Good Going! Now let’s do some homework… - Posted by HR
Posted by HR on February 04, 2001 at 10:05:45:
You are going to meet so many “doers” (like David, Steve Cook, Phil Fernandez, JPiper, and tons of others) that your head is going to spin. I think it’s awesome that you found a way to go: congrats.
I’m delighted to buy you a beer. Heck, let’s make it a pitcher. (That’s how you lure ol’ Fernandez into the scene; lol). So, now that you are going, lets you and I plan on talking about what part of this game you want to play: lease options, wholesale flips, rehabbing, etc.
First, if you are going to get more than one beer out of me, this is what I want you to do:
Find out if there is a local real estate investing (reia) group in your area. Visit the national website, www.nareia.com, to see if there is one in your area. If there isn’t, don’t fret. Their list isn’t complete. Call them to make sure. Go to the meetings, even if you have to drive at least an hour: the people, ideas, and connections are invaluable. At most reia groups, there is a guest price. (Mention a member’s name and they usually let you in for free; a little reia secret). My reia group has undoubtedly been the single most important thing for my success, because it’s where I get to network with local pros to see where and how these concepts work in my local market.
Buy these three books, if you haven’t already: Investing in Real Estate, 2nd Edition, by McLean and Eldred ($20); Creating Wealth by Bob Allen ($15); and the 5 Magic Paths to Making a Fortune in Real Estate by Lumley ($15). Read them. All of them. Before the convention. This way, you will have some ideas already percolating before you hear the speakers (who will blow the other side of your mind).
Consider taking Jim up on that offer of helping with some rehab work. Jim knows people. Jim is a pro, and he’s in your area. You definately want to get to know Jim. If you don’t, you are making a major mistake.
Come with ideas about how you are going to make this all work within the needs and restraints of your own life.
I look forward to buying you your first beer, Josh. While I’m not going to be your personal mentor (and am not qualified to be), I’m happy to share anything that can help you in your investing career. And that’s what is so great about the convention: it’s a bunch of people with similar values and vision, all sharing to help each other out. It’s a great, high-energy place. Heck, where else can you talk with folks 24 hours a day who don’t get tired of talking real estate?
Josh, since I went to my first convention 2 years ago, I’ve done a few rehabs and flips. I buy blighted houses, oversee the major rehabs, and then either sell the homes or keep them and rent them out section 8. If I can share any ideas in that area, I’m happy to.
Finally, Josh: I gotta shoot straight with you. I’m a little disappointed that you put this on a credit card. Maybe the payments will be necessary motivaion to start; we all need to start somewhere. But I got to correct one grave misunderstanding in your post:
The information that you pick up at the convention isn’t going to do jack for you. Nada. Nothing. Zip.
You will either take the information and put it to good use, or not. The choice is yours. Don’t think that just showing up at the convention is the ticket to success. Taking “Right” Action, continuously, is the key to success (Taking Action consistently isn’t even the key to success, because it may be the wrong action. Kind of like the safari group that went trudging deep into the rain forest for days and days, fighting off snakes, malaria, and bears. Finally, after hacking thru what felt like the millionth bush, the leader turns back and yells, “Wrong Forest!!!”). The convention will give you the right steps to take the right action, but information in and of itself has never been transforming. You must put it to work. (Yea, yea, you know that, right? It’s so much harder than you ever believed…)
So, Josh, I’m going to quiz you on those books. No comprehension, no more than one beer. How badly do you want to succeed?