OfflineOne of the biggest problems I see when coaching is that people are getting overwhelmed with all of the information. That is an interesting problem. There is so much great information available to you, but that can be the biggest road block anyone can face! ....too much information! (or as the kids say on their texts, TMI)
One of the biggest challenges facing a beginning investor is to filter all of the information, and use what is the most pertinent at that particular time in their investing career. Not an easy task.
So let's break it down to some simple steps. And for these steps, I will be focusing on the most common situation we see, that of someone with little to no cash, and limited resources.
1. The first thing you need to do is find people who have money, or the capacity to buy property. If you are in coaching, or if you have read Dean's books, there are numerous ways to accomplish this task that are explained to you. You don't have to master every method! Choose one or two that fit your personality or your strengths, and work on those. It may be that you just go to investment clubs, or that you just network with agents. Either way, just do something, but you don't have to do EVERYTHING.
2. Find out what they want to buy. You don't have to run down a checklist of questions, and usually it will be better if you have more of a personable, casual conversation with them. But at least get the basics, where they want to buy, do they want a rental or a fix and flip, what price point they will buy at, and do they have their own funds or will they need to finance the project?
3. Once you have that criteria, find a property that meets those criteria. Run your numbers, find a good purchase strike point, and make an offer. You will probably have to negotiate a little, so don't be scared off by an initial rejection.
4. Turn the deal over to the buyer. Many times you will use the assignment of contract form, but you don't have to. In keeping things simple, think about it.... if you own the contract, and the buyer wants it, you can tell them to give you cash or a check for the deal. If they do, you don't need a contract at all! Keep this process as simple as possible.
Now this is not meant to suggest that every deal can or will be this simple. But it is meant to illustrate that the process is not as difficult or involved as many beginning investors might be led to believe.
Keep it simple, and happy hunting!!
That's how I like to think of it. Things can get way too complicated if we make it that way. I also think a lot of newbies (like me) get or start to feel a little overwhelmed with everything they feel they have to do, and the little time and/or little money they may or may not have to do it in. Simple, straight, and to the point should be the name of the game.