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All Forum Posts by: Joanne Eriaku

Joanne Eriaku has started 7 posts and replied 164 times.

Post: Question about assigning contracts

Joanne EriakuPosted
  • Realtor
  • New York
  • Posts 167
  • Votes 169

Hi Ty, I'm new to investing too, so I'll probably not be the best adviser right now, however i'll tell you what has worked for me and given me early wins so far: 

Study, Learn, Gain Knowledge, Absorb as much as you possibly can. Investing is not an art open to interpretation but a science that you can perfect in order to produce repeatable results.

Understanding What constitutes a good deal, developing solid Due Diligence and Deal Structuring systems. All this can be learned, start small first then build yourself up as you gain the experience. 

Wholesaling is not bad but it can be bad if you get into it without a solid knowledge of what a good deal is. I personally whole sale but not just for the sake of wholesaling, by all means, have every intention to close if it comes to that, let it be a deal so good that even you wish you could invest in it yourself, that way, even if you need to close, the quality of the deal will be irresistible to many a Private money or Hard money lender. Just my two cents....I'm still learning.

Post: Advice for a total novice?

Joanne EriakuPosted
  • Realtor
  • New York
  • Posts 167
  • Votes 169

Hi Josh, Welcome to real estate investing, I too am new and quite honestly I kick myself for not starting sooner. Having said that, from one newbie to another my two cents would be to walk before you can run but by all means don't hesitate to start. Learn all you can, absorb all you can, my experience so far has been that real estate is like swimming, you cannot learn how to swim by attending classes, you gotta get into the water and turn insight into action, if possible shadow someone to learn while doing.

Network your heart out, Real Estate is a relationship business, REIA, whatever forum are out there And above all, give it your all; make meaning, add true value, money is a byproduct of adding value.

Post: I want to get in RE but...

Joanne EriakuPosted
  • Realtor
  • New York
  • Posts 167
  • Votes 169

Hi Ryan, Thank you for candidly sharing, I too was hesitant to start as I was very debt averse, I still am bad debt averse but I'd also like to introduce the concept of using Other People's Money (OPM). I have started started off with virtually zero of my own money and virtually 100% good debt. As long as the deal is solid, you can invest both your and other peoples money and get in and out of debt quickly, I'm painting a Rehab/Fix and flip scenario here. There are many ways to invest in RE, you can grow your money first through Rehabs, have a nice cushion before going into Rental Investments. That's my two cents

Post: The one thing you wish you did first?

Joanne EriakuPosted
  • Realtor
  • New York
  • Posts 167
  • Votes 169

I wish I had started sooner, I wish I had just done it, I wish I hadnt over analyzed it. Analysis paralysis is crippling