Real Estate Investing!

Need courage - http://www.dealmakerscafe.com Forums

Original message

Mrs SD

"Need courage" , Wed 6 Dec 14:25

Can someone give me some inspiration to start again?

Initially I started out very gung ho about rei. After reading a few courses I put out ads, flyers, business cards, a sign, and attended a real estate investing club meeting. We (the Mr & I) bought cell phones and told everyone that we were buying houses.
We were determined to flip houses and threw ourselves into the task. After 3 months, 1.5K worth of marketing and no deals, we had to admit the obvious, this thing wasn't working for us. With the holidays drawing near we couldn't afford one more ad.

Well, the hubby has given up. My family, friends and coworkers think I'm nuts but I still believe that real estate can be bought creatively. Because I'm in NYC, it's harder to accomplish this because our competition is not other small time investors but large, established companies which buy up all the junkers around, rehab them and mark up the price about 100K. They can afford to advertise all year long in the super expensive NY Daily News, we can't. I truly believe though that NYC is ripe for the lease option technique. My problem: after our initial unsuccessful venture, I've developed a massive case of analysis paralysis. I can't seem to stop reading my courses and these rei forums obsessively. But the idea of passing out one more flyer fills me with dread. Why? I can't really explain it but maybe I'm just scared to fail again when I did everything I was supposed to the first time and flopped.

Sorry for the long post, folks. Can anyone help?

Thanks in advance,
Mrs SD

Replies:

Mrs SD

"Thanks for the push, folks!!" , Thu 7 Dec 16:02

I'm going to give out 1K flyers that I have sitting in a box this weekend and put an ad in some smaller newspapers to attract sellers.
Only thing is, I'm dipping into my oldest child's college fund to finance these ads as we're really tapped out.
But I do believe it's gonna work if I persist.

I'll undoubtedly keep you posted.

Mrs SD

Joe Arlt

"Re(1):Need courage" , Wed 6 Dec 19:56

I agree with all of the above replies. There are a million niches and subniches in real estate investing. You just need to find one that works for your area and personality.

Personally, I do cash flow deals. With these deals, the terms are far more important than the price. They've let me quit my j.o.b. and I could retire from this business now too if I wanted to. Not very likely! But my point is that the average part timer has likely done more flips than I have. Other full time investors I know do flips all day long - they wouldn't know how to do a cash flow deal. So the key is to pick a niche and go with it until it works. And it helps to be specific re what you're looking for so you know when you've found it.

Joe Arlt
Super Wrapper

BenTN

"Re(1):Need courage" , Wed 6 Dec 17:14

Mrs. SD,

You didn't fail. You just learned that in your area going after fixer uppers's is not where you need to be applying your time. As you know there are many, many other businesses inside this business. Re: Ron LeGrand says flips are a small portion of the business, although I advertise for anything, I get very few. Surely, not enough to form a business on or decide whether real estate is you bag.

Go look at doing L/O's or Subject to's or Foreclosures or whatever. You will find at least one area that your competition is forgetting, focus on that and always be open to the others like your Flips.

I wish you well, you and the Mr.

Thank you

Ben

dealmaker
Moderator

"Re(1):Need courage" , Wed 6 Dec 17:14

Okay, Mrs. SD...here's your gameplan.

First, stop listening to 100 different folks for advice.

Second, choose ONE strategy.. and DO A DEAL and repeat.

I think I've seen you post about having Cash Cow by Bronchick, is this right???

If so, work the strategies within CASH COW and let's get a deal done!!!! We will 'assist' but we cannot do the deal for you.

This is a NO-FLUFF Zone.. most of us are full-time investors and we are willing to share. If you do not plan to take action and do deals you will not last long here.. We really EXPECT you to succeed. This is an EASY business however, the downside is the amount of FEAR you have in the beginning.. After a couple of deals, you'll be in the drivers' seat!!

Ask us specific questions!!

Do not ask us generic newbie questions... Get specific!!! We have no idea what your stumbling blocks are.. help us out and tell us what you tried to do and what you want to accomplish. Give us the strategies and buying techniques you plan to implement.

Welcome!! Now let's get to work!

Dealmaker

Robert

"Re(2):Need courage" , Wed 6 Dec 23:01

Great post!!

The marketing has begun for me. The first postcards went in the mail tonight and the ad starts in the paper tomorrow. Do you all remember the excitement you felt when your campaign began? This is great.

Robert

Lynn
Moderator

"Re(3):Need courage" , Wed 6 Dec 23:20

Congratulations Robert!

You may not realize it, but you have taken a big step. Many people will study all of their life and never do ANYTHING!

We will look forward to seeing your success stories!!

Happy Investing!
Lynn

Robert

"Re(4):Need courage" , Wed 6 Dec 23:47

Thanks Lynn. The congrats should go mostly to Dealmaker though. Without his constant encouragement I would still be reading and re-reading books and courses. It's time to put all the knowledge to work!

Robert

dealmaker
Moderator

"Re(5):Need courage" , Thu 7 Dec 07:44

None accepted. You guys get so confused about who deserves the credit. I have never called in anyone's ads. I have never driven anyon to a deal.. My point is YOU took action.

I just keep calling everyone @ work from the golf course.

Dealmaker