All Forum Posts by: Ryan Urban

Guerilla Marketing by Jay Conrad Levinson changed my life, literally.

This book taught me how to think out of the box when it comes to marketing a small business. And because it taught me how to think out of the box, I was able to take his ideas and expand on them.

He now has a full series of Guerilla Marketing books on sub-topics.

While the book doesn't address real estate investing specifically, it does give great ideas on circulating with a certain community, getting your name out there, and making valuable contacts. Now that is valuable in this field.

From the day I started reading that book, my career has had a single trajectory, positive. I was later able to interview him for an article I wrote on marketing for a business magazine. Cool!

8)

My two cents, and probably worth that much...

This may sound too tough and/or cynical, but I would counsel that anyone who does NOT have the following should NOT YET get into this field:

1. At least 10% down
2. At least six months of expenses available
3. At least average credit
4. A carefully-thought-out financial plan for any considered property

I've seen too many new business owners fail and lose everything because they really weren't financially prepared and organized when they opened the doors.

Trying to jump into this without sufficient funds and without a good plan means you're dealing from a position of weakness. And very few businesses are so easy that the owner can expect to get away with that.

If you're not ready, take your time. Read books, talk to people, continue to visit this great site. Ignore gurus and get rich quick schemes. If you make a mistake because you jumped too quickly, you could wreck your credit and set yourself back ten years.

And until you're ready, save every dollar you can so that when it's time to jump, you're dealing from a position of strength, not weakness.

There are exceptions, like finding trustworthy partners or getting lucky with a deal; it can happen, keep your eyes open. Everything that you learn from your reading may help you nail a great one.

But be careful. Sometimes the best move is to not make a move at all....at least not yet.

Hey guys:

Network, network, network!!

Chris, visit at least two or three of these and "test-drive" them before you join. They should allow you to visit at least once before signing up and writing a membership check. Circulate as much as you can while you're at the meeting, try to determine if this is a group that may be of benefit.

Remember, that's why the other members are there too!

I'm down here in Colorado Springs, and I've identified a couple I'm going to check out. Another thing I've done is searched through the Homes Illustrated-type publications and found realtors who specialize in investment properties.

Good luck!!
:clap:

This is not to knock the person who started this, but more of a general point...

As I flip past the real estate infomercials that are all over the television, I wonder how many people who really aren't prepared (in terms of finances and/or business savvy) to enter the world of REI are buying into these schemes.

I've worked with many business owners who get an "A" for passion and excitement and an "F" in business planning. By the time they realize they've made a huge mistake, it's too late. Passion only gets you so far before the real world is staring you in the face.

If you don't (1) have a good working knowledge of the industry through training or at least solid research, (2) have at least 10% for a down payment, (3) have enough funds to cover at least six months of expenses, and (4) have a good, solid business plan with all financials figured in, I'd strongly suggest waiting until you do.

The BIGGEST MISTAKE new business owners make is failing to create a solid business plan. Many times the numbers that come out of the plan are a giant red flag, saying "don't do this". That's one of the main reasons to carefully compile the financials.

I know what it's like to be out-of-your-mind excited about a new opportunity. But don't let passion overrule common sense and careful planning.

Best of luck with this, I hope you rock with it!
:rock:

Andrew, you are NOT normal.

A "normal" 19-year old would be burning time, money and brain cells. A "normal" 19-year old would be thinking that the future is way off, and that there's no reason to start getting his act together now.

Keep this attitude and effort going, and you'll soon be the employer of the "normal" guys.

Let's hear it for ABNORMAL.

8)

Thanks folks, let's make some MONEY with this. :kewl:

Macthebutt, cool - I'll keep you in mind, once I'm sure I know which way I'll go. Every dang day I lean in a different direction, "paralysis by analysis."

The funny thing is, "real estate investing" is such a simplistic term. Do you mean single family, multi family, commercial, buy & hold, flip, mobile homes, wholesale, foreclosure, pre-foreclosure, auction?? So much to consider.

I'm just now seeing what I've gotten myself into - and I'm LIKING it! And I'm sure glad I stumbled onto this site.

That's fine with me. I'll probably keep it to one thread for the sake of simplicity (and time!). I'll start a thread in Real Estate Marketing, and I'll keep checking back as long as there is interest.

Excellent, thanks.

I was thinking that the "asking price" was just a starting point, and then the bids were just a shot in the dark by the investors.

I've also done some comps, and I've noticed that the asking prices were pretty much in line with other sales in the area. In other words, I didn't see much of a "HUD discount."

Looks to me like it may be worth it to lowball "just in case", but be ready to bid again at higher figures if it's declined.

REI:
Thanks, I appreciate your interest. I don't want it to look like I'm using this board to sell books, but here's the info and I promise I won't bring it up again!

"Speak With Confidence Now!" has just been published and the distribution channels are being set up (Amazon, Barnes & Noble, etc.). It's a how-to on public speaking and presentation skills.

"Boomerang Selling" should be out in October. The sub-title is "How to get in front of more buyers, what to do when you get there." It's written for salespeople and small business owners, and it's essentially about creative, aggressive marketing strategies designed to help you stick out from the competition; and about sales presentation techniques to help you get the sale.

Ridehood38:
Boulder is about 90 minutes north of Colorado Springs. I'll keep my eyes open for people in the Denver/Boulder area, and I do know a Realtor I trust who works in the Denver area. She specializes in investment homes. Let me know if you'd like to get hooked up.

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For what it's worth, I'm always willing to help (no charge!) with marketing ideas. Believe me, marketing is such fun for me that, once I start talking about it, it's tough to shut me up!

I'm looking at a list of available HUD homes in my city, and I'd like some guidance from experienced HUD investors.

Let's assume that I'm looking at a home that requires little if any upgrading (just to compare apples to apples). What is a reasonable goal when making a bid, based on the listed price? 10% discount, 20% discount, 30% discount? 40%?

I realize that every property is unique, but is there a rule of thumb? I don't want to waste my time, and the time of my realtor, with ridiculous lowball offers - yet I want the best deal possible.

Thanks!