Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 14 years ago, 08/13/2010
Sharing experiences is a great way to learn
A thought came to mind while reading posts today. How do new investors learn the ropes? One way is perhaps by sharing experiences and what has been learned along the way. It is a great use of the forums and new and experienced can give further feedback.
That is the beauty of BP ... no guru shenanigans and all the timely, valuable and absolutely free information a newbie needs at their fingertips! :cool:
Ted I agree. BP is a great platform for sharing. Investors regardless of the experience have any opportunity to share what they learn and there experiences along the way.
IMO newbies that follow will have a better road map when they see experiences of those starting out and what was learned in the process. I believe in this way the site can be enhanced for all.
My problem now is that I am afraid I will not remember all that I know!!
Don
My problem seems to be knowing what I remember...........wait......Is that how it goes :)
I learned the ropes from two main sources on BP. One of the main sources is the forums. They are packed full of great information. The other is the people I have networked with through this site.
I was very fortunate. I got hired by a family friend to answer the phone for her investment company. She gave me a cell phone and a heads up when new marketing went out. All I did was pre screen calls and set appointments. Maybe 10 hours a week most weeks. It was just supposed to be part time until I could find a job.
Well a new job never came. It's pretty tight out there right now. I was so good at establishing rapport with the folks that were calling, that she started taking me on appointments with her. Then she taught me how to drive the comps. Our arrangement changed to me getting a commission for each deal done.
In the mean time, she opened her library to me and I started soaking in all the timeless principles of buying right. There were motivational CDs, Sales Mastery, Negotiating, Over coming Objections. On and on. Each time I was able to take a step up, she stepped back a little. Even allowed me to make some silly mistakes so that I would learn to never do that again.(never even THINK the word retail around a seller! Always write the phone number down rather than trusting your @#$% cell phone)
But then we started moving into areas that she had no expertise with. That's when I found Bigger Pockets. So much information right at my finger tips. Not to mention the potential bennefits of the networking. It's also very validating for me to read a post from some one with so much more experience saying exactly what I would have said. Probates weren't even on our menu till I joined that group. I'm going to make an offer on a probate house this afternoon.
Now I do the marketing and negotiating. I get commissions on the front end and the back. What ever leads I pass to others we split the income generated. I've spent a year getting a quality education and got payed to do it. When it's time to step out on my own, I believe I'll be ready. In the mean time, I really enjoy playing it forward and passing on my lessons right here in these forums.
So, one thing that can help someone new get started is working in a real estate trade job.
When I learned a lot over the years working at in the real estate / construction industries primarily. Though I was an accountant, I was also asked to learn and do some paint and drywall estimating.
I worked at with at a small appraisers office as well though brief I did manage to get an idea of what was involved in appraising a SFR and the owner was asking me to read up on appraising. One thing I remember most though was that residential appraisers work hard as contractors and made very little.
here is one for ya: 4 Lessons in Short Sales
just a heads up, its a really long post
Originally posted by Charles Perkins:
One other thing, I am a former Sea Bee and I did construction carpentry when I was in the Navy. It really helps alot when I'm estimating repair costs. And a good friend and ministry partner I volunteer for is a former contractor. He's showing me the ropes of over seeing a project.
Do you ever just feel like things are coming to a point of critical mass and you're getting a big shove from Above?
:clap: :clap:
Edward, it sounds like you've got some great experience to propel you forward. I'm sure as you read and prepare you will be able to start accumulating your own properties.
Happy investing
All great insights, thanks for sharing. I've learned by doing countless deals. It's amazing some of the stuff you come across over the years.
I wish I new about a great resource like BP when I started. There's some great information and some great contributors with vast knowledge on many topics.
Cheers :)