Real Estate Motivation

[Marcus J. Baker]

Hello Everyone,

I'm new to bigger pockets and for years I have been saying that I'm going to invest in real estate and I never pull the trigger.  This time I've decided that I'm going to follow through and I came up with an idea to help motivate myself.  I started a no shave challenge.  I will not shave again until I buy my first property.  I've never grown a beard before so this should be interesting. lol

[Michael Lee]

Hello and welcome to this website!  That beard idea might just work.  There has a bunch of new members in New Jersey so, depending on what you choose, your competitors might be your friend.  Some ways you should win is to do several things that differ some of members.  Dominate your market by knowing more which will give you a better reputation.  Make a good first impression by wearing nice professional clothes and have knowledge of the market area.  When you select your niche just be a specialist at it.  Do not try to do everything.

There are several things you should do before you start investing. One of them is to selected mainly by you and that is to form some type of corporation or a LLC. You might want to hire a professional to help you to decide your type of entity depending on what you select to do and what type of company entity to form. This should protect you personally from an unexpected loss or have a lawsuit. You should not try to do everything yourself. Having a local Team of professionals that will help you get things done that you do not know how to do or do not want to do. They should have experience at what you are doing and promptly return your calls.

Get your financing figured out before you start making investment offers and get a loan letter put together that you can copy and include with your offer package.  That letter could include how long a lender will take to close your loan and the maximum amount that you qualified for.  Another thing is to find an office location that little or no distractions.  Keep everything organized.  You can use your living place to include you office if you can close it off and not have any distractions to be in your place. Your personal ability will be a factor you have to prevent the things around your place needs to be done.

I am 60 years old and I have plenty of things to say.  I have learned a bunch of stuff from BP and YouTube while I medically recover and am stuck at home most of the time and have been studying this location for about 18 months at about 10 hours a day.    The bulk of my experience is in the construction business and I have a minor experience in real estate.  I also held an active real estate broker license for about 30 years but never did that full time.  

Just do what is average in that neighberhood.  Love what you do.  Stay as income productive that you can.  Keeping track of everything you do will help you reduce expenses and increase your income to help you grow.  Review it regularly.  Be patient and keep on going.  Mistakes and fear are pretty normal.  The more you learn the more confident you will become.

Good luck to you!