Learning the Language of Real Estate InvestingPosted on February 27, 2012 by
In 1995, when Kim and I made our start as real estate investors, we knew nothing about nothing about real estate. When we attended local real estate investor meetings, we didn’t understand anything anyone said – it was as if they spoke a different language. It was very frustrating!
So why didn’t we quit – after all, that’s what most would-be investors do soon after they start, right? We didn’t quit because Kim and I didn’t want to “work for the man” for the rest of our lives. We wanted to make our own way. We wanted to have our capital assets working for us instead of us working for our capital assets.
Can’t tell you the number of times someone has told us, “Yeah, I’ve been thinking about buying some investment property, but don’t know where to start.”
Folks, we all start at the same place. We start at zero. We don’t know what to say to sellers; we don’t know what paperwork to use; we don’t know how to find financing; we don’t know how to creatively structure deals; and we don’t know how to manage rental property and tenants.
But here’s the thing: The successful investors we know don’t let a lack of knowledge stand in their way. They begin by doing little deals – often partnering with an experienced investor who guides them along the way.
With each deal, they gain experience, know-how and confidence. Before long, they get their stride and never look back.
Are there stumbles along the way? You bet…lots of them…and some are pretty big and hurt a lot. So, if the fear of making mistakes is what keeps you from learning more about real estate investing, fear not, you’re gonna make mistakes – we all do – but mistakes are NOT a tombstone. They are simply opportunities to become better!
What’s the best way to learn the language of real estate investing? Hang out with real estate investors and discuss ways to creatively structure and finance win-win deals. And so you know, great deals aren’t found. Opportunities are found. Great deals are STRUCTURED!
Again, when Kim and I started, we didn’t understand the language of real estate investing. Fast forward to February’s foreclosure auction. Tom Jennings called and claimed to be a producer filming a documentary about the current state of real estate for PBS’s Frontline program. He wanted to film Kim and me bidding and buying properties at the Bartow County auction.
I knew it had to be my buddies Houston Long and Mike Tarpey playing a gag. But it turned out to really be Tom Jennings – an Emmy Award winning producer for Frontline! Here’s the point: We’ve gone from not being able to speak the language to fluent enough that they wanted to put us in a PBS documentary. This happened simply because we kept at it and didn’t quit. The same thing can happen for you if you just give it a try and don’t quit!
Last Thing: North Georgia REIA, our real estate investors group, has a new home for our monthly meetings. Beginning in March, we’ll be meeting at the beautiful Hilton Garden Inn in Cartersville, Georgia. Hope to see you there!