When where YOU ready for your first deal?

Question

With all the education, and licenses and networking - when did you know you where ready to market your profession and make your first deal?

Jerryll Noorden · Answer

Everyone is so obsessed with education. Believe me, all you need to know is the laws, your market, and a simple how to  dot dot dot [enter your niche here].

You are never ready, and I am STILL not ready.

You just need to be confident , have an unhealthy ego, as long as you can keep it in check.. so I fail there miserably, go out, be you, be a force to be reckoned with. Know that mistakes will happen, it is all about how you handle them.

You KNOW what to do, if you are waiting to be ready, you will choke, if one day you finally (think) you are ready, you will trip and panic!

Know you are not ready and you may never be. Accept this and if you still dare to go out, you can never fail! You can never be caught off guard!

Ola Dantis · Answer

@Nicole Draper Interesting question, Nicole.

As I read your question, the first thing that came to my mind was having kids... (not like right now, right now lol). Anyway, let move on, lol.

I mean before I had my first child, you fret because they don't come with manuals, right? So, you Google stuff to learn more about having and rearing kids and that just makes things worse 😬😬😬

While you are trying to "get ready" the baby arrives and guess what you realize it wasn't as bad as you thought. IT WAS ALL IN YOUR HEAD ALL ALONG. Mind's playing tricks on you.

Yes, this may not pass as the World's best analogy; however, there are some similarities with REI. For one, you can never learn everything there is about REI anyways, so you might as well learn the fundamentals, WAIT, NO, sorry, learn to "Know Thyself" and master yourself through working on yourself, then learn the fundamentals or technical aspect of the Real Estate strategy.

During this period start taking tiny steps (others say TAKE MASSIVE ACTION, so the magnitude is all relative).

I say take tiny actions such as attending a MeetUp while you read books about Real Estate or listening to podcasts.

OH, your question? When did you know you were ready to market your profession and make your first deal?

Honestly, I didn't know... It kind of just happened. Did I feel ready? I WAS TERRIFIED, but I didn't anyways 😅

Frank Geiger · Answer

Take a look at your risk exposure. If you are trying to work up the courage to purchase a 50k property, there is only so much that can set you back. 500k on the other hand, can leave a lasting impact.

My point is if you start slow with a SFH thats on the cheaper side you can't really mess up that much. Just get people on BP to confirm the numbers. There will always be lessons learned while buying properties. You just want to mitigate those risks the best you can.

Tom Shallcross · Answer

Agree 100% with @Jerryll Noorden.   The experts who own thousands of doors are still learning every day.  Success is not a nice linear path and when you get to a specific task/point and you move on to the next item.  It's up and down and constantly changing.  Get in the game and harness the ride.

Almost everyone on their death bed unfortunately has more "I wish I would have done...." thoughts  than "I wish I wouldn't have taken that chance.."

Nicole Draper · Answer

@oladantis I love your metaphor! haha its perfect, it's not really knowing your ready but more of it just coming together on its own and happening.

Jerryll Noorden · Answer

This dude is almost as smart as he is handsome!

I agree with him agreeing with me.

200%

Nicole Draper · Answer

@Peter Loudis I love that! When the two naturally come together I will know the right time :)

Peter Loudis · Answer

@Nicole Draper

What’s that old saying about luck? When preparation and opportunity coincide.

I had been tracking available properties and looking for a purchase, and one presented listed on MLS, ran the numbers and put in the offer. I know it’s not that easy, but keep your eyes on the market and available properties where you’re looking to invest and if you’re realistic sometime the opportunity presents itself. Other times you may have to make opportunities.

August Olgren · Answer

@Nicole Draper like you I educated myself and got a few ducks in the row, primarily realtor and lender. I started analyzing deals and going to meet ups. After about a year of "thinking" about it and educating myself, I spent a year looking at 'deals'. With what I know now as analysis paralysis,  I couldn't pull the trigger. I finally said to.myself that I had to get in the game and landed my first deal with a site unseen offer. I knew there was a chance to lose a few thousand,  but I had to get in the game to learn more.

I did make a small profit, bought in December,  sold in April. I'm currently about to.put my second flip on the market. And starting to look for the 3rd.

So, in my opinion,  you are ready when you need to learn more. Some things just cant be read about.

Nicole Draper · Answer

@frankgriger aahh i like that suggestion. :) i will remember to start slow and look into SFH. BF is a great community, thanks!

When where YOU ready for your first deal?

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