What Do I Do Next? PLEASE HELP #Philly #Philadelphia

Question

Hi all! I currently reside in Philadelphia. I analyze a few deals a day, I am taking my real estate agents course, reading daily and saving up money for my first investment property. My question is.....

What do I do next?

I want to get a job that connects me with my interest in Real Estate Investing (e.g. property manager, leasing agent, underwriter, etc.) or find someone that I can be mentored by (not asking for a mentor just for guidance) but you need experience for these and I have ZERO! I am happy to chat and I am passionate about doing thing. I know it will not be easy and I am someone you should invest your time in!

Is there something else I should be doing to prepare?

Thank you in advance! I appreciate it greatly!!!!!

Mayer M. · Answer

@Ilker Erkut

Network, network, and network some more. DO NOT wait to start your investing journey until all your ducks are in a row or you may never begin. Learn through trial and error. Know your numbers, and understand you have to take calculated risks.

In my opinion real estate is primarily based on relationships and learning from one another. There have been acquaintances of mine I now consider friends and these people assisted with accelerating my investing journey. It’s very rewarding when people get together and benefit from each others knowledge and experience

Jimmy O'Connor · Answer

@Ilker Erkut trade sweat equity to liquidity! Be Humble enough to make hundreds of cold calls and accept you're going to trip over what you are saying. Go see a few dozen deals only to not get any under contract at a fair price. Talk to every contractor you meet to learn more about rehab prices. For someone who is new, the best thing to do is learn by doing. So many newer professionals spend too much time in the books or taking masterclasses on negotiation before they actually experience what it is like to sit face to face with a distressed seller that still believes their shell home is worth the same as the new construction next door (#Pointbreeze #Brewerytown #Cedar Park). The willingness to learn what you do not know, tough through the awkwardness of trying to verbalize it (trust me my first few hundred calls were CRINGEY), and then the hustle to go out and get it is what the people you will network with, as @Mayer M. suggested, will respond to. This is definitely how I developed my deep relationships with real players earlier in my career. The "fast way/shortcut" is in fact the slow way and the "slow way/labourous" is the fast way in this business.

Jimmy Lin · Answer

I would say that it's time for your first deal! Use the critical path method.  All the things you mentioned are great but are complimentary to the overall goal.  Your next step is finding a deal.  It is not getting a license, not finding a mentor, not even getting the funding.  Scour Craigslist, FB Marketplace, MLS for potential deals.  Worry about direct marketing and off market deals later.  That is your realistic "next step".

Sure you need to consider how to fund the deal, how to close, and how to exit.  But let's do it one step at a time...

Craig Curelop · Answer

Hi @Ilker Erkut, welcome to BiggerPockets community!Great to have you here and good to know that you have started in BiggerPockets. It's the right venue for Real Estate know-hows.  Majority of us started from zero knowledge too, so you are on the right track.  There are a lot to learn from here especially the experiences of our members. Just keep on connecting and build network. Now, I am sharing with you some basic tips for your REI journey too:

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in Your Area

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer Questions!

Good luck in your future REI investments. Keep safe and stay well and see you around the forums!

Best regards,

Stone Saathoff · Answer

I haven't seen anybody else say this so I'll throw it out there. I was in the exact same position as you about 6 months ago, and I ended up getting a job as an agent with a wholesale brokerage. The training has been tremendous and after a few months doing it I feel like I already have a ton of knowledge of my local real estate market, that's not to say I don't still have plenty to learn, but the progress has been awesome. I would definitely consider that route.

Mayer M. · Answer

@Ilker Erkut

Being on this forum is a great start! You will learn organically and be able to provide feedback to others based on your experiences

Ilker Erkut · Answer

Hi @Mayer M,

Thank you for responding to my discussion forum yesterday! It was greatly appreciated. I understood everything you wrote in your response.

My new question is, how would you recommend I network, especially when I have nothing to offer (to a certain extent)? What do I say to people in the field? What do I ask? What can I offer others?

Thank you again,

Ilker Erkut

What Do I Do Next? PLEASE HELP #Philly #Philadelphia

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