Door Knocking For Leads?Scary@!
Does anyone agree with me that this is a much harder task than most make it seem like. Ive gone to many investing groups meetings, and read a lot of books and I have finally compiled a list of preforclosures. Ive even found some that are right in the town that I live in. Theres one problem. I am scared to death of knocking on somoneones door. Mainly because I dont know what all to say. I know that like after a while doing anything youll just learn your own technique and everything will just fall in place. Does anyone suggest any readings or have any suggestions to help me out a little,? **Please See My Profile**
Jerry :-D
Good luck,
Since you're so young, no credit, probably little cash, I would suggest that you birddog for others, find a mentor.
Assignment are a good start, just be sure to have buyers lined up when you put something under contract or else be prepared to perform on the contract, ie. closing the deal or losing the money you put up as escrow.
It's almost the same as being a birddog except your profits are more. Instead of telling someone your fee is X Find a property buy it for low as possible and then put your fee on top of it, this way you dictate how much you make, not the investor you were looking out for. In busniess, and life for that matter, if you play by your terms, you have only yourself to blame if you fail.
By the way, your credit will be the report card for the rest of your life...
GL,
MT
[addsig]
No worrys zinvest! First thing I'll warn you about, you'll get alot of B.S about your age, but let that negativity go in one ear and out the other. Trust me, if it's not about age people will find other things...they always do. Remember, the road to sucess is a rocky one filled with many twist and turns, if you have the will power, you'll navigate through the trenches. Besides, the reason why people get the young-ins down for thinking big is because they did'nt think that way when they were that age. So NEVER say it's because of your age! Because of your age you're willing to learn more new things and you're not yet set in your ways. Let me tell you a little about myself. I'm 20 yrs old, purchased my first propertie with $0 down, all by myself (no co-signers) at 19. Everyone told me it wasnt possible. I proved them wrong. Out of vengence...haha...I then got a real esate license not only in Oregon (where I live) but also one in Washington. I was then faced with the age thing ...from my peers. " People might take you seriously because you're so young". "Don't expect to get your first deal till six months". Was I irritated...yes...was I mad...no...I got even. My first month made 6 transactions, and I'm pretty good at what I do. My point being, success is a mind set you must develope, stay away from people that get you down. Don't dream it, be it. With age comes more experience, experience comes from youth. Remember, we are the Bill Gates, Phil Knights, Donald Trumps, President's, and leader's of the future. Research your market...whatever it may be, study it, get out there and meet people(it's all about people),do the right thing, be humble and head smart, know your material, learn from other's mistakes, believe, and just do it. Zinvest go kick some a**.
zinvest,
The only limits of power is the bounds of belief --Harold Wilson
My advice is to hit the books and the phones hard. Read more and talk more than your competition and you will be successful. I wish I would've started at 18, I'm not getting too late of a start at 27 but again, wish I would've started earlier. Do not perceive your age as a weakness and don't allow others to tell you it is.
Good luck, Ray
zinvest,
Welcome and way to go. You have been given some great advice.
I started out with tax certs and buying properties going to tax deed sales or from the tax deed sales. Using those methods I was able to increase my startup cash to where I could get more land and now am going to focus on rehabs.
I would suggest not always telling others (friends and family( what you want to do as they were the biggest naysayers.
This site is a great way to get advice and motivation.
Also, be very careful of the partnerships you form, if any. And get it in WRITING
I disagree with linlin on one part, tell everyone you are getting into real estate, you need to practice your rebuttals anyway and paint yourself in that corner of success. Tell everyone so there is no backing out without losing face.
Not that I'm a huge Arnie fan or dislike him, but in the 70's when he was a bodybuilder he had genetically poor calves. He cut off the bottoms of every pair of pants he had so people would notice how disproportionate his upper body was with his calves and hence motivate him to make them look better.
Same idea with if you are on a diet and lose some weight, get rid of your old clothes, make it painful to go back to the way you were.
Good Luck, Ray
Well welcome to the family of real estate investors!
What a great age to start!
My youngest student ever was a 14-year-old and he worked through his dad for contract purposes as he was under age.
Avoid negative or none supporting people
Do not let age stop you from being a success!
Do not let lack of money or credit stop you from being a success!
It is my belief that success comes when one stops chasing money!
Determine what area you want to focus your investing in.
Learn all you can about real estate investing! Reading books, listening to tapes, going to seminars and most importantly use the TCI forum to learn all you can.
Join a real estate investing group in your area.
Go to auctions and open houses and just observe and learn.
Study the market in your area.
Establish your business.
Pass out 1,000 business cards every week your first 30 days.
Network with persons in the real estate business.
Have lenders in place "Customary or Hard Money".
Locate other investors to flip property to.
Get out there and make your first deal! Than repeat and repeat and repeat again.
Good Luck,
[addsig]
I got started when I was 18. I bought my first house with a traditional mortgage and made $5,000 on the deal up front plus a $280 pos cash flow. 2 Years later I flip the property I bought for $15,000 for $45,000. Not to bad I would say.
At the age of 22 I now manage over a million dollars in cash for other private investors. I am always looking for more deals.
Real Estate is the best investment of time and energy.
My Advice:
-Do your research and know your stuff or the other guy will get over on you.
- Know your stuff, study study the markets and trends
- Find some compentent mentors with a vested interest
- Dont waste your money on courses. Simply buy the books and dont ever spend more than $20-$30 on a book. Use the free online resources.
- ET
Thanks so much for all the encouragement everyone. I can already tell this website is going to be a major help. As for my age, i already have people telling me i can't do it and I'm going to prove them wrong!
Thanks Again!!
zach
:-? Hey bud, i know how you feel. Im 21 and just getting into real estate too. Im sooo excited about making my first deal, but its kinda tough. My market is a great area, but finding them has been kinda difficult. Im wanting to start out flipping houses to build up a nice net of cash to work with. My credit is fair and im in the process of building it back up to speed. Any ideas from the more experienced investors on here on where to find properties online for flipping/rehabbing? Any additional advice is GREATLY appreciated. Im pretty nervous about taking that first step, but i know it'll be COMPLETELY worth it down the road. I just need some help getting started. And by the looks of things on this site, finding help shouldnt be a problem. Thanx for any advice in advance!!!! 8-)