12 Simple Tips For Beginner Real Estate Investors

12 Simple Tips For Beginner Real Estate Investors

2 min read
Brandon Turner

Brandon Turner is an active real estate investor, entrepreneur, writer, and podcaster. He is a nationally recognized leader in the real estate education space and has taught millions of people how to find, finance, and manage real estate investments.

Experience
Brandon began buying rental properties and flipping houses at the age of 21. He started with a single family home, where he rented out the bedrooms, but quickly moved on to a duplex, where he lived in half and rented out the other half.

From there, Brandon began buying both single family and multifamily rental properties, as well as fix and flipping single family homes in Washington state. Later, he expanded to larger apartments and mobile home parks across the country.

Today, Brandon is the managing member at Open Door Capital, where he raises money to purchase and turn around large mobile home parks and apartment complexes. He owns nearly 300 units across four states.

In addition to real estate investing experience, Brandon is also a best-selling author, having published four full-length non-fiction books, two e-books, and two personal development daily success journals. He has sold more than 400,000 books worldwide. His top-selling title, The Book on Rental Property Investing, is consistently ranked in the top 50 of all business books in the world on Amazon.com, having also garnered nearly 700 five-star reviews on the Amazon platform.

In addition to books, Brandon also publishes regular audio and video content that reaches millions each year. His videos on YouTube have been watched cumulatively more than 10,000,000 times, and the podcast he hosts weekly, the BiggerPockets Podcast, is the top-ranked real estate podcast in the world, with more than 75,000,000 downloads over 350 unique episodes. The show also has over 10,000 five-star reviews in iTunes and is consistently in the top 10 of all business podcasts on iTunes.

A life-long adventurer, Brandon (along with Heather and daughter Rosie and son Wilder) spends his time surfing, snorkeling, hiking, and swimming in the ocean near his home in Maui, Hawaii.

Press
Brandon’s writing has been featured on Forbes.com, Entrepreneur.com, FoxNews.com, Money Magazine, and numerous other publications across the web and in print media.

Follow
YouTube
Instagram @beardybrandon
Open Door Capital

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1. Don’t blindly listen to me or anyone else. What works for me isn’t always going to work for you. You are in a different market, with different skills, and have different resources. Do what works for you.

2. If you don’t know what works for you, keep reading and listening to podcasts until you figure it out. We have 83 episodes of the BiggerPockets Podcast, and they are all free. Listen to all of them and I guarantee a plan will start to form in your mind.

3. Remember: You don’t need to know everything about everything. You just need to know enough about the one niche and strategy you are going to get into. Don’t get overwhelmed with knowledge. Focus on what matters.

4. Real estate investing is not a competitive sport. Ask for help from others. Build relationships. Learn from those with more experience than you. As the famous quote says, “You are the average of the five people you associate with most.”  Go associate.

5. Get your spouse on board or wait.  Your marriage is worth far more than your net worth.

6. Write out your business plan. This doesn’t need to be super formal, but it should be written down. Where do you want to get to? How are you going to get there? Without a road map, it’s hard to stay on the right path.

7. If you are buying a rental property, budget for property management, whether or not you plan on using it. If you can’t make money while still paying a manager, you aren’t buying an investment – you are buying a job. If you choose to manage, great! But don’t buy a job.

8. Do your math like your wealth depends on it; because it does. To help with this, try out the BiggerPockets Property Analysis Calculators. You’ll love them. Then do the math again. Be conservative in your estimates and don’t fudge the numbers.

9. Sweat equity is a good thing. Don’t be afraid to get you hands a little dirty if needed, but also understand that you don’t have to. Manual labor can be a good trade for cash, but it’s not the only way.

10. You will have problems, stress, drama. Don’t be surprised by it, but receive it carefully like you are catching a water balloon. Problems are a puzzle that you need to solve, not a dead end. Remember this when times get tough and it will help keep the stress down.

11. Treat your business like a business, not a hobby. Create systems, processes, and rules that govern how you do things.  Pretend that you will be handing your business off to someone else very soon – so you need to have a carefully defined process for doing things. This process will change – and that’s okay.

12. Share your stories, mistakes, lessons, successes, and more with others. We are all on this journey together!  The BiggerPockets Forums are a great place to do this!

Do you have any tips to add? Anything you would change? Let me know in the comments below! (That rhymed… I’m a poet and I didn’t know it!)