Need Some Advice in Getting On Track in the Real Estate Business

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Need Some Advice in Getting On Track in the Real Estate Business

Adrienne G.
Specialist · Clermont, FL · Member since 2015 · 91 posts · 35 votes

Hi everyone.

I don't know if this is the appropriate forum for this, so if it is, please let me know. And I'm stating openly that this is not an advertisement or solicitation for business. I'm gathering opinions about a business move. Now that I've gotten that out of the way....

When I first found the site, I introduced myself and a little about my situation. A few people counseled me to create a goal for what I want out of real estate and set a plan in motion. Well, I'm still reviewing websites, reading books, blogs & newsletters, researching, attending CFRI meetings, and reaching out to individuals for mentorship. So the education piece is well underway.

I announced before that I was going to enroll in the Pre Sales Real Estate license class. Well I did that. I am currently in the class (online) and attended a review class this past weekend. I'm hoping to sit for the exam in the next two weeks. I've been researching real estate firms (so far I've been impressed with Keller Williams) but haven't made a decision. If I don't choose Keller Williams, I'll probably choose a boutique firm. KW offers all the mentoring and training, not to mention their access to tools. A boutique firm will allow me to get my hands dirty quicker. So there are benefits to each.

In terms of my own investing strategy, I am leaning towards triplex & quads to start, a couple of small single family homes (maybe 3) to rent, and long term (5+ years) flips and apartments. Cash flow is my goal as an investor with profitable rehabs/flips being secondary.

In the mean time, I still need to make money so I can fund my real estate investing career.  I'm not in a position to plop down a ton of cash on my first property. I do not want to short cut it in things I'm still not educated enough (wholesaling, partnering with someone on a multi-unit or flip). So I started thinking about my skills and how I can bring them to the real estate investing world today. So here's what I was thinking.

I have strong skills in:

  • Wordpress Web Design
  • ECommerce
  • Podcasting & Video Production & Editing
  • Writing/Blogging (I'm published)
  • Social Media Branding & Marketing
  • Email Marketing
  • Mobile Technology
  • Photograpy Editing
  • And of course Recruiting and Business Consulting (I did a lot of startup advising)

Here is the problem. I do not know if real estate investors find any of these skills valuable to them. When i go to meetings and observe, some investors clearly state that they re DIY types and don't like having too many expenses. Which I can respect. And a lot of real estate agents and companies have internal people to handle this stuff. I'm not looking to be a "VA" but would love to integrate my skills and my new license into a new career as a real estate professional and eventually an investor.

So here's the question. How do I articulate the true value in most if not all of these skills to real estate investors (especially new ones)? Ordinarily I would not be shy about the value of any of my skills. But I am brand new to real estate and have no background in it. I figure if I can start doing some work with real estate professionals in this capacity along with getting my license and practicing, I can gain more clarity and experience.

Any advice? I'm all ears.

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JOAN DICKIE
Residential Real Estate Broker · La Crosse, WI · Member since 2013 · 360 posts · 110 votes
11y

Play to your skills.  Most people are looking on the internet for deals (investment and otherwise) and you can offer advice to investors on how to attract people that way.  You have something they need.  Don't be shy, use this knowledge to come from contribution.

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  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    11y

    @Adrienne G.

    Go to the REIA's see what the cash buyers are looking for find a true deal bring it to the table so you can work together.

    Paul

    0Reply
  • Adrienne G.
    OP
    Specialist · Clermont, FL · Member since 2015 · 91 posts · 35 votes
    11y
    Originally posted by @Paul Timmins:

    @Adrienne G.

    Go to the REIA's see what the cash buyers are looking for find a true deal bring it to the table so you can work together.

    Paul

     Hi Paul.

    Will they even want to work with me given my situation?

    0Reply
  • JOAN DICKIE
    Residential Real Estate Broker · La Crosse, WI · Member since 2013 · 360 posts · 110 votes
    11y

    Advice from a Realtor. Keep active here. Offer advice when you can. If you bring value to the forums and blogs, people will take notice. Go to REIAs in your area. Network with the objective of offering something of value. Act like a bird dog and drive for dollars. Look for the abandoned looking properties and talk to owners about selling their properties. Market these properties to your new REIA contacts. Market to absentee owners. This may either get you a property to sell or a potential buyer for other properties you find. Always be out looking and always be closing. My area doesn't have a REIA so I'm going to try and start one with the other BiggerPockets members in the area.

    One other note about KW.  I'm with KW also.  KW doesn't usually feed their agents a whole lot of leads.  This may be important to you as you start, so ask about this to both KW and the boutique firm.

    Good luck as you start your wildly successful career.  Keep us up to date and don't hesitate to keep asking any questions you may have.

    0Reply
  • Adrienne G.
    OP
    Specialist · Clermont, FL · Member since 2015 · 91 posts · 35 votes
    11y

    Hi @JOAN DICKIE

    Thank you for the advice! I am on the forums and blogs almost every day taking it all in. Because I am so new, I know I don't have much to offer in terms of expertise, so I mainly try to give words of support to other newbies. But when I find topics on technology, social media, marketing, business 101, etc, I offer advice based on my experiences with the hopes that someone finds it helpful. I have gone to two REIA meetings so far and loved the energy. The first was very small (I think 10 people including myself), the second had about 20.

    (A little off topic) What I've realized in reading here and in those meetings is that I have to change my mindset of an investor purchaser. Where as someone purchasing a home for myself, I have a certain visual of what I want. But I know realize that I personalize it, which is not a good business move. I have to look at the potential to make a profit and cash flow from it, not think in terms of living in it myself. So I've been humbled a bit by that. Now that I understand that, I believe I'm ready to start looking at properties with a different vision.

    And as far as KW, thank you for that. I've been checking out other brokerages in the metro area and I'm interviewing with two tomorrow. I will certainly ask this. 

    It's hard to know if you're providing value when you're in an environment where most are more seasoned than you are. I'm still feeling my way around and don't want to violate any rules of conduct. I'm working on launching a blog on here to share my thoughts and document my journey a little. But I will continue to get in where I fit in.

    Thanks for the advice!

    1Reply
  • JOAN DICKIE
    Residential Real Estate Broker · La Crosse, WI · Member since 2013 · 360 posts · 110 votes
    11y

    Play to your skills.  Most people are looking on the internet for deals (investment and otherwise) and you can offer advice to investors on how to attract people that way.  You have something they need.  Don't be shy, use this knowledge to come from contribution.

    1Reply
  • Adrienne G.
    OP
    Specialist · Clermont, FL · Member since 2015 · 91 posts · 35 votes
    11y

    OK, I didn't want to create another thread just for an update. So here goes.

    I am in the home stretch of my real estate license class (hallelujah!!). Now i just have to pass the class final exam and set my test date. I'm still reviewing agencies. The interviews have been informative. And I am going to have to make a choice soon. But first, I need to pass this exam.

    I have continued to pour over the blogs and forums, as well as listen to podcasts and webinars here. I am learning tons. It does get quite confusing though when I run into a subject (like wholesaling and bird dogging) and there are such conflicting opinions. So I've been trying to sift through all of that. I'm also making use of Youtube and other blogs and ebooks that have been helpful. I listened to @Brandon Turner's The Book on Investing in Real Estate with No (and Low) Money Down twice and loved it. There are still some things I have questions about, but no doubt, I can probably find the answers here. Next up is Rewind. I'm just trying to get my school work and this real estate course done. 

    Oh yeah, did I mention I'm in school finishing my degree? Only 13 more classes and I'll have my bachelors...23 years after the fact. LOL Advanced Statistics is kicking my butt but I'm loving International Business. But I digress....

    I continue to go to seminars, meetings and even have been taking some Home Depot classes in repair and such (installing a toilet, laying tile, etc). I have a few coffee meetings with some people I met at different REIA meetings.

    Now for the most important- money, funds, cash.

    I have been checking out the job ads for any kind of real estate position that I can take without being required to have a license. It is insane here in Florida! Granted, I know I won't make what I was making as a contract recruiter, but it is dramatically lower....like $25-30 less per hour. So it has given me motivation to really sell my skills independently. 

    I had started planning to do a consignment store online for plus size women but that fell to the wayside a few months back. I have revived the interest in that. I have some inventory to unload....the problem is, it's back at my home! So I have to make a trip back up there to get it. Or I can list them on my website and have my sister ship. Luckily I have the Excel spreadsheet and photos of all the inventory still on my computer and iPad. I also forgot I had 6 plus size wedding dresses I can sell but have been struggling with finding places that would want to buy outright and also brides who aren't looking for freebies and to pay under $100. It's tough out there!

    I have just today applied to both Uber and Lyft (after reading another poster suggest to someone else). So I'm waiting on the application process to be complete. Problem is, I may run into difficulties because while my car is registered and insured and my license is current and valid, everything is registered back home and not in Florida. So I'm waiting on word back from both companies. 

    Finally, I have been working on ways to approach real estate investors and smaller companies to offer my skills. I need to work on pricing for those and the marketing. Again, as I said in another post, from what I've been hearing many investors are not interested in additional expenses and see the things I do as added expenses. So now I'm working on changing that mindset. I'm researching the Florida market to see what I can fairly charge and be comfortable with.

    So that's my update. No properties yet. I am looking though, even if I'm not yet in a position to buy. More to come.

    2Reply
  • Adrienne G.
    OP
    Specialist · Clermont, FL · Member since 2015 · 91 posts · 35 votes
    11y

    I forgot to add- I'm starting to put a team together (in my head and on paper).

    I went to a Bookkeeping for Business class hosted by the SBDC and met some great people. I know I need an attorney, a CPA, general contractor, title closing person and such. I'm working on those. 

    In my class I met someone who does general contracting (we're meeting), a couple that does cleaning (commercial and residential), a painter, a couple who owns a custom cabinetry company, and a stager/designer (good to know, but my sister is great at interior design and I'll probably collaborate with her for staging/decorating at least in the beginning). Doesn't hurt to have them on file. My brother in law is licensed in HVAC.

    I also met a few investor/agents. So now I'm looking for plumbers, electricians, landscapers, and carpenters. Even the guy who taught the installing a toilet class at Home Depot was an investor. He shared some really good info with me. 

    I'm keeping my eyes, ears and mind open. I know it's way too early to pick one in each category, so I'm gathering 2-3 each and keeping them on file. 

    Oh and I forgot, a woman who does just rehabbing and flipping offered to let me shadow her on a project. I'll be taking her up on it. But for now, my big three are attorney, CPA and GC.

    0Reply
  • Donald Placide
    Homeowner · Katy · Member since 2014 · 88 posts · 21 votes
    11y

    @Adrienne G. looks like you have some very valuable skill sets, so far your doing all the right things. 

    I can only speak from my own experience, start to familarize yourself with homepath.com, as a realtor you will be able to bid directly for fanne Mae foreclosure. Good way to get in the game and pick up discounted properties( SFR, and duplex) which owner occupied gets to bid on first. I'm leaving out a lot of detail, but that's the general idea.

    With your social media skills you can easily start a tube videos on how investors and can streamline there RE business through the several  skill sets you listed, and hence gain a two fold result of branding yourself and opening doors to off market deals! 

    For Realtor license, here is a quick tip that helped pass the second time around, study all the terms In every chapter,  If you know the terms, your can correctly answer any question they throw at you :)

    Hope my 2cents helped ;) 

    1Reply
  • Adrienne G.
    OP
    Specialist · Clermont, FL · Member since 2015 · 91 posts · 35 votes
    11y

    Thanks @Donald Placide. I'm really trying to immerse myself in real estate. I have considered trying to find a contract recruiting gig but the ones I've interviewed for have said I'm "overqualified". I hate that. I've even reduced the pay I'm looking for and that's even still more than what most real estate companies will pay me with no field experience. So it's kind of frustrating because I know what I can earn but if they won't pay, oh well. 

    I've never heard of homepath.com. I will check it out. I did register for HUD's website though. I've been watching the site for homes for sale.

    As for the Youtube, you're probably right. I do already have videos out on the web and I guess I can redo them or edit for the real estate industry. I haven't gotten that far yet. My social media track record for myself has been outstanding. The problem is, it's not geared towards real estate. So I'll have to start secondary profiles. 

    Thanks for commenting!

    0Reply
  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    11y

    Hey @Adrienne G. thanks for the shoutout! Glad you enjoyed the book :) Keep rocking it! 

    Podcast Guest on Show #92
    0Reply
  • Adrienne G.
    OP
    Specialist · Clermont, FL · Member since 2015 · 91 posts · 35 votes
    11y

    Here's another update.

    So Uber is über slow in getting my background check done. Lyft has me on "hold". So much for that being a fast way to get started on some side income.

    This week is finals week so I'll be saying goodbye to Advanced Statistics and International Business (today). But next week starts Financial Accounting and Business Processes. That leaves me this leaves me with the rest of the week to finish my real estate class. Hopefully I can take the exam within two weeks. (praying).

    I have not had a chance to work on the website for my online consignment boutique yet. Been so busy with studying, meetings and networking. This coming weekend I'll have quiet time to knock it out. I didn't realize how many items I actually had. The site is up, just need to load the images and pics of the clothing in the catalog and resize them.

    I've met with two real estate investors, an agent/investor and an owner of a title company. They've given me great feedback on my goals. All have been incredibly generous and have offered to walk me through anything I need help with. But the common sentiment was go driving for dollars and get out there and make a deal. I'll start driving next week. This last week and this week I've looked online. I'm deciding the name of my company and ordering my business cards and domain name. The website will come when I decide what I want it to look like.

    I have outlined my business plan. Once I get that quiet time I'll sit down and really put it together. I'll also be working on my direct mail and social media strategy. I have decided that my end goal is to help educate women investors. This include not just real estate, but wealth building in general to include business ownership, investment clubs, etc. In my past life I headed two investment clubs. I'm definitely looking to get back into that eventually. I want to build my wealth, document my journey (including the ugly struggles). And make real estate investing my full time thing. I've been keeping a journal of my experiences and feelings.

    As for my skills, I have reached out to three people, and have gotten notes from about two more. Nothing confirmed. Just answering questions about what I do and what I would charge. I have not been marketing myself because I want to polish the package first so to speak. I was thinking (and this is where I could use some input from the Bigger Pockets family) about doing some low cost workshops both online and on site locally. I was thinking maybe a session on building a basic website for real estate investors, real estate investors guide to understanding social media (maybe a four part- 1) understanding the platforms & identifying what works for you, 2) optimizing and measuring success and analytics, 3) crafting the message & building your community, 4) managing the process and content creation calendars). maximizing technology/automation for your real estate investing business, email marketing success strategies, and whatever else real estate investors wanted to learn about to DIY on the web. I'd love your feedback on what makes sense.

    I'm getting antsy. I'm trying to clear as much from my to-do list as possible (school). But I'm in a good mental space. I've decided to put aside the banter of opposing sides and start Wholesaling. I'm pulling the trigger on that process next week. Researching and driving for dollars will be how I begin next week. Plus there are two CFRI meetings happening that I will be attending. I have to keep networking and meeting people. 

    And of course I'll continue reading and listening here. Although when I get frustrated with school work, this is the first place I run! It's like a mental crutch and a wonderful distraction all in one. It''s like Facebook. I find myself here saying OK maybe one or two threads. Next thing you know I look up and it's three hours later. LOL

    In the mean time, thank you to those who continue to read my blog and forum posts, vote for my posts and reach out with words of encouragement. Some days are better than others but I'm a fighter. Thanks for letting me share!

    0Reply
  • Adrienne G.
    OP
    Specialist · Clermont, FL · Member since 2015 · 91 posts · 35 votes
    11y

    OK here's an interesting update. I've just been offered an opportunity to write  for a site and be paid for it. No SEO gimmicks, no content farm. Just a legitimate opportunity to write articles for small business owners and be paid per article. They saw some of my writing and reached out. And I know it's a great opportunity because I have four acquaintances (one a NY Times Columnist) who write for the site. I'm so excited!

    And Lyft has finally approved me. And I found out I passed my Advanced Statistics class. *Whew*

    The other thing is I don't want to get so caught up in so many different avenues to earn income that I end up with not much time to do real estate. I'm being mindful that I don't over extend myself. It'll be a balancing act for real.

    0Reply
  • Bhekizwe M.
    Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    11y

    network and be  active on BP

    0Reply
  • Adrienne G.
    OP
    Specialist · Clermont, FL · Member since 2015 · 91 posts · 35 votes
    11y

    UPDATE:

    It's done. Today I passed the real estate license exam...on the first try! I put myself through weeks of over studying, getting myself all worked up listening to people who took two and three times to pass it telling me it was difficult and tricky. I got done in an hour and 15 minutes. I planned to be there for the whole three and a half hours. And yes, I breezed through it.

    But it's over and I'm so glad I did it. Now to decide what I want to do with my license. 

    On the investing front, a mobile home park opportunity came my way. I'm going to see it this week. I've had people tell me I should start out small and cautious. I'm not saying I will or won't pursue this, but after all the people who kept warning me about the exam, I'm ready to not listen to others so much (within reason of course). 

    I finally feel like I am officially on my way in real estate investing.

    0Reply
  • Camille Pronovost
    Real Estate Agent · Orlando, FL · Member since 2015 · 13 posts · 1 vote
    11y

    Congratulations, Adrienne! I am currently working my way through the real estate course, same on line course that you did. Our investing goals are very similar. Have you signed up with a broker already?

    I am meeting with a broker next week for basically an "informational" interview.

    Here's to your success! Camille

    0Reply
  • Adrienne G.
    OP
    Specialist · Clermont, FL · Member since 2015 · 91 posts · 35 votes
    11y

    Hey Camille.

    Thank you!!! I was so happy to have passed it on the first try. All of the talk about how hard it is and how many don't pass on the first try really had me psyched out. But once I started taking it, I knew my stuff so the nerves went away.

    I haven't chosen a broker yet but met with a few. I have one more meeting next week, then I'll make a decision.

    You will do fine. I would just recommend taking a cram session in a classroom. It really helped me pull together the material I read for the class. The instructor put the material in a frame of reference that I was able to remember and identify on the test.

    Good luck to you!! And call me when you get back in town.

    0Reply
  • Donald Placide
    Homeowner · Katy · Member since 2014 · 88 posts · 21 votes
    11y

    @Adrienne G. Congrats ! Job well done! 

    0Reply
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