekend; to help new people and push the veterans (some of whom I know have lost their drive).  

The more we can network, learn and take action, the better off the (local) community will ultimately be.

So, going back to the original post, rather than just rant about what I see to be a huge problem, I decided to try and do something about it.  I'm no natural leader, but I don't really have to be.  I'll get through it.  I'll make mistakes, just like I did when I started investing.  I don't care.  Educated action overcomes almost any mistake.

There will be a deed recorded at the county level. Most counties you can view this information online. Even if you are unable to do that, it is all public record.

You can simply go to the courthouse and ask for the information.

County records.

One of the things in my life, when I’ve utilized it, that’s helped me a great deal, is keeping a journal with me at all times.

The value is tremendous.It seems like such a small thing, but I encourage you to try it for one week.

My recommendation is you buy a notebook that has 5 sections.

The first section you’ll use to write down thoughts as they come to you.

The second section will be to write down things you have to do; your to-do list.

The third section will be to add entries to your calendar.These are things you know you need to be doing on a certain date, but may not be able to, at the current moment in time, be able to access your calendar.

The fourth section will be any type of items you want to purchase.This could be a shopping list, all the way up to the house you passed on your last driving for dollars tour of your farm area.

The fifth section will be a contacts section.You’ll add to this throughout the day of people you meet.I always keep paper clips in my vehicle so I can add business cards to this section.

When you arrive home (at whatever time of day is appropriate), simply transpose all of the information appropriately into whatever electronic format is appropriate for you.

By the time you do your daily planning at night (for the next day’s activities), this notebook should be clean and ready to go.

Keep rockin’.

@Justin R.

The key in your post, though is, you seem to be an action-taker.  For, if you weren't, how would you've found those people?  This is one of the differences I see in successful people and people that are not successful.

I see sooooooooooooo many new people come on, introduce themselves, put out that they're looking for a mentor, and then....poof.  Gone, forever.

Nobody's ever really taken them to task on what I view to be 1) wishful thinking or 2) straight BS.

Now, don't get me wrong, I don't want to be the "table captain".  I just view so much potential in people like this.  They don't know what they don't know; about many things, but specifically about their own tremendous capability.  People are so powerful, and they have no idea.

I come on to BP every day.  I've got a large amount of keywords set up.

One of them is "mentor".  You can imagine, I see posts every day of new people coming on looking for a mentor.

Here's the thing.  I get it.  I understand that you want a mentor.  

There are two ways to find a mentor.  
1) Pay for mentorship

2) Don't pay for mentorship.

It is this second choice that I'm certain nearly 100% of new investors are looking for.

I'm telling you that you are doing it wrong.  You will not get a mentor in this manner.  It will not happen (and if it does, it's most likely you've already had a personal relationship with that individual).

...

Real estate scares the crap out of me.  There's fear.  I'm human.  Just the way it is.

It's the same way for everyone.  What are we afraid of?  Loss.  The Unknown.  This list could be larger, but these are the two main ones.

I can tell you if you are looking for someone to take you by the hand, tell you what to learn and tell you what actions to take, it probably won't happen.  You can forget it.   You want a mom, not a mentor.

Get on here every day.  Learn.  Don't stop learning.  Learn enough that you can take action and get a deal under contract.  UNTIL you do that, don't even think about getting a mentor.  It probably won't happen.

I'm probably a wet blanket in this.  This post will probably not be popular.  

But, and listen closely, action is key.  Learn.  Then, take action.  Once you take action, the world will notice.

Network. Get to know people. EVERYONE. There are so many people involved in this business, even if only peripherally. Fill your contact list with everyone that you think you could ever do business. Go to REIA meetings. Start your own group (I'm doing this. Though I have done a flip and purchased a rental house, I consider myself green as they come. But, there's only one way to solve it. Education and ACTION).

....

Stop watching TV.  So many people use the excuse that they have no time for (fill-in-the-blank).  Really?  How much TV do you watch every night?  You're wasting your life.  How much did that episode of Walking Dead that you watched 2 years ago change your life?  How much did the Wheel of Fortune episode 16 years ago change your life?

Make a goal.  Put your first house under contract, in whatever manner is appropriate for the investing style you've chosen.  If you have a hard time finding a direction, come here and learn.  There are a myriad of free guides to help you along.

Remember this also:  real estate investing is not a hobby.  This is a total career change.  If you wanted to start working on furnaces, you wouldn't advertise that you work on furnaces without (at the VERY least) taking a course on how to fix furnaces.  You would probably go to school for a couple of years to become an HVAC technician.  Why would you view this to be different?

So, don't be the person that goes out and puts a property under contract without knowing what you are doing.  In that case, you truly are your own worst enemy.  Learn.  Take action.

Change your mindset.  Raise your standards.  Work harder than anyone you know.  Don't tell anyone what you are doing.  It's none of their business.  (Most people will try to dissuade you anyway.  Forget about them).  There is no reason for you not to succeed.  It is all up to you.  Decide.

....

Now, back to the original point.  STOP looking for a mentor.  Learn.  Educate yourself.  Network.   Start an accountability group.  Take action.  Make it happen.

Once you actually start doing this business for real, then think about a mentor.

Keep rockin'.

I would not solicit any more opinions here.  When you talk with him again, ask him what he wants, as he will be the one fronting the money.  Ask him outright what he wants out of the deal.

Do any of you have someone (that you pay) that does chores for you?

I don’t either.

All those housekeeping tasks and chores are a part of life.They have to get done.

Like everything else in life, it helps to have a strategy to effectively deal with this necessary part of life, until we can find someone to do those tasks for us.

My recommendation in this area of life is simple.

If you’re already using the principles of the miracle morning, during your early morning wake, get up and do your chores.

But, do them all together.Set your timer for 30 minutes.Work 30 minutes straight on a daily basis.

Do your chores, whatever they may be.Pick up your living areas, do your laundry, vacuum, do dishes, take out your garbage; whatever.

At the end of thirty minutes, stop doing chores, until the next day.

Focus on more productive activities after you’ve completed the daily time allotment.

Move to a higher and better use of your time.

Keep rockin’.

My mortgage lender told me the same thing. I took him at his word and quitclaimed my property into my LLC. I have had no issues and no interruptions. All was ok.