I was thinking last night about how far I've come over the last several months with REI. I've gone from totally clueless in October to relatively knowledgeble in several facets of investing as well as the residual by-products that come with it. While I have come a long way, all that is for naught at the moment as I have yet to wrap-up a deal yet. In fact, counting the two FSBO's I did in January and early February, I've only submitted offers on a total of six properties to date. Now, I know I have ventured further than most by making offers, but I still feel like I'm running fast in a bog of mud. While pondering my "career", I came to realize that each step I take in this business seems to be on one cylinder. Let me explain ...
My first two offers were with FSBO's. Each of those deals I analyzed and re-analyzed probably a dozen times. As I talked about then in my blog, I committed a big 'no-no' by concentrating my efforts too much on a single deal. Additoinally, as I am finding out now, I am concentrating too much of my time on just one avenue of the business. With the FSBO's, I would travel my farm area or look on the internet for prospects. With my latest efforts, I am relying on HUD/VA/REO properties via daily listings from my RE agent. In both instances, I concentrate on the task at hand, whilst ignoring other lucrative ways to get my business going.
What I need to do is stop talking about biz cards, bandit signs, car signs, etc., and start ordering them, and, better yet, START IMPLEMENTING THEM AS AN ADDITIONAL BUSINESS STREAM. Relying solely on FSBO's or HUD/VA/REO listings or any other single method is like running in a car race with only a single cylinder.
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Thanks Mike. What I'm slowly realizing about this business is that the each step is easier than the previous one - it's fear of the unkown that makes this business so hard for a beginner. As many gurus will tell you, its the first offer and the first deal that are the hardest to make. Before making my first offer, I had trouble sleeping for two nights. Now that I've overcome that fear, I realize it was nthing to be scared about. You offer what works for you, and if the seller says 'no', tell them thanks, leave your name and number, and go on to the next one.
Best of luck in both your RE agent career and RE investor career! I hope we can feed off of each other's success!
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