What do you think is the problem with Newbie RE Investors?

[Vijaianand Thirunageswaram]

Howdy folks,

I get few PM from new investors from all around every day to start investing in Real Estate. As a mentor, I am always open and try to start working with them. But I see few problems/issues with newbies.  

Everyone is different but I like to categories newbies in 3 ways, Organized but Worried, Pumped up but not Organized and finally Organized & Motivated.  I see whole lot of people in the first 2 categories than the last one. 

Guys I am not here complaining, don't write me off already. I am here to play devil's advocate role guys!! 

I am sure everyone want's to be successful in their life. Everyone has the same goal to be make few extra dollars to save for future and eventually retire well or may be get out of the current job.  But it's not easy making things happen while you are working 12 hours a day. I get it and I am in the same boat but I think that's not the reason for the people in the first 2 categories to fail.  It's just no proper guidance, time management and follow through on your goals. 

SET YOUR GOALS AND PRIORITIES

First thing first, Write down your goals and priorities first and put your mind towards it. I know everyone likes to have it in our head. Get it out of your head and put in writing anywhere. Whether it's white board in your bedroom or Evernote in your phone. Just put it out there and put a date on it.  Doesn't have to big para

GET YOUR GUIDANCE

Don't hesitate to ask for help. There are so many investors out there who are willing to help. Don't pay hefty fees to find a coach. I have heard horror stories some one writing $25k just to get guidance. DON'T!!!  May be Tag along with Investor buddies.  Peer pressure is great tool to get you motivated. You don't have to be alone in this roller coaster ride. Find a investor buddy and try to touch base and work together.

PLAN AND TAKE ACTION 

As they say, "Goal without an Plan is merely a Wish" and "Plan without proper action is just a Dream"

I know you might have seen this quote many times. You just have to accept the reality. Plan your goals and take ACTION, MASSIVE ACTION if possible or just smaller action every week/day. Keep at it. Do the numbers every day, I do it every day just by going to MLS. Visit the properties and make offers even though you won't get it. Just need to keep working on it.

I didn't meant to bore you but many don't do these things. They just attend few meetups and post few messages and make few connections and vanish for a while and time flies and after few years, they think about it again. 

GPA - GOALS, PLANS AND ACTIONS - What's your GPA?  Make one, Just do it and Keep at it !!!

[Andrew Johnson]

Good ol’ well-meaning newbie investors, so some perpetual problems are below. And the good or bad part is that they often just don’t know any better. Then they get the unenviable talk of juxtaposing motivating stories with some realities.

1.) Someone told them to think about long-term goals and then 10X them! They spend more time thinking about their goal to acquire 500 units and their “financial freedom” number than they do about finding Property 1.

2.) They have no money.

2a.) They expect that other people will eagerly and happily give them their money to invest.

2b.) Because they have no experience and no money in the deal they see all of the opportunity and little-to-no-risk.

3.) They assume there’s an easy, simple, anyone-can-do-it, 10-step, no-risk, use other people’s money, strategy.

4.) They use podcasts and books as a proxy for experience (see 2a).

5.) They hear someone who has done 100 deals talk about their best deal and assume it’s “average” or easy to come by.

6.) “Getting creative” is seldom a solution for zero money, no experience, and horrible credit.

I’m feisty this morning... 🤔