Why do people try to short sell without...
<<Disclaimer I'm not that knowledgeable on short sells but I will be>>
Why do people try to short sell without having any knowledge on the subject whatsoever. I've noticed this a lot on the net and real life. Everybody has the same sob story.
They'll say short sales don't work because they attempted to do two of them to know avail. Does anybody see the irony in that? These same folks are good at flipping and L/O and sub 2 deals where lots of possible deals fall through yet they didn't quit that.
Why don't these people buy a short sale program or something?
I was thinking about something Dwan and Sharon said on the conference call. They said you can work 10-21 short sales at once. In their area they can close one short sale a week. Now I don't live in a big city but out here they are building new houses like it's going out of style. I figure hey if I have to work 10-21 short sales a month to get one that yields a 10K profit is it worth it? YES one a month is 120K a year! I'd be happy with that.
I don't remember where I got this from, but I know I read or heard it somewhere.... "Don't be a REI, be a RE warrior!"
Many people who want to start a new career in REI will do a few bad deals with no prevail. When they get frustrated, then they quit! Only the true RE warriors persist until they succeed. I will admit, REI is not easy as a newbie. You have a lot to learn and there are no real failures. You have to look at a deal that didn't work out quite as you planned and ask yourself, "what did I do right and what did I do wrong?" Learn from your mistakes and don't do it again.
This is a learning process. No one is perfect. You had to learn how to crawl before you could walk, right?
Tanya
Right now I'm half crawling half walking LOL!
I know I sick of working a job! The darn job takes up all my time. I wish I new about this stuff when I was 18.
I am with you Future Millionaire. I brought a few systems that stayed on the bookshelf for years. The earlier you start the more you will learn and become aware of. As newbies we tend to look at RE to be a test of trial and error. We figure hey you lose some and you win some. But, half of the deals that I lost as a newbie were due to a lack of patience and a want for fast cash. I went throught the sheets program in a matter of days. And I had been in this stage of "informational overload". I wanted to try everything in real estate; from lease options to rehabs. And while it is good to have goals, we must be certain that:
1) the goal is realistic
2) we have the time
3) we have the knowledge
So once again I am replying to just to say learn from others mistakes. Why must we repeat the same mistakes over and over again?
And to the pros, I have been noticing that some questions don't get attention on the many forums throughout the web. And sometimes you feel that newbies are asking the same questions over and over again. And that may be the case. But just remember you were once there. And what would you pay today if someone was there for you as a newbie to correct you every time you thought of making a mistake.
Encourage new investors to ask questions! And try your best to give an answer or atleast lead them in the right direction. No question is stupid unless you know the answer before you ask the question.
Ervan
edickens82@yahoo.com
I've only bought one course and a couple of books. I'm not buying anything using money from my job. The rest of the information I'll buy will be from profits of my RE business.
I think before anybody starts asking questions on the message board they NEED TO READ ALL THE ARTICLES! If you are on CRE READ ALL THE ARTICLES If you are on FLIPPING HOMES READ ALL THE ARTICLES ETC.
If you read one short sale article and happen to run across a seller with no equity PLEASE don’t call loss mitigation and try to do any business based on the short term knowledge from one article it will be a cold day in hades before a brand spanking newbie can read a paragraph about short selling and go out and make it happen! ROFLMAO! At least take the time to buy a course and study the material before you come to the RE meeting saying short selling doesn’t work.
I'm no pro but I think I can understand where they maybe coming from. A lot of the questions can be answered with simple google searches www.google.com
Nicely said Future-Multi-Millionaire!
You are right, I know a lot of newbies want to get start NOW. But, you must understand that you need to do a lot more research in the subject before getting started. Would you jump in the deep end of a pool without first learning how to swim??? Not a very smart idea in my book.