Ep 27: What Few Are Saying About Real Estate Investing with Jonathan Greene
There is a common misconception that real estate investing is the quickest, easiest way to make money. Every second person now wants a piece of the pie, and the idea that you need no education to get into this space is only half true. While no one is going to ask for a college degree and 20 years of experience, getting good at real estate demands time, effort, and genuine commitment. Those who achieve overnight success are the exception, not the rule, and what it comes down to is putting your head down and doing the work. Today on the podcast we are joined by Jonathan Greene who talks about the real cost of making it in the real estate business.
Growing up with a father who flipped houses, Jonathan learned a great deal at a young age, and even though he first pursued a career in law and later art and teaching, he eventually returned to his roots and have become an authoritative voice in the area of real estate investing. He shares his advice for starting with little to no capital, explains the importance of physically seeing properties and why it is important to know an area before investing there. We also talk about the relevance of cap rates, why you should get your license as soon as possible and what you can do to starting building relationships and earning people’s trust.
Key Points From This Episode:
Growing up in real estate and getting practical training from his father.
Jonathan’s diverse career background, from law and art to teaching and real estate.
The mistake of thinking that real estate investing requires no skill or knowledge.
Why it is unrealistic to believe that you can get into this space with no capital.
The subjectivity of cap rates and why they shouldn’t be the focal point of conversations.
The importance for newcomers to be located in the state/area they are investing in.
Why you should physically see at least 25 properties before investing.
No need for a college education — learn from those who are successful already.
Choosing real estate investing only when you are genuinely interested in the field.
When Jonathan recognized the opportunity he had with a real estate investing background.
Keeping in mind that making loads of money overnight is not the norm.
What value add means: seeing something that no one else can.
Get your license, acquire knowledge, and act as an agent if you initially lack the capital.
Why young people should get their licenses and pay attention in real estate class.
Making offers with the perspective of solving problems, and waiting to hear their number first.
Thoughts on out-of-state investments and why you should take time to get to know the area.
The importance of knowing your owner list and the details about the properties.
Finding new approaches to elicit favorable responses from people on a call.
Being clear about your preferred means of communication and getting permission first.
Focusing on the quality of your list and offering them the kind of products they want.
“Every single person on earth right now wants to be a real estate investor and thinks that it doesn’t take any skill or knowledge, so that irks me, to say the least.” — Jonathan Greene [0:14:16]
“Real estate class is not fun, but you learn about everything about real estate if you pay attention.” — Jonathan Greene [0:36:38]
“I want to know people in the area, and I’m never going to trust an investment to people I only know online. It’s not for me.” — Jonathan Greene [0:46:22]
Links Mentioned in Today’s Episode:
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Toro Real Estate Partners - http://tororep.com/
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The REI Experience YouTube - https://www.youtube.com/channel/UCjt6pmkA8ogACZ26oqhBM0g
The Real Estate Investing Experience Podcast - https://podcasts.apple.com/us/podcast/the-real-estate-investing-experience/id1481520260