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In this episode of the High Return Real Estate Show Jeff Schechter, Jack Gibson, and special guest Jason Lucchesi talk about learning the ropes of the real estate game and being an “A” student.
- How did you get into this line of work?
- What are the most common questions you get from your students?
- What’s the process you go through with new students to show them where to get started?
- What is the most common mistakes that your students make?
- What is the question we should have asked but didn’t?
- What do you see happening with the Indianapolis market?
Key Lessons Learned:
- The most common question people have is how to get started. The amount of information available to us now can easily lead to overwhelm.
- Wholesaling properties is the ideal starting point since it gives you the full view of the transaction process and the deals are less capital intensive.
- Write a business plan for the next 90 days with goals, deadlines, and actions steps. Plan, Do, Check, Adjust.
- Starting with wholesaling is a good way to generate the funds you can then use to purchase income producing properties.
- You need to have a long term strategy if you want to win, focusing on wholesaling only is not a long term strategy. Passive income from buy and hold properties can alleviate the pressure you would feel with certain deals.
- The most common mistake is people going for deals before they have cash buyers in place. You should be looking at the deal with the end in mind and have an exit strategy already in place.
- Failing to do a proper deal analysis is the other most common mistake. You shouldn’t pay more than the market warrants and get over leveraged.
- Check out a couple of different people before committing to a mentor, someone that you can mesh with and are comfortable learning from.
- They should be able to help, guide, and serve you to assist you in overcoming your obstacles.
- A good mentor can help you identify why you want to invest in real estate and which strategy is best for you.
- A turnkey operation is a good option for someone who wants to learn the business but you can also be completely hands off if that’s what you want.
- There is a lot of investor cash flowing into the market but there are still plenty of opportunities to be found.
- A lot of the areas that were previously classed as D class are being developed and becoming C class areas.
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