Something peeked your interest in real estate. Maybe it was the Flip this house, or Flipping Vegas or any other the other 100 reality TV shows that have nothing to do with reality but makes for entertaining TV. Maybe it was a radio ad from some national guru looking to build their business in your market and they want you to join their team. Maybe it was an ad on Facebook telling you that it is so simple to make $30k a month without even getting out of bed. Maybe it was a friend that really did flip properties or a relative that owned several rental properties.
Whatever the reason is that you decided to give real estate investing a try, you soon realized that there is a lot to know and the real estate business can seem overwhelming when you are first starting out. I know because I felt that way in the beginning and now I mentor students through the minutia all the time.
In one of my early mentoring sessions with my mentor, he said something to me that I just laughed at, at the time but later realized how profound that statement was that he repeated to me over and over until I finally got it.
He said; if you want to get to where I am, you need to KISS your way to Riches. Keep It Simple Stupid.
What he meant by that statement is that there is a lot to learn and if your try to learn it all, you will never do anything. Just learn the basics. Things like how to quickly and accurately estimate repairs. Find comps and determine ARV (After Repaired Value) and the MAO (Maximum Allowable Offer) or your cash offer. Learn how to spot a sellers true motivation and how to create offers or multiple offers to give sellers a choice. These are the basics.
Once you know the basics and start taking action by finding motivated sellers, estimating the repairs, finding comps and making offers, the rest will come naturally. Some of the most successful people I have seen and mentored over the years took the KISS there seriously, learned the basics, made offers and then sought help or partners when offers got accepted.
Many people are afraid that if they get an offer accepted that they won’t know what to do with it or be able to afford it and therefore never make the offers in the first place. This is the surest way to fail in this business because you will never be able to figure it all out and most people think up hypothetical scenarios that almost never come true to excuse themselves from not taking action but preparing themselves for the day that they will take action, aka someday which usually never come.
In closing, learn the basic, take action then seek help, advice or a partner to learn the rest of the business. Mentors, coaches and advisors are more equipped to help you when they are working with a real property rather than a hypothetical deal.