How to Get Started in Real Estate Investing for the Struggling Newbie



what's up everyone this was Brandon with bigger pockets and I wanted to talk directly to people who are struggling to get their very first real estate deals so I'm going to talk for I don't know will stay around for 10-15 minutes maybe I don't want type directly to you guys if you guys are having trouble getting your first investment property whether it's a flip whether it's a rental property whatever that's I want to talk to so do me a quick favor let me know you can hear me in the little chat area by a couple ways one give me a thumbs up if you can hear me and then also comment let me know where you're at right now I think that's a was a nice thing to know where people are at in the world so if you're wondering I'm at this is actually not my backyard I'm not that guy who's like check out my books and I don't know whatever I'm actually at a vacation rental property in Kailua Hawaii right now on a little surfing Safari as they say I want to learn how to surf and I was we talked about that little bit later and anyway so again we're talking about how to you know get your first deal like what does that look like like why do people struggle so much with that so if that's you pay close attention to this now I'm actually probably gonna walk oh maybe I'll hang outside for a while but I want to talk again directly to you guys who are struggling so the first thing I want to talk about is this so I am brand new right now I'm brand new to this idea I'm gonna go inside the house where it's a little bit cooler in here check this out alright so I'm struggling right now learning how to surf I I know we're talking about real estate investing today but I would talk about surfing for just a second here so let me go ahead and reel quick and set my camera up nicely so I'm not wobbling all over did you want to have that word does that work alright we're a little tilted alright so right now I am struggling learning how to surf and so what I realized though is this and I'm going to use this kind of analogy or kind of a picture of their real estate investors journey so the first time I went out to go surfing I mean I was like all over the place my board I couldn't keep it steady I fell off I think the first like 10 feet into the water and crashed into the water and I got up again paddling out and like within like a minute my arms are sore and then I fell into the water again I tried sitting on the board I was wobbling all over and I did not ride a single wave the entire first day out there were like three or four hours and I did not ride a single wave but I just looked like an idiot the whole time and so what I what I realized was like I got done and we're a lot of people in real estate investing or in anything new right they get they get started with some new adventure and then they struggle in this trouble interval and then they give up after that first time so what I did that went two days later I went out again and I got my buddy Doug Nordmann if you guys know him at all he's a military finance bloggers as teaching me to surf and so Doug takes me out again a second time and this time you know I'm paddling out there and this time I paddled a little bit further than the time before and I made it all the way out there and you know my arms were so retired but I didn't fall off as much and finally towards the end the day I finally kind of rode away but not really I still look terrible at it fell in the water whole bunch but a little bit better and then I went again two days later and I went out there and arms are a little bit stronger this time I got all the way out there and this time I actually rode several waves like pretty decent then I was the fourth time which was yesterday and I rode pretty consistently I could I could get out there and ride waves and so my point is this when you're starting anything new especially real estate investing I understand that there's a lot of like unknowns right you don't know what comes next you know how to find the deal you don't know where to go how to do it so a lot of people sit on the beach and they never get out there and actually get in the ways but here's the truth is every time I got in those ways I got stronger it does the way my instructor Doug was telling me it's like muscle memory certain things just come naturally over time and they like your your subconscious or your you know whatever brain figures those stuff out you don't have to worry about it anymore so I'm even worried about staying steady in the board the first time I went out they said in the board I don't worry about that anymore the first few times I worried about how I paddled hard enough I don't worry about that anymore about the actual physical muscle now building in my shoulders to be able to handle right the same thing is true for real estate investors you know like every time you get you pursue a deal you're getting muscle memory you're getting stronger both you know mentally physically whatever you're getting closer to that deal so the first time you pursue a real estate deal you might get 5% of the way there and then you're going to fall under the water and crash right and the next time you pursue a real signal you're going to get 20% of the way there and then maybe 40 percent of the way there and what most newbies do is they give up somewhere in that process and they stop and they go and sit on the beach and say you know what this is too hard but what they don't realize is that every time they're going through this every time these challenges happen they are learning and they're growing their muscle memory is so to speak right and I think if you guys are struggling with getting started just move forward you guys agree with that give me a thumbs up right now or a heart if you guys agree with that logic right so many people give up but if you just push through you're naturally going to do it so today when I buy real estate deals like I typically make offers like like I've made offer like the texting and driving which don't do that don't text yet but I've done that like I'm like I will do this like it's such an it like easy thing now to make a real estate offer and to buy a piece of property and and oh I need to come up with a hundred grand for that deal okay no problem like those things become easy over time because you build up like this muscle memory in other words they just it just happens and so I want to encourage you guys don't give up don't go sit on the beach and relax and say you know what it's too hard I'm content with my nine-to-five job I'll stay here until I'm 65 and a half and I can live on Social Security and beans and rice until I'm dead right don't give up your dreams because you can actually do this you just have to work through a little bit farther every every time and you'll build that muscle memory up so that's the first thing I want to tell you guys today is if you're getting if you're struggling to getting started just keep pushing through second thing on that note is this a lot of times people do what's called this is concept they call dead space alright so let me give you another kind of example so I the first time I wrote a book I wrote the book on investing in real estate with no and low money down that came out what three or four years ago now the first time when I wrote that book it took me like a year to write that book now did it really take me a year to write that book no it took me probably you know 30 hours of actual writing or maybe a hundred hours whatever right but we spread it out over a year the same thing for like reading a book right how longs it take to actually read a novel I don't know four or five hours but why don't we have the same novel sitting by our bed stand for months at a time because we only read a little bit at a time and then we wait two three four weeks before we take it up again it's true with almost everything you try to pursue in life and so if you want to accomplish anything in the world faster you simply need to identify and eliminate or minimize your dead space so here's what I recommended people with real estate investing if you were to like on Monday go and go on lines but half hour looking at properties on realtor.com or Zillow or something like that and then next Wednesday a week and a half later you go and you drive your neighborhood you look at some properties that are for sale and then like a week or two later you go out and maybe you call up a real estate agent and have a conversation with them and then a week or two later you guys see what I'm getting at right like it spreads out your success so much and so what I encourage people to do all the time is set aside a little bit time it's better to spend it set aside a little time every day then I'll junk once every couple weeks you build that momentum you know on the BiggerPockets webinars I hope so I host a webinar live on BiggerPockets every single week in fact this week coming up here we're doing it on Wednesday so if you're watching this on Tuesdays it's on Wednesday tomorrow you can sign up a bigger pockets that concise webinar but I'm hosting this webinar and every week I talk about this challenge I challenge the listeners were the attenders to what I called a 90-day challenge and this is what it is it's can you set aside 30 minutes a day and I'll give you your weekend don't work on vegans can you set aside 30 minutes per day five days a week over the next 90 days to work on your real estate business and have 30 minutes is too much can you set aside 15 minutes every day to do it and I know a lot of years into I can't do that but can you wake up 15 minutes earlier can you cut down on Netflix Game of Thrones time right we cut a little bit a little bit out of your time just so every day you move it a little closer you know if you read a book 15 20 minutes every day you try to finish a book every other week right you guys we just plow through them because you've eliminated or minimized your dead space and I want encourage you guys with your real estate minimize or eliminate your dead space and you do that by working every single day at it even if it's just a couple minutes consistently and constantly worked eliminate your dead space always ask yourself what is my next actionable step that's a term that David Allen uses in the book getting things done I love this term it's basically at any given moment say what is the very next thing actionable that I need to do and usually it's like a 10 or 15 minute thing like maybe you have to make a phone call or you got to go do something real quick it's usually not very much work but we we space it out with months sometimes right so like I'm looking to buy right now a mobile home park I really I like the idea by the mobile home park it's just something I take that not quite random but I just chose I want a viable wall park this year but you know what like I've been talking about this for like six months now like does it really take me six months Bimal home park no of course not and does it take a person out one no I could probably if I just worked out in every single day I could do that so I'm not talking just to you guys I'm talking to myself as well I'm talking to experienced investors and newbies is if you want something go at it every single day even if it's just for a couple minutes ask yourself what is that next step so for me for the mobile home park thing what's my very very next step I need to get a database of mobile home parks in the area I want to buy them so I can start direct mail marketing so what's my next step I need to start building the Davis well how do I do that I needed a I'm an assistant it helps me so I need it to create a step-by-step manual on how to build a database if she can do that well there you go now I know my next step now I'm going to do it I'm gonna go schedule that on my calendar for may later today or maybe right after the others call or maybe tomorrow at the latest right because I want to eliminate that dead space and in every single day I'm going to ask myself what is that next most actionable step that I can do that's going to get me closer to my goals does that make sense all right so that's the disk-based and the last thing I'll talk about of this for newbies out there if you're just getting started there's a quote by Hal Elrod who wrote the miracle morning fantastic book I'd recommend it the mid-morning in this book you had this quote that says I'm going to hide butcher it but says if you define your process and commit to it for an extended period of time the results take care of themselves so that every every product is preceded by a process is how it begins I quote begins and let me tell you what I mean by that let's say your goal was to lose 20 pounds you're 120 pounds you're not going to lose 20 pounds like Kelly and all your family and friends you're gonna lose 20 pounds you're not gonna lose 20 pounds by putting it on a piece of paper and put it on your fridge right how do you lose 20 pounds died in an exercise right in other words a process that you do every single day and so for real estate is no difference what does your process look like now yours might be different than mine maybe your process is to listen to one episode of the bigger pockets podcast every week right maybe that's your process I mean it's a very simple process and I would encourage you to do more than that but maybe that your process is one a week maybe your process is one episode of per day while you're sitting in traffic driving to work maybe you're in the education savings you need that maybe your process is 10 minutes of reading a book if you want to know some good real estate books out there go to let me give you a few I mean you can pick up any of our boats at BiggerPockets comm such a bookstore in the bigger pockets that concise bookstore you can get the book on rental property investing the book on flipping houses the book of managing rental properties that my wife wrote and she's awesome and the smartest landlord that I know you can pick up the book on the vest with no moment down all those anyway and tag them tax strategies book is fantastic if you guys want to save some money in taxes there's a book dope case for itself hundred times over and anyway so those are some other books if you haven't read Rich Dad Poor Dad yet it's fantastic if you haven't read what are some other good ones there's a book called the unofficial guide to real estate investing I really like that one a lot a landlord and a landlord in an auto pilot by Mike Butler also a fantastic book but if you're thinking about houses read the book on flipping houses if you're thinking about rental properties read the book around a property investing I think they're fantastic even if I wrote one of them so weird to say I don't know I think it's helpful um so anyway let's go back to process so maybe your process is that but maybe your process and this is the process I follow my assistant that works with me and she's really more of a lead acquisition manager at this point I really much of an assistant because she's actually out there finding deals for me we follow the process where we analyze deals every single day my process is every day we analyze deals and every day or at least once a week we try to make an offer on something and I know that most of my offers are going to get rejected I know that most of the deals I analyze aren't going to be worth making an offer on I know that most of the leads that I get in are probably not even more than analyzing that's okay you're like I'm but here's the funny thing about real estate is that a member in high school or middle school primary school whatever elementary school if you got an if you got a s on a test was horrible right if you fail it's a photo with an S maybe like it's like what sixty percent below 60% and get a fifty-five percent of the test you failed right well what if you got a what have you got a ten percent like would you get ten percent right on your test just ten percent and you've failed like 90 percent of your test questions were wrong what do you handle that you would fail right but here's the thing in real estate 10 percent if I only got 10 percent of my deals that I pursued accept it and any close that would make me so said you know what I do when I get 10 percent right I go on vacation to a month in Hawaii because that is like a reward for doing awesome stuff does that make sense and so like you not you don't need to get a hundred percent of the deals you go after its kind of tight from what the circuit analogy I said earlier you're going to pursue deals and you're going to fail at them you're going to fail again you're going to fail again but don't think of those as failures think of those as building muscle memory think of those was getting you one step closer to the success you want even an experienced investor fails a good chunk of time a good chunk of time they can say so anyway so find a process and commit to it for an extended period of time if you just focus on the process and not just on the goal but focus on what's the process looked like that's going to get you there then I would I think you're going to do so much better and you're not going to be all like emotionally distraught by oh I wanted to go that deal and it didn't go through and now I'm miserable you're not going to have those experiences because it doesn't matter it's not an emotional thing you just stick to the process and so here's let me give you an example process here but I recommend can you analyze one deal every day that's it if you only analyze one single deal a day and I don't care where you get the lead from you can just get a real estate agent to send you all the properties in your area right analyze one per day now if you're doing it by hand it might take you I don't know an hour half hour if you want to use our software that BiggerPockets invented and I use every day in my own business go to bigger pockets calm flush analysis and you'll learn kind of how to analyze slips rental properties BER property so I love the birth strategy wholesale deals all sorts of stuff like that so I ant like you analyze one deal every day if you use the BP calculators you can do that in five minutes right what does the numbers show look at the number and and here's the beautiful part about real estate is there is no yes or no when it comes to a property like I don't look at a property and say is that a good investment and when I asked my question is a good investment people say yes or no it's a trick question because the goal of an investor is not to say yes or no the goal of the investor is to say how much is worth it for me in other words every property has a number that makes sense and so that property now that number might be mid- right I mean like I was saying some properties that you couldn't pay me 20 grand to buy but every property has a number does that make sense so your job as an investor is just to find that number so could you every day go out there and analyze one deal and determine the number that makes sense pretty easy right I mean you might spend five ten fifteen minutes a day doing it could you do that every day now after 90 days of doing that one do you think you'll be pretty darn good at analyzing deals do you'll have enough muscle memory in your head to be able to just crank out these things whatever you need to I sure wouldn't assume so now let's take it up a notch what if you agreed that out of every deal you analyze let's say you made an offer on just 10% of them so over the next 90 days let's say you analyze 90 properties and you make an offer on 10 percent of them so you make 9 offers ok now what if they you know what a chance that they're all going to get accepted you're probably not very likely right but you chose the 9 properties of 10% that were closest to the asking price right or maybe the one that got you most excited so out of 9 offers do you think that maybe one of them would say yes in my business we typically get about 1 out of every 10 offers accepted about 10 percent of our offers accepted and so and a lot of real estate investors I know actually have a very same number about 10 percent of our offers are accepted and so if you work that process this is what I mean by working the process if every day you analyze one deal and then every you know ten or so a deal to analyze you made an offer like you eventually are going to get the deal now you may need to find a better lead source and that's a topic for a whole different Facebook live video or your YouTube video or webinar which I talked about – up on the webinars as well but a point is if you just work your process and continually find a way to get better right it's not enough just to go out there and on the surf the collected analogy I used earlier if I don't have to go on the surfboard just flap around all day I'm learning I'm always out coming up how do I do this better how do i how do I get more efficient on my stroking and that my am i standing up and my jumping up right but I'm still just working it over and over and over and so work your process and then continually find ways to improve that every day to spend a few minutes on that I'm talking about so hope that helps there let me close this thing off I actually want to give you guys like maybe like a few maybe 10 if I get to 10 like actionable things you can do right now so you guys don't have a pencil and paper on you go find a pencil on paper I'm going to give you a list of like 10 things that you can do right now today to become a better real estate investor you guys ready okay so number one I would recommend find a real estate agent very simple so if you don't have one already go to your facebook right now you're on but probably if you're watching this live or if you're watching this recording later or your maybe on YouTube whatever go to your Facebook and type in the following message hey family and friends tamo I'm looking for a real estate agent in whatever town you live in does anybody have a good recommendation feel free to tag them alright just put the houses up there and if you don't get any responses do it again tomorrow and right and you'll find some people will recommend people love to get recommendations right you're going to get probably a half a dozen or a dozen potential agents then call up on the phone and talk to them or go set up an appointment with them and just find somebody who you get along well with and that seems pretty smart and that's hungry alright number one to find a real estate agent the reason why is for number two ask that real estate agent if you already have one you can just go right to the step ask that real estate agent to set you up with automatic email alerts automatically loads over so my agent Jason Atwood from premiere in monofin and Washington's awesome he has automatic alerts set up for me so every time a new a new multi-family property comes on the market I get an email every time a property under a certain price I think I have intended 100,000 comes on the market I get an email now the beauty of that is all of a sudden I'm not out there hunting for deals they are coming to my inbox and I'm seeing them right away I'm one of the very first person to see them so typically what I do is I get the email I go and analyze it usually on my phone you just on the browser on my browser my phone on the bigger pocket calculators Oh analyze the deal or if I'm at home we'll do it on my computer I'll run the numbers and if it's anywhere close to where I think it yeah we can maybe make a deal on it I'll go look at the property or maybe I'll make an offer before looking at it but that's a little more advanced strategy anyway usually by the end of the day I've already got an offer on the property you know what you're doing you're sitting at home lunch and Dancing with the Stars with your feet out eating nachos like while I'm out there buying that deal the day it comes on the market because I'm very very very quick and I'm not just me I'm done about all experienced investors out there the ones that are really crushing it they are quick furthermore they are offering a 100% cash closing five days and it's crazy like you have met massive competition I feel bad for the guys that are going up against me because I'm quick if you want to go up against me and vote with all your investors you got to be quick as well alright so that was number two uh what else I got for you so agent Graduate agent I would recommend this if there's like there's a lot of things you can do to invest in real estate if you will have no idea where to begin like where you should you flip wholesale rental I don't know what I'm doing I want to recommend go to bigger pockets that complex ubg bigger pockets are concise you b:g unbelievable no no what's a B word unbelievable big gorillas you BG right xu stands for the ultimate beginner's guide and what that is is a free guide that we wrote that helps investors learn our new investors learn what's the best path to take so that's number three is go to bigger pockets I can say you BG read the whole thing alright number let's go number four I want you guys to go to bigger pockets calm slash meat and the eet you go there and you can search in your own zip code you can search in your zip code for people who invest in real estate in your market now if you're a pro member I'm bigger pockets you can search the entire country but or within like a 20 mile radius if you want or 50 mile radius whatever but I want you guys to go to bigger pockets at Kansai to meet and find an investor in your area and send them a private message I don't care we say to them I taught you two guys that to start networking I thought that you do alright the next one we're mine right now that's three or four I don't even know next go to bigger pockets calm slash forums bigger pockets complex forums while you're there I want you to look for the forum that's titled the new member introduction forum if you've not yet left a new member introduction forum Jordan Sunshine Hawaiian has a lot of good mastermind groups dude Jordan sunshine is the man I met him the other day he's out there you guys are in Hawaii connect with Jordan because he runs an amazing real estate group out here anyway so go to bigger pockets like compost forums find a new member introduction forum and then create a new member in your dog should just say hey guys my name is Bob if that's your name oh it's not your name don't say Bob hi my name is concert' your name here and I'm looking to get start with real estate this is what I want to do this is the market that I'm looking in hello and then people are gonna jump in you're going to make friends and network with people and have a good conversation that is going to be amazing and you're gonna build relationships in fact this sounds kind of nerdy and cheesy but most of my best friends in life most of my best friends in live are people that I've never met in person or at least only met vague like once in a while and online they're all I mean like in person but they're all my friends and I've got a lot of them I know that sounds really nerdy but like I mean I didn't even meet Josh dork and in person until a year after the podcast it was six months I didn't meet Josh dork and in person too like a year cichlid episode of the podcast started that crazy it's because I I do a lot of networking on this on the site so anyway so that's a good way to network with people and the goal I James F so what if I do this what's the end result the goal is to start building connections with people who can help you like I'm a firm believer in that quote you are the average of the five people you associate with the most so the five people you hang out with the most stay around and watch dance with the Stars every night guess what you're gonna do it every night watching games with the Stars all right now I'm not everything is my show but it just that's what people do you you become like the people you're around when you start hanging around people who invest in real estate you start learning from them it's going to naturally bring you up in the world to their level now not saying they're better or whatever but just it brings you to their level because you start thinking the way that they do and I think it's very very important so there's a new member introduction and the BiggerPockets meet are both very good for networking we talked about the EEG for learning I think that's very important next go to BiggerPockets comm this is the next tip for you right now go to BiggerPockets column or write this down BPM bigger pockets on a common flash analysis we talked about the calculators earlier look everybody at BP whether you're a free member or a pro member can use the calculators up to a certain amount so free members get five chances to use the calculators go run an analysis right now here's what I want you to do I will you go realtor.com find one prop gentleman care what it is to find one property in your area the real track on find one property area go analyze it that's what I want you to do that's a very simple thing but you're gonna learn a lot here to come across stumbling point three like well I don't know what I'm doing here that's great that's muscle memory are you gonna give up and go back to watching TV are you gonna go and figure out how to answer those questions hopefully you're going to go back and answer those questions no way it's not my mom Laurie Turner you guys my mom is watching this video right now you guys my mom is awesome and my dad is awesome too but my mom's here watching it so anyways everything how to Laurie hi mom alright so anyway uh we were talking about bigger pockets I found such analysis go analyze one day let me know you could think even if you want to if you're a head you get to be a pro member for this I don't remember for sure maybe you can figure this out but you can actually share your calculator report to anybody you want to in fact let me just show you guys what I'm talking about real quick this is just kind of a cool little thing that I do a lot bigger pockets icon flash and now a sis check this out here I'm gonna pull this off i'ma show you and what I'm doing here just to those bigger pockets like on such analysis if I go to you can also go up here did like tools and go to how something calculator window I'll be tech go to Bert or whatever let's say um mmm let's go house whippin calculator and I'm going to go to my previous reports just for the heck of it let's go look at one that I do here here's a property right here that I was looking at I could upload a photo I didn't but this is a real one to show you next tip if you go down here to the bottom and go to more actions you can upload a photo you can download as a PDF or you can share PDFs this is why you guys did a whole sermon my camera is too low over here share the PDF report hey my mom just shared my video hey you guys want really guys do me a favor if you're enjoying this video right now if you like this evening just value here or do you think your family and friends might like it will you do me a huge favor and share this on your Facebook wall this little share button on your Facebook wall just share this video because again like a life it will struggle getting started I want to help you guys get over that and I don't do that for me if you would and then let me know that you did in the common area and either me or Zack was actually running the chat part of this conversation now we'll get a little shout out so anyway thanks alright let's go back to this again what you can do is you actually get this little link thank mobs thank you oddly awesome thank you for sharing I'm going to copy that it copies the link and then I can send this link to anybody I want so what I want to recommend you guys do is if this might be a problem you feature I just can't remember but I want to encourage you guys to share the PDF report share share your one deal you analyzed and go put it over in the facebook chat room area later and then like overnight a couple days people can go check out what you analyze you know we were just doing this for fun right now but this kind of shows what this flip would be this is the property of looking at 808 East first Street this was a HUD house out looking at and I ran the numbers and I determined that let's see that the after repair value was ninety thousand I could pay twenty for this deal if I put forty grand into the rehab and twenty thousand dollars into the profit and so I got just one deal at Iran and anyway I think it's kind of cool so check it out and where we at here by the way so that's kind of cool I love this part of the flipping calculator says according to the data you provided you can afford to offer twenty thousand eight hundred dollars to make a profit of twenty thousand this is based on an ARV of ninety thousand a rehab budget of forty thousand and holding cost of eight hundred dollars perfect so now I know exactly what I was doing now I can send this PDF report to like a lender I can send it to a partner if I'm trying to convince my wife that like I'm not crazy and then I want to do this deep brown I wanted like convinced that I'm not crazy I just show her the PDF report like hey Honda's were looking at or long time to get a private money lender to fund the deal I send another report I'm trying to get a bank alone on a deal I send them the report I'm gonna go refinance and then the report I do this all the time huge believer in it alright so there's that what other actionable tips can I give you guys today maybe here's an actual tip if there's something you want to learn more about let's kill the dead space right now if there if there's something stopping you education was I want you to go to bigger pockets that concise podcast and find one podcast that's similar like that might answer your question if you're like I want to get into are investing don't find a burr a podcast about burn recipe just go scroll through the podcasts do you find something you like or go to the blog and find an article right now what you do this stuff today right kill the dead space in your life you'll accomplish so much more I'll say other actionable tips can have a here's one so this is my wife and I like I mentioned earlier we're spending a month in Hawaii right now and I wanted to learn how Sara but we're also like just because I'm addicted to real estate we've been spending a lot of time in our car driving around and so here's what we do we drive together since your kid get with your wife husband girlfriend boyfriend mom dad sister oh no care who get in the car and have them open up the either the realtor.com app or the red fin app or the Zillow app any of those apps and all those apps have map features so as you're driving around you can see your little blue dot moving along the street and if you zoom in close enough you can see what the purchase like what their value of the properties are or you can also see what the rent estimate of those properties are which is kind of cool so why do you do that and now of course okay let's get one thing all the way those numbers are not going to be perfectly accurate I know that you know that we all know that they're not perfectly accurate and so Jordan just shares us to both his friendless and his real figure of Jordan you're the man so these a number they're not going to be perfectly accurate but they're close enough to give you a good idea of the market like I've been in Hawaii now for a little over a week and I understand most of the entire island what properties go for what a nice property is what a crappy property is I understand what rents are in different areas and I've only been here like a week so if you don't know your area like that get your car today put on a Barney video for the kids to watch in the back or whatever kids are watching these days or giving the iPad to play on and then you and somebody else that you're not using your phone and driving because those dangerous people don't do it you guys can go around and look and to understand your market better I just think it's so valuable to get a good idea of what areas are more spendy we're cheaper here's an example what people wouldn't know in my area I know the town of Montesano prices are like three times or at least twice as much as they are in the town of hoechlin but rent are actually almost the same it's very unique injured and so ah but but I also understand that mano sale prices go up much faster so I buy in Montesano for appreciation I'm buying Oakland for cash flow I just something I know about my market now you were trying to buy in my market you would not know that right but I know that because I know my market is are driven around it now I know that about Hawaii as well I know certain areas that seem to cash flow better or worse one other area that we better for flipping and and not so these are things that you can do as well get your car go drive around you don't have any excuses stop making your excuses all right next umm-hmm some other actionable advice tip saying it Amy tell so many tips they want to share you can share them in the comment section I love tips I don't know that's probably all I got I'm gonna hang out because I'm in Hawaii and I'm hanging out with you guys and I love you guys but let me just show you I'll show you all right lovely so this this is my little Airbnb rental by the way it's pretty awesome staying here and this is what I'm hanging out with today so pretty cool area huh ooh those palm trees yeah some nice stuff so with that guys I'm gonna head out of here thank you so much for joining me today I hope you learned some good stuff I hope you feel motivated to go find a deal if you do if you're excited to go find a property giving you one more thumbs up or a heart I love that stuff it also helps Facebook to know that there's a value in these videos and they show them the more people so if you think this value here give me the thumbs up and share this on your Facebook page it makes me feel all warm and fuzzy inside so with that guys I'm gonna head out remember last time I'll say this go to BiggerPockets dot-com slash webinar to sign up for this week's webinar and also make sure you guys are following BiggerPockets here on Facebook you know if you saw this video because they happen to be shared by one of your friends make sure you're following BiggerPockets on facebook because we post a lot of facebook live stuff like this we do a lot of videos in fact there's a video posted earlier today on analyzing a four-plex amazing you guys check that out you'll learn from Dave Meyer who's a whiz guy I don't like kids it's like my age but it's a whizz kid with analyzing deals and you can learn a ton more about analysis by watching that video and a quick shout out to Zach who our videographer and social media manager he is amazing and he's here today chatting with you guys on the chat so Zach thank you for all you do alright guys thank you and I'll I don't know if I see you next week I'll do another Facebook live some time and make Google look some properties or something here in Hawaii some fun all right guys thank you so much I'll see

32 thoughts on “How to Get Started in Real Estate Investing for the Struggling Newbie

  1. You are truly a blessing! 2 years after you uploaded this video and today it is right on time for me! Just downloaded my UBG guide, THANK YOU!!! from a curious newbie =)

  2. What is cognition without action ? .. . You inspire me to make videos to, I read so many books on psychology and the ideas you are sharing dates back far into history of human development. Neuroscience and psychology are my favorite subject! I’m starting to get into real estate as well keep making videos on this topic your doing a perfect job brotha man !

  3. I can hear you fine and this information is important to me cause I'm tired of spending money on pointless things that don't promote a better life style. I was recommended to you and I'm thankful honestly. keep helping and the gratuities will keep rolling in!

  4. Did not like the academic grades versus offer acceptance rate comparison. It’s comparing apples to exotic vegetables. You might as well throw in there a 1 in 1000 success rate in academics is horrendous, but that same success rate for the Powerball is phenomenal.

  5. Just gettn' back to Investing after 20yrs. 1st I got a Realtor. 2nd got a Mortgage Broker (for my buyers). 3rd Drove around my 20 blocks near my home. Found 4 Homes for sale by Realtors…and of course took all my own photos and inspected the Exterior of these homes. On my way.. thanks for the online tools at Bigger Pockets ! Next.. I do public records and taxes.. Does Bigger Pockets have resources for PRIVATE FUNDING SOURCES ?

  6. It’s something called Parkinson’s law… work expands according to the amount of time you give it!
    So if you set a goal for two years away it will take two years but if you set the same goal for 6 months remarkably you will achieve it in 6 months!

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