All Forum Posts by: Marvin Dean

Hi,

I'm new to BP so a little late to this one. However I feel that BOTH are very important to the success of whatever it is you are doing. That's the obviouse part of the answer. However, BALANCE is going to be key.

My background is in IT/Programming so for me planning will always have to come before execution. If you don't plan (brainstorm, understand the end goal, understand the need, understand which tool to get you there, understand the audience, etc) you can end up with something that looks good, performs well, BUT not what was asked for, not needed and developed for the wrong audience, and MOST important, ends up being COSTLY.

Where the balance between planning and execution comes in will be that you can get mired in heavy details and never make it to execution. Or if you do, the execution ends up being late and you may be left behind all together as someone else who is quicker on the draw comes in and gets it done right out from under you. Therefore, you want to get to a point in your planning that will give you a foundation that will have the requirements needed for the execution. That which is missing can still be envisioned and accounted for, the targeted audience while may not have all of what they need and want, can see where it's going and can agree. Now since we are not and never will be in a perfect world case, changes will come, but the better you plan (notice I didn't say the more you plan), the better it will be to adjust the execution so that it does not kill your success.

It may all seem like an IT/Software analogy but the examples I've used to explain the points are not specific to programming. While I'm new to investing and admittedly not done my first deal yet. From all that I have gained so far and what I take as being the number 1 rule to investing is "You make your money when you buy" and the end part to it is "You collect it either at closing or when you sell". This tells me that there HAS to been some planning on our parts before the execution. That's why we run the numbers, know whether we want to hold or flip. Have a backup plan or some exit strategy in case things go wrong. Know where our markets are and who our audience will be. Know what the economy is doing, etc. Wouldn't you all say that if we don't, we end up in a situation that makes you kick yourself later. To me, thats planning before execution.

Hey @Chris Pappas Welcome. I myself am very new to BP and investing so nothing to give you just now there. But I can still say Hi and wish you nothing but the best. This is an awesome site and so far it has been a pleasure. There is some much to learn and it is the first time that I've been on a resource like this where the help is so freely given!

The Ultimate Beginners Guide is also a great resource and recommended reading if you haven't already.

http://www.biggerpockets.com/real-estate-investing

Good luck in all your endeavors!

-Marvin

From the sound of it, it seems that it was submitted independent of a buyer's agent. And yes, basic law dictates that all bonafide offers given be submitted. But there may be more to it. As @Michael Jobe  mentioned and without knowing any of the details, don't know if the agent felt that it was an extremely low ball offer (one not considered fair) and they were being directed by the seller. Depending on the situation and the type of sale, (short sale, resale or foreclosure) each can be different. But again, if I were them I would still submit just because of situations like this. However, the listing agent should still explain the details to you better. If you are not working with an agent of your own, and you feel you are getting the run around from the listing agent, then you can also follow up with his/her broker as another recourse. They need to explain to your satisfaction just what the situation is.

Since I am new and learning this site and reading everything I can get my eyes on, stumbled into this post. So as another newbie to all of this, guess I'm going to have to learn to duck at some point. This was a great post to come into though @Shante Harris because it is a harsh truth and will come into play in anything we try to do to become successful. I'm too new and don't know what sparked this so therefore not speaking to it per se. I'm just speaking from the fact that what you posted are words of great encouragement. Whatever it was, should just become a stepping stone! Keep your head up but know when to duck.

Hi @Raymond B.  that happens to be one of my middle names. Thanks for that! just not sure of all of the do's and don'ts yet so definetly don't want to be a bother to anyone starting out.

-Marvin

Hi @Paul S. thank you for the welcome. I am looking to do just that and still learning how to use the site. Who and when is it alright to request someone as a colleague, who to follow, etc. I'm getting through it though, but there is a lot for sure.

@Andrew Davis 

@James Wise 

I noticed that the tags did not work in my post so this is just so you know that you were acknowledged. Thanks again!

-Marvin-

Hi,

Thank you for the welcome and the tips.

@Andrew Davis, I agree with you about the Ultimate Beginners Guide. It's a great read, I'm on my second go round through it. There is so much information on this site, I feel like a kid in a candy store. I'm about to get to the podcasts so will keep an eye out for the one you recommended. Thank you for the invite to reach out for help.

@James Wise, I saw and have accepted your colleague request. Thanks for that!

Regards,

-Marvin

Hello Everyone,

My name is Marvin Dean originally from the Bahamas but living in Miramar, Florida since 1982. My background is in IT/Programming, but been in management for quite sometime. Could not get my mind wrapped around the IT business any more (if you can believe that), too long in I guess (Since 1984), and decided that if I had to relearn or refresh, I was going to make a clean break. So I studied for my RE License. I have always been interested in real estate and investing but could never get off home plate. Fear, lack of knowledge, confidence, all of the above! have all contributed to it. I recently received my Florida RE License (July 2014) and stumbled upon BP yesterday to get a tip on something I was trying to find out how to do with the MLS. I have been on the site ever since and see it as the push/help that I needed to finally get in the game (so to speak).

My goals for real estate is of course to help achieve the financial freedom that we all seek, but to also have enough to be a help to others. Giving back is important! The vehicle that I've decided to specialize in for my short-term goals is going to be Single-Family units and my strategy is going to be Wholesaling. Figured this was the best way for me to get my feet wet while building my knowledge and cash flow. Fix-and-Flips as well as Buy-and-hold are things I will be interested in for the long-term goals once I get established.

Thanks all for allowing me to introduce myself and thanks BP for creating such a resource for networking and learning! This site has been awesome so far and I look forward to becoming part of the community. I have to remind myself to go to bed and that the information will be there another day!

Sorry if this was long winded but hope it was enough to tell you a little bit about me.