Do you believe in luck? (Newbie Here)

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Do you believe in luck? (Newbie Here)

Hector Rey
Manassas, VA · Member since 2019 · 2 posts · 4 votes

For some time now, I knew that I wanted to get involved in REI. The problem like all of us who are new to this is not knowing where or how to start. Not asking the right questions, looking for that next "easy" buck. And honestly, I'm starting to think that luck has a big role in how we get started. But today I think my luck finally struck and I was beyond excited like I almost cried excited.

For about a year, I've been reading, listening to BP podcast, watching BP YouTube and just learning what I can for some time now. I am at the point now where I'm taking action. I'm attending local REI Meetups, joining different REI Facebook groups and making offers. I'm learning to ask the right questions, learning to network better and slowly building a team that's going to help me move forward. But something amazing happened yesterday. I now have a mentor who is willing to show me the ropes; the excitement.

I found out a week ago that there was an auction taking place and I knew I had to network, to find the local cash buyers. After talking to a few people, I walk away with nothing. I was the wholesaler who no one wanted to network with. Except for the guy who showed up midway through the only property that was being auctioned. He heard me tell someone that I was a wholesaler which got him to come to ask me questions. After 20-30 minutes of talking to him, he decided he was going to take me under his wings. 

In the little bit of time that I spoke to him, I was able to show my level of commitment without coming off as the newbie. He was impressed that I knew some stuff that he didn't know and he felt that we can leverage off each other. This is a man with 10 years of experience and then there's me, eager to get one property under contract. But my luck finally struck and I knew that this hard work is finally paying off. 

I guess what I am trying to say is that we are the ones who create our luck. We have to put in the work and we need to take action. No one is going to hand you everything. Don't give up, keep pushing even when you think nothing is working for you, keep trying. I look forward to sharing my journey with you all. 

By the way, I am not much of a writer. I just figured I document my journey in hopes of getting feedback from the people who have been doing this for a while. 

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Anthony Wick
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
6y

As a follow up, and sort of related, I also teach my kids that opportunity does not come knocking. You have to find out where opportunity is hiding, and go kick in that door and demand opportunity come with you. Not once in my entire life has anybody ever woke me up from my slumber and asked me if I'd like some money for doing nothing.  

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  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    6y

    Hi Hector,

    Make sure to put yourself in situations where Luck is likely to happen.

    You will never find bananas growing at the North Pole.

    Good Luck!

    1Reply
  • Jacob Sampson
    Investor · Topeka, KS · Member since 2015 · 1k+ posts · 1k+ votes
    6y

    Absolutely! luck is a part of all success.  In the book The Millionaire Next Door easily 80% of the millionaires interviewed stated luck was in the top 5 reasons for their success.  All that being said, the harder you work and the more you prepare the luckier you get.  The reason being is that lucky situations aren't usually very obvious.  No one is going to call you up and say, "Hey I have a 10 million dollar property that I want to sell to you for 5 million and I will owner finance the whole thing with nothing down."  More often than not, it takes education to be able to recognize a great/lucky deal.

    It also requires preparedness, as an example if there is a 10 million dollar property for sale for 5 million I still couldn't pull the trigger on that lucky deal because I am not prepared to make a 5 million dollar purchase.

    1Reply
  • Derek Rs
    New to Real Estate · Member since 2020 · 1 post · 1 vote
    6y

    “Luck is what happens when preparation meets opportunity." - Seneca

    Hector, I think you took the steps to put yourself in a great position to get this opportunity.  Just like @Scott Mac said, you have to put yourself in those situations and make it happen.  Everyone just wants to get the end result, but no one ever wants to go through the process.  The process is what makes the end result so good.  Glad to hear that you have met someone to show you the ropes.  I can't wait to learn more either!

    1Reply
  • Pete Barrow
    Investor · Indianapolis, IN · Member since 2017 · 145 posts · 158 votes
    6y

    Sure, luck is part of it. But just like in poker, the same people seem to come out on the top year after year. That tells you it's mostly skill and focus and effort...which creates opportunities to get lucky. 

    1Reply
  • Damaso Bautista
    Rental Property Investor · Hawthorne, CA · Member since 2018 · 655 posts · 900 votes
    6y

    @Hector Rey

    I believe in luck! Being prepared for the opportunity luck lands at your feet is what matters.

    1Reply
  • Anthony Wick
    Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
    6y

    Well, if you purchase 5 properties, and 4 of the 5 lose a ton of money, did you get "lucky" on that 5th property? No. You're just a lousy real estate investor. I don't believe in luck. Or Karma. At all. I believe in hard work, preparation, knowledge, skills, abilities. If you work hard and prepare well, then you just may find yourself in a position to get some good deals. 

    0Reply
  • Anthony Wick
    Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
    6y

    As a follow up, and sort of related, I also teach my kids that opportunity does not come knocking. You have to find out where opportunity is hiding, and go kick in that door and demand opportunity come with you. Not once in my entire life has anybody ever woke me up from my slumber and asked me if I'd like some money for doing nothing.  

    2Reply
  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    6y

    We all heard the saying “ the harder I work the luckier I get !” I believe that has a lot to do with it because Persistent hard work pays off . Sometimes not right away but it will ....

    But that hinges on another factor : self discipline. Self discipline is is the number one factor as to whether you will be rich poor or middle class , I’m convinced it is the closest thing we have to a magic genie in this life . Without it ..all you can do is stare ,like a window shopper, at the good things of life , shrug your shoulders and move on .

    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    6y
    Originally posted by @Hector Rey:

    For some time now, I knew that I wanted to get involved in REI. The problem like all of us who are new to this is not knowing where or how to start. Not asking the right questions, looking for that next "easy" buck. And honestly, I'm starting to think that luck has a big role in how we get started. But today I think my luck finally struck and I was beyond excited like I almost cried excited.

    For about a year, I've been reading, listening to BP podcast, watching BP YouTube and just learning what I can for some time now. I am at the point now where I'm taking action. I'm attending local REI Meetups, joining different REI Facebook groups and making offers. I'm learning to ask the right questions, learning to network better and slowly building a team that's going to help me move forward. But something amazing happened yesterday. I now have a mentor who is willing to show me the ropes; the excitement.

    I found out a week ago that there was an auction taking place and I knew I had to network, to find the local cash buyers. After talking to a few people, I walk away with nothing. I was the wholesaler who no one wanted to network with. Except for the guy who showed up midway through the only property that was being auctioned. He heard me tell someone that I was a wholesaler which got him to come to ask me questions. After 20-30 minutes of talking to him, he decided he was going to take me under his wings. 

    In the little bit of time that I spoke to him, I was able to show my level of commitment without coming off as the newbie. He was impressed that I knew some stuff that he didn't know and he felt that we can leverage off each other. This is a man with 10 years of experience and then there's me, eager to get one property under contract. But my luck finally struck and I knew that this hard work is finally paying off. 

    I guess what I am trying to say is that we are the ones who create our luck. We have to put in the work and we need to take action. No one is going to hand you everything. Don't give up, keep pushing even when you think nothing is working for you, keep trying. I look forward to sharing my journey with you all. 

    By the way, I am not much of a writer. I just figured I document my journey in hopes of getting feedback from the people who have been doing this for a while. 

    Welcome aboard Hector. My $.02....Up to you to make your own luck!

    0Reply
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