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Updated over 3 years ago, 05/26/2021
If you started all over again, what would you do differently?
I've come across a lot of different stories on Bigger Pockets, and there are people who come from all different types of backgrounds. Everyone has had a different starting point. If you were young again, where would you start and what would you do differently? Is there anything you'd avoid right away, or something in particular you wish you started doing earlier?
You posed a loaded question without realizing it. What you really were asking was whether REI is in our souls, and for both my husband/business partner and I, the answer is no.
We enjoy investing--and we're good at it--but neither of us live and breathe real estate and can't wait to figure out how to put together a deal. I'm a writer/journalist (with a master's degree) by profession; hubby was a technical supervisor.
Without that "RE is in my soul" motivation, you need a certain amount of money. That money didn't come to us until we were in our 60s.
1. Not wait so long to get my first deal. It was about a year for me. Just do it.
2. You should crystal clear that marketing is your #1 job in real estate investing so get really good at marketing. You don't need to know anything else if you don't have leads coming in the door. This tends to be put to the side when things get tough especially if you have a JOB.
3. Build your brand right from day 1. I wish I had done that. Marketing and branding go hand in hand. Think of it this way: marketing is how you get deals in the door. Your branding is why they choose YOU.
4. Dive into your local REIA, groups like BiggerPockets, and blogs and read everything you can get your hands on. Instead of watching so much TV binge on real estate education.
Originally posted by @Sharon Vornholt:
1. Not wait so long to get my first deal. It was about a year for me. Just do it.
2. You should crystal clear that marketing is your #1 job in real estate investing so get really good at marketing. You don't need to know anything else if you don't have leads coming in the door. This tends to be put to the side when things get tough especially if you have a JOB.
3. Build your brand right from day 1. I wish I had done that. Marketing and branding go hand in hand. Think of it this way: marketing is how you get deals in the door. Your branding is why they choose YOU.
4. Dive into your local REIA, groups like BiggerPockets, and blogs and read everything you can get your hands on. Instead of watching so much TV binge on real estate education.
When you say marketing what does that mean please?
Marketing to sell a property?
No. Marketing to get deals. Direct mail, websites, cold calling, driving for dollars, networking etc.
Originally posted by @Sharon Vornholt:
1. Not wait so long to get my first deal. It was about a year for me. Just do it.
2. You should crystal clear that marketing is your #1 job in real estate investing so get really good at marketing. You don't need to know anything else if you don't have leads coming in the door. This tends to be put to the side when things get tough especially if you have a JOB.
3. Build your brand right from day 1. I wish I had done that. Marketing and branding go hand in hand. Think of it this way: marketing is how you get deals in the door. Your branding is why they choose YOU.
4. Dive into your local REIA, groups like BiggerPockets, and blogs and read everything you can get your hands on. Instead of watching so much TV binge on real estate education.
This was very helpful and informative Sharon, thank you! I definitely noted what you said.
Only problem I'm facing right now is analyzing and choosing a market that is going to work for my plans long term. Due to living in the Chicago area, I'm afraid I will not be able to sell or rent, so I'm looking to dial in on a neighborhood where I can see future growth.
@Taylor Nunn, a lot of folks I've seen on here in the Chicago area have been investing in Northern Indiana (I think it was) because it's cheaper, but basically a suburb of Chicago (or so I heard). :-)
@Taylor Nunn - Reach out to John Casmon in your area. Casmon Capital Group. He is very knowledgeable about Chicago.
Originally posted by @Sharon Vornholt:
@Taylor Nunn - Reach out to John Casmon in your area. Casmon Capital Group. He is very knowledgeable about Chicago.
Thank you Sharon, greatly appreciated! I will definitely be contacting him.
Wish I had find out this site earlier 10 years ago , I spend all my Time on FatWallet.com .
And back 2005 when I could get any loan I want . I was too scare getting into real estate. I was only able to buy my own two family house , If I knew it I would have buy any property that makes good ROI . I would have Boguth 100 properties with east mortgage money = OPM. Lol
Is just so hard to get loan nows days.
This post is just such wealth of knowledge. Everytime I visit it I learn something I missed the first time I read it!
Originally posted by @Dustin Frank:
Teaming up with the wrong business partner
Hello! I know this is from 3 years ago but your post peaked my interest. Were their signs you had that this person was the wrong partner that you ignored? Do you wish you would have vetted better? HOW would you suggest avoiding this problem?