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Forums » Starting Out » 101 Lessons learned in REI

101 Lessons learned in REI Subscribe to 101 Lessons learned in REI 37 posts by 25 users

John M.

Real Estate Investor
Rancho Cucamonga, CA
Family_forum_avatar

72 posts
Icon_minipost Posted: 08/07/2008 at 10:40AM

Here, I'll start:

1. Always do your due diligence.
2. It's better to overestimate than underestimate costs.

Edited: 08/07/2008 at 05:29PM by

Sponsors:

Joshua D.

BiggerPockets Founder
Denver, Colorado
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5565 posts
Icon_minipost Posted: 08/07/2008 at 02:14PM

I think we should reverse the count and start at #1. This list could go on for a LONG time!
-------------------

3. Start with a plan - never just jump in and see what happens
4. Build a strong team before getting started

Michael D.

Real Estate Investor
Lynnwood, WA
No_avatar_forum_avatar

145 posts
Icon_minipost Posted: 08/07/2008 at 04:05PM

5. Start.
6. Cat pee smells like money. :)

John M.

Real Estate Investor
Rancho Cucamonga, CA
Family_forum_avatar

72 posts
Icon_minipost Posted: 08/07/2008 at 05:31PM

Originally posted by Joshua Dorkin
I think we should reverse the count and start at #1. This list could go on for a LONG time!
-------------------

3. Start with a plan - never just jump in and see what happens
4. Build a strong team before getting started

Alright sounds good :)

Debbie P.


Winters, CA
Video_snapshot-2_forum_avatar

2 posts
Icon_minipost Posted: 08/10/2008 at 09:16AM

7. location
8. location
9. location

Jon H.

Real Estate Investor
Denver, Colorado
0926070805-00_forum_avatar
Star Moderator

3993 posts
Icon_minipost Posted: 08/10/2008 at 10:02AM

I'll do location, once. That old saw, location, location, location, just means the same property in different locations is worth different amounts.

So, here are some of mine.

8. The deal must make money. Flip, rental, wholesale, whatever. No money, no deal.
9. Focus. Applies in numerous ways. So, this does deserve, IMHO, breaking out.
10. Figure out you niche from what you like and don't like doing, and focus on that niche.
11. When in the middle of a deal, focus on making progress. Whether its double checking everything anyone else does or ...
12. Making focused progress on some specific aspect of a rehab, focus.

Erik G.

Real Estate Investor
St. Charles, Illinois
1_369273091l_forum_avatar

11 posts
Icon_minipost Posted: 08/10/2008 at 05:13PM

13. Learn not only from your own mistakes, but also other people's mistakes.

John M.

Real Estate Investor
Rancho Cucamonga, CA
Family_forum_avatar

72 posts
Icon_minipost Posted: 08/21/2008 at 09:48AM

Originally posted by Erik Garcia
13. Learn not only from your own mistakes, but also other people's mistakes.


Good one Erik.
13a. Also learn from your successes. This is necessary to keep both sides in perspective. It is too often that people forget they're making great advances, but focus on the mistakes.

Dan O.

Real Estate Investor
CO
Avatar_photo_forum_avatar
Star Moderator

569 posts
Icon_minipost Posted: 08/21/2008 at 10:35AM

14. Implement competitive intelligence to find out what the 'competition' is doing to make deals happen in your desired niche and then develop your own system to work that same niche...on an entirely different level.

Erik G.

Real Estate Investor
St. Charles, Illinois
1_369273091l_forum_avatar

11 posts
Icon_minipost Posted: 08/25/2008 at 05:07PM

15. Master your personal finances before attempting a business.

16. Life is education, pay attention, take notes and learn it's lessons.

17. Sometimes being successful means leaving friends behind. As you grow, they don't and soon you no longer have anything in common. They often don't want you to be successful because it makes them feel unsuccessful and they inadvertently become your saboteur. As hard as it is, move on.

TheMasterKey


New Jersey
No_avatar_forum_avatar

23 posts
Icon_minipost Posted: 08/25/2008 at 05:32PM

Originally posted by Erik Garcia
17. Sometimes being successful means leaving friends behind. As you grow, they don't and soon you no longer have anything in common. They often don't want you to be successful because it makes them feel unsuccessful and they inadvertently become your saboteur. As hard as it is, move on.


I have read this advice from many sources, and I think it's right, just tough to do.

Brian

Erik G.

Real Estate Investor
St. Charles, Illinois
1_369273091l_forum_avatar

11 posts
Icon_minipost Posted: 08/25/2008 at 07:32PM

Originally posted by TheMasterKey
Originally posted by Erik Garcia
17. Sometimes being successful means leaving friends behind. As you grow, they don't and soon you no longer have anything in common. They often don't want you to be successful because it makes them feel unsuccessful and they inadvertently become your saboteur. As hard as it is, move on.


I have read this advice from many sources, and I think it's right, just tough to do.

Brian


I have left so many friends behind. Some I still have contact with, others I don't. It's only hard letting go at first but soon you will realize that they just come and go. Some people become your friends because you have something to offer to them. When they get what they want, they leave. Don't worry about the people from your past, because there's a reason why they didn't make it to your future.

To me, the only friends I will have a hard time letting go are what I call "true" friends. Friends who will never leave you behind. Bottom line is I keep the ones that are empowering, that have character, and that I can trust - no matter where they came from and what their past or future hold.

Erik G.

Tim W.

Real Estate Investor
Indiana
Wolf_forum_avatar

1179 posts
Icon_minipost Posted: 08/25/2008 at 10:15PM

18. Establish your cashflow foundation before your build your investment "home". I get this advice from EVERY successful, multi-millionaire investor.

19. Use the professionals (including realtors).

20. Trust and VERIFY EVERYTHING!

One more:

21. I've seen people invest more into real estate training than you could get a medical degree with.... This ain't freakin' brain surgery! It's basic concepts that keep repeating teamed with your own diligence that win.

Edited: 08/25/2008 at 10:21PM by

Matthew G.

Real Estate Investor
Berwyn, Illinois
Wellingtonrei_forum_avatar

179 posts
Icon_minipost Posted: 08/25/2008 at 11:18PM

22. Real Estate Investment is business, not a hobby. Whether you own 1 property or 1000, from day 1 run it like a business (see E-Myth Revisited for more).

mla2267


Duluth, MN
No_avatar_forum_avatar

11 posts
Icon_minipost Posted: 08/25/2008 at 11:54PM

I believe knowledge is power. The more informed you are better odds for success.

Jessica T.
No_avatar_forum_avatar

100 posts
Icon_minipost Posted: 08/29/2008 at 12:41AM

25. It's never too late to start, but never too early either - don't let yourself make excuses.

Matthew G.

Real Estate Investor
Berwyn, Illinois
Wellingtonrei_forum_avatar

179 posts
Icon_minipost Posted: 09/02/2008 at 12:53AM

26. You must have integrity and fidelity toward others.

I have seen investors and partnerships burn-out, because the people involved cut corners and cheated others.

MikeOH

Real Estate Investor
Ohio, Ohio
Rental_pictures_026_forum_avatar

2665 posts
Icon_minipost Posted: 09/02/2008 at 04:10AM

27. No good deed goes unpunished!

Mike S.

Real Estate Investor
Minneapolis, MN
Img_1520-e-mail_forum_avatar

1061 posts
Icon_minipost Posted: 09/02/2008 at 11:34AM

Originally posted by Michael Rossi
27. No good deed goes unpunished!


Huh?

MikeOH

Real Estate Investor
Ohio, Ohio
Rental_pictures_026_forum_avatar

2665 posts
Icon_minipost Posted: 09/02/2008 at 03:48PM

In other words, EVERY TIME you do something nice for a tenant, seller, etc - YOU'RE GONNA GET SCREWED!!!

In my experience, it happens EVERY TIME!

Mike

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