All Forum Posts by: Jordan Sizelove

@Jordan Archer 

I remember the second time I "started" in RE, I had owned rentals before, but decided to make it my full time business. I understand the pressure and desire to get going to make money. You really need to slow down and really learn real estate, not how to market aspects of real estate.

When you know the characteristics of RE, the economic functions and relationships, learn proper terms and have a source to find them, understand government powers and influences. Know the forms of ownership by deeds and how such are passed, understand what rights exist in title and leasehold interests, types of leases and tenancy. Learn aspects of easements, encroachments and liens and how such effect RE. Learn the flow of RE settlements, understanding of contracts, required disclosures and what finings do. You need to understand business law and real estate law, laws of agency and basic contract law.  Then understand the relationships and effects of all these matters to valuation, then you're ready to look at strategies.  

Then comes financing, you need to understand conventional financing before you attempt to be creative and you can't be creative without understanding all of the areas mentioned above. Financing is too involved and regulated to try and learn this to drill very deep, all you really need is an overview, how to pre-qualify a buyer, identify credit issues and understand basically aspects of the ability to pay. Financing is the key to the door of real estate.

Then you're ready to hit the streets and not before you have a grasp of such material. It sounds like a lot, it is, but it's not drilling that deep in any of these aspects, just the basics. Understanding the cause and effect of these aspects, a light will go off and you'll know how and why strategies are used to accomplish some goal. You will know more, at this point than half the people on real estate investor sites. You'll know more about real estate than 85-90% of homeowners (guessing 10-15% are attorneys, Realtors, lenders or title folks).   

Time wise, for most people, this can be learned in less than 30 days, it's basically what real estate agents are tested on for a license and those schools are 2 1/2 to 3 weeks long, or about 80-90 hours.

If you're motivated, you won't really need a handholding mentor after you learn this and having a quick reference source, you can jog your memory in just a few seconds to address some strategy.  I have seen several people offering mentor programs and coaching that haven't mastered these basic aspects, some don't have a clue as to some of these areas. There are many who approach the business as a marketing mission trying to move monopoly houses as they might deal with a car or some other commodity, it's not that easy. The reason newbies are chasing their tails and trying to get help or getting suckered into programs and schemes is because they didn't learn the basics.

Don't study to know it all, you'll never know it all, I don't know it all and never will, but you don't need to either. :)  

@Desiree Claudio 

@Mary B.

@Jordan Sizelove

@Mark Pedroza

@Cody Steck  

@Cass R. Smith

A treat for you

https://reiskills.wistia.com/projects/hi523rehry

Jordan,

I know we have spoken briefly about getting down to @j Martin's meetups. We can get together next week and talk some more.

However, to provide a little insight from where I sit. I too find myself becoming more paralyzed due to over analyzing everything. I've spoken with a few people that are established in the area and plan on just sitting down and having a cup of coffee with them to ask about the market. I feel like asking for anything besides some quality conversation and brain picking right off the bet is going to come off as needy and a typical newbie.

I think the best approach is to create a presence within the community. I have started marketing by creating a website and just emailing on fsbo and other craigslist ads. I honestly plan on either wholesaling or just providing a potential deal or two to an established investor in trade for some working knowledge. That being said, I have lined up a few lenders and talked to them about requirements. I feel like if I wanted to take the risk at this point and go at it just myself and my wife that I could, but I would prefer to work with or for someone on the first one.

Well get together soon, stay in touch.

Hey @Jordan Sizelove

What I did to land my first rehab property was started becoming known in my local REIA by flipping wholesale deals to real estate investors. I also gave up my wholesale fee to an investor who purchased my wholesale deal so I can learn and follow his process for rehabbing the property. Not only was great information for me but I also started working with his crew on deals. I started teaching about wholesaling at my local REIA becoming an expert very quickly and than new investors that didn't have the time came to me about using their funds for rehab. I also found a partner who knew rehabbing and had the paperwork and procedures of dealing with contracts down. I said to him I have some lenders to work with I know how to find the deals I need someone to help run a tight ship and he came on board. Hope this helps that's how I got started rehabbing properties. You can visit my facebook page maisoninvestments to see some of the rehab work not sure if that's appropriate just wanting to assist.

When you say doing your first rehab and flip I'm assuming your looking to purchase one yourself. What I would do first is go to my local REIA and meet wholesalers and also the people who already rehabbing properties in your area and talk with them about things they do in your area that works when rehabbing properties.

Hello @Jordan Sizelove

There are many ways to find your first deal. In the case of a flip, you really should partner with someone who:

1. Has experience

2. Is trustworthy

3. Does real estate investing as his/her full time job

I suggest this route because flipping isn't just investing. It can be a full time job. Because you already have a full time job, do you expect to be able to do what is necessary to protect and foster your investment?

In real estate investing you either need a lot of TIME or a lot of MONEY, especially when getting started. The people on BP who purchased a property and had the owner carry back a loan, had to have the time to negotiate with the seller. The people who got a great deal on that foreclosure property had to have the cash to do so.

Mentors can be hard to find. Even if you find one, they may not be interested in taking the time to teach you. Your best bet is to be able to offer them something in return for their time. Maybe you can help on their flips for free (Trashout, construction, door knocking) or you can offer to be capital partners with them. If you have some money saved from your full time job, you can offer to partner with the mentor. In return for letting them use your cash, they can show you the ropes.

Side Note: MLS deals are highly visible to everybody. Sometimes you get lucky, but most of the time the property is on the MLS in the first place because it isn't a deal. Negotiation skills might come in handy if you are trying to buy properties off of the MLS.

Let me know if any of that helps!