Dallas-Fort Worth Real Estate Investor Club

Newcomer to the Real Estate Profession

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  • 27 Apr 2015 12:10 AM
    Message # 3317536

    Hello to everyone. My name is Jason and I have finally took the leap into the adventurous world of Real Estate. I plan to start my career in Whole Sale moving forward as success allows. I look forward to meeting and doing business with many of you.

  • 27 Apr 2015 6:05 AM
    Reply # 3317981 on 3317536
    Robin Carriger (Administrator)

    Welcome to DFW REI Club, Jason! 

  • 28 Apr 2015 7:53 AM
    Reply # 3320041 on 3317536

    Jason,

    Welcome to the club. I first started attending the meetings and classes back in January. You won't find a more friendly group of seasoned investors that are willing to share their wisdom and knowledge with you. Words are free. But applying that wisdom and knowledge is up to you. So make a commitment to attend regularly. It is the best investment i have made since becoming a real estate investor.

  • 29 Apr 2015 12:26 AM
    Reply # 3321084 on 3317536
    Deleted user

    Out of curiosity, why would an investor share his knowledge with another investor?  Is that not counter productive?  Is the investor interested in friends, or making money?  I have some strategies that net me a 35% passive return, if I share with everyone, all of you start doing it and I won't be able to make 35% anymore.  Makes no sense to me.

  • 29 Apr 2015 6:10 AM
    Reply # 3321306 on 3317536

    Justin,

    I have subscribed to an "Abundance Mentally" when it comes to real estate investing. In short, there are more than enough "deals" out there. Consider that most investors spend about 20 hours a week looking for these deals. These same investors only have enough funding to buy one, maybe two investment properties at any given time. With this mindset if I find a wholesale deal but don't have the funding, or too many properties currently undergoing rehab, I will gladly take it to "competitors" and assign it to them for a fair assignment fee. Thus, other investors become my buyers as well. I have much more fun and experience less stress in my life having this mindset. I would be happy to take this discussion further offline. Feel free to send me a PM. Words are free.

  • 29 Apr 2015 7:01 AM
    Reply # 3321360 on 3317536
    Robin Carriger (Administrator)

    Justin,

    I've used strategies for years that net me WAY more than a 35% return, and... wait for it... they are NOT secret.  You reap what you sow in life.  I've found that the people who hold back information that could help others are not nearly as successful as those who are actively seeking to help as many people as they can.  I've known other investors who were successful for a while, but, since they clearly were in the game only to help themselves, they didn't last and are out of business today.  I have absolutely NO secret formulas that I won't share, because there's plenty of opportunity for everyone, and, for me, helping people is the purpose of life anyway.

    The motto of DFW REI Club is "Changing Lives through Real Estate Investing."  My life has been changed in a HUGE way, so how can I NOT share it with others.  I hope you'll join me in perpetuating that spirit.  Trust me.  You'll be glad you did.

    Robin

  • 29 Apr 2015 4:01 PM
    Reply # 3322027 on 3317536

    Justin,

    My opinion is that sharing knowledge is very productive for business.  Other investors may seem like competitors, but they can also be partners.  I'm sure you would rather deal with informed partners who know how to bring you win-win deals.  They will also share their knowledge with you if they think you would benefit from it.  Also, there are more deals out there than any one person can shake a stick at.  Imagine the competitive disadvantage you would be at if you were trying to find deals by yourself while networks of investors are doing the same thing, and passing information and other resources around to efficiently complete transactions.

    Even if uninformed investors didn't have the benefit of good advice and they got into deals that messed them up, other uninformed investors would be right behind them to take their place...you cannot "weed out" the competition by keeping secrets.  Besides, whatever strategy you're using is probably already well-publicized.  The information-hungry investor will find a source for that knowledge, and then they will trust that source, not you.

    You might need some advice or referrals at some point, and the people you share with will be happy to help you.  "Making friends" is also known as "networking," and your network is probably the most powerful tool you have.  For example, one common strategy of seasoned investors is to help new investors learn how to find deals.  The new investors will likely be naturally inclined to wholesale those deals to their mentor.

    There's also a general benefit in demonstrating to others that you are knowledgeable and trustworthy...it will make you friends AND money.  In the process, you might even have some fun.

  • 30 Apr 2015 1:13 AM
    Reply # 3322341 on 3317536
    People are my most valuable investment. In my worldview, true success is a balance of health, wealth, & love. You can have two of them without the third..but it pretty much renders all of em' boring or worthless. 
  • 30 Apr 2015 2:14 PM
    Reply # 3323042 on 3317536
    Deleted user

    Oh my gosh Justin, I'm dumb founded that you think that sharing knowledge is counter productive.

    I'm very glad that I met with Cindy Carriger earlier this week.  I must tell you that she is helping me get the word out about a wholesale deal that I have available.  She was not stingy with her ideas and experiences either.  Thank you Cindy!!

    When I first started going to REIA groups in 2001, I thought people would be snobby/self absorbed too.  What I found out was the exact opposite.  I met a few people that opened my eyes to how this entire DFW Real Estate community really worked.  And trust me, you will soon realize that you will want to help others succeed too.  It's contagious in a very good way!!

     

    Last modified: 30 Apr 2015 10:38 PM | Robin Carriger (Administrator)
  • 03 May 2015 5:35 PM
    Reply # 3325743 on 3317536
     
     

    Brian,

    It is true that some people/companies may have trade secrets they would not want to share, but I also think you let the cat out of the bag with your comment about marketing.  The "secret" is:  you have to be innovative and hard working if you want to take your business to the next level.  

    Also, as you mentioned, many investors struggle.  Before a person can take it to the next level, the first level needs to be soundly established.  For an article on the basics of getting your business going, you can read "4 Key Strengths of Successful Businesses" on Entrepreneur.com.

    You would probably agree that both beginning and successful investors and entrepreneurs should examine and re-examine their businesses regularly to make sure they are healthy and sustainable.  Some good points to keep in mind are in an article on Inc.com, "10 Things I Learned by Studying Every 'Shark Tank' Pitch Ever Made."

    You would probably also agree that to innovate, market, and be in business for oneself, there's one problem that isn't preventable, but it is treatable.  For more, you can read "This is the Single Biggest Obstacle to Your Success."

    It is no secret that if a person will make steady, continued effort at getting their arms and minds around these concepts and practices, they can be successful.

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