Today’s REI Classroom Lesson
David Pelligrinelli with AFX explains how to escape the newbie zone and get into the real estate investing game.
REI Classroom Summary
David Pelligrinelli with AFX explains how to escape the newbie zone and get into the real estate investing game.
Listen to this REI Classroom Lesson
Real Estate Investing Classroom Show Transcripts:
Mike: Welcome back to the FlipNerd.com REI Classroom where experts from across the real estate investing industry teach you quick lessons to take your business to the next level.
Now, let’s meet today’s expert host.
Dave: Hello, FlipNerd fans. This is Dave Pelligrinelli from AFX. This is an edition of the REI Classroom. We’ll get to it in a minute, right after this brief message.
Mike: This REI Classroom real estate lesson is sponsored by AceBusinessFunding.com.
Dave: Okay, we’re back. This is Dave again from AFX. Today we’re going to be talking about escaping the newbie zone. As an ambitious real estate investor, one of the first roadblocks to overcome is getting past that newbie zone, that newbie mentality.
The most important deal that you’ll ever make as a successful real estate investor is your first deal. Your first deal gets you off the bench, it gets you off the sidelines, it gets you into the real estate game where you can actually start making money. Look, all of the things that you’ve been thinking about, reading about, and the goals and the drive you have to get into that real estate investing game don’t start until you become an experienced, seasoned investor.
The few steps that are important to take to get into that world are actually taking action. Look, you’ve read all the blogs, you’ve read all the sites, you’ve probably looked at some news groups and some discussion groups and read what other people are doing. Getting you to take action is the first important step. You might have to spend some money to do that. What we see, and I talk to thousands of investors, and more importantly, prospective investors every week, and the prospective investors, the difference between those and the ones who actually become experienced investors are the ones who spend a little bit of money.
You might have to spend some money on lists of properties. You might have to spend some money on professionals, maybe an attorney, maybe an accountant. Spending some money, even if it’s a few hundred dollars to start with, is what will get you to start that momentum going. It’s a hard thing to do to actually take money out of your pocket to start this world, but like we all know, it takes money to make money, and you can’t actually leverage zero. You can’t multiply zero, and get anything more than still zero. So spend a few hundred dollars and set yourself a goal.
If you’re just starting now, reading some blogs, finding out about investing, make yourself a timeline. Spend no more than six months, maybe 12 months, until you do your first deal. Expect that your first deal may not be a home run. If you expect your first deal maybe to be a break even, at least it gets you an education and gets you into that game to start working on your second deal and your third deal.
The first one is going to get your feet wet. It’s going to get you seasoned so you see it’s not scary to actually take these actions and do these things. We’ll get more into the actual mechanics of a deal, and you can find out more from REI Classrooms with more in-depth specifics, but getting that first deal under your belt will give you the confidence to jump in with a second and a third and a fourth, and start making some big money and being in that world.
The other most important thing to remember other than getting that first deal done is not to quit. If the first deal is not a home run, and it doesn’t match your expectations, that’s okay. Your second one will. Remember, Thomas Edison had 1000 failed inventions before the light bulb. So your first deal might not be the home run, but get that one done. Spend a little bit of money. Don’t be afraid to spend a few hundred dollars on an attorney, an accountant, maybe some due diligence, maybe some title research and maybe some inspections. If it costs you $1000.00, even if you don’t get that property you’re still one step closer to becoming a successful real estate investor.
Glad that you’re here visiting us and watching REI Classroom. Again, this is Dave Pelligrinelli from AFX. Our website is TitleSearch.com. We’ll look forward to seeing you on the next classroom.
Mike: AceBusinessFunding.com can help you get access to up to $150,000 in revolving credit lines to fund your business, with rates as low as 0% for the first 12 to18 months. Use the funds for startup costs, marketing, inventory . . . heck, you can even use it to buy houses and pay for rehabs or almost anything else that your business needs. If they can’t get you funding, you don’t pay a dime. Get funds for your business today at AceBusinessFunding.com
Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
Are you a member yet of FlipNerd.com, the hottest real estate investing social community online? If not, you can join for free in less than 30 seconds and get access to hundreds of off-market deals, vendors in your market to help you in your business, and you can start networking with thousands of other investors just like you. Get your free account now at FlipNerd.com.
Please check out the FlipNerd family of real estate investing shows where we host four great ongoing shows at FlipNerd.com/shows or simply search for FlipNerd in the iTunes Store.
Now, let’s meet today’s expert host.
Dave: Hello, FlipNerd fans. This is Dave Pelligrinelli from AFX. This is an edition of the REI Classroom. We’ll get to it in a minute, right after this brief message.
Mike: This REI Classroom real estate lesson is sponsored by AceBusinessFunding.com.
Dave: Okay, we’re back. This is Dave again from AFX. Today we’re going to be talking about escaping the newbie zone. As an ambitious real estate investor, one of the first roadblocks to overcome is getting past that newbie zone, that newbie mentality.
The most important deal that you’ll ever make as a successful real estate investor is your first deal. Your first deal gets you off the bench, it gets you off the sidelines, it gets you into the real estate game where you can actually start making money. Look, all of the things that you’ve been thinking about, reading about, and the goals and the drive you have to get into that real estate investing game don’t start until you become an experienced, seasoned investor.
The few steps that are important to take to get into that world are actually taking action. Look, you’ve read all the blogs, you’ve read all the sites, you’ve probably looked at some news groups and some discussion groups and read what other people are doing. Getting you to take action is the first important step. You might have to spend some money to do that. What we see, and I talk to thousands of investors, and more importantly, prospective investors every week, and the prospective investors, the difference between those and the ones who actually become experienced investors are the ones who spend a little bit of money.
You might have to spend some money on lists of properties. You might have to spend some money on professionals, maybe an attorney, maybe an accountant. Spending some money, even if it’s a few hundred dollars to start with, is what will get you to start that momentum going. It’s a hard thing to do to actually take money out of your pocket to start this world, but like we all know, it takes money to make money, and you can’t actually leverage zero. You can’t multiply zero, and get anything more than still zero. So spend a few hundred dollars and set yourself a goal.
If you’re just starting now, reading some blogs, finding out about investing, make yourself a timeline. Spend no more than six months, maybe 12 months, until you do your first deal. Expect that your first deal may not be a home run. If you expect your first deal maybe to be a break even, at least it gets you an education and gets you into that game to start working on your second deal and your third deal.
The first one is going to get your feet wet. It’s going to get you seasoned so you see it’s not scary to actually take these actions and do these things. We’ll get more into the actual mechanics of a deal, and you can find out more from REI Classrooms with more in-depth specifics, but getting that first deal under your belt will give you the confidence to jump in with a second and a third and a fourth, and start making some big money and being in that world.
The other most important thing to remember other than getting that first deal done is not to quit. If the first deal is not a home run, and it doesn’t match your expectations, that’s okay. Your second one will. Remember, Thomas Edison had 1000 failed inventions before the light bulb. So your first deal might not be the home run, but get that one done. Spend a little bit of money. Don’t be afraid to spend a few hundred dollars on an attorney, an accountant, maybe some due diligence, maybe some title research and maybe some inspections. If it costs you $1000.00, even if you don’t get that property you’re still one step closer to becoming a successful real estate investor.
Glad that you’re here visiting us and watching REI Classroom. Again, this is Dave Pelligrinelli from AFX. Our website is TitleSearch.com. We’ll look forward to seeing you on the next classroom.
Mike: AceBusinessFunding.com can help you get access to up to $150,000 in revolving credit lines to fund your business, with rates as low as 0% for the first 12 to18 months. Use the funds for startup costs, marketing, inventory . . . heck, you can even use it to buy houses and pay for rehabs or almost anything else that your business needs. If they can’t get you funding, you don’t pay a dime. Get funds for your business today at AceBusinessFunding.com
Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.
Are you a member yet of FlipNerd.com, the hottest real estate investing social community online? If not, you can join for free in less than 30 seconds and get access to hundreds of off-market deals, vendors in your market to help you in your business, and you can start networking with thousands of other investors just like you. Get your free account now at FlipNerd.com.
Please check out the FlipNerd family of real estate investing shows where we host four great ongoing shows at FlipNerd.com/shows or simply search for FlipNerd in the iTunes Store.
