If I had to start all over again in the real estate industry, this is what I would do.
While you can’t change the past, there can be value in looking at your decisions and path—and keeping stock of what has worked and what hasn’t. Many people have regrets and say they would do things differently. I can honestly say that I would personally do everything just the same if I had to go back and start again—and I would advise you take some of these lessons and apply them to your own investing journey early on.
Specifically, here’s what I would advise.
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
5 Things I’d Do Exactly the Same if I Started Over in Real Estate
1. Getting your feet wet in construction early on.
I started out in construction in my teens. It enabled me to learn the ins and outs of the construction side of the business. That’s a very critical part of the industry, no matter what you do later. You learn hard work, how to fix things, and the costs of repairing and improving a property. You also get experience on working effectively with contractors. I got to work with friends—and even had some fun.
2. Find a mentor.
Finding a mentor can make all the difference. Some will call me crazy, but I sought out a mentor and worked for this individual for free for 2 to 3 years. Yes, for free! During that time, I was able to glean what he had learned over the course of 20 years in about a sixth of the time—and without paying for any of those super expensive real estate guru programs.
3. Get on BiggerPockets—and hit the books.
Finding BiggerPockets was one of the best moves I’ve made. I’ve filled my mind with volumes of knowledge—and all for free! That’s a big part of the reason I enjoy consistently giving back through these blog posts every week. In fact, I’m still active in the forums, and I recently got some great insight for making a multifamily apartment building deal work by networking on the platform. I hit the library, too. I dug into books like The Millionaire Real Estate Investor by Gary Keller. I am still learning and will keep on learning all I can so I can continue to grow.
4. Take action.
Getting into real estate and reaping its rewards is all about taking action. Learning is vital, and working for others in the industry can have value, but you won’t get ahead until you put what you’ve learned into action for yourself. I’ve tried several types of investing. I’ve wholesaled properties and fixed and flipped houses.
I finally honed in and got serious about buy and holding income properties. I personally enjoy it most. I also believe that it has the most upside potential and benefits of all the strategies out there. Still, the key is just to get started. You can learn as you go and switch strategies as needed, but nothing will happen if you are still on the sidelines. I understand the unknown can be daunting, but the action will help open possibilities. Ralph Waldo Emerson once said, “Do the thing and you shall have the power.” This is very true.
5. Block out the noise.
There is an insane amount of noise out there. Media and industry noise will distract you. My friends and colleagues would discourage me and tell me how much of a pain it would be dealing with tenants and fixing toilets. The thing is that I don’t fix toilets myself. I have property managers and a staff to service the tenants. Getting here required distancing myself from those negative friends and surrounding myself with uplifting ones instead.
If I could go back, I wouldn’t change a thing. If I had to start over from scratch tomorrow, I’d follow the same system: take action, find a mentor, work hard, and make good connections—in that order.
What would you do the same or differently?
Let’s talk below.