Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago on . Most recent reply

User Stats

28
Posts
12
Votes
Scott N.
  • Renter
  • Denver, CO
12
Votes |
28
Posts

What's the ONE most effective daily action?

Scott N.
  • Renter
  • Denver, CO
Posted

For a newb who is looking to:

  1. Partner with 1-2 other people with whom we can assemble the 4 necessary elements for a successful RE investment (1 - money; 2 - knowledge/skills; 3 - opportunity; 4 - time)
  2. Offer 3 of the 4 elements (except #1)

I am analyzing at least 1 property a day from the worst possible sources - MLS and FBSO sites; with no respectable way of getting comps. But it's a start and is giving me good practice at running the numbers.

I'm new to my local area; know very few people in person outside of my typical work circle and a few friends, none of whom are involved at all in REI.

My focus right now is on finding a property local to me (Denver metro area or Colorado Springs) that is a good prospect for a rehab with exit strategy of first selling as a flip and second, if that does not work out, selling as a solid buy-hold rental property.  Second priority is how to find a good partner who is at or near my level with whom an  opportunity can be shared. (Yes, I know, keep talking and meeting etc etc, it will happen. I'm not worried about that.) When I do find an opportunity, I know I can reach out for help with analysis, and if it is indeed a good opportunity, then the funding will be available.

What would you say is the one most important action to take on a daily basis? I am committed to taking small steps every day in a consistent habit; I believe this is the way to build a foundation for success. But I'm struggling to identify what is the best use of my time right now to build the most effective habit for a noob to be able to bring something valuable to the table.

If you had 1/2 hour every day to do ONE TASK or action what would it be?

Most Popular Reply

User Stats

2,518
Posts
1,277
Votes
Matt M.
  • Realtor
  • Denver, CO
1,277
Votes |
2,518
Posts
Matt M.
  • Realtor
  • Denver, CO
Replied

I'd work on expanding your sphere. That's where the best deals are found. I just met a new real estate client, and told her about my fix & flips etc. As we were pulling up to her home, she pointed out her neighbors house. The neighbor was just admitted to a nursing home, and the home is vacant. She knows the POA who lives on the East coast.

Now normally the POA would probably use google to find an agent in town to sell the home. It's a rehab, but it will get bid up on the market. I've asked my client to reach out to the POA to see if he'll look at an offer. While it's not a deal yet, at least I'm not competing with 50 other investors.

Loading replies...