Looking for Step by step- beginner plan

[Shawn William]

Hello all, I'm fairly new to this topic however i'm more than eager to learn more. I've read a few books on real estate from bigger pockets, along with others. I'm looking for a step by step plan to get started. My goal is to create a business using my knowledge, to utilize OPM, provide that person with a good investment on their money and get in with literal no money down or very little of personal money involved. Currently I'm brand new so this is my very first step asking for help/ guidance since closing that last page of rich dad/poor dad. Any tips edvice will be strongly appreciated thank you!

[Curt Smith]

@Thomas S. @Stephanie P.

All is NOT in the pod casts and groups, knowledge yes, but not wisdom.  Wisdom is what an expert you are working with locally will pass on.

The other critical piece is the network of local investors who are successfully doing deals.   Stephanie mentioned joining all of the local REIAs and I strongly recommend this critical step.   

BP, youtube etc are create low cost learning 24x7.  But face to face is the last mile locally in the zips you will be working.

Changing the source of your income from your day job to REI is like getting a nursing degree, will take time, investment $$ in education and then the field training.

New folks (for some reason) think they can create a $50k/yr income stream on a zero $$ education budget and near zero operating budget. Gurus have given so much bad (and unrealistic) advice especially about wholesaling being an easy and low cost way to make REI money.. OMG! Wholesaling is amazingly difficult, and there's 1000's of zero experience wholesalers in every city creating a bad name for investors in the rough areas.

I hope you and other new folks see the value in joining REIAs, taking their boot camps taught by local investors...   It frustrats me to have new folks approach me "I want to be setup with a mentor" yet they have not proven themselves by joining orgs, paying for education AND showing some accomplishment by self efforts and failures.  

Its ok to ask for a road map, BP has a few books that you need to read.

You also need to watch youtubes:   driving for dollars,,, then spend a few weekends driving for dollars and come back with lists of addresses.  Also watch:  door knocking, and talk to locals, sellers.  Come back with leads that you can show experiencd folks you are taking steps, you are willing to do the work.

I'm only laying it out so you may see where your short comings may be lurking:   the biggest failings I see in new folks are:

- say they are ready to jump into REI but they really haven't done the basic education.

- have you read;  Think and Grow Rich,  Success the Bland Method (many other "vision yourself into a better place".

- BP's beginner books?  

- Everyone says they will do the hard work.  But most fall short, TV, family, relationships, fun are hard to reduce to make the hours needed to work hard at least 20 hrs a weak, at least 20 hrs on top of your day job.  8 hr Sat, 8 hr Sun, 2 hrs 2x nights a week.

- I use 20 hrs a week as a minimum for you to climb the mountain of "beginner" to your first deal.   Some need to spend more then 20 hrs.  IE you shut yourself off from almost everything except for spouce and family and your day job.  

- The successful newbie-->wholesaler are continuing to work 20++ hrs / week after a year. LOL thats a lot of REI hours, door knocking, a ton of phone call time talking to sellers. ... mostly talking to sellers in that 20 hrs ...

- Go out and door knock, drive for $$.  Call FSBOs in craigslist, zillow.  Do this for a few months.  Fumble.  You do-not-need-a-script!  Just call and ask about their house, then ask if they'd take less?   Important help:  Would you be willing to rent until it was sold.  This is all you need to get started.  Any more scripting is wasted since after your 5th call you'll ingore it anyway.  :)

- Take pay for education, read books, build your local network of experienced folks. I can't stress the need for a local network, they are 99% in REIAs. Google: town name REIA, go join them ALL for at least a year each all in parallel. You can see you will be going to a lot of evening meetings. I still do. I still pay for $$$$$ education annually several events.

In finishing your todo list is the above, but every other bullet is:  "just do it".  another bullet then another; "just do it".   There's no better teacher at first then fumbling about and failing.   I do offer, once you are doing deals and have cash at risk, you need to pay $$$$ for good education to learn from the mistakes of others, vs your own mistakes.  I've paid and glad I did, I've read a bunch of books glad I did, I have a deep and wide network of experts who have all helped me, glad I did.

Best of luck!