Hello everyone, I'm relativity new to the forum here but have done much research with all the wonderful resources here. I will try to keep his on point. I am heavily invested in my stock portfolio and have slowly come to realize that I have a lot of money in a system I don't fully trust or believe in its operating systems. So my wife and i have decided to take some capital out and invest in real estate. Inititially I was going to buy a whole portfolio off an investor which looked solid in a big picture but some of the properties were not performing individually at all so we will build from scratch. Better this way, cheaper mistakes to learn from! I have met with my CPA, attorneys, and financial advisors. We have target rates and cash flow and exact percentages from lenders to run the properties through. Our LLC is set up and funded, insurances in place. I have my business plan wrote out, we have decided on our target neighborhood class and know where we would like to be sitting in ten years. I would love for this to become a career for myself as I really enjoy taking on tasks and problem solving tough issues. I also have a construction background. I know most of you will think I have gone overboard in preparation but when the time is right I want this machine to be insert property here and all the gears to be moving already. Do you entrepanuars out there see any important steps to consider before buying?
Education, education, education. You can't do enough of this and it will likely save you from a bad deal or make you costly mistakes. BP is the place to get that education in variety of different way. Utilize them all.
You are very much like myself. I also like to set up everything ahead of time and make sure i am very prepared. The only thing I have learned is to do well with "good" deals, and not look for a home run every time. Also that there is a learn curve and half of the plan is just to get started.
Thanks Colin, I couldn't agree more. The more articles, discussions, and podcasts I use really drives home the fact that real estate kind of is a "living creature". It has different characteristics and ways of operating in different locations and markets. I think that learning from mistakes is the best way to retiain information, it's just a bonus to learn from others mistakes (and successes) here at BP. Thanks again!
Elizabeth, the buying of good and "great" deals are one place I see that will just take experience and time to get. I want to ride that line of not passing up "good" deals in search of the home run out there. But all the while knowing my stopping point on an investment. Thanks!!!
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