New to the game of REI

New to the game of REI

Detroit, MI · Member since 2017 · 9 posts · 7 votes

Hi all!

As you can tell by being in this forum, and obviously by the subject line, I am new to the game. I have been wanting to get more involved in REI for some time now. I had bought a few books a couple years back which detailed things like beginning the journey, foreclosures, rentals, etc. etc. I had a couple things happen, who doesn't (that is why its called life)...but the short to the point is that I was thrown off my path. I am now back in a place where I can continue my journey.

First, I would like to talk about the "Why" aspect of getting into REI. Inside I have a drive much like others, in that, I don't always want to work for "The Man" or I don't want to have to work for "The Man" the rest of my life. I would like to reach some type of financial independence that allows me to live my life to the fullest, create something that is there for my children when it is time for me to leave this world, and to provide me the means to give back in a more impactful way for others.

Next, besides "Why", I think the "Why haven't I" deserves some time and has credence for us all, so I want to make sure I state that as well. I haven't moved forward or taken any risks, thus far, out of fear. Plain and simple. I make a good wage and live in a nice house. Everything I have I worked hard for. My children are loved and taken care of. My wife and kids have nothing to worry about at this point. It is nice to have those assurances and stability. I don't want to upset the nature or harmony that I currently live in... However, if you dream small, you never achieve great things or you limit yourself to the lesser of things. I get it... No risk, no reward. The bigger the risk, the bigger the reward. I needed time to overcome, somewhat, the paralyzing fear that has kept me from delving deeper into the unknown. I am still scared as hell but I need that to be a motivator and not a crippling inhibitor.

My goals... I have roughly 15 years to work before I can retire. I am in my early 40's right now. Getting younger is not an option. Life isn't going to get easier neither. It is time I take the plunge and get involved. So, like I said, I have roughly 15 years before I can retire. I want to get something established within that timeframe, so when I do retire...I can have something that is relatively stable and I am not having to put in the ton of time then to get things off the ground at that point. Everything should be in place for me to provide more for those I love which will include more of my time.

I look forward to the networking and relationship building here on Biggerpockets.com. One thing I learned from my time in the United States Marine Corps is that I am not an Army of One (inter-service banter there...I do have the utmost respect for all of us who have served our great nation). I recognize that I will need a team to be successful. Hey, if I am in a team and I am successful, that means that those on the team will be successful as well, and who doesn't like the sound of that? That is one of my biggest takeaways of my life's lessons or experiences... We need each other.

So, to close, I am new with drive and vigor. I have goals and dreams. I am not deterred easily and look to overcome any and all obstacles that are going to present themselves because they will. I understand that, while being a sponge and soaking up all the information I can does wonders, it is not the end all be all for this journey. I have to get out there and start hustling, putting in my time and effort, as well as simply making it happen. I hope to have a great time doing this with good people on either side of me sharing in the experience. I look forward to any and all comments left in response to this post. Heck, that is why I am here...networking and relationship building (not to mention the education).

Thanks for taking the time to read this and respond! Have a great day...

Jason

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Michael S.Pro Member
Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
9y

You're off to a great start @Jason Carter by joining Biggerpockets. Connecting with nearby investors here https://www.biggerpockets.com/meet, can help in finding potential investing partners

BiggerPockets
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  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    9y

    You're off to a great start @Jason Carter by joining Biggerpockets. Connecting with nearby investors here https://www.biggerpockets.com/meet, can help in finding potential investing partners

    BiggerPockets
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    9y

    Hello @Jason Carter, welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here!

    BiggerPockets
  • Investor · Indianapolis, IN · Member since 2016 · 25 posts · 11 votes
    9y

    Hey @Jason Carter

    Welcome to this great community man. I took the time to read your post. 

    Just some light feedback on your why, I love that you want to leave a legacy for your children! But dig deeper! Ask yourself 7 layer questions starting with "Why do you want to be financially independent", answer the question, then formulate your answer into another question. Do this 7 times. 

    You are going to find that deep purpose for your life that will light a fire in your heart in under your butt when the going gets tough in real estate because believe me it WILL get tough at times. But the rewards are fantastic when you stick it through. 

     The biggest thing is to learn in a “needs­only” incremental approach and to take action. When you are just starting out, there is so much information out there that it’s easy to get bogged down. First determine what strategy you’d like to start with. Then only learn what is needed for the next step. Then once that’s completed, learn what’s needed for the following step, and then the next and so on. This way, you won’t get distracted or overwhelmed. If after you’ve done some deals you want to try a different strategy, that’s fine but when first starting out pick something and stick to it until the end. Whether it’s getting your first flip down, wholesaler deal or rental property, choose only one, see it through and then assess if you’d like to make any adjustments from there. 

    Also, 

    1) Set up keywords for your area and interests so that you're notified when they're used and then start interacting.

    2) Read through The Ultimate Beginner's Guide

    3) Go through applicable blogs and podcasts as there are a lot of great resources

    Advice for REI...

    1) Study up on what you need to know/do for the 1st step and then do it, then repeat for all following steps until you have completed your first investment then repeat the process and keep learning. (this will help keep you from getting distracted or overwhelmed)

    2) Attend local meetups in your area and start connecting with investors. 

    Good luck on your journey. God bless! 

  • Detroit, MI · Member since 2017 · 9 posts · 7 votes
    9y

    Thank you @Michael S., @Dave Visaya, an @Darius Gill! This community is immense with knowledge and experience. I know I have come to the right spot to help me get lift off with what I am trying to accomplish. Darius, I especially would like to thank you for taking the time to put your response together and give some guidance! You make some very good points and the 7 layer concept is an awesome concept to apply... You are alluding to the fact that most do feel overwhelmed and that feeds the procrastination monster that quickly eats all the little seeds of get-up-and-go mentality. Utilizing this site is certainly a good thing and your advise on to start is going to go a long way for me. Thank you...

    REI is going to be my life changing event that will hopefully bring many wonderful things, but above all, it is going to help me get into a better position to help others. I am excited to be starting out on this journey with all of you and look to make a lot of great acquaintances and friends along the way!

    Darius, I am going to jump on what you said without a doubt...God Bless!

  • Investor · Indianapolis, IN · Member since 2016 · 25 posts · 11 votes
    9y

    You are so very welcome @Jason Carter I want to succeed, when that happens we can change the world, one person at a time. God bless you too! 

  • Investor / Real Estate Agent · Atlanta, GA · Member since 2016 · 73 posts · 36 votes
    9y

    Welcome! I always like to start here: https://www.biggerpockets.com/real-estate-investin...

    Don't hesitate to post any questions, as there are lots of people here ready to help.

    Good luck!

  • Real Estate Investor & Consultant · Los Angeles, CA · Member since 2016 · 620 posts · 386 votes
    9y

    @Jason Carter  Welcome! As a native Detroiter, I'm rooting for you!

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