Dallas-Fort Worth Real Estate Investor Club

REI Club - Newbie

  • 18 Aug 2012 6:46 PM
    Message # 1050561

    Greetings everyone!

    I really enjoyed my first REI Club meeting today and am thankful to all those in attendance and for the sharing of stories, knowledge, and experience.  I'm thinking that this is going to be a good learning environment, so I am especially pleased with the recommendation I received to join this club from a long-lasting member, participant, teacher, and friend.  That being said, I'm taking small baby steps in these initial stages as I'm very green in this industry...  I have zero money for investment and my time is limited.  I work nearly 50-60 hours per week for two different employers and have a larger and young family.  Nevertheless, my short-term goal is to work some type of profitable deal in the next six months to get my feet wet and then one more after that to make two for the year.  Realistic or not?

    Any suggestions for how to start up this engine and get it moving around the track?  Should I form a LLC, take some initial classes, etc.?  Other than joining this club and gleaning from others, what should be my next steps? 

    Appreciatively,

    Jimmie

     mandj14ip@att.net

    817-907-2107

    p.s. If I don't answer, feel free to leave a message.  I will return any calls as time permits.

  • 19 Aug 2012 12:24 PM
    Reply # 1050885 on 1050561
    Robin Carriger (Administrator)

    I know this sounds harsh, but, with very little money and very little time, you'll get very little success in this or any other business.  This should come as no surprise.

    You're going to have to make some tough decisions and a "refuse to lose" commitment to carve out time and/or money, or you won't make it.  It won't be easy, but nothing good ever is, right?

    In order to still be able to spend time with your family and promote the beginning of a multi-generational entrepreneurial tradition, you might consider involving your entire family in the business.  My wife has been absolutely crucial to our success over the years, and other family members have certainly contributed as well.  If you'd like to hear more about how we got started and built our business, please feel free to give me a call.

    Keep coming to the meetings and learning about birddogging, wholesaling, etc., and then decide if it's the right business for you.  Good luck!

  • 19 Aug 2012 1:13 PM
    Reply # 1050913 on 1050561

    Robin,

    I appreciate your feedback and didn't take it to be harsh at all.  Everything you posted is right in there with my current thinking.  I do understand that time, commitment, effort, and monetary investments are essential to any business enterprise.  I am currently attempting to make the necessary decisions, time shifts, and investments for this long-term growth potential.  I guess it's just baby steps here at first and I'm trying to determine how to make the best use of my time and efforts while the schedule is still really hectic.  I suppose my initial post was intended to say what currently is and what I would like it to be.  Assuming this industry is the one for me (I'd know after a deal or two.), one of my post short-term goals would be to shift my efforts into just one place of employment in conjunction with the REI options. From there...I'd be dreaming on and pursuing them if you know what I mean.

    I definitely want to hear your story and would like to get some more pointers.  I will take you up on your offer and call you on Monday if that is ok.  Is there a time that works best for you?

    Sincere thanks,

    jg

     

  • 19 Aug 2012 1:36 PM
    Reply # 1050919 on 1050561
    Hi Jimmie,

    If you have a little time and no money to invest, I suggest you go to as many meetings as you can and network as much as possible.  For any newbie, I think those two things will offer the greatest yields with minimal expenditure.
  • 19 Aug 2012 2:39 PM
    Reply # 1050939 on 1050561

    Jesus,

    I appreciate the advice and agree.  Not sure how many Saturday mornings I can make here in the short term, so I will likely move up to the gold membership option so as to have audio/video access and also utilize this discussion forum on a regular basis.  I have freedom to listen to things while I work, so I can definitely multi-task and learn in this way in addition to posting and responding to discussion threads as time permits.

    Anybody use the audio/video feed regularly?  Will it stream thru the iPhone?  Thoughts with this idea?

    I'm also interested in the home study courses and am wondering which one(s) is(are) best suited for my novice stage.  Trying to prioritize and stage out my learning process...

    Thanks,

    jg

  • 20 Aug 2012 7:26 AM
    Reply # 1051424 on 1050561
    Deleted user
    Buy a home, live in it for two years, sell it & pay no tax on the gain, repeat...............
    Buy a home, live in it for as long as necessary to find another home. Rent the 1st, live in the 2nd, repeat..........
    Try to do these along with any other strategy you pursue.

    Good luck. Be careful where you spend your money.

  • 20 Aug 2012 7:49 AM
    Reply # 1051433 on 1050561
    Robin Carriger (Administrator)

    Jimmie, If you can, text me sometime after 11:30 AM today, and I'll call you back.  Thanks

  • 20 Aug 2012 2:44 PM
    Reply # 1051769 on 1050561
    Jean,

    Great advice! My wife and I plan on doing just that at some point with our current home. I was surprised and encouraged by the rentometer results. Thanks! jg
Powered by Wild Apricot Membership Software