Top 4 investor newbie Mistakes!
Julie – on the original podcast being 3 top newbie mistakes. But after some thought Joe & Julie came up with 4 of the biggest mistakes newbies make. helping the new people in Real Estate investing spin there wheels less, and get more success!
** Joe disclaims that there may be some noise in the background, since he is in a common space**
Newbie mistake #1
To much studying in the beginning (analysis paralysis)
Julie – Speaks on different experiences with newbie’s throughout the years. Where new investors naturally want to get there numbers checked, or are wondering if a deal is good? Julie took to creating this podcast that could cover some of the concerns of these new investors, so they have a single source of info to go to. Simple!
Joe– Elaborating that over studying is a common mistake, most of us including himself, find our selves not taking action, and over studying.
***Newbies is a loving term***
Julie – Speaking on newbies that have started out by purchasing a program with a guru, or joining there local investors club.
A lot of people spend a lot of time on podcasts, reading, going to networking events, but they avoid spending time taking action in the most important places.
“You actually have no real estate investing business, unless you have leads! The only thing that should matter to you in your world, as a beginning Real Estate Investor, is lead generation” – Julie Clark
Lead Generation, Lead generation, Lead generation !!
You don’t need to know everything in this business, yet.
Pro tip – You should spend 99% of your time, here in Seattle, on lead generation. As a new investor.
Seek out the information that teaches you how to market.
“Getting comfortable with being uncomfortable, and getting comfortable outside of your comfort zone is invaluable, eventually you’ll find yourself doing it every single day” – Joe Bauer
Julies simple ways at generating leads:
- Create a door knocking flyer, go within driving distance, & drop flyers at the houses that are driving for dollars houses! Or, door knock and talk to someone face to face.
- Talk to people when your out on your day to day activities, tell them what your doing! Use Julie, and Joe. let them know that your working with experienced investors, and you are looking to buy houses.
If you have a lead and you need help, Julie offers her contact info!
Phone – 206-910-2985
– Please do not use this unless you have a lead –
Improvised Mistake # 5 – Getting worried that you need to keep the proceeds of your first deal to yourself. Find someone who can help you, and consider paying some of the commission as the cost of education.
“Indecision kills everything” – Julie Clark
**webinar to come out, once a month!** Stay tuned!
Newbie mistake #2
Making MLS offers, when you don’t have tools to compete
Julie – On noticing that a lot of newbies jump in to Real Estate investing, in a high competition area, on the MLS. Noticing a lot of newbies do not have the tools to compete on the MLS.
Investors are all in different lanes within Real Estate, the difference in the lanes, is the tools these investors have to compete.
The Newbie Lane – An investor that has a little bit of seed money, no contractors, no brokers license, and possible access to hard money.
!!In this position you are the least competitive investor in the world!!
You have no extra tools, to compete with experienced investors who are also making offers, on homes on the MLS.
If this is you, a courteous and beneficial thing to do is not to get a buyers agent to drive you around, and show houses to you. Make your offers directly to the listing agent. Not only are you not wasting someone else’s time, your chance at getting that offer accepted, is much higher, because that listing agent won’t have to pay out commissions, making him more money. That is going to be the best way to compete.
Julie – Stress’s that if you listen to this advice, it will save you hours..hours! If you implement and listen. Find ways to be competitive.
You need to get a couple deals under your belt, so you can do a lane switch.
Newbie Mistake # 3
Not doing your own marketing
This one comes with some weight!
Julie – Some people love to network! Thats what there good at. This is going to be something that helps investors in the long run, since your good with people. But, everyone knows they need to be networking, everyone is getting on every wholesalers list, and the secret is. 99% of wholesalers aren’t blasting out there properties to more than 4-5 consistent buyers.
Again your in the position of a newbie investor, in the Newbie lane, that cant compete against other investors who are trusted buyers to these wholesalers.
How are you going to get on there list of 4-5 buyers (short list)?
The best option is doing your own marketing! If you go out and do your own marketing, every investor/buyer is going to want to do a deal with you!
When you network, your not just networking for today. Your networking for tons of opportunities in the future. But you gotta start with doing your own marketing.
“We are transaction facilitators, and our company is a lead a generation company!” – Julie Clark
Newbie mistake #4
Not adding to your tool box
Julie – On finding out what your tools are. Tools can come in tons of different forms. Are you a contractor? A hammer, a wrench may be your tools. Can you house hack? House hacking is tool you can use!
** Learn about creative financing, lease options, seller financing**
That will allow you to make offers on houses that other people couldn’t make.
Getting your real estate brokers licensee! Why would you not have a Real estate license if your going to be in the Real Estate business?
**July 12th/ all day event – 9:00 Am – 4:00 Pm. How to be a broker/investor the ultimate road map**
Seattle investors club has a special discount code for Rockwell that you can use as well.
Julie – It is absolutely nutso to not get your Real Estate brokers license and be in the Real Estate business.Take some of that time your spending watching video’s, and invest it to getting your brokers license. It’s only going to help you in your Real Estate career.
There you have it! Those are the top 4 newbie mistakes! Get out there, take action, & get some leads!