Do This First

and then all God's children said AMEN!

It's the action that will yield the results BUT without knowledge you end up just running around like a chicken with it's head cut off. lol Possibly getting into a negative situation or not able to perform and tarnishing your reputation in the small world of REI

But on the flip side some get stuck in the learning section and then 2yrs later, have never applied the knowledge or taken any action.

I feel they are both (learning and action) needed on a CONTINUAL basis for growth

Jen

Mike, I have to agree. I've always lived by the principle: An order for everything and everything in order.

I think the main problem is that so many people today who are trying to become investors are in "I NEED MONEY NOW" mode and don't realize that investing is a process. I was one of those people myself. I got the books, tapes, dvds, etc. and started reading and implemementing the strategies except I got sideswiped by the experienced investors who could tell I was full of newness. If I had finished reading the books, dvds, etc first and gotten a grander scale of knowledge, I would have come off more inteligent and worthy of association. I spent a lot of time and money spinning my wheels because I hadn't.

So for all you new investor wannabees ( I say that with love) think about this: You had to go through at least 10 years of school before you could go out and got a job. This won't take 10 years to do (unless you're a slow reader .) Read all the material before taking action so you don't dig the hole so deep that you can't get out. Then TAKE ACTION!!!

Just one man's opinion.

Andy Sager
DG's AndyS

Sounds like your REI associates are not applying the basic real estate principles that are in Dean's books and courses. Also, do they go on the forums and ask questions and attend local real estate investor meetings where they can ask for guidance and receive it? Maybe you could encourage them to do that. I'm a newbee and I don't know that much myself yet.
But I know one thing: I'm hungry. I'm hungry for success and a better life and i'm not letting anything get in my way. If I get stuck or just don't know what to do next i'm going to ask untill I figure out my next move. I may be new but I know one thing: success is always one step past failure and I don't have room for any more failure in my life. Just got out of bankruptcy court last year and i'm hungry.

Thank you for posting this topic " Do this first", I couldn't agree more. Basic knowledge is very important for me before going out there to fight and to make good friends in business. I just watch all RBBP VDOs and studied 30 days quick cash yesterday. Now I am going to focus on the 30 Days Quick Cash in details step by step, just want to make sure I wont miss a thing.
I am on my way.
Good luck to all.

I think one major part is having a mentor to show you the ropes. I've networked like crazy and found a wholesaler whose been in the game for over 6 years who is willing to mentor me. There isn't anything compared to having someone walk you through the process. Next Sat I get to have a one on one with my mentor. REI clubs are great places to meet seasoned investors. If your lucky enough, you'll find someone whose willing to show you the ropes. Just ask and be willing to take action.

Vonny- I know what your saying. Experienced it myself. What you need to understand is that they won't be buying just one house. See what the investor bought and find another one just like it to offer it to them. If they say "Yes", GREAT. If they say "Not right now", you can ask them how many and how often they buy and if they would be specific in what they're looking for so you can get them the right property in the right place. (That's the direct route.)

Another suggestion: search the investor's name on the county appraiser's site and see what and where they have bought. This too should give you an idea as to what they are looking for. (This is the indirect route but may be more truthful than the direct route.)

Just remember, what we're saying here is to be prepared and informed. A little extra work up front will yield higher results in the end.

I hope this helps

Andy Sager
DG's AndyS

You need buyers that want investment properties, not owner occupants. Have your agent pull a list of residential income properties that have sold for cash in the last 90 days. Take each address and go to your local county assessors website or at the actual courthouse. Look up the tax bill address for each property. If the tax bill address is different than the property address you know you have an investor. Look for people that have purchased multiple properties in the last 90 days. Send them a letter and ask them if they would like to aquire more properties in the area. Ask them their criteria and add them to your list.

Buyers that buy and hold for rentals don't have to have a big discount like a rehab buyer does.

Thanks, Mike, Jen, Andy, & Co...
I just got my first 2 books, which was a $$ stretch for me at this point, and would normally sit down and read straight through. However, college fall semester is just starting back up, I'm hanging a solo show, I have a patchwork of part-time jobs to keep juggling to maintain a marginal roof over our heads, and I'm doing the eldercare thing.
So I have been reading, researching, and cruising neighborhoods, and I just watched Dean's "Do This First" video about working on a buyer's list. But I feel like I'm trying to drive with the brakes on, and I was feeling almost hopelessly slow, even though I also know it's more my nature to study something before I jump in. (Mom says she was worried about me as a baby because I didn't say a word until I was 2 --- and then I started spouting full sentences.)
Starting out in a relatively rural and generally conservative area, where most everyone seems to either know each other or be related, I do feel like I need to be a bit cautious about having a good understanding before I begin testing the waters. It was good to read a little reinforcement for those of us who can't go at it full blast right off or need to be more methodical to begin with for whatever reason.
Jennifer E

Back when the market was "decent' I took RE classes to become an agent. The instructor was really good, however since I was somewhat new to it at the time, one thing he kept saying never made sense to me at the time. And that was "This is one of the most easy things you can do in life to make good money." I thought to myself "yeah IF you know what you're doing." Otherwise you waste both your own time and other people's time going around in circles never getting anything accomplished.
I myself am guilty of this to a degree but I wised up pretty fast about it and pulled hard to learn what I had to, to be an asset to myself not a liability.

Learn the game before you play it.

Lots of good advice. Good book says "Knowledge is the beginning of wisdom" Another good thing about devouring everything Dean you can get your hands on is you will figure out what Niche you fit into, then you won't be trying to know everything all at once. you can concentrate on one thing and do it well, then move on to other things. I've purchased everything including CSheets years ago. I let things get in the way. now I'm sorry, cause I'm still scrounging to pay bills. Nothing will stop me now! The Crunkster

its sounds like you have end buyers. Talk to other investors that have deals and pass the buyers to them for a fee. Also call FSBO