Is that the question you’re asking yourself on a regular basis? It’s what my wife and I asked everyday for 2 years when we were neophytes to real estate investing.
As I look back I realize that the problem was we wanted all of the answers up front – even though we didn’t even know all the questions. Now with over 15 years experience I realize the folly of that desire. There is no way to learn everything before you even start.
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Even if the program feeds you every morsel of information you could ever need, the problem is that you don’t have the experience to understand the context of the information. It’s useless at that point.
So what do you do? How do you get started? Here are my recommendations:
- Get an overview of many different strategies and techniques to see what best fits with your interests and skill sets. Consider more than just how much money it will make because if you hate doing it, you will never make a dime.
. - Start with a complete strategy. In other words you need a complete system from acquiring properties. If you don’t know how to complete the transaction, how will you make money. Understand that some programs are designed to add specialized knowledge on one facet of the business while others are designed to provide a full strategy.
. - Once you select the strategy that is best for you, look for the right teacher and the right product at the right price point for you. Do you learn better from a home study program where you an learn at your own pace; or from a live event where you can interact with the instructor; or do you learn best from private one-on-one instruction.
. - Pour through the material once for a broad understanding, then lay out a plan for implementation. Go back and study each step, and most importantly: TAKE ACTION. Nothing happens until you take action. How do you eat an elephant? One bite at a time. The same is true here.
. - Zero in on what is going to move your business forward. In other words – avoid busy work.
. - Realize that much of your learning and understanding is going to come from experience. You will not start with a perfect understanding of the techniques. Just like when you start a new job. You may go through extensive training, but you never feel comfortable until you start DOING the job. Training is designed to point you in the right direction and reduce the learning curve. Experience is where you learn.
. - Believe in yourself and in the strategy. You really can do it. Believe that and be persistent.
. - Treat obstacles and bumps in the road as simply part of the process and not a roadblock. For every problem there is a solution. Focus on the solution!
. - Stop looking for the next silver bullet that is going to change your life and focus on the material you already have. Dedicate yourself to making it work.
I know that getting started can be quite a daunting task. My wife and I spent the first 2 years just spinning our wheels until we got so frustrated that we just decided to make something happen. So if I had to give you just one piece of advice it would be “Make something happen.”
Expect abundance,
Lou Castillo
P.S. Please share your thoughts and your story below. I’d love to hear from you.
Good Morning Guys;
When you are being wheeled down the hall way of a hospital you should have confidence in the person performing the operation. He/she has gone to school, studied the material about your operation and has been guided and shown how to do the operation. Then that person is ready to take care of you. In real estate, that does not happen. How many times have I/we heard that you can do this without money or credit. Ah but you need to have the money for the course. I thought that this was a no money and no creditr item???????Just take one person and make him/her a success and then both of you then take two and then four. In the long run you wil make more money from us on your mailing list than you are doing now as we would be very willingly ready to spend money with your products. Tom Hart 520-889-4204 tomharthouses@cox.net Call me any time.
Tom,
Perhaps I am reading your comment incorrectly, but it appears that you say that real estate educators do not know what they are talking about because they do not give away the training even though they say that a technique does not require money or credit. To use your analogy, would you expect hospitals and surgeons to offer free elective surgery – even though they tell you that they can do it with no problem? Of course not.
When we say that a particular technique can be done without your own cash and credit, we are not saying that you can operate a business with no money. We are simply saying that the particular technique can be done with out cash or credit. For instance, can you buy a house using none of your own cash and none of your credit? Absolutely. You can buy it subject to the existing mortgage. You can also wholesale the property and profit without ever buying it.
Does that mean that you will have absolutely zero expenses? Of course not. You have to learn how to do the technique, you have to spend money on marketing; you have to have a phone, and a printer; you need to have a comparable sales service, you need a computer; etc.
I think you have a misperception that when someone says a techniques works without money and credit, that somehow they are telling you that even if you are dead broke without two nickels to rub together, you will still be able to run a business. That is just not realistic. Heck, you wouldn’t even be able to afford the business license.
What you are asking is for all of the educators to give away their service in the hopes that the students would so value that information that cost them nothing that they would immediately implement it all (even though they have no money to run a business) and then would make money and come back and buy courses…oh wait…who gets it free and who has to pay? You see, if we followed your model, we would never be able to charge because there would always be someone else that wanted it free.
Instead of blaming the educators for charging for their information, look for a way to put together enough funds to operate a business successfully. Maybe that means finding a silent partner who believes in you. You will have far more success focusing on solutions rather than assigning blame.
Lou Castillo
Lou & Josh,
How right you are about the frustrations associated with getting started! After studying and researching for a few months, I earnestly started to attempt wholesaling in February 2008! I trudged through houses, estimated repairs and put in offers…but since I had done no significant marketing, I did no deals.
Since the market has changed I am making another attempt. This time I AM including some marketing! My budget is only $200 a month, which means just bandit signs for now, but I have been soooo despairing in the past that I have to do as you say:”make something happen”. Thanks for this blog. I know there are people here in Philly making money in REI, so why can’t I be one of them? Keep it up and let me know when you start giving away free courses! 🙂
Ogal Gaines
LAGO Acquisition, LLC
Hey Guys,
Just to share another thought…I understand that you do mentoring to help us newbies get started. But doesn’t it make more sense to get a mentor who invests in YOUR market? Someone who understands the subtle nuances of the particular market you invest in? All I have read suggests this. How can using yyour service help me be successful in Philadelphia?
Ogal Gaines
LAGO Acquisition, LLC
Ogal,
You have the right attitude: keep pushing forward! Marketing is the right next step – that’s where you find the really great deals. IN addition to bandit signs, consider distributing fliers door-to-door in your target area. They are relatively inexpensive and effective.
The most important thing about a mentor is finding one that is (1) experienced in the strategy or field you wish to pursue; (2) is vested in your success; and (3) that you like and trust them. There are many investors that say they are willing to be a mentor but have no plan as to how to convey the information, and the student becomes more of a gopher than anything else. If you find the right person and they are local – FANTASTIC. But don’t trade one of the 3 requirements to have someone local.
Lou