Hello and welcome to BP! As you can tell, there a bunch of answers to your questions and most of them are correct. I am 60 years old an tend to be very opinionated but I also will tell some personal stuff to show you that the future is not predictable and your future is dependent on your preparation. I had an unpredictable bad medical issue make me find bigger pockets about 20 months ago when I was medical recovering and spending a lot of time at home. I was lucky to be married to a woman that saved my life and had been saving money for about 25 years. Yes, I might be 60 years old but I have an experience for you to learn from.
I think that it is great to have a company to learn from like Biggerpockets. I found them about 20 months ago and I have been learning a lot ever since. I spend a couple of hours a day, since I am stuck at home and cannot walk. Writing letters to newbies like yourself to tell what I can and give advice. I have a 20 year old daughter who goes to the University of Arkansas and is in her 3rd year there. Because we live just outside of Dallas Texas about 6 hours away, we only see her during school breaks. I am very proud of her and her boyfriend from Arkansas. She is a member of a coed fraternity and is spending her entire spring break in Florida building for Jimmy Carter this week and I won't see her until this summer. I think being in the High School Band really helped her because she had such a good coach. My schedule allowed me the time to help her grow up.
My wife's employer has been a great man about my problems and only expects my wife, who is a computer programmer, to come to the office for a 1/2 day but pays her full time. Luckily they are a worldwide company and that makes it a little easier. Somehow she is able to take care of all 3 of us with no long term debt or spending any of her savings yet eventhough it has been 6 years. She has saved about 300K so far and has made about 35K since Trump has been elected since she has all of her money in the stock market. I am trying to talk her into diversification but it's tough right now. She is a very frugal computer programmer who is in charge of handling the accounts receivable for her company.
I was lucky to have my brain annuerism at home when she was around just two days before my scheduled surgery that was preventive towards what happened. I was self employed at that time and was turned down by the Social Security Administration for any benefits because I did not know I was going to have to prove recent payroll that payed them. Eventhough I was full time employed from 1980 to about 2005 that did not matter eventhough I was never told about that. Them and the Teaxs Real Estate association turned me down The TREC turned me down after paying them about 30K over about 30 years for my broker's license and told me I had to start all over.
That is enough about me for NW, let's talk about you. Eventhough there is a lot to learn from BP, finding a mentor has been difficult
just for me because it is harder for me to get out now and make it to local meetings and events that provide the possibility to meet a possible mentor. All that I have been able to find over the Internet are coaches that want money. Not that Coaches are bad, R they just charge you for what they do. I would wait to see who you might meet at a local club or event that is not in a hiding for salespeople. Beware of that and look ou for the crooks that are taking advantage of the Internet which there does not seem to be any enforcement. It is amazing how people can write a false address and not be found.
Learn how to be a good listener and not someone that just talks. If you can get someone going just be a listener. That's how you can learn the best just by listening. Besides going to local meetings, there are a few major things to consider after you select your niche and market area but before you make offers. One of those things to consider is to form some type of corporation or a LLC. This will keep your personal things seperated from someone that throws a suit against your business activity. You might need to hire an attorney, no/or a CPA, and/or a tax consultant to advise you on what to do.
The next thing you ought to consider is getting your financing figured out and get that lender to give you a loan letter that states the average time to close that type of loan and the maximum amount you qualified for. You can include a copy of it with your offers , and hopefully, ease the seller knowing your ability to close. The final major thing I will say is your new office location should be considered. The office should has an ease of convenience and a minimum of distractions. You could locate your office in your living place if you can close it off and have a minimum of distractions, especially if they are personal.
Try to maintain control of the things you are responsible for. Track things you are responsible for like income and expenses in report form and review them regularly with a few people you trust and understand your goals. The hope is that they will suggest hoe you might save on expenses or make extra money. Do not assume anything will happen in your benefit. I also. If it is available to you, listen to certain people that know this businesslike YouTube to get comments from other people that are on Biggerpockets, like Grant Cardone, who owns about 4,000 rental units and does not beleive if single family purchases and Patrick BETDavid who is a successful insurance sales owner that is sucessful and has his own show about entrepenuers and business owners. Reading books will also help you become more learned and confident in selling this business.
Do not believe what business cards say about a title, just like everybody else they need to prove to you that they are trustworthy and are more knowledgable than you. Make everyone prove to you that they are worth your time. Maybe being born and raised in Dallas Texas has contributed in making me this way. I will continue to try to help you in any way you think I can. I will talk to you later.
Good luck to you!
