Posted by Stew(NE) on November 27, 2006 at 18:44:56:
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How do I go from PLAN to ACTION??? - Posted by Sarkis
Posted by Sarkis on November 27, 2006 at 16:21:47:
I’ve been learning, researching, planning on investing in real estate for a while now. I have come to the point where I know everything there is to know about investing and think it’s time for me to start. However, I have one problem, I can’t go from PLAN to ACTION.
Someone, anyone, please tell me how to do this. Tell me how you did it or how to do it.
Re: How do I go from PLAN to ACTION??? - Posted by Greg
Posted by Greg on November 30, 2006 at 08:38:38:
If you “know everything there is to know about investing and think it’s time for (you) to start.”
Then the next logical thing to do is write a book with all your knowledge clearly explained and make sure you have a catchy title. Try this for example, “Become a Trillionaire inside of a month by buying foreclosed real estate for cents on the dollar and flipping them to out of state owners’ or trading them for gold bullion and buried treasure!”
Make sure you have the disclaimer that “individual results may vary” because we all know not EVERYONE becomes a trillionaire overnight…i only became a multi-billionaire! lol
After the book is written then go on a 393 city tour and market the crap out of yourself…maybe even put an infomercial together with bikini clad hotties and overweight couples sipping pina coladas in the backyard of their palatial estate. Whatever you choose to do make a plan and do it!
Re: Make 50 offers at 60% of asking price - Posted by thutch
Posted by thutch on November 29, 2006 at 18:46:03:
It is almost impossible to fail if you do this. Most newbies fail only because they are afraid to offend someone with a ridiculous offer.
So try it out on fsbo’s, then when your marketing cranks up and you have truly motivated sellers calling you, you won’t miss a beat with your low offer.
Re: How do I go from PLAN to ACTION??? - Posted by Mickey Santiago (OK)
Posted by Mickey Santiago (OK) on November 29, 2006 at 13:31:28:
The only injury when you fall is to your “pride”. Without action you won’t move your feet to take a step. This was hard for me too but after 7 years and a net worth of 7.5 Millions…I don’t regret my pride being injured:-)
Mickey Santiago
Re: How do I go from PLAN to ACTION??? - Posted by Gene
Posted by Gene on November 27, 2006 at 19:48:22:
Where are you located?? In CA I havn’t been buying lately…it dosn’t make sence, no cashflow, prices dropping, ect. Thats not to say that there still are not deals but I understand why a newbie wouldn’t be able to make the #s work…because 99% of the time they wont.
If your in a area that you can get cashflow and prices are reasonable (and havn’t trippled in the last few years) then get off you butt and go put together a deal or two.
Gene
Don’t be greedy - its a learning experience - Posted by Farlee
Posted by Farlee on November 27, 2006 at 19:26:27:
Number One Rule: It is a numbers game. The numbers either work or they don’t (after some manipulation, sometimes). If you don’t like numbers or don’t understand them, this isn’t the business for you.
Number Two Rule: Don’t be afraid to ask for help. Don’t be afraid to pay for help.
Number Three Rule: Be willing to use your first few deals as learning experiences and an education. Don’t be discouraged if you put a lot of time into a deal and break even or even lose a little bit. Learn from it and move on.
Its like college - you spend a lot of time and money learning things when you could be earning, but when you’re done, its worth it and you’re so much better off than the people who didn’t.
After you’ve worked a few, you’ll see how much easier the fifth or sixth deal becomes compared to your first deal. Your judgment will get better, and you’ll find you $$ per hour (the only measure of successful investing) increases substantially.
Re: How do I go from PLAN to ACTION??? - Posted by GL(ON)
Posted by GL(ON) on November 27, 2006 at 18:42:09:
Real estate is very forgiving of mistakes.
How about this. Only one out of 400 mortgages gets foreclosed on. That means 399 out of 400 investors manage to keep their heads above water, or at least bail out.
Compare this to commodity speculators 9 out of 10 of whom go broke, or day traders who have the life span of a fruit fly.
At this point you don’t know everything, but you know everything you need to know to get started. Like anything else, you get better with practice. It may seem tough and scary now but in a year or 2 it will be a cinch.
You just have to have the guts to jump in on that first deal.
And, the younger the better. If you are 20 years old and blow your life savings of $5000 on a bad deal so what? You probably know guys who lost bigger money than that at the track, or by buying a red sports car. You wake up tomorrow and start over.
But if you wait until you are 65 and take your retirement fund and lose it in a bad deal, you are screwed.
So learn what it’s like to be up the creek without a paddle while you are young enough to swim out.
ARE YOU A HOT DOG OR A WEENIE? - Posted by GL(ON)
Posted by GL(ON) on November 27, 2006 at 18:19:02:
Remember, a hot dog is nothing but a weenie that’s on a roll.
Re: How do I go from PLAN to ACTION??? - Posted by GL(ON)
Posted by GL(ON) on November 27, 2006 at 18:16:45:
Go ahead and do it wrong.
I’m not kidding. You say you have the knowlege and the plan (which is more than I had when I started out).
Now go ahead and have the courage to completely screw up.
You won’t. But you need the courage to take the jump.
Remember, failure is not the opposite of success. Failure is part of the process of success.
Or to put it another way. The man that never made a mistake never made nothing.
Re: How do I go from PLAN to ACTION??? - Posted by IB (NJ)
Posted by IB (NJ) on November 27, 2006 at 18:13:28:
Well what’s your PLAN? Why don’t you give us your plan in a nutshell and let some of us who have reached the ACTION phase poke holes (if possible) in it.
You don’t really know if your plan is ready for the action phase unless you have some experienced folk critique it.
Ib
Keep it simple - Posted by Christopher Smith
Posted by Christopher Smith on November 27, 2006 at 17:37:38:
First of all, you can probably expect to get some rude responses to your inquiry. Such is life for an outsider trying to break into a new community. Consider it hazing?
Real estate is like golf. You can spend a lifetime working on your swing, but you don?t need to spend years taking lessons before you attempt a round.
Hopefully during all that time you?ve spent learning about real estate you?ve also been cleaning up your credit and building a little bit of financial cushion ? two factors which make getting started much easier.
You?re probably suffering from ?paralysis by analysis?. The key to getting started: keep it simple. For your first investment don?t go out and try to replicate some complicated strategy you read in some course. Don?t get tangled in some financial instrument that you don?t understand. Don?t try to do a rehab that?s over your head. Don?t leverage yourself to the gills in a high-valued market hoping that it will continue to boom.
I?m going to assume you?re a buy-and-hold guy who aspires to build a solid portfolio of properties. If so - go out and find a motivated seller. Run the numbers. And if they work make an offer. Eventually you?ll do a deal, and you?ll graduate from student to investor. It’s a lot easier learning by doing than by paying for courses. And if you don’t get started you’ll never make it to your goal.
In some markets it?s relatively easy to get into a cashflow positive investment ? in some regions it?s darn hard. But regardless of where you are it?s impossible unless you drop the books and hit the streets.
Good luck!
Christopher Smith
EquityScout.com
csmith@equityscout.com
Now That’s FUNNY - Posted by El Cerrito
Posted by El Cerrito on November 27, 2006 at 16:35:39:
you haven’t done a deal, but you “know everything there is to know…”
sounds like me, when I was 14, after having studied, IN GREAT DETAIL, many Playboy and Penthouse mags, but had not actually—you know–…
If you are confused and scared to plan to action then UAE Off-Plan can help you in making money. I earned alot of cash on my penthouse in Dubai as got a great deal from my real estate UAE Off-Plan
I think the main thing to do in a situation like this is to ask yourself what holds you back from putting your plan to action. Are you scared? Are their details you are unsure of? Etc. If you figure out how you feel and whether your hindering feelings are rational or not, that can help you deal with those feelings and start making a move.
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What kind of apps do you use for planning?
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Notepad, daily routine organizing apps like fitness app, current affairs app, and also an updated calendar which organize every important date.
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That’s nice, sounds like you are keeping track of a lot of aspects of your life. I love planning as well but I’m a little old-school in this matter, for me it’s my paper-based day planner that has proven to be an ever-present companion.