All Forum Posts by: Account Closed

I didn't when I started.  I partnered with someone that did.

It depends on your situation.

Hello Bigger Pockets people.

I told you earlier in this thread to set goals.I stand by that advice if you’re not used to setting goals and living your life by those goals.Stop reading here if you’re that individual.

IF you’re the type of person that has lived by goals for years (and there are many of us), I’m going to give you (what seems like) opposing advice.

Do NOT set goals.

Indeed, you need to know exactly what you want.Write that down.Make it crystal clear.

But, when you write your steps for it, create a process-oriented system.

If you want to purchase 10 rental units by the end of this year, that looks like a goal (though it’s not in the SMART format, but I won’t argue semantics at this point).That’s enough to start working on the “how”.

How do you get there?

Create a daily process sheet.

The sheet may have steps on it that include finding the deals (searching the MLS, looking on Craigslist, networking at REIA, going to meetups, looking on Bigger Pockets Marketplace, driving for dollars, calling for rent signs, etc.).

The process steps may include (once a potential deal is found) the steps to place an offer (we all know how to do that).

The process steps may be processes around closing (you can get as detailed or as not-detailed as you want.Quite frankly, most of us know the drudgery of going to a closing table, so it’s up to you here).

You may want to outline a process for what happens in the day or so AFTER you close.What are your steps?What is the process?

This should be a document that allows you to be able to execute without thinking.This is what you want.

The process should be clear enough and outlined enough that you get a renter in there.The dust settles.

The following morning, you go back to step 1 without blinking an eye.

Ok.Set goals if it serves you.Be 100% clear about what you want to do.

Then, systematize the goal.Write down a process.Turn off the fear-based part of your mind and simply execute.

Take action.For that is what will allow you to reach your dreams.

I'd totally be interested in taking you up on this if I were in your area.  I'm interested to know if you find someone, although I wouldn't just rely on this post.

Check out your local REIA and make that offer. Find members here and make the offer individually (or tag them in this thread). Get the word out.

I say get educated and never stop educating yourself.

Whatever form that comes in (agent, reading books, watching webinars, listening to podcasts, etc.) is the form that it should take for you.  Pick one and do it.  

Sounds like you want to make it a career.  Pretend as if you were going into a career being an HVAC technician.  What would you do?  Probably go to school.  So, go to school for your real estate career.

Fortunately, there's BiggerPockets, and books, and podcasts and webinars, etc., etc.

Just keep learning; and never, ever stop.

Welcome.  I'm  from Cincinnati  originally  (grew up in Greenhills).

Doing deals actively.  Still on the prowl for one.

I can't see anything beating real estate over the long term, no matter what the economy does.

There will always be people that look for a reason that something can't work; like this inflation number.

Alternatively, there will always be people ( like me) that ignore numbers like this because we're   out chasing after deals.

I don't  claim to be smart enough, or have enough time, to understand the implications of that number. 

Here's  what I do know.   If I make an intelligent house purchase today, it will subdue the effects of anything the economy does over the long run.

So, I'm  working  on getting my hands on as many as I can, as quickly and intelligently as I'm  able. 

I recommend that strategy to everyone here.

My 10-year old son has recently become obsessed with learning how to solve the Rubik’s Cube.

I’m uncertain how he became enamored with the toy.He was grounded from electronics for a week.I think it happened during that time.

I watched him become very, very frustrated with the puzzle.On his own, without any guidance, he figured out how to solve one side.It took him 13 days to do this (and he practiced a LOT).Finally, he got it.He got the algorithm in his head.

First, before I go on, what he did gave me great hope for his future.He persisted.Even on such a silly thing, through extreme frustration, he persisted.He’s ahead of the vast majority of his peers.

Now, here’s what happened after this.He got better and better of course, continuing his practice.Once he “mastered” the one side, he became frustrated again.He had an extreme longing to learn how to do the rest, which is, if you don't know the algorithms, almost impossible to do on a routine basis.

So, I looked up how to solve the thing.As it turns out, there are very specific moves that will help “easily” solve a Rubik’s Cube (even though it has a massive amount of possibilities).

He sat down this past Sunday to learn the first (of many) algorithms.He learned it and had a breakthrough.By the end of that day, he was flying through that portion of the puzzle.Indeed, he had solved the puzzle four times by the end of that day, but didn’t know the algorithms by heart.

Monday and Tuesday, he moved on to trying to memorize more and more of the algorithms.He is.He has not memorized them yet completely.He still has to use a written guide.However, he is solving the puzzle 100% of the time.

This game of real estate is very similar to the Rubik’s Cube situation.

Real estate is a complete puzzle and mystery when you are starting out.It’s difficult.You might as well be learning a language of a tribe hidden from human view for thousands of years.There’s no context.

Yet, SOME OF YOU persist (a very small minority).If you persist, you start to figure some things out on your own.Then, you start to do more and more research, which leads to learning.It leads you to sites like BiggerPockets.It leads you to books, some of which provide step-by-step action plans.

The point is, nothing in real estate is an unknown (from a learning standpoint).We’re not reinventing the wheel through all of this.100% of every process that we go through and have to learn, we can commit to a process in writing.

As an example of this, if you choose to be a buy-and-hold investor, one of your algorithms will be to locate a house suitable for purchase.

Then, once you have the algorithm, you can start to fill in the steps.It’s not rocket science.Your steps may include describing exactly what you’re looking for first.

“3 BR/1 BA (at least) in Pulliam County that will cash flow at least $200 / month.”

Awesome.Now you can exclude EVERYTHING ELSE.

Then, you can outline a process for yourself.

“Everyday, I will look on at least five sources of house leads (which you will document in detail) looking for my ideal house (outlined above).Once I find a suitable house, I will make an appointment to view the property that day or the next.I will see no less than 10 houses per week on average.I will make no less than 1 offer per week on average.

If I find I am unable to find suitable houses with these conditions, I will revisit my algorithm.”

Then, simply follow the process.You can document your algorithm(s) for every step of the process (acquisition, financing, rehabbing (if that’s part of your plan), selling, etc).

Listen, real estate won’t make you rich, unless you work at it.It won’t make you financially free, unless you work at it.If you work at it, it probably will.

Put your head down.Design your process.Follow your process.You will be successful.

Keep rockin’.

Unless you are an actual attorney, I would never, ever, ever recommend doing any of that paperwork yourself.

You think you're saving yourself money. If you keep going down that path, there will be a time you lose a lot of money because of that methodology.

Caveat emptor.

Also, many of these questions you're asking can be succinctly answered with a quick call to any title company.  Make a list of your questions and call them,  Tell them you've purchased a piece of land and want to know the process and fees.

They're in the business.  They'll be happy to talk to you.

Is this just another way to say you are looking for a cash buyer?