How do you focus and get started.

Question

I am having problems figuring out where to start and what option to go forward with, when it comes to REI. Initially I bought my current house in St Pete with plans to BRRRR. I read books on it and listened to podcast. However covid and medical issues put a pause on that. I am now wanting to start again. I don't feel I can brrrr within driving distance from work with the cash I have and the market near St Pete/Tampa. I've looked out of state, Texas and Tennessee (state taxes, buyers, and family) for other investment opportunities. After talking to other friends that invest and listening to podcast, I now know the best path is all of the ones that work, unless they don't....... There are so many options, how do you decide? How do you find the smartest path for borrowing money or what ever it takes to succeed?

One of the main issues I feel I am having is my thought process. I came from poor family of 5, made it up with the help of the military, I made the "leap" on a entrepreneur venture that failed, and I became homeless. With support from family and veterans, I lucked in to a new career. For 4 years I have been in an amazing career that pays me well.  I now fight myself for the boldness that I know it takes and not wanting to make the same bold decision that failed previously (paralysis by analysis). I don't want to make the same mistake and fail my kids again.

Bruce Lynn · Answer

One thing I might add that works for me is setting goals.  Write them down....put dates with them.

I make 10 year, 5 year, and 1 year goals......

I use several catagories....just a free form style under the headings....

Fun----this is your buck list....maybe a trip or experience....for many of these they're pretty simple....3 zoos around me I want to visit, stay at a famous hotel, hike....some are a little more complicated ...like 30 day hike on Camino in Spain and 60 day hike on 88 temple route in Japan.

Family & Friends---might be just getting together at certain intervals, or a phone call, or birthday card.

Finance-things like save $10,000 for next property, 3 properties in 5 years, zero credit card debt, pay cash for cars.

Faith-

Fitness-

I always phrase each goal in the past tense..... I will have purchased one property by 1/1/22...something like that...being even more specific is better...I will have purchased a 3/2 worth $200,000 with 10% down and have it rented at $1800/month by 1/1/22...etc.

I then try to break the one year goals down even more specifically....more graphically...more detailed...with how I will do that.

Probably the more you review them...maybe 1x week....the closer you can reach them or exceed them.

I know some people add some things like.....if I reach it, this is what it gets me.....for example early retirement so I can spend quality time influencing my grandkids in a positive way.

They might also add something painful if they don't reach the goal....something like I'll have to work a job I hate another year if I don't do X.

Good luck, best wishes, sounds like you are on the right track.

Erik Checkur · Answer

Everyone has their own method. Just because one way works for someone doesn't mean it will work with your personality and style. I always like going to real estate investor meet ups. If you find some good people and connect well, they might give you inspiration as to what your most enjoyable method would be without trial and error. There still might be some trial and error down the road but I'm sure guidance in that aspect would help you find your way through enjoyable conversation and great connections.

Darius Ogloza · Answer

@John Ballard I think the first question you need to answer is why you have seemingly abandoned your original plan to BRRR your personal residence.  You say you have "put a pause on that."  Why?  Figure that out and you probably will be able to diagnose  the reason for paralysis.

John Ballard · Answer

The opportunities in my backyard are limited with a large influx of people. I am also not dead set on staying here. Those that I know who are succeeding in REI in this area have the cash to buy outright to get that deal and rehab. Those that I know in certain areas of Texas and Tennessee are not having the same issues with limited supply.

Dan Maciejewski · Answer

Usually, we (people in general) are very bad at judging ourselves.  I have found doing actual market research to be an invaluable tool in almost everything.  Whether it's interviewing ideal clients to see what they are looking for to interviewing ideal tenants / guests to see what they are looking for.

AND, asking people that surround you, from family to coworkers to supervisors and direct reports about what they think you're good at.  The answers may surprise you.  Here is a template that I used for my most recent ask:Hi [contact.firstname,fallback=],I’m attending a training program that’s helping me figure out my own unique abilities and the person who’s directing the training encouraged us to ask a close friend to provide some feedback on what you believe I’m skilled at and not skilled at. Here are the questions:1. What are my strengths? What can you count on me for? (Please use 3-4 things)2. What are my weaknesses? What can you not count on me for? (Please use 3-4 things)3. What is my unique ability? What am I the best at?Thank you so much for your time. This will help me to 10x my service and be a better Realtor and person!Have a great day!Also, use some personality tests (not meyers-briggs) that give you a concise profile.  The ones I like are: DISC, Enneagram, KOLBE, and 80/20 marketing.  They can give you a snapshot of what your personality would be good (and bad) at.   They should be fairly consistent, and with ga few, you should get a great idea of what you should pursue that can provide value (the true secret to everything) to the world.

For example, this is from an old DISC profile of mine -- it looks like I'm in the right career:

Based on how you prefer to behave, an ideal climate for you is one that provides you with:• Highly specialized assignments and technical areas of responsibility.• Operating procedures that support sometimes complex processes.• Variety in the work tasks and multiple projects.• Freedom of speech and expression.• Activities to get and maintain the attention of others.• Quality standards in which to support and maintain.• An environment that supports your critical thinking skills.• A democratic supervisor and work environment

Dan Maciejewski · Answer

To start with your last point, do you know what mistake(s) you made?  You can't avoid it until you identify it.  This is very important.  What could you have done differently that would have made it work?  What decisions were made that caused it to fail?  You don't have to answer here, but you should know the answers.  That's how you avoid the same mistakes in the future.  Every failure is a learning experience, and as long as you put that knowledge to use in the future, you win.

How to decide on what to do is a big question.  What to you like to do?  What are you good at?  Also, what do you consider investing?  More passive like long term holds, or more active like a fix and flip?  Do you like connecting with people or are you better at more object-centered things?

Those can all help guide you towards what may be a best strategy for you.

I can tell you that as I learned more and became more and more immersed, a path kind of showed its way to me.  That, and the more you know and the more numbers you run, the more you are open to actually seeing an opportunity when it appears.  You will never see a good way to go if you haven't seen all the bad ways.

Jaron Walling · Answer

@John Ballard I'm in similar situation but already own a few properties. My market is flooded with OOS investors. I know this because I'm constantly meeting, networking, or doing side work for them. I'm getting priced out of the market as I type this response.Like some investors were sitting on cash yet unable to find deals that make any sense. Instead of complaining I'm doubling down on connecting with investors, contractors, and established relationships. I believe most people are only a few connections away from finding the right person that jump starts the journey.You could try making a vision board (personal and professional) for 2022. My fiancé and I are leveraging real estate and side work to cash-flow our wedding. There's something about looking at written words over, and over, and over again that gets you fired up. Crossing stuff off the list is satisfying and builds momentum. Anyone jumping into REI in 2022 certainly needs it.

Bruce Woodruff · Answer

@John Ballard You got some good advice here. I would add this: Do not let your past failure(s) define you, they are not you, they are just something that happened. I have had more failures in my career than successes and most old-time business people will tell you the same.

As a matter of fact, I recently was asked by a friend for advice on a new business venture....I asked him why me? I've had more failures than anyone.... He said exactly! I don't know anyone that has failed as much as you have, and that's the best way to learn.....

Michael Haynes · Answer

Hello John Ballard in St. Petersburg, whenever you want to get good information about anything with a Search online, you should look for The Complaints or the Warnings and Negatives. The problem with BP is that they present a rosy picture of How to be a Millionaire with Real Estate Investing. I would suggest that you watch all of the free youtube videos with ReventureConsulting and do a lot more networking with the members of all the RE Clubs around to make a Plan for your Future. Watch Buying a Home in 2021=Financial Ruin? Find out Why.

Alice Horn · Answer

@John Ballard as you know, many of the most successful entrepreneurs share similar stories. The first step is having the tolerance for risk, and then learning from your mistakes. It appears you are researching and learning now before taking the next plunge.

If you are interested on the Disney/Orlando market we are happy to help you with the research. We can provide a map of recommended communities, revenue/occupancy reports and all kinds of helpful tips and information to help with your search.

How do you focus and get started.

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