All Forum Posts by: Account Closed

@Tom Hacku 

Very common. I would suggest that you do start trying to get in front of sellers and trying to get deals. Until you actually start doing deals are you really in the business? It is a question I recently posed on Facebook and had some interesting opinions.

I have noticed for most of my career than people slow down their work considerably around the holidays. I do not think most of us do it intentionally it just seems to happen. We have family obligations, holiday parties, and shopping all newly placed on our plate. Do you think with this holiday season being so different we will see a difference?

I personally have always tried to pick up the pace over the holidays but admittedly it does not always happen.

I would like to see everyone get a running start into 2021 and I can not think of any better way to do that than by setting those goals now and starting to implement them right away.

We are setting aggressive yet obtainable goals for 2021. I would love to hear what goals some people out there are setting! 

Do you ever stop and think back about when you first got into Real Estate? Or even before that when you were just thinking about getting into Real Estate? What would you go back and tell that naïve person?

When I think back about my foray into Real Estate I would tell myself not to chase down those rabbit holes. I remember how much there was to learn (and still to learn) and how so many different options sounded attractive. That is why the guru’s do so well selling their products. They pitch a dream of fast wealth and people are lining up at the door to buy the dream.

There were wholesaling adventures for me that never were going to pan out. Countless hours wasted on hold trying to negotiate short sales that the banks had no interest in doing. Subject-to properties that I took over and should never have gotten involved in. Fix and flips that taught me the hard knocks road of construction and the incredible costs associated with it. Renters that had more experience being tenants than I had being a landlord and took full advantage. Days wasted listening to guru’s trying to sell their product that I was never going to buy. Endless meetings with sellers who were not motivated. The list goes on and on.

The advice I give people entering the business is pick an aspect and stick with it. Ignore the other shiny objects that will inevitably appear. Doing 5 tasks at 20% does not add up to 100%. ;)

I passionately believe that managing people is the hardest job in the world. I can design and implement all the systems and processes I want but eventually it is going to come down to someone implementing them. I have flipped hundreds of houses and was never seized to be amazed at how hard it was to get people to do the simplest things. Basically, show up and do what you said you were going to do in a timely and professional manner.

I know this post will generate a ton of tips and suggestions about how to do it better. I am sure I could use many of them, but the true thought here is what does the future hold. For decades we have seen jobs get outsourced because there was cheaper labor elsewhere. Well, guess what? Now jobs are being outsourced to computers and I can guarantee you those are never coming back. I think it is good. It is part of progress, but it is going to leave many behind.

Do you think it could happen in the construction industry? Over the course of time many tools have been invented to replace labor. Could this be taken to a whole new level and replace people all together. It is hard to imagine but 30 years ago it would have been hard to imagine the capabilities of this “phone” in my hand right now. Take a minute and search for 3D printable houses on YouTube. It may just blow your mind.

@Alex Uman I feel this is wise. Others may disagree but it is the path I chose and have no regrets.

Yeah, we actually do it a little different with an option and a profit split but JV is the common industry language.

I know one of the big things with Real Estate Investing is that people always say you can get into it with no cash, no credit and no experience. While I believe this is true, to a point, I think the no experience thing is the hardest for me to stomach. I got into Real Estate 17 years ago and I entered the field by becoming a Realtor.

I did not have a clear entry point into investing and decided that becoming a Realtor may open some doors. It gave me the added bonus of being able to actually make a living while I learned the ropes. I was a twenty something kid only a few years out of college and had ambitions. I only remained a Realtor for about 4 few years because I quickly learned it was not the profession for me. During that short period of time I learned a ton though.

I became comfortable with the Real Estate “process”. I learned to read and understand contracts. I knew what a retail buyer looked for in a house they wanted to purchase. I gained intimate knowledge into the mortgage process and qualifications. I studied my local market. I became acquainted with property management and tenant rights. I made connections and built friendships with other professionals in the industry. All of this was done while making more money than I ever had before (granted it wasn’t that much) and building the confidence to have a clearer picture of my path ahead.

I think I would have survived if I had chosen a different path, but I look back on those days fondly and still references the experiences I had. Do you think people need some level of experience to enter the Real Estate Investing world? What do you think that experience should be? Or what do you think the best experience would be?

@Steven Foster Wilson Strong advice.

Yes, not all Real Estate is created equal.

 

That is great news. Headed in the right direction