All Forum Posts by: John Wijtenburg

Bring your passion and a good opportunity with a clear business plan.

It may also be helpful to bring in a good partner for the first one. You may not get 100% economic benefit, but you'll earn a ton in experience and build up your track record.

Think of the long game, and don't get stuck on the economics of a partnership. Focus on doing deals with an abundance mindset.

Happy to chat offline if you'd like further clarification.

I'm loving Central Florida - Tampa and Orlando - and the Atlanta metro area.

Lots of new demand and new supply can't keep up. This makes for solid economic fundamentals.

You can find similar markets in other regions.

Generally, look for population increases, new businesses, and a business climate that supports continued growth. Many southern states fit the mold, especially with the new tax law pushing people out of the north.

Good tips above. I would also recommend including a sample deal evaluation.

I heard about this on a BP Podcast about a year ago, and I used to start a bunch of investor relationships.

Investors want to know how you will approach a deal. Case studies and track record are good to get them interested, but they don't give a good picture about how you're currently approaching the market.

Always keep a one-pager on an opportunity you're working. You'll have something to talk about, and you may even get money for the deal.

Great advice @Joseph Firmin! Define the reality that you want.

I would add that you should start building relationships with major deal sources - brokers, owners, and influential third-parties. Passive investing through a private placement (syndication) may not be on the table for you if you're not an accredited investor, but you can start building a pipeline immediately.

The hardest part of starting in real estate investing is finding investment opportunities. Search takes time and consistent effort, which it sounds like your set up for.

Build your network and pipeline before you even think about the financing. There are so many ways to make money in real estate without being the deal sponsor/investor. Just aim to get control of a deal. After that you can determine whether it makes more sense to close or flip the contract.

Money will find its way to make a good deal, but you have to find a good opportunity first.

The Richest Man in Babylon by Geroge Clason

The War of Art by Steven Pressfield

Raising Private Capital by Matt Faircloth

Overdeliver by Brian Kurtz

Partnerships are all about shared responsibilities.

You have a limitation in being deployed that you can't actively manage the property. To solve that problem, a property manager may be a good partner.

You may also have a financial limitation. In that case, a capital partner on the debt or equity side may be a good partner.

You probably have a bit of time to commit to your goal, and you probably have the discipline to stick to a plan. Therefore, your best contribution to any partnership may be building a solid deal pipeline.

Thankfully, it doesn't matter where in the world you're deployed. Phone and video conferencing shrink the industry more each day. Make time in your day/week for connecting with deal sources - brokers, owners, and influential third-parties. Eventually, you'll build a robust network that feeds a healthy pipeline.

A very successful developer gave me good advice that I carry and spread everywhere. He said that the execution is a commodity. You can find dozens of property managers and debt brokers. Deal making is a specialty. It takes a lot of skill to find an opportunity and match the right financial partners to make a deal.

Great suggestions above.

Much of this depends on the knowledge you have already. Getting educated is important, but you'll reach a point of diminishing returns if you aren't also out there building relationships. There's only so much a passive education (books, podcasts, blogs, etc.) can teach you. When all is said and done, this is a relationship business, and the most valuable education comes from taking action.

Time is your most valuable resource, so task #1 is finding efficiencies in your schedule.

Twelve-hour days are unsustainable for the long term.

You need to make time in your day (30-90 min) for finding and connecting with deal sources - brokers, owners, and influential third-parties. This will accomplish two goals: 1) it will build your pipeline and 2) you will gain exposure to opportunities that cost little to no money.

I don't know what you did to get the credit score you have, but it may be helpful to seek reputable counsel to help get that score up. This may take some time, but it shouldn't stop you from building a network and deal pipeline. You may have to wholesale a few deals to build up a war chest while your credit score improves. Just don't get emotionally married to any deal. Think of it like selling widgets.

Finally, I'm not a huge advocate for scrimping and saving to claw your way out of a financial rut. This contributes to a scarcity/fixed mindset at a time when you NEED an abundance/growth mindset.

Make a plan and consistently seek daily progress toward the objective. Your dream of 50 doors may not be two years away, but you could definitely reach that goal in five with the right approach.

Congratulations on taking the leap toward financial independence!

It sounds like you have a nice bucket of capital to pull from to get started, which is great. Still, you seem to be getting stuck in wanting to be on chapter 20 before you even opened the book.

Fix-and-flip and wholesaling are great strategies when you're starting out. They help you establish your bankroll and teach important lessons about building relationships and evaluating deals.

You may be thinking, "It was so hard to find this first deal. I should hang on to it because I don't know where the next one will come from."

This is called a fixed mindset. You need to get to a growth mindset.

"It was hard to find this first deal. I'll learn from this experience, make some new connections, and next one will be that much easier to spot."

Good deals are more abundant than you think, but it takes work.

In this case, I would flip or wholesale the first few to build relationship and deal capital. You'll eventually get to a point that you don't need your sister's loan. (Note: even when you get to that point, consider using that source of capital along with yours to do more or bigger deals.)

Hope this helps. DM me if you want to discuss further/have other questions.

@Miguel Roman First, thank you for your service.

Real estate is a simple business, but execution is difficult. It requires a consistent approach to building relationships with deal providers and underwriting potential opportunities.

My top 5 tips for getting started:

1. Connect with deal sources - brokers, owners, and influential third-parties - and build fruitful relationships
2. Create a system to efficiently evaluate every deal you come across
3. Find a mentors on BP or in your area that can give you advice along the way
4. Build routines and habits help you stay consistent with your prospecting
5. Get a good deal under contract - the money will come, even if you need to flip the contract

@Natalie Kolodij thank you for your comments. You're the pro. Do you have other recommendations?