Very cool analogy.
Looking forward to seeing this program Jim and JP! What is one tip for a new real estate investor? Do you specialize in commercial or residential?
Wholeslaing can work good for both residential and commercial. I have wholesaled a few multi-family apartment complex and office space.
Get your phone to ring, find the buyers and collect your wholesaling assignment fee.
With more investors coming back to real estate and foreclosures getting multiple offers there is more of need for good wholesalers now then in the past few years.
Jim
Thanks for the info JP and Jim. I am already subscribed, so I will be looking for the email on this workshop. Hopefully, it is affordable, since right now my biggest obstacle is money! Thanks again and happy holidays!
Ihave been reading and reading tellme how to apply to affordable coaching?
Hi, everyone!
This is one great forum. I hope to learn new things while I’m here.
Peter Vekselman
[QUOTE=JP-Vaughan;887415]My good friend and Forum Host, Jim Ingersoll, and I have been secretly working on a fantastic new program for beginning to intermediate real estate investors.
We’ll be launching it in January and YES! it involves “hand-holding” and extreme step-by-step training:
[i]Affordable Coaching & Training
for Real Estate Investors[/i]
Would you be willing to pay a nominal monthly fee for “hand-holding”?
Membership will be strictly limited so we can give you the attention you deserve, so be sure to subscribe to our free Newsletter (on the Home page) so you can get on our “Early Bird” list.
Let us know what you think!
J.P. Vaughan
Publisher and Founder
CREonline.com[/QUOTE]
My goal is to rehab property and my biggest “hold back” is just finding deals. I am baffled by investors that I hear about having 5 deals going on at one time. I put a lot of research into finding deals and determining which method is best but i hear time after time how REOs have to much competition, dealing with shorts sales and banks seems next to impossible and going to FC auctions doesnt seem like the way to go bc of competition and the properties seem to get bid up to market value by the time its over (which i have first hand experience with). So i dont have any idea of how to find the deals.
Fortunately I have the cash to buy properties so thats not so much a problem but I do want to make sure i dont learn the hard lessons on the first deal and want kick it off with a success but cannot seem to find the freaking thing. Somewhat afraid of not having to much construction knowledge and not being able to determine how much repair costs would be required which messes with your confidence on making the offer but would love to have some assistance with finding the deal and would very much be interested in paying for some “hand holding” if its going to get me going on the right path.
Wonderful topic. For me, what’s holding me back is money. I think if you have the money, all things are possible for you to access. If you got the funds, the learning follows so you can do whatever you want to do.
I am with everyone else here who has the fear of getting started on making a deal happen!!! My coach is telling me to make it happen with the deal that I found with a small rental unit. I am so confused as if I should do subject to or wholesale the property. It would make a great monthly cash flow for me, but how, and where do I get the funding?
I have also exhausted a lot of my personal funds for personal coaching, manuals and other information that I need to get started. I am so lost at what to do at this point.
Great topic, Jim. I personally think everything boil down to FEAR and laziness, maybe. People come up with different excuses for not moving forward all the time but if they really be honest, whatever reason they have for an excuse is founded by these two. Someone can say “I don’t have the funds or the time to get started”. But what they’re really saying is “I’m afraid to lose what little I have or I don’t want to go into something which I’m not sure if I’ll come out successful”. It is sad because I know there are plenty of individuals out there who has the potential to be more and do more yet choose to not do anything about it and would settle forever wondering what could have been.
Fear of being scammed is a big one. Seems like everything out there is either a scam or borderline scam these days. Everyone is trying to sell you something you probably don’t need. It reminds me a lot of the weight loss “machines” that permeate late night TV commercials. The differing versions of machines go on and on and on, year after year. Real estate investing “courses” etc do the same thing. How does a newbie know who to really trust?
The other aspect that makes it difficult is that it seems as though every single person on the planet is trying to flip properties and make millions. It’s almost nauseating. I bought my first investment property in the early 90’s during the first big crash and the term “rehabbing” had just started to get popular in my area. Most people didn’t view it as a viable way to invest because of the risk and high dollar amount involved. Now? Completely different. The “Buy property with no money down and no credit” mantra has been preached incessantly over the last 20+ years to the point where people think it’s easy to load up on properties and retire on a huge yacht. Very similar to stock market investing during the Dot Com boom.
At first it was humorous to watch the carnage during the last crash. Especially in SoCal where everyone and their pet dog had purchased numerous properties, usually in Vegas or Phoenix, with no way of sustaining them should the market slow down much less turn against them. But, as I watched some of them lose all their properties and then turn around a couple years later and start buying them again with banks giving them the money to do it it became disheartening. I always tend to ask myself why the flakes seem to be so loved by lenders while the conservative types who’ve never missed a payment and structure everything to keep risk to the absolute minimum are shunned. It’s strange.
Why do good investors have to scavenge for financing? If I were a lender I would be scouring the land for those types and lending them money rather then giving it to someone whose already been foreclosed or short sale’d in the last few years.
So, fear of the scam and overall disheartened outlook on the industry are a couple roadblocks.
Contracts
I fear my lack of knowledge and experience - hence wanting a mentor…and colleagues! Or, at a minimum, a mentor from my state/area who is knowledgeable in my state laws for me to share what I am doing and look over my paperwork walk through what I need to have a property owner sign, what needs to be filled in, when I have them sign it and how, etc. I’m smart and figure out the legal writings for the most part - but I’m also diligent and careful and have no intention of causing anyone harm. So, I want to know what I’m doing thoroughly.
The reality is that knowing all I want to know may not be possible at first - there is a learning curve, and a mentor that you trust can help you through this process. Further, finding a knowledgeable attorney is essential, BUT - many attorneys fail to know how unknowledgeable they are in some areas. So it is up to me to find the attorney I need. This many take a lot of time. I feel the “setting up” process is going slower than I’d like. Buying off the MLS with an RE agent was much easier, but is no longer such a great deal b/c there’s so many ppl out there buying now.
Endless possibilities…
Lubasha,
I love your chess comparison!!!
‘It’s funny; lately my friend expressed desire to play chess with me and I never knew she has interest in it. We started to play and I see she is excited and thrilled but her main question where should I go? Which piece to move? I was stunned but then remembered myself when started, it was like really no room to go, no vision of what to do! Now I can say when you keep following your passion and just play and play a lot, one day you will see endless possibilities in the game and the ways to achieve your goal.’[/QUOTE]
Best wishes,
Chris in FL
What’s holding you back?
First, great thread…
Second, Ron LeGrand says people ask him all the time how you get to be a great speaker. His answer is, “Well, first you suck.” Then you learn, try it some, improve, learn more, and eventually after enough time, learning, mentoring, etc., you might get great. Not sure who penned, “Every master was once a disaster.”
How do you get to be a great R.E. investor? Well, first you suck! Do your best, accept that you will make some mistakes, and get on your path to greatness! Nobody accomplished big dreams without some lessons learned along the way - and you won’t be the exception to the rule. That’s okay!
Best wishes,
Chris in FL
Money is holding you back?
Then get moving towards finding the money you need to succeed! When I could qualify with banks, I did so. When I couldn’t, I bought using credit cards and even refinancing my free and clear vehicles. When that ran out, I spent about 1 year at the bottom of the R.E. market (about 2009) searching for private lenders. When I finally found one, turned out to be the right one, and we have done 22 mortgages together and I bought 22 properties at great prices with positive cash flow that will be paid for in 7.5 years or less from purchase date. First one will be free and clear in about 2 years! In 3-4 years, they will begin falling like dominos - paid off, paid off, paid off… My finances will go from really good, to: “How on earth do I keep the government from taking so much of my money in taxes?” It might be my best worst financial challenge ever! LOL! We should all be so lucky as to have the problem of too much money, right? Find the money, do the right deals the right way… Understand that buy and hold is a long term, get rich slow plan (or maybe not even real slow, but medium)… Then just do it!
Best wishes,
Chris in FL
Change out your vocabulary from FEAR to FREE!
They are almost spelled the same but the gap between them is bigger then the grand canyon.
FEAR is overcome with education and then the willingness to jump in an implement what you learn!
Jim
Affordable coaching…
You get free coaching just reading this site. Super cheap just reading the right books. Also super cheap, I am a sucker for someone asking if they can buy me a decent meal and ‘pick my brain’, as are many other successful investors (what can I say, ‘bragging’ is fun). Have done that almost more times than I can count.
My focus is buy and hold, but I have 15 years experience and know most areas of R.E. pretty well. I don’t have an official coaching/mentoring program (yet), but I have built up a small following locally (Central Florida). I host Robert Kiyosaki’s game ‘Cashflow’ once a month or so, speak at my local REIA from time to time, and work with some newbies from time to time. I have 36 mostly single family rental homes, with a decent net worth and income from it. Eventually coaching/mentoring is probably inevitable for me, but doing a little ‘hand holding’ now, from time to time, I can work out very reasonable. Also, very reasonable will mean largely by e-mail, and at my leisure… I can’t do, “call me whenever you want or need anything” for reasonable. My time is very valuable, but I enjoy the teaching and sharing, so as long as it doesn’t become a burden, then I don’t have to charge much. E-mail, with maybe occasional scheduled phone sessions. Keep in mind, if you are in Lakeland, FL, I can help you a ton… With other areas, I can give general help and advice, answer most questions, etc., but if I am not familiar with your area/state, then some of what I can do for you will be limited by that fact.
Great idea… Attend your local REIA, search out knowledgeable mentors that have already done what you want to do, and are still active in the area… Also ethical, and willing to work with you. That is coaching/mentoring, with possibility of hand holding that is hard to beat! I know in my REIA, and it is a small one, there is all kinds of mentoring, coaching, partnering, etc. Sharing of contractors, usually a group of people going out to eat afterwards, and more.
Hope that helps.
Best wishes,
Chris in FL
Here is the sign up link to our CREonline coaching that is affordable. Tons and tons of content training, coaching calls and a great community to help you on your way.
See you there
Jim
I can’t believe the year is 1/2 over already!
I started this thread at the beginning of the year and now would love to hear some updates on this same topic.
6 months into 2013 what is holding you back from achieving your goals?
Jim
Setting up a UK based REIT. Slower than first estimated. Progress is being made. HMRC (think IRS for UK) is on board.
Once the REIT is up, I will be looking for USA property as the focus will be USA property in a UK REIT.
John
PS. July does mean watching the Tour de France
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