All Forum Posts by: Jonathan Weeks

So for all who have been following my previous thread, I've decided to apply the brakes a bit and work on building up capital to invest comfortably. Things are just easier when I can invest with some type of capital.

While I'm doing so, it seems I've gotten a bit ahead of myself with the advertising (haha) and now calls from my website are starting to come in increasingly regularly. While I'm in this phase, I was wondering what I could do with the leads that come in. One idea I had was to sell them, or create an agreement for some type of payout for any deal that goes through. 

This way I can work towards making the most out of what I have.

Are there any particular guidelines worth considering when it comes to selling leads/referral fees? Any big points to keep in mind? 

Hey, Rashelle.

I just wanted to tell you that you are not alone. The reality is for any type of investing, it will take some kind of money to make money. Even with the low money down strategies I'm considering, the reality is I'll still need some for closing costs and some type of reasonable down payment (not necessairily 10's of thousands of dollars, but enough to show good faith).

It's dawned on me that it's hard to make things click without that in place. While I could borrow (I doon't feel comfortable enough to do that yet) I've decided to apply the brakes a bit and gather some capital so I can come out guns ablazin' in due time.

I say be patient and trust yourself to do the right thing. If you feel better borrowing and getting started, I say do it. If you feel better slowing down a tad and saving some capital, I say do it.

We'll get there in due time.

After careful consideration and really looking at what it will realistically take to get started, I've decided in part to put REI on hold for a bit.

Not because I don't think I'd have what it takes, but because of one very important thing I'll need even with the 'low money down' investment strategies I'm considering: Money.

The reality is there's costs (closing costs, down payments, getting contracts made, etc.) that I'm going to undertake regardless of how I choose to invest, and the fact is that it's easier to do with more capital.  So it may be best for me to slow my roll a tad and actually even consider taking on a job that will help me save more at a faster rate.

Sure, I could borrow it, etc. but that is a strategy that I do not feel comfortable taking on at this stage. However, if I could work to land something that helps me accumulate funds at a faster rate, I'm sure that will make starting out on my REI journey a lot less painful in many ways.

It's hard to fight the desire to get started ASAP, but the reality for me is that if I want to build a solid foundation in this venture, I'll need at least some money. I'll get there step by step. 

Is it unreasonable to think this way? 

 Awesome post david!

It's encouraging to see others who echo the same sentiment I have. Knowledge and due diligence are wonderful tools, but that is still totally separate from applying and refining that knowledge. 

I feel increasingly comfortable that I'm heading in the right direction.

Thanks for the reply, Jay. The book looks interesting!

Mind telling me more about your mentor program?

So I've been away about a week just thinking about life, goals and things I want to accomplish. More notably, what I'm ready to give up in exchange. So I've decided to do a gut check and start to force my hand.

I'm giving myself 1 year to get this up and going or I am going back to school. If nothing gains traction then, then it is pretty clear that I'm not willing to dedicate the time it takes to get a business going. 

I am also going to invest into a coaching program. I am a very coach-able person, and seem to do my best when I have guidance. A couple things here though:

1. I do not expect this to solve everything. I'll still have to do the work.

2. I understand there's 'other ways' I could use that money, but right now, having a proven process/system in place is kind of invaluable to me. I understand I could learn it on my own, but as I listen to more of these podcasts, testimonials, etc on this site the coaching theme comes up 95% of the time. These great investors just aren't shy when it comes to being coached to improve.

I love the theme here at biggerpockets. It's a wonderful place to answer the question 'why', but when it comes to the 'how', the nitty gritty details, it's just not sufficient for me.

So to come up with the money, and simplify my life, I've decided to sell some of my luxury electronics and use the proceeds to invest in a system. Sure I may no longer have an iPad, but I'll trade that for invaluable knowledge any day. Also to help save money, I've significantly reduced my spending on eating out. I'm also still a bit underwater on my car note which is hindering saving money at a faster rate, but that was a bad financial decision I own up to. Hopefully I can pay more down on it and ultimately sell it, getting into something more reasonable.

I still kind of feel like a ship lost at sea, but at some point I have to set a direction for myself and go or I'll float endlessly. I'm still thankful for all the wisdom here and certainly welcome any advice as I go along. 

Thanks.

I really am humbled by all the wisdom given here.

Being new to all of this, I kind of expected to be ripped apart, but you guys are incredibly supportive.

There are so many ways and methods for me to invest that you guys have given me to chew on, but what impacts me the most are the votes of confidence I'm getting from everyone. Also learning that so many of you have achieve success through good ole fashioned grit.

 It really does make me feel like I can do this.

 So true! I find I simply learn best by just learning from my mistakes and accepting that they will happen. I guess getting to that point is often the hardest part, huh? Ha.

I've been definitely considering a change in strategy. Maybe the reason why things are harder is simply because I need to expand my horizons.

Thanks for the insight!

 That sounds quite interesting. 

Mind telling more about that method? Or good resources to consult?