Success Stories and What it takes?

Question

I greatly admire the accomplishments of seasoned professionals and would be honored to gain insights from experiences. Could you folks kindly share some of the key strategies or decisions that helped you persevere during challenging times as a investor? Additionally, I am curious about any sacrifices you may have made on your journey to success.

Furthermore, I am an avid reader and believe in the power of learning from others. Are there any specific books or resources that you found particularly valuable in shaping your approach to real estate investment?

Thank you for taking the time to read this message

-Jacob

Nathan Gesner · Answer

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss. 2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey. 3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, facebook, or a Google search. Birds of a feather flock together! 5. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, recognizing a good deal will be much easier when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best. 7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still not know enough because certain things must be learned through trial and error. You don't need to know everything to get started; you need a foundation to build on and the rest will come through experience and then refining your education. You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a forgiving world; the average person can still make money even with some big mistakes.

Brandon Elliott-Pandey · Answer

Hey Jacob! I appreciate this question and love your enthusiasm!As a Realtor and Real Estate investor I have gained some fun battle scars I'd be happy to share with you. I hopes simple implementations can save you thousands of dollars and countless hours or pain lol...Real estate is fun but needs to be respected and without that level of attention and respect it requires. Little things can turn into big issues over time lol.It you are open to talking lets connect and schedule a phone call!

Dave Spooner · Answer

Like others have said make sure you network and go to local meetups. This really encouraged me to go try it. Also make sure you read and listen to podcasts that are real estate related!

Mose Gebremeskel · Answer

- I would get my finances in order first. For me, it was getting rid of debt and increasing my savings. - I would also network with people who are currently RE investors. This was probably the most important step for me. - I would also not be afraid to jump on opportunities that come your way. Obviously, understand the opportunity as well as you can but don't get stuck and make the decision. Best of luck!

Jacob Lorenzo · Answer

Hey Jay, We are a bit similar. I just freshly turned 19 and I got my license when I was 18, On what advice you can provide as a REALTOR?

Jay Hinrichs · Answer

for me it was getting my RE sales license at 18 and gutting it out in the beginning. One needs income to buy real estate .. so if you can make some income selling real estate you will also learn how to buy and sell it at the same time.. plus the connections you make can be life altering. there are many different income opportunities once you have a license. My self I started in the Raw land sales being lots and small acreages along with some larger ranch properties.. So there is a lot more to real estate license than selling homes .. there is commercial sales and leasing.. there is PM business there is time share sales. ETC ETC In Hawaii you could work on STR condo sales or try to market to the huge Japanese buyer pool. LOL never mind I see you already are a realtor.. go get it.