SJ_Backholm's Investment Journal

SJ_Backholm's Investment Journal

Hello everyone,

I am new to the site but very excited to be here with all of you. I decided to start this journal to document this new chapter of my life as a real estate investor.

I have been toying with the idea of getting into real estate investment for about 2 years now. Ive met so many people who have created the life of their dreams through real estate, but honestly I just didn't know where to begin & was far too timid to ask how they got started.

A few weeks ago I thought to myself enough was enough and decided to take some action. I went to the local book store & grabbed the one & only copy of Dean's "Profit From Real Estate Now" book they had in stock. I have to say am not a big fan of reading & usually just listen to audio books... but anyways I read the book cover to cover more quickly than I have ever read a book before & I have to say I thoroughly enjoyed every minute of it & learned so much... I also just started "Be A Real Estate Millionaire" Last night & cant wait to see what great things this book has in store for me.

Im currently in the very first stages of learning the business of real estate investment. Every day Im doing everything i can to soak up as much knowledge & information as possible, But i figure the best way to really learn is to do. So Im setting an aggressive goal of doing my first deal within the next 30 days & then at least 3 more within the following 60 days.

I have started taking action by browsing both print & online classified ads, Driving around my area looking for FSBO's, and implementing some of the other strategies that Dean covered in his book.

Already Ive found a few potential deals with very motivated sellers that look absolutely fantastic, and have set up meetings with some local investors for later on this week to see if they can offer some guidance & support on how exactly to move forward... It might just be my insecurity talking, but I feel like i need someone almost to hold my hand through these first couple of deals, so i can see how things are most efficiently done. lets just hope these couple of investors are knowledgeable enough & willing to do that for me ... We will see.

Throughout the next 90 days I will do my best to update this journal with new & exciting things that i have going on in my journey... So feel free to pull up a chair & say hello Id love to hear from you. Im sure along the way many things will come up that i will have questions on & I would greatly appreciate everyone's input & advice

Talk to you again soon

-Stephen

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7-6-10 journal day 2

So I'll make tonights journal entry real quick.

I spent most of the day burried in paperwork up to my eyeballs inside due to the short week. So I only spent an hour or so calling around & trying to make connections just to build up my network of other investors & a solid team of professionals. I had some great luck though & set 4 meetings for later on this week. We will see how they go & what types of benefits we can bring to the table for each other.

The question I have for anyone who might be reading this is, how did you first go about building a support team? Such as: other investors, real estate agent, mortgage brokers,lawyers if needed, ect ... I'd love to hear about your experience and any tips on the best ways to approach these individuals & how to best coordinate how future deals will flow.

Besides the couple of meetings I got a chance to at least read the introduction and the first chapter of "Be a real estate millionaire". I honestly had a hard time putting this one down & have a feeling it will be finished even more quickly than the last one....can't wait to see what's next.

Anyway Ive had a long day and already past 1am, so I'm gunna call it a night... I look forward seeing what opportunities tomorrow will bring and will make sure to update this journal with anything new & exciting that happenes


So I havent updated in a few days.. But I have good reason

Hey everyone,

I have been so incredibly busy this last week. Between moving my Insurance office across town to expand & making connections with local investors, i just haven't had the time or energy to keep my journal up to date.

Anyway I will make this real quick with bullet points of things i have accomplished recently.

* Met with some local investors, who are willing to let me tag along and learn how they close their deals... They specialize in kind of a unique niche, which I will go into more detail some other time

* I was offered a small partnership & will be helping these investors market their services by using what I have learned in Deans books about building a qualified buyers list

* I have gotten about halfway through "Be a Real Estate Millionare" ... Its getting really good, and can wait to finish it now.... just need the time

*I accomplished moving my insurance office across town on the hottest day of the year 116 degrees today... Luckily I survived

That's it for now.


Good for you! As for advice

Good for you! As for advice on building a team I would just start asking people who you have contacts with for referrals. If they dont call you back right away forget about them if they dont call you back right away they arent interested or are too busy or incompetant for you. Start with your Agent they should be able to recommend a few others for you.

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Brooks
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Happiness does not come from doing easy work but from the afterglow of satisfaction that comes after the achievement of a difficult task that demanded our best.
Theodore Isaac Rubin

WWW.MSPAgents.com


networking

Hello my friend, networking can take some time. Your team more than likely will not come together over night. With my experience one contact will lead to another. First find a realtor and banker you can work with. Get their recommendations for brokers and lawyers etc.

Once you make a great connection with one professional they will probably know what you're looking for and will send you to someone else in another field that is like minded.

Also be open minded to changing your team when neccessary. You may outgrow certain people and their ideas/ goals. Remember that most people think with the average mindset so if you have no limits and extraordinary goals don't settle with the same team indefinitely. Very Best Wishes


Update 7-21-10

So here a quick update of whats been going on.

*I have found 2 very knowledgeable & successful individuals willing to help guide me through my journey... One out of state & a well known Member of the DG Community & one local, who deals mainly with hard money lending, but is familiar with some of the no money down strategies that im eager to learn & implement

* I went on a ride along this morning to look at a few properties that were just purchased & i will be helping to find buyers for these.

* I also spend about 2 hours picking the local investors brain anout exactly how they do what they do & asking as many questions as i could.

* Earlier in the week ive been placing ads & putting up signs to position myself right in the middle... Building both my buyers & sellers list.

* Also i have been trying to learn as much as I can about probate sales & how to find them here in Maricopa county AZ

Even though these are all baby steps, I thing im moving in the right direction & on my way toward doing my first couple deals pretty soon... So wish me luck

Talk to you soon


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