192: Rookie Reply: How to Choose Your Real Estate Investment Strategy
06/18/22 • 15 min
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This week’s question comes from Natalie on the Real Estate Rookie Facebook Group. Natalie is asking: How did you narrow your focus to determine your strategy? And how do you get good at analyzing real estate deals?
This is one of the most-asked questions we receive. When you’re starting as a rookie real estate investor, every strategy seems like a good one. You may hear a guest on the Real Estate Rookie show talk about wholesaling or flipping or short-term rentals. Before long, you’re already planning your next exciting purchase even if you had another one already in the works. This “shiny object syndrome” is common when getting started, and while it’s good to know about many different investing strategies, changing yours too often can lead you well off the path to financial freedom.
Here are some suggestions if you’re torn between strategies and need to up your analysis game:
Look at your resources and base your investing strategy upon what makes sense for you specifically
Pledge to become an expert in a certain strategy and don’t try building too many bridges
Set up a strong foundation in your current investing strategy, then you can pivot wherever you want
Practice your deal analysis daily and send your calculations to other investors as a pulse check
Get to know your investing area as much as you can (even if you’re remote investing!)
And more in the episode...
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-192
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
This week’s question comes from Natalie on the Real Estate Rookie Facebook Group. Natalie is asking: How did you narrow your focus to determine your strategy? And how do you get good at analyzing real estate deals?
This is one of the most-asked questions we receive. When you’re starting as a rookie real estate investor, every strategy seems like a good one. You may hear a guest on the Real Estate Rookie show talk about wholesaling or flipping or short-term rentals. Before long, you’re already planning your next exciting purchase even if you had another one already in the works. This “shiny object syndrome” is common when getting started, and while it’s good to know about many different investing strategies, changing yours too often can lead you well off the path to financial freedom.
Here are some suggestions if you’re torn between strategies and need to up your analysis game:
Look at your resources and base your investing strategy upon what makes sense for you specifically
Pledge to become an expert in a certain strategy and don’t try building too many bridges
Set up a strong foundation in your current investing strategy, then you can pivot wherever you want
Practice your deal analysis daily and send your calculations to other investors as a pulse check
Get to know your investing area as much as you can (even if you’re remote investing!)
And more in the episode...
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-192
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
Previous Episode
191: Expedite Retirement & Learn the Secret to Becoming a Top Producer (Quickly) w/David Greene
What differentiates a top producer from everyone else? The most common answer is hard work, ambition, and charisma, but what does that even mean? Hard work, while a universal concept, changes depending on the context, so what does hard work entail in real estate? Today’s familiar guest, David Greene, answers all these questions and more in today’s episode and his new book, SKILL.
SKILL is only part two in his three-part book series where David teaches you how to excel as an agent or investor. It follows SOLD, which is all about gaining confidence by learning and understanding the fundamentals of real estate. SKILL then teaches you how to become a top producer and make more money through intelligent negotiation, building trust with clients, and becoming an expert in your field. Ideally, this book is for those with a little experience who want to take their career to the next level.
In today’s episode, David shares some of the characteristics of a top producer. He goes over the importance of generating leads and how to do so, building your marketing funnel, and the metrics you should be tracking to find and convert more leads. Instead of telling you how to get better through abstract concepts, David provides concrete step-by-step examples on how to differentiate yourself, so you can beat out the other agents in your area.
In This Episode We Cover
How to decide if getting your real estate license would be beneficial for you (it’s not the answer you think)
Lead generation and how to get your name known
How to improve investor and agent communications and find deals that align with your criteria
The most important metrics to track if you want to scale your business
Lead vs. lag measures and why tracking lead measures get you results sooner
Listing presentations, how to hold one, and why they make you stand out as an agent
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
BiggerPockets Real Estate Podcast
Connect with David:
David Greene Real Estate Youtube Channel
Check out the full show notes here: https://biggerpockets.com/blog/rookie-191
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
Next Episode
193: How a College Dropout Got a Seat at the Millionaire Investor Table
Your connections and relationships are invaluable in real estate, so how do you get to know the right people? How do you build a lasting, mutually beneficial relationship? The answer is simple—you show up, get your name and face out there, and listen. Building a network can seem intimidating, especially starting from scratch, but today’s guest, Jeffrey Donis, breaks it down step-by-step.
Jeffrey Donis of the Donis Brothers is in charge of nurturing investor relations, so networking is his bread and butter. At twenty-three, he has helped his brothers raise enough money to co-sponsor 600 units worth of deals in the last two years. This would have been nearly impossible to achieve in such a short time without the network they built and the relationships they nurtured. Their network didn’t come automatically, and similar to everyone else, they started from scratch and were able to find a way to get themselves out there.
The first step is to build your credibility. While there are many ways to do so, Jeffrey explains how to use social media to document your journey and build trust. He also goes into how to navigate networking events and bring value no matter your experience level. The Donis Brothers have become widely successful in a record amount of time, and the way they built their network and brand is a large part of that.
In This Episode We Cover
Building credibility and how to use social media to do so
The 80/20 rule and why it’s an effective way to network and build relationships
How to bring value to others (without money!) and maintain a good reputation
Overcoming imposter syndrome and how to be more confident in your abilities
How to vet potential investors and red flags you should look out for
The importance of constant self-education through real estate courses and classes
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Changing Their Family’s Fate by Building a 600+ Unit Portfolio (At Age 20!)
How to Find Free Money to Finance Your Education & Avoid Extensive Student Debt
Student Loans Update: Repayment, Refinancing, and Potential Forgiveness w/ Robert Farrington
Your First Real Estate Investment Podcast
Tyler Madden's BiggerPockets Profile
Connect with Jeffrey:
The Real Estate Monopoly Podcast
Check out the full show notes here: https://biggerpockets.com/blog/rookie-193
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our
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