A Newbie Asked Me for Advice

This Biz takes a lot of determination it comes easy to some and harder for others but it definitely takes knowledge and action. That's whats good about this site people can learn REI and ask question here, that's awesome...

My first house came by luck, I was living in it and owner was going to put it on market and he offered it to me first. Fixed it moved out so I could rent it then I did the same with 2nd and 3rd, I never had all the rejections because I wasn't trying to be an investor I just wanted free living lol.
I know that's crazy but we all get into REI for some reason and it does take learning and 99% of no.....

Just be honest with people and help when we can, I sleep better.

Aaron

I don't believe in sugar coating things (as you are well aware). I teach REI all over the US, Canada and the USVI. I tell EVERY single one of my students that this is a simple business, but it is NOT easy! I think by NOT telling the truth about it that I am doing them a disservice.

I think you were right on target with your advice.

Congrats on what you have accomplished! I am very happy for you that you have succeeded and are doing so very well!

Karen

Just wish the truth is told to everyone, including newbies right here. But unfortunately, real talk and honesty are the first causalities when you're out trying to sell something.

Rando said it perfectly, "you gotta be sorta insane to keep at it" which is 100% fact.

Listen to this video of Steve Jobs, one of my favorite entrepreneurs of all time, says in this video: https://youtu.be/KuNQgln6TL0

I want people to listen to what he's saying and pretend he's referring to real estate specifically just to help mold the new paradigm even more. When he says, "Because it's so hard, if you don't, any rational person would give up." Which is what almost happen to me because I quit like 2-3 times over because I didn't want to put up with finding deals or buyers and didn't love it enough or take it serious enough for almost 3 years. "It's a lot of hard work and it's a lot of worrying constantly", is what you're going to feel especially in the beginning.

BUT FREEDOM ISN'T FREE.

The second thing when he says, "you got to be a really good talent scout...You need a team of great people." People who watch the video should pretend that he's talking about other investors, wholesalers, Real Estate Agents, Title Companies, Attorneys, Buyers. Because real estate IS a business and you truly do have to have a great team. Don't treat others you network with like you'll only do one deal with them and not talk anymore. Biggest mistake you can do because they'll sense that you're only trying to make a buck and are not truly in this business.

Especially to all the want to be wholesalers out there, stop thinking wholesaling is this secret, esoteric, only a select few do it hobby just to make a quick $5,000.00 it's an exit strategy in real estate and truly needs to be treated like a business. If you can't handle pursuing this imagine what Steve Jobs felt when his own board fired him from Apple? Whew.

The second part only works if you become the paradigm. The team is as only good as the leader. If the leader is a loser then he'll either attract or create other losers.

Polish the second part and everything will shine naturally.

Rando, I would have asked them why they chose real estate. It all goes back to Deans 7 levels deep and finding out the compelling reason. Without that, the drive to succeed will not be able to be maintained.

Probably never even gave it a thought. They just heard somewhere along the line that they to can make a lot of money in real estate. Hawkers of such ideas are dime a dozen. It doesn't take much to entice the naive and ill informed. After all, most "experts" here can probably relate to it when they look back at their own start.

The truth is always more evident in hindsight anyway.

Absolutely, you have to get the first part down which is making a decision to follow through no matter what. That's why I said if others feel you see this as a one time deal or are out to make a quick buck you'll never build a great team!

The best thing all of us can do is worry about ourselves and mind our own business until we become an example. I would always judge others who didn't think the way I did with becoming wealthy or getting into real estate. People who feel like low hanging fruit will listen to any promise of making money because they needed it yesterday. The already rich are high on the top fruit but the mid level fruit are the ones that just want an example because they want more but are scared to be played the fool. When I got my first deal people I knew were just like, "Oh, that's nice." But after the 5th one they started asking me what the heck I was doing are wanted me to help them get into real estate! These were people who were telling me to quit. I didn't get a deal or 3 years so I don't blame them. Imagine if you saw your friend pursue something without making a dime for 3 years or longer. But once others see an example of it being done by someone they know everything changes.

I can understand a big part of the problem, I was never told how difficult it wud be. If the Guru's had told us how difficult it was going to be we wud have told them to shove that blue pill up their assets.
But then again, it's a heck of a lot easier than working a full time job.
I have tried to help people many times, it's seriously frustrating when they wont even give it a half ass effort. One girl that called me had spent $14,000 on her credit cards behind her husbands back on Real Estate one on one tutoring, and was asking for my help. I explained what she needed to do, the Craig's List Ads, direct mail, recruiting bird dogs, driving neighborhoods and handing out door knob hangers and talking to other Investor/wholesalers & even handing out business cards, after a few seconds of silence she says, "That's too much work" That's not what my instructor says to do, he says to get my buyers list first. This girl never did do any deals.

I could give dozens of more similar examples, and I thought I was a screw up. That says a lot for perseverance and focus.

So here is the magic formula rookies.....
Never give up, Do something even if it's wrong, Learn the business, keep learning how to improve yourselves with books, videos, pod casts etc.
And then when you get knocked down and stepped on like the bug you are, get angry, get back up and fight for what you want. If that don't work, you can cry to your mommies or keep trying till you get it right.
Let's make some Money....
Rando

i was just laughing at what you wrote, so true, I was trying to formulate a response to what was written by other responders but that is good enuff. and what you said to the newbie is exactly right & you said it keep going dont give up!

it s a lot of hard work of deals falling out, mistakes being made(i just made a boo boo n lost out on 25k ouch! it stung & I was feeling it but my bounce back rate now is stronger, gotta move on, it is doable, this CAN be done if we stick with it.

Rando, i like what you said about listening to positive speakers, i have listened to tony robbins(will listen to him more) n dean, man really good stuff.

Adam, love your story man very encouraging, me too dude went 2yrs without a deal, then got 3 that yr, in 13', then couple next yr, this yr got 5 so far 10 total n working on my next one n it is hard so hard but what else are we going to do right? we gotta make this work no matter what!

if we just stick with it n actually do everything we are supposed to do then we will see results, i am adding the positive speakers to listen to tho more consistently, i believe that is the difference,

CAREI, lets add this to our thngs we are doing, Rando is doing it, Dean did that 13 yrs ago before he really exploded, i am doing that now, listening to Dean when i log off of here

Thanks all!

You know what I want? Is a CD in MP3 or DVD videos of Dean's weekly wisdoms.
The passion and sincerity and motivation I get from those is off the charts.

I also go on You Tube a lot and if you type in Real Estate, or Wholesaling, or Motivation, dozens, maybe hundreds of videos come up.
Also complete books in audio are free.

We have another 6 weeks of 2015, and 2016 is going to be better.

Let's make some MONEY.....

Rando

lets make some money, I have been listening to tony robbins yesrterday n today in the am while i worked out n it made the diff today for sure. good day, made 5 offers on the mls, got one under contract(mls) comping out now.

and got a fsbo lead from bandit signs i had someone put up which i am seeing tomorrow so by God I am putting it under contract tomorrow for a low price n wholesaling it this weeek!!! Yes lets make a lot of money!

Rando.. I love it never give up!

the magic formula rookies.....
Never give up, Do something even if it's wrong, Learn the business, keep learning how to improve yourselves with books, videos, pod casts etc.
And then when you get knocked down and stepped on like the bug you are, get angry, get back up and fight for what you want. If that don't work, you can cry to your mommies or keep trying till you get it right.
Let's make some Money....

amen girl, n rando that cracks me up n oh man I have been stepped on and asked to be stepped on by dumb decisions, n I have gotten back up n nothing will stop me nothing. i just listened to tony robbins off of youtube, 3 days in a row now, did cardio by running in place did 10 pushups, n situps streched n man it gets your day going, n listening to music all the while to pump me up, n then while eating breakfast listening to tony robbins, i recommend it.

close to another deal.

LOL, I get those kinds of requests.

That's very solid feedback Rando.

Wholesaling is enormously competitive in my area. All the wannabies are led to believe it's the 'no-money and no-credit' way to get started as an investor.

Sure, but finding and tying up deals requires something ...like time, dedication, wasted time, gas money, postage, more gas money, emailing, writing, waiting, experience, thinking, negotiating ...and the list of time and money consuming things goes on.

That trips up the unicorn chasers sitting in their underpants.

Frankly, the ones that mostly believe this, are the lazy people. They always confuse "no down payments" with "no money to invest." Well, there's "no money to invest" and there's "no down payment." Two different things.

I can invest without down payments routinely. However, it costs money to find and sift for the sellers who'll bend over and give me these deals. And what happens when we find a deal worth $30,000 in equity profits, but the seller is three payments behind? Gotta have some money to make money on that deal.

It seems that the people I can help most, are the ones already working at it. They ask the really good questions.

Otherwise, I get emails from people asking loaded questions like, "How can I find motivated sellers?"

Never mind, it's like asking a brain surgeon, "How you you do brain surgery?" There are so many facets involved that it requires a LOT of explaining and study, if not researching the market.

So, I qualify the newbie by asking them,
Me: What have you done so far to find them.
Them: Well, I haven't really done anything yet.
Me: Why not?
Them: Because I didn't want to waste my time doing the wrong things.
Me: So, you don't want to waste your time doing the wrong things, but you're happy to waste mine making up the difference?

I'm not actually that harsh, but there's no free lunch. Either we need to buy some training, or we need to go out and train ourselves. The "training ourselves" is a lot more dangerous and risky, but it IS doing something, if not creating a lot of great questions.

But asking for free seminars is pretty much a dead end.

In the past, I blindly suggested to newbies that they find and attend local reiclub-type meetings, and hook up with seasoned investors, to ask for their help. Today I ask, "Where has that ever worked?" My bad.

I've found that few active investors can teach what they know, or have the patience. Others aren't that interested in creating competitors, or starting from scratch with a bunch of newbies. There's too many of them, and there's no money in it. At best, it's a distraction, and at worst a nuisance.

Never mind the most newbies are merely curious, and not serious. Once they discover there's work involved, or money required ...they're gone on to the next shiny, no-money, no-work, and-no-effort object.

I probably sound negative.

Anyway, great post!
Javipa

Continuing on the last paragraph, that's where the gurus step in. It's those that they are targeting. The ones who start and never finish. The ones lured by the glitz and glamour. Once they spend their hard earned savings and racked up their credit cards the game is over. Gurus really got it made with fresh off the boat types born every minute.

If gurus had any good intentions they would stop sugar coating and tell it like it is. They would first start by weeding out the fickle and uninformed by pointing out the difficulties. But no, they all start out with motivational rhetoric and immediately pounce on the success of other students. You never here a guru say how much work, effort and resources it will take to succeed. Not even a mere mention of past disillusioned students and what led them down the road to failure.

In fact, I don't think you or I can ever be successful gurus with our attitude of telling it as it is to newbies seeking help. Unlike us, gurus are in it for themselves. Their main source of income is that naïve wet behind the ears newbie looking for the next easy ride.

You are 100% right. Never give up, keep learning and take action. Still the 98% that fail only have themselves to blame. This business takes hard work, entrepreneurial skills, persistence and common sense to succeed in.

Thanks,
Michael

I luv this sport called MMA, it's amazing how these guys train and even though opponents can be equal size and skill, the deciding factor goes to the guy with the right mindset.
One of the biggest upsets comes from a fighter named Connon McGregor from Ireland.
What's fascinating is he predicts exactly the outcome of the fight and which round it will end in. He claims to have a vivid vision of himself winning in his mind and it always comes true. With a burning passion and a vision, how could you not succeed?
How amazing is that? I've been reading about some of our most successful people and they always had that vision and passion long before they succeeded.
Food for thought.

Rando

I love MMA so much and know what you mean. Anderson Silva was the best to ever fight in the UFC but once his mindset was no longer humble and he started clowning around he defeated himself when you think about it. His hands were down and got KOed because he wasn't the warrior Silva. Then the next fight he breaks his leg. Karma, God, complete accident?

It's very difficult for me to say Connor McGregor will beat Jose Aldo though, no way in hell. But if Connor wins it'll definitely be his mindset that does it because Jose Aldo is more skilled.

Amazing how mindset effects everything, you're right about that Rando!

Wow, I picked McGregor as winning but I never thought it wud happen in 13 seconds of the first round. And Wiedman losing his belt, what an upset, he got the holy crap beat out of him.
I think they will both be back, if they want it bad enuf.