Saw your post on the creonline site. Bravo to you. It sounds as if you truelly want to make something with the life given to you. Next time your in the Michigan area give me a shout, I truly enjoy talking with successful oppertunists who have blazed their own trail in life.
Just a quick question. But first I would like to make a statement.
I honestly believe that a person who wants to make it big in REal estate, you need to have a lot of time on your hands. Obviously after reading post after post, this is not a “get rich scheme”. Im tired of those late night informercials telling the “ignorant”, that you can do this at home or even if you have a full time job! B.S.
Who here has the energy to go about the real estate business after a 50 hr week job? Remember you must look at a ton of properties to find a deal. You need to be home to answer your phone from those calling on your ad. Nobody in forclosure wants to listen to a 10 min answering machine message. They are depressed they are in denial; they need someone to talk too, and not your machine. I bet you the majority of veteran investors on this forum are full timers!
It takes time to meet up with your agents, mentors, motivated sellers, title company, lenders, attorneys, etc,etc,etc… As for “newbies”, most of your time is spent of reading and attending seminars. My advice is, ORGANIZE your time!
Say you work or go to school 5 days a week, that means you have 2 days off, obviously. As a beginner, I would:
network with the professionals on the phone. That means, other investors, attorneys, lenders, AGENTS, contractors, engineers, CPA, Title company workers, etc.etc.etc.CMON you have to know someone whos’ doing one or the other.
PICK an area you would like to invest in. Drive around the neighborhood, find out what selling and whats renting. Minimize your location. I found a partner who works the southern county , while I tackle the northern county.
dont forget, Organize your work station. I have my PC, a cork board for business cards I collect from different agents, a dry erase marker board for quick reminders, post its, the phone, etc…etc…etc… The more professional you look the more you feel professional, the more you get done.
Ooops…forgot my quick question…How do you organize your Real Estate Plans?
If you would please share with us your organized TIME PLANNER on Real Estate Investing!!
I would start by learning how to use other people’s time.
Use lawyers, cpas, realtors, your kids, next door neighbors.
If you don’t have money and want to buy real estate, you use other people’s money.
If you don’t have time and want to buy real estate, you use other people’s time.
If you don’t have time to answer calls, get a website, a pager that transfers calls, cut down on beer time, and focus on one or two aspects of real estate.
I am a 28 year old note investor. I love this business. I went broke at age 23…started out with nothing and lost 250K in stock market, after starting my own fone card business. Today I buy notes and hold onto for cashflow. I started and sold an internet business for $10 MILLION two years ago. Today, I own a hosting company that hosts many clients ( they’re like renters ).
I’ve been there and done that too. I did 50+ hours a week in the corporate thing for years. Then I would come home and spend 3 nights a week and weekends working on rehabs, call people back, dealing with tenants, etc. It took a heck of alot of persistence and sacrifice and money, but about 5 years later I now sleep in most mornings until 9a.m. and set my own schedule. No job. This definitely isn’t a cakewalk. It’s alot of hard work especially at first.
Some of your points are well taken. On the outside it may look easy for some “seasoned” investors to do some deals, type away at the computer answering questions here, finish up a course or book all the while not having to punch a timeclock at a 50 hr a week job! Yes, it may look easy, and it may be easy for some. But it was not always like that.
I can remember when I started 8 years ago…I was a full time college adult student, 2 teenagers to spend time with lest they go wayward, my wife who also needed my time, and this new business to launch. Where was the time going to come from?
As a family we would go look for houses. On the way to college or stores we would look for houses. My kids would sometimes sit in the car for an hour while I negotiated a deal with a seller. I even showed a buyer houses at 1 AM when they got off work! My wife COMPLETELY supported everything I needed to do!
Here is a famous saying, I forgot the author of it; “If you are willing to do what most people won’t, then you will be able to do what most people can’t!” Think about that for a while…it has always kept me motivated. My 2 cents.
I want to thank everyone for emailing me in private and words of encouragement on future success.
Although I am not able to answer everyone’s question personally I’ll just say that success is much like going fishing. You can do everything right like the guy before you, but there’s no guarantee that you’ll get the same result…or even get a bite.
Spend less time reading and analyzing motivational thoughts, tapes, and books. Instead, go out there and make as many mistakes as you can, learn from them, and move on.
Know the difference between advice and sales pitch. But never be afraid to invest in books, tapes, and courses that offer a money back guarantee. If you don’t like it…return it.