We get a lot of questions sent our way and we do our best to answer each and every one of them. Sometimes it takes us a bit longer than we would like but we get there.
There is a long list of questions and answers online which you can click here to see, some are at the end of articles like this and others come to us by mail, fax, email, our Facebook page, and any other form of communication we have available to us it seems.
Here are a few that cover some popular themes we see.
“If you were at the start of your real estate career (just like me) would you focus on getting a mentor or a deal, or maybe something else entirely?”
Great question. Whether you are a new or experienced investor, the lessons you learn from a deal are far greater than those you can learn from the sidelines, watching or listening to someone else.
First, you need to gather just enough information to get started.
No more, no less.
Don’t run from training to training. Figure out what you want to invest in and do it.
The ‘doing’ IS your education, and the best one you can have.
A support system is a great thing to have and can make things easier. But success and fortunes are most often built the hard way, so it is not a necessity.
The truth behind a mentor is that it can help or harm.
Their goals are not yours so their guidance could mislead you, but the lessons experience brings are like striking oil without having to dig.
The key to remember is you don’t have to be in search of that “perfect” mentor.
If you have zero properties, you may only need a mentor with a couple. As you grow, you will find a new mentor along the way, it is inevitable.
So don’t get caught up searching for a mentor to solve all your problems for the next 10 years. The search may end up taking you that long.
Once you have the basic knowledge and the will, nothing will ever be more valuable than action, so find that deal.
“Is there a limit to the need and demand of rent to own properties?”
There is a limit to the need and demand of anything. The question is: where is the limit?
For example, in a city of a million people, there isn’t demand for a million rent to own properties. Obvious right?
Let’s assume the homeownership rate is 70%. That means the rental part of this 1 million person city is 300,000 people.
Well, an RTO home is not right for a percentage of the rental population for a variety of reasons.
We’ll pretend that half of the rental market can never afford or will never be interested in an RTO property, and another 25% just prefer renting (for the record, all these numbers are fictional).
That leaves us a group of 75,000 people that are potential tenant buyers.
So although there is always a limit, there are many factors that have a large impact on your question. The key factor being the area you invest in.
We aren’t too interested in purchasing RTO properties in small towns with small populations and little demand. Those limits can easily be achieved.
But in the right communities, chances are we won’t see those limits reached.
“What is your driving force?”
Now we are getting into the personal stuff. This could take a while!
The short answer is there are many things that drive us.
Perhaps understanding what caused us to start Rock Star will be most insightful since it still drives us today.
We both started studying real estate investing a number of years ago, and after some reading, we ended up in different real estate ‘bootcamps’.
They opened up our minds to different types of possibilities and got us in motion but a lot of the information was definitely better suited for the training hall it was taught in than the real world.
But it was still valuable.
It was after we had started investing that we learned how many details there were in the transition from real estate information on paper and real-life implementation.
We were starting to see some great results from our investments and that is when we decided to try and bridge the gap between information and implementation for some people that had reached out to us over the years.
We’ll cut it short here as the details could take a very long time. 🙂
Put simply, we wanted to help people who had spent so much time, energy, and money on information begin to see real results from it.
And over time, the successes, feedback, and people we have had the opportunity to interact with and help over the years has kept us going.
Every Rock Star Inner Circle member that shares a victory or a challenge with us makes us want to do more.
Not every week starts of with a letter from someone thanking us for the help we have contributed to their accomplishments, but this week did, and things like that continue to drive us.
Until next time…Your Life. Your Terms.