Comments on: 6 Tips Beginners Must Know Before Investing in Real Estate

By: Patrick

Patrick — Tue, 08 Dec 2009 21:38:23 +0000

Number 6 has made me a lot of money. I was reading in a previous blog that the US dollar has declined in value. That is not something for a real estate investor to get worked up about. Look for the opportunity instead. Use tip #6 and go out and find foreign investors. You will be surprised with how many investors you will find. It will also allow you to do more deals.

By: Michael Perry

Michael Perry — Mon, 07 Dec 2009 00:05:10 +0000

Exit strategy is everything!

I always tell people, “It ain’t buying real estate that’s tough. It’s dealing with it after you have purchased it.”

I should know. I have made some terrible deals in my time!

By: Liz Voss with San Antonio Real Estate

Liz Voss with San Antonio Real Estate — Thu, 03 Dec 2009 18:29:54 +0000

Well said Ryan. I can’t tell you how many investors I’ve spoken to that have no plan what so ever, and recommend they follow the 6 P’s. Prior Prepervation Prevents Piss Poor Performance.

By: Ryan Moeller

Ryan Moeller — Wed, 02 Dec 2009 17:37:37 +0000

Thanks Bob, Josh and Chris. I totally agree. The first deal you should be extremely conservative and be prepared for everything. There are a lot of things out of your control but there are some things you can do to reduce the negative effect of unpleasant surprises such as screening tenants, good property managers, tons of equity and cashflow, reserves, etc. The first deal has to be a home run.

By: Joshua Dorkin

Joshua Dorkin — Wed, 02 Dec 2009 16:45:44 +0000

Awesome advice, Ryan. These are all essential tips for both novice and experienced investors, alike.

By: Chris Somers

Chris Somers — Wed, 02 Dec 2009 13:22:57 +0000

Bob,

Great advice indeed ! That first deal is so important as it provides the foundation of learning and the thirst for more. If one makes too many mistakes, that could leave the bad taste and not allow progress to grow or even worse give up before the game has a chance to start !

By: Bob

Bob — Wed, 02 Dec 2009 03:18:34 +0000

Very sound advice. I will forward this to some of my clients looking to invest for the first time. One other thing for first time investors to consider is that on occassion they may get a lemon for a tenant. So they should be very conservative in their number so that they aren't strapped when dealing with a deadbeat tenant. .-= Bob´s last blog ..Extremely Low Interest Rates! See How Low with the Mortgage Market Update 12-1-09 =-.