Newbie in Hawaii

[Daryl Alonzo]

Hi everyone,

My name is Daryl and my wife and I have decided we needed to start building for our future.  We heard real estate is a good investment opportunity!  Neither of us have any experience in the real estate business.  What we do have is the determination and drive to make this successful.  I have read and read and read posts here on BP.  The knowledge here is overwhelming yet I haven't been this engaged into something for a long time and it brings such excitement.  I would like to ask the community to help me get started.  Whether it be a joint partnership or helping me buy a fix and flip or acquiring rental properties.  I'm game to try anything.  If there are any local investors here who would like to teach me the ropes and meet up locally to just let me pick your brain, please let me know and get in contact with me somehow.  In the meantime, I will continue to read and learn more.  I'll even come to investor meetings to listen and learn.  Look forward to hearing and working with the BP community!

[Michael Borger]

Aloha Daryl - investing in real estate is definitely a worthwhile venture, especially in Hawaii where the price points can make one deal the equivalent of multiple deals on some mainland markets.

I want to give you some friendly and constructive advice. The community can indeed help you get started, but you must be the initiator. You must line up your financing; you must market to find the deals; you must determine when to pull the trigger; you must make the call on your due diligence. Don't expect the community to walk you every step of the way.

As far as a local investor 'teaching you the ropes' and meeting to 'let you pick their brain', what do they get out of it? You need to see it from the other side. Mentoring is a two-way street -- it takes resources on both ends. If you want someone to mentor you, you have to bring something yourself to the table. Maybe it's money, maybe it's a steady deal stream, maybe it's grunt work. Whatever it is, you have to respect the blood, sweat and tears (literally, sometimes) that it takes for someone else to finally become a 'successful' investor. Don't expect this person to go through all of that, only to turn around and hand a newbie their business plan.

Most of us who are successful investors (define that as you wish) value our time above all else. Forget about building up potential competitors, you're requesting that someone take time out of their day -- maybe their investing activities or personal time -- without a return on that time. If I met everyone for coffee or lunch who asked me to do so, I'd never do any deals.

You also said that you will 'even' come to investor meetings to listen and learn. That's the bare minimum -- not a significant showing of intent on your part. Even investors scared of their own shadow will attend REIA meetings. Set higher aspirations.

Lastly, you talk about "a joint partnership or helping me buy a fix and flip or acquiring rental properties". You don't sound like you have clarity on what you want. That's fine in the beginning - you need to spend time learning how real estate investing can help you reach your goals -- and what those goals are. Only then can you work on a plan to put into action. That's on your shoulders to get the education, not for a mentor to decide for you.

Again, this is meant to be constructive, so I truly hope you take it that way. I would suggest 1) Commit to attending the next 6 months of REIA meetings, 2) read the Bigger Pockets getting started guide, 3) stay active in these forums without necessarily asking for mentorship -- just ask questions and engage in threads.

Once you've done that, you should at least feel comfortable enough putting out some form of marketing to find a deal that fits your plan.