Afraid to start because I have doubt I will mess up

[Davin Randolph]

I’m nervous starting out because I just know I will mess up, I live in New Orleans Louisiana am I doing it right?

1.) Get a list

2.) Send out letters

3.) Find a motivated seller, make an offer and put them under contract (purchase and sale)

4.) market the contract

5.) find a buyer and put them under contract (assignment contract)

6.) take it to the title company

7.) do a close

Is this all correct?

[Erik W.]

My advice is prepare to fail inexpensively.  

Don't buy a $1,000,000; 150 unit complex the first time out. Start with a basic 2 or 3 bed SFH that any median income family can rent. Then if the worst happens, you can exit gracefully and not be completely wiped out. You will go thru the process, learn the ropes, and should be ready to proceed with more confidence on the next deal.

Grant Cardone is one of those "go big or go home" guys, but he's rare.  For every ONE of him, there are 10,000 mom 'n pop land lords who started off with that first little house, and over 20-30 years of growing steadily and learning from mistakes along the way they became multi-millionaires.  

In "The Richest Man in Babylon" George Clason lists 3 of the 5 "Rules of Gold" as follows:

3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.

4. Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those who are skilled in its keep. 

5. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.

Take out all the "-eths" and you have sound advice for any business/investing enterprise in 2019!

Good luck.  Learn from your failures...but remember to savor your successes!

Btw, if you like reading, I recommend downloading the free PDF of "The Richest Man in Babylon".  It's old enough now it is in public domain.  

https://www.pdfdrive.com/the-richest-man-in-babylon-e32844090.html