Think Big! but Start Small

Like so many others, I wanted to read the book and start buying properties. I have tried to buy a few, but they did not work out (probably a good thing). I continue to learn about investing, and every little bit of knowledge makes me more comfortable and confident that soon I will make a great deal

Al

Great advice, cbr. People should be confident in what they're doing, not taking too big of risks. Lately my husband has been saying I'm GAMBLING with this real estate stuff, that I might as well be betting. I have to tell him that is not so, because REI is calculated. Sure there is some risk, as with anything. But if you buy with a huge margin of error and use strategies that are PROVEN, with a backup plan, you are DEFINITELY not going to LOSE money, and stand to make HUGE profits. It takes some patience and dedication, but it's all about the numbers, not luck.

Now, if you are insane "LIKE ME" and do it on the fast track by reading all of the DG program material, searching and reading this entire site, DOING physical activity like walk thoughts, making offers, open business accounts, set up equity line, make offers and more offers, ask lots of questions, read Dean's books, we are committed so we set up our LLC, purchased a small fixer-upper.....

We ended up spending more money then we thought and taking more time than we planned BUT!!!!! I am LEARNING and DOING and not wishing something was happening!

You see, I don't think motivation is going to hit any of us like lightening!!!! motivation comes when we have clear plan, and like Rina says a backup plan, when we go out and do the thing we want done motivation sneaks up on us and helps us to continue DOING IT!!!!!!!!!!!!!!!!!!!!!!!

Regards,
DeJor Properties, LLC

"In order to succeed your desire for success should be greater then your fear of failure!" Bill Cosby

start small....small sfr or townhouse.

I like how you put it, Rohn!!
You know from cbr's posts that he definitely is an insane go-getter too!
It's just important for newbies to be clear on what they're doing so they don't end up feeling like they were pushed into failure if they go blindly into the first huge thing that comes across their path. LOTS of homework and everyone CAN succeed!

Good luck everybody!! (not the wishing kind of luck, the HARD WORK kind. )

Rina

Exactly Rina!!

For any new REI investors, make sure you do your research. At the same time this shouldn't take you YEARS to get the knowledge. It may take some people more time to overcome their own insecurities but look at the number of investors on this site that have made great gains within 3 or 4 months!!!

Regards,
Rohn - DeJor Properties, LLC

I greatly appreciate the advice that is given here. It helps to keep me focused. I was reading a quote today by Rev Run, it may be a little off the topic but I feel it would be of value to someone.

"LIVE IN THE NOW! When I am anxious, it is because I am living in the future. When I am depressed, it is because I am living in the past. We crucify ourselves between two thieves: regret for yesterday and fear of tomorrow."

God is Love
Rev Run

This is powerful. CBR is right think big, but start small. Soon a whole new world will open up. Thanks cbr for your words. Everyone just remember work your plan and plan your work. Remember, the turtle beat the hare.

Have fun on your journey!

LIVE IN THE NOW!!!!!!!! Yes, I've been feeling anxious becuz i can't wait for my 1st deal and depressed becuz "am I way in over my head?". Thanks for bringing me back holt121. Now I can continue on my journey to success!!!!

I am the type of person to go get things a "go getter." I realize investing doesn't happen over night, but I just can't wait anymore. I have a family of five and I need to produce NOW!!! I don't want to make any mistakes but looking for my fist deal has been rough. I know if I land my first deal that my wife will believe in me and that is all I need. Please wish me luck and pray for a good outcome! I need all of the help I can get. I used to be a real optomistic person but life has beat me down to the point where I doubt my every move. I want my swagger back just like the old days but just need a little push in the right direction.

Thanks,
Nick from Pueblo, CO.

I appreciate everyone's feedback and sharing their experience on this post. I completely understand cbrpower point of view, however, we also have to be realistic that it doesn't really take literally 100 homes to fully understand Dean's concept, but i guess the more the marrier. I think it doesn't matter whether you see 50 homes, 100 or 200 homes. The fact of the matter is unerstanding what you want in terms of real estate investing and then plan accordingly. Do you want to buy the property then fix and flip, do you want to buy and turn them into rental for cash flow, or do you want to buy and hold on, etc. Understanding the market in your area in the most important factor in real estate today. With the economy crumbling and the rate of foreclosure is escalating, investors need to understand is the number's game.

For example, if the home in your area is appraised at 120k and you purchased the house at 100k and needs repairs, that home is not a good deal. It may be a good deal for someone else, but definitely is not a good deal for me. But if another house in the same area is appraised at 120k and needs repairs and i purchased at 65k, now i considered that a deal. Having said that, the first house may take 20k to fix it up, and leaves me with no equity. The second house may take me the same amount (20k) to fix it and now have 35k in equity. Now if i was to sell it, i would sell for 110k and still make it 25k in 90 days or less (selling for 110k for quick sale). If i want to keep for cash flow, then i would rent from anywhere $1,000-1,200. Seven hundred fifty would covever the mortgage of 85k (65k purchase the hosue & 20k for repairs) interest, tax and insurance, and the the rest of the money goes in my pocket for reinvetment. Now if the house doesn't need any work at all and looks in great condition, then i probably will offer 95k for it.

Having a plan of action and doing your reserach will eliminate a lot of the headache. Yes, real estate is not a get rich scheme, but with the right training, the right strateties, the right informations and the right plan of action, it will eventually put you in a bath of becoming a real estate millionaire. Good luck and happy investing

Lloyd

Hi Lloyd.

You are so right on that point.

As far as how many houses to look at before doing a deal, I think cbr was letting people know that to really know your market and what IS a good deal you literally HAVE to walk through a bunch of properties to get a "feel" for the value. There have been people recently that were poised to jump into million dollar purchase agreements without knowing the basics of REI terms, let alone strategies or FMV. They may not have posted publicly, but cbr is just giving a word of caution to the newbies. And newbies, pay close attention to anything he has to say. He is a success story we would all love to duplicate.

Again, Lloyd thank you for your post. It's awesome to be able to share what we have learned and experienced. And adding the numbers like you did really helps people "see" it.

Happy investing!

Rina

I'm not discounted anything cbrpower is sharing here. I guess i'm a realist and i keep it real. You, cbrpower and Anita have inspired me to work hard and go out there and make it happen. I like to duplicate what cbrpower is doing too, but at the same time, i don't want our newbies to be discouraged as well. I don't want them to feel as though they have to look at 100 houses to get start it. I'm a big cbrpower fan and i would love to have his success, but each of us have a different level of learning ability. Some may take 100 houses to get it, and some may take only 10 to 20 houses to have a feeling of their perspective real estate market. That's all i was saying and i appreciate your feedback as well.

As far as jumping to million dollars deals without any experience and research, then i agree with you 100%. I don't even look at home worth 200k or more. I limit my search for 200k or less and go from there. Yes in that that case i have to learn how to crawl before i could walk.

I haven't talked to you since the last conference call, but you did a great job. Yeah, i cancelled my flight for the next morning so that i could listen to you, lol. You rocks Lorina!

Lloyd

It's nice to be working together here as a family.
Good luck to all of us! Old and new alike. Newbies, you're in a good place here.

Rina

I'm thinking a group hug is in order.

- Looks around at his fellow DGers. -

CBR? Rina?

Somebody hug me!

It's cbr's turn. LOL
James, you are so funny!

Rina

P.S. *~ ~* (hug)

Excellent just excellent advice coming from the "Great Ones".... cbr makes an great point. You have to start somewhere in the real estate investing world. Start small and work your way up.

If you set your goal too high what happens? You feel down and out and you feel like you failed if you didn't meet that goal. So, set reasonable goals that you feel you can achieve so when you do complete a goal you have, It will feel INCREDIBLE!

Great advice you guys.... I couldn't expect more from my DG family.

*wants a hug too*

When I say to look at 100 properties this is the point I am getting at. Is looking at 100 properties before buying one feasible-yes! I really did do that in the begining. When I say that I want to weed out the "get rich quick" people quickly and move to the "commited". Is looking at 100 properties demanding-yes. Will it be the toughest obstacle you ever face as an investor-absolutely not! If looking at 100 properties discourages someone to want to quit then I just saved them thousands of dollars because life is going to get a lot tougher than that I guarantee it! Real estate investing for me has not been easy. It has been a big struggle. But totally worth it. Buy a property every month isn't easy especially when you don't have any money. That is what I set my goal at in the begining and that is what I did. Now my new goals are one a week and that has been a lot harder-trust me-but it is making me stronger! Dean does about 4-6 per week!!!

Hello people I READ everyone's comments. I read the book and i like how he explains how if you have no money and no credit you can start and if you do you can as well.

I see that people work and get things done differently and thats cool. For me i get OVER LOADED with information too easily so my game plan is to just focus on two things.

1. Fixing my credit! (its horrid)
2. becoming very good at Reassignment

Thats all im focusing on. Im not worrying about getting loans from the bank and buying property and fliping it and getting contruction people and bla bla because my situation is not on that level so its no use to being over loaded with that information and curling myself in a ball. I will be using the reassignment deals to fix my credit so i can qualify for some loans in the future.

i hope this helps for the people that dont have no idea where to start. I highly recomend to start with Dean's book or Dean's prgram so you know WHERE you can start and what you can do later.

You do what's best for you for the time being. If your credit score is the first thing you need to take care of it right now, then do that. I also like the fact that you're taking action in making it happen. If you can master the re-assignment of deals, then i think you can make a real good living doing that until you are ready to move on to the other phases of real estate investing. Good luck to you and welcome to DG family!

LL

ohhhh you have no idea how important your comment was to me. Thanks soo much for your validation. Sometimes i second guest what i want to do. SO its awsome to find someone that understands the realestate game and give me the okay that my idea is a good one! awsome!

The idea of of looking at 100 properties sounds like good advice. You'd probably get a real feel for them after awhile and this can only help you, because the whole time while looking you'd be asking questions and it's a real learning process. You'd get real familar with that after a while.

And may I add, I just looked at one this week and I LOVED it! Now I have 99 to go!

And Nativered1, I too have decided a few weeks ago that my focus will be on wholesaling, assigning properties, because some RE guru said, "Everyone should be wholesaling. Wholesaling is the quickest way to make money in real estate, bar none!"
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Michael B

I Think thats a great idea to start looking at properties so I can have a feel for what Im looking for in a good property. I can also talk to the realestate agents and blabla. I understand what you guys are saying about going through that process and i totally agree.

I was trying to explain that assigning will be the best route for me to take ACTION in because i dont have money/credit/and a relationship with anyone. I think going this route will not only understand assigning and make money off of the deals. BUT THE MOST IMPORTANT is that i will be getting to know realestate agents lawyers and other people. They will see my face and when i take that step in wanting to be an investor i can call those people.

But I WILL make sure i put that into my TO-DO list and start looking at houses and ask questions!

Yes, you've got to get out there and get active. Get a business card printed...(such as vistaprint.com) Sounds like you are on your way. Network with people. Find a real estate club in your area and attend it. Network with them. There is usually a small fee for attending or joining but it varies in different areas. Read Dean's book. Then read it again. Remember you are studying to learn. You are studying to apply. And while reading, ALWAYS get any words you do not understand DEFINED.
Get as much data on REI as you can. Keep coming to this site and read the different forums and posts and get your questions answered. There are some great people here and they are always willing to help! This place is awesome!
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Don't Fly mr. bluebird I'm just walking down the road.
--The Allman Brothers
(I just thought I'd throw that in)
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Michael B

THANKS for the comment will do! I didnt know where are realestate clubs out there! Nice! that will be on my to do list

That's a good Idea. You know what today is Oct 1 2008 and I am going to look at 100 properties beginning today. Let's GOOOOOOOOOOO! I'm pumped UP! Watch out world because another millionaire was just born. CBR, I like that challenge and I'm taking it on. I will let you know how it goes.

Knowledge is the key to this business. The more you know the better you are. Start small, think big, go learn and go make money....Jan

I appreciate your post. That is what a lot of people need. Some people start so small, it never is enough to really get them exciting to grow.