Getting into Real Estate Investing


#1

Good Afternoon

I am trying to get into the realm of real estate wholesaling. Honestly, I kinda hesitant to do any deals because I somewhat afraid that I might screw up somewhere and it will end up costing me finanically and legally. I know there is liability in everything we do, i just do not want to take an unnecessary liability. Is there anyone out there who can help me out and advise what i should do to gradually get into this without risking myself to unforeseen costs and liability financially, legally and most important civilly.


#2

Try to find a local wholesaler, and learn from them. This is the best way to learn, in my opinion. Maybe you could do some free work for them in trade for learning. Or you can always attend classes, which there are no shortage of.


#3

Don’t let fear of making a mistake keep you from investing in real estate. You WILL make mistakes, learn from them embrace them and move on.


#4

As has been pointed out, mistakes happen all the time and they are part of the learning process. You just have to make sure the mistakes you make you can survive.


#5

Good news - Real estate is on-sale, widely available and cheap ha ha.

It is a pretty forgiving marketplace.

What are your goals? From there you can formulate a plan for acquisitions, keeping your exit strategy in goals at the forefront of your strategy.

Jim


#6

real estate property management

Real estate investment is the only business that can offer you better return than any other business and this is the biggest reason for investing money. But this is not enough you can only earn in this field if you have a planned strategy and skills to go ahead. If these things are not by birth in you then you need to develop them.


#7

[QUOTE=jimingersoll;883507]Good news - Real estate is on-sale, widely available and cheap ha ha.

It is a pretty forgiving marketplace.[/QUOTE]

I agree with Jim. I find it odd that people do not want to buy when a sale is declared and they want to buy when full prices return.


#8

Mistake Allow to Learn More

[QUOTE=StevenS(CPA);883487]Don’t let fear of making a mistake keep you from investing in real estate. You WILL make mistakes, learn from them embrace them and move on.[/QUOTE]
I agree with Steven…


#9

Real Estate Wholesaling? I was introduced when i had a deal, i came to know that there are investors who try to find people who want to sell ASAP and don’t care if they sell for a lowball price. these people put signs on telephone poles offering to buy houses fast. the sellers are in distress or the family of someone who died. the investor might turn around and resell the house to another investor or a regular buyer.


#10

worried about nothing

Go buy a foreclosed house. No risk. The title will be clean-with title insurance- fix it up and sell it or rent it.

Quit stewing and get on with it.

If I had more cash I would be buying every day. I buy mostly for rentals, but also do some flips.


#11

[QUOTE=brandon80;883478]Good Afternoon

I am trying to get into the realm of real estate wholesaling. Honestly, I kinda hesitant to do any deals because I somewhat afraid that I might screw up somewhere and it will end up costing me finanically and legally. I know there is liability in everything we do, i just do not want to take an unnecessary liability. Is there anyone out there who can help me out and advise what i should do to gradually get into this without risking myself to unforeseen costs and liability financially, legally and most important civilly.[/QUOTE]

Brandon,

Any comments or questions based on what people have suggested?


#12

[QUOTE=John_Corey;884655]Brandon,

Any comments or questions based on what people have suggested?[/QUOTE]

He hasnt logged in since the day he made the original post.


#13

[QUOTE=Brandon (NE Indiana);884668]He hasnt logged in since the day he made the original post.[/QUOTE]

And we seem to be attracting posts from what I think are paid SEO consultants who are trying to drive up traffic to other sites. I noticed that most do not speak English as their first language so they are likely offshore folks paid by the post or some other volume measure.


#14

I just found this website and forum and have been reading through the information…finally…what looks to be an awesome site without the “give us $$$ and we’ll show you what to do” catch.

I feel as the original poster does - a newbie here who always comes back to researching real estate. My husband and I are hard workers, but still live paycheck to paycheck no matter how hard we try. I keep thinking there has to be a better way. I know I can’t go back in time and change the choices I’ve made that have led to where I am today, but I keep telling myself that it’s not too late to be successful.

I, too, am fearful, but perhaps that’s why at 51 I have no real substance to who I am or how we live (which I know could be worse — it’s not rock bottom, by any means…just week to week). I want to start slow and try to find one property that would work and give us the extra boost of confidence we need to continue and be successful.

Thank you for all of the information and for this place to commune with others who have been there. I am eager to learn and to jump into the water, but one thing I always realize is that I overwhelm myself with loads of information!

Any advice for this newbie on how to learn, start and not get overwhelmed – I know that is where the fear usually creeps in.

Thank you all!


#15

Lady Blue

You are hanging out at the right place online. Welcome to the journey.

Jim


#16

Thank you, Jim! I’m truly looking forward to a new education. The more I read and learn, the more excited I get. I honestly believe this is doable!

I believe God points people in a direction when they ask for help. I asked Him and I landed here.


#17

[QUOTE=LadyBlue;884738]Thank you, Jim! I’m truly looking forward to a new education. The more I read and learn, the more excited I get. I honestly believe this is doable!

I believe God points people in a direction when they ask for help. I asked Him and I landed here.[/QUOTE]

Lady Blue,

You might want to hang with some active investors in your area. The closer you are to a real deal the more you will accelerate your learning. Even better would be to go out and try and do on on your own. Maybe a leap too far.

Try not to fall into the trap of learning everything before you start. It will never work. Some things you can only learn after you have gotten your hands dirty. What I like to call second order learning that comes from experience.


#18

Mentoring/ knowledge

Would getting mentoring from a recognized “guru” be worthwhile.
I have heard two opinions.
1-Pay for mentoring (ie. 25k-60k and we will help you learn and understand real estate

OR

2-Do it on your own by buying a few courses and not learn the right way and take twice as long to figure it out and not make near the money we, the “guru” can show you how to make.

A couple of well know “gurus” were in town this month. Went to both informational meetings and they both say pretty much the same thing and pretty much the same cost. Subtle little differences but a gulp worthy amount to lay out.

I am all for the learning and having “skin” in the game, but seems like there is always more “skin” needed to learn the next thing.

Can you learn enough from here to get started or does the mentoring warrant a serious consideration.

Thanks for any helpful advice


#19

RBB,

Paying up to $60K is a waste when someone is really new and they have not started.

While there are some really good experts out there, rarely will then charge that type of money for one program.

People do need to learn and there is time involved. You can start with limited knowledge and learn on the job. Some of have gone down the budget route have lost more than $60K plus years of time when they blow up doing something they could have learned not to do.

I would focus on a pay as you go model. Buy some books or maybe take a class. Then implement what you have learned. Stay away from stuff you do not understand. Consider doing a deal with a partner or someone more experienced if you find a deal that is out of your comfort zone. Just be careful about who you choose as your partner in such cases.

Too many of the people who fail to make progress spend a lot of education and then take no action. Maybe they like being students more than they like running a real estate investment business. As it is their money they can do as they see fit. There is no need to spend serious money on education when you start out. It might make sense to spend serious money after you have done a few deals and you want to up your game.


#20

I spent over $100k my first year…I did everything Ron Legrand taught in the early 2000’s, plus a few others and a $25k mentor program (I already knew most of what he was teaching by that time). It really depends on what you want to do and how fast you want to do it. Not all programs and gurus are created equal. I spent a lot of money on getting my head on straight too- Tony Robbins, etc. Don’t discount that stuff.

I enjoyed the seminars, and got a boost from talking to other investors each time and was doing enough deals to fund the education and dont regret a bit of it. Saying that, you shouldn’t rush out and max out your credit cards to buy books and tapes and seminars. There are all kinds of ways to learn this stuff, the best is by doing deals. Get a few big checks and invest in yourself, you do not need to spend anywhere near $60k to get started. I’d wager most of the people doing deals have never spent that much. Still, it shortens the learning curve a ton to spend the money.

There are experienced investors out there that will help you for free, including the ones on this forum and your local RE group.

To me, the biggest thing about the seminars vs. the books and such is talking to other investors and hearing about their deals. It helps you wrap your brain around the fact that people will give you their house for half what its worth.