Danny is an experienced rehabber, a great blogger and mentor. He is also just an all around nice guy.
The 5 Questions
Here are the 5 questions each of these successful investors will be answering:
- What are the top 3-4 things a brand new investor should focus on initially?
- What is the best marketing advice you can give someone just starting out?
- What factors do you attribute your success to?
- Is there something you wish you had done sooner or done differently when you first started your business?
- Do you have any tips for newbies for managing their mindset during those inevitable “ups and downs”?
Up Today – Danny Johnson from Flipping Junkie
As expected, Danny has some insightful answers to my 5 questions.
1. What are the top 3-4 things a brand new investor should focus on initially?
Don't get bogged down in all of the details of all of the possible strategies used to invest in real estate. Determine which method works for your situation and focus on that alone. So many people use the excuse of needing to learn more and more about everything in order to avoid doing what doesn't come natural…forcing yourself out of your comfort zone. If you determine which strategy you are going to focus (i.e., wholesaling if you don't have any money or investors to be able to buy, fix and flip), then determine what you need to do first (i.e., get some leads coming in) and do those things…you will put yourself ahead of probably 95% or more of people that try and fail at this business. Take action and take it as early on as possible.
2. What is the best marketing advice you can give someone just starting out?
The best marketing advice I can give is to start with a shoestring budget (not difficult for most :)) and measure results. That way you will be efficient and make sure that your money is “invested” rather that wasted. When people start out with a huge war chest and throw money around at all kinds of marketing, they rarely do well and give up too early because they weren't experienced enough to handle and/or convert the leads they do get.
3. What factors do you attribute your success to?
Taking action and being persistent. I knew I didn't know everything, but I didn't let that stop me. I figured out what to do first and then did it. When I came into a situation I didn't know how to handle, I simply asked for help from experienced investors.
4. Is there something you wish you had done sooner or done differently when you first started your business?
I wish I hadn't wasted so much time “designing” business cards and other marketing material that ended up just sitting around in boxes in my office…
5. Do you have any tips for newbies for managing their mindset during those inevitable “ups and downs”?
Know that there will ALWAYS be ups and downs. That's life and even the biggest, most experienced investors have them. It's how you look at them that makes all the difference. If you look at them as opportunities to improve show what you are made of, you are handling them like the pros.
My Thanks to Danny
My thanks to Danny Johnson for participating in this series, “Success Stories in Real Estate Investing “. Danny has a very successful rehabbing business, he is an awesome blogger, a mentor and a coach. In short, he's a busy guy.
You can reach out to Danny at “Flipping Junkie”.
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