Most Important Piece of Advice

Real Estate Agent · Port Saint Lucie, FL · Member since 2015 · 105 posts · 25 votes

What is the most important piece of advice you would give someone who is starting out and wants to go full time and start making money?

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Jarred Sleeth

Investor · Austin, TX · Member since 2014 · 144 posts · 85 votes

10y

This is a tough one, because there are far too many tips to choose from. But I think it's very important to remember that in terms of wealth creation, slow and steady wins the race. Focus on your plans, take the necessary steps to reach well thought out goals, and don't rush. There are too many mistakes to be made here, don't over leverage!

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Jarred Sleeth
Investor · Austin, TX · Member since 2014 · 144 posts · 85 votes
10y
This is a tough one, because there are far too many tips to choose from. But I think it's very important to remember that in terms of wealth creation, slow and steady wins the race. Focus on your plans, take the necessary steps to reach well thought out goals, and don't rush. There are too many mistakes to be made here, don't over leverage!
2 Reply
Anthony Yannucci
OP
Real Estate Agent · Port Saint Lucie, FL · Member since 2015 · 105 posts · 25 votes
10y
Thanks for the info Jared! Many times I get too quick with things and want them in the here and now, and you gave sound advice, that this is more of a marathon than a race. The goal is to finish. Thanks!
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John Thedford
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
10y
Rule #1: you make your money when you buy. This is talked about in several books including The Millionaire Real Estate Investor by Gary Keller. I don't recall where I saw this just 3-4 days ago, on a program or possible internet video the first thing they said was: you make your money when you buy.
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Anthony Yannucci
OP
Real Estate Agent · Port Saint Lucie, FL · Member since 2015 · 105 posts · 25 votes
10y
Super! Thanks John...I ordered that book over the weekend! I think I am on the right path with my first baby steps!
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Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
10y
Top tip is to educate yourself. This doesn't mean read one book, blog post, or listen to one podcast and call yourself done. This means learn. Learn your market, so you know what constitutes a good deal. Learn about your intended niche/strategy, so you have a good grasp on best practices in whatever area you are thinking about: Flipping, Wholesaling, Rentals, Tax Liens, Notes, Single Families, Small Multi families, large multifamilies.
Never stop learning.
[email protected]Podcast Guest on Show #261
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Jack Butala
Los Angeles, CA · Member since 2014 · 2k+ posts · 515 votes
10y
@Anthony Yannucci
Great question.
1) Do a ton of research. Research as much as you can before you decide which niche you want to get involved in. Most people think of houses or SFRs as a primary type of real estate investment.
2) Never buy property that is "for sale." There are great and creative ways to find property owners who will sill their property way under it's market value.
3) Make sure the first transaction you complete is near perfect. I've seen many new investors forcing a mediocre deal to work because they want really to get in the business instead seeing a pig as a pig.
Best of luck. You are in the right place at Bigger Pockets...
1 Reply
Account Closed
Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
10y
copy off others success, don't try to reinvent the wheel
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Stacy E.
Investor · Norfolk, VA · Member since 2014 · 125 posts · 19 votes
10y
This isn't exactly earth shattering but to me it is all about mindset and focusing. Pick your niche and don't try to do everything. Pick one area and learn as much as you can in that area. My other piece of advice is not to compare yourself to others. Everyone has a different journey, circumstances and goals.
~Stacy
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Jarred Sleeth
Investor · Austin, TX · Member since 2014 · 144 posts · 85 votes
10y
Originally posted by @Anthony Yannucci:

Thanks for the info Jared! Many times I get too quick with things and want them in the here and now, and you gave sound advice, that this is more of a marathon than a race. The goal is to finish. Thanks!
You got it! You'll enjoy that Gary Keller book, too. First book I read and first one I recommend as well.
Good luck
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Joseph Caracappa
Investor · Santa Rosa, CA · Member since 2012 · 127 posts · 90 votes
10y
@Anthony Yannucci
Everyone has posted great advice. I would just add, that no matter who you are working with put them before you. Not in a get walked on way, in a respect way. Always be thinking how can I bring value to the situation, treat people fair and always follow trough with what you said even if it takes longer than you originally planed. I feel if we do these things you will have more than just money, you will have a business that you love and people that love working with you.
To your success bud!
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Anthony Yannucci
OP
Real Estate Agent · Port Saint Lucie, FL · Member since 2015 · 105 posts · 25 votes
10y
Originally posted by @Jarred Sleeth:

Originally posted by @Anthony Yannucci:
Thanks for the info Jared! Many times I get too quick with things and want them in the here and now, and you gave sound advice, that this is more of a marathon than a race. The goal is to finish. Thanks!
You got it! You'll enjoy that Gary Keller book, too. First book I read and first one I recommend as well.
Good luck
Looking forward to reading it!! Thanks again!
0 Reply
Anthony Yannucci
OP
Real Estate Agent · Port Saint Lucie, FL · Member since 2015 · 105 posts · 25 votes
10y
Originally posted by @Joseph Caracappa:

@Anthony Yannucci
Everyone has posted great advice. I would just add, that no matter who you are working with put them before you. Not in a get walked on way, in a respect way. Always be thinking how can I bring value to the situation, treat people fair and always follow trough with what you said even if it takes longer than you originally planed. I feel if we do these things you will have more than just money, you will have a business that you love and people that love working with you.
To your success bud!
Great advice and I intend to do just that!! Putting people first is key--the money will follow! Thanks Joseph!
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Anthony Yannucci
OP
Real Estate Agent · Port Saint Lucie, FL · Member since 2015 · 105 posts · 25 votes
10y
Originally posted by @Stacy E.:

This isn't exactly earth shattering but to me it is all about mindset and focusing. Pick your niche and don't try to do everything. Pick one area and learn as much as you can in that area. My other piece of advice is not to compare yourself to others. Everyone has a different journey, circumstances and goals.
~Stacy
I like that--think small at first like a mustard seed, and then it will grow very large! Thanks Stacy!
0 Reply
Anthony Yannucci
OP
Real Estate Agent · Port Saint Lucie, FL · Member since 2015 · 105 posts · 25 votes
10y
Originally posted by @Jack Butala:

@Anthony Yannucci
Great question.
1) Do a ton of research. Research as much as you can before you decide which niche you want to get involved in. Most people think of houses or SFRs as a primary type of real estate investment.
2) Never buy property that is "for sale." There are great and creative ways to find property owners who will sill their property way under it's market value.
3) Make sure the first transaction you complete is near perfect. I've seen many new investors forcing a mediocre deal to work because they want really to get in the business instead seeing a pig as a pig.
Best of luck. You are in the right place at Bigger Pockets...
Super stuff here Steven--what is your most creative method to find property owners?
0 Reply
Anthony Yannucci
OP
Real Estate Agent · Port Saint Lucie, FL · Member since 2015 · 105 posts · 25 votes
10y
Originally posted by @Mindy Jensen:

Top tip is to educate yourself. This doesn't mean read one book, blog post, or listen to one podcast and call yourself done. This means learn. Learn your market, so you know what constitutes a good deal. Learn about your intended niche/strategy, so you have a good grasp on best practices in whatever area you are thinking about: Flipping, Wholesaling, Rentals, Tax Liens, Notes, Single Families, Small Multi families, large multifamilies.
Never stop learning.
Super advice Mindy! I will do just that in my local area here in FL as you mentioned. Do you work for Bigger Pockets?
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Joe Fairless
Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
10y
@anthony
@Anthony Yannuccito create your biz so it can operate without you being there.
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Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
10y
@Anthony Yannucci, I do work for BiggerPockets.
[email protected]Podcast Guest on Show #261
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Brian Lacey
Rental Property Investor · Hailey, ID · Member since 2015 · 218 posts · 143 votes
10y
The late great, Dicky Fox from Jerry MaGuire said it best:
https://www.youtube.com/watch?v=SyxWWYeXKBw
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Franklin Romine
Visalia-Fresno, CA · Member since 2009 · 1k+ posts · 863 votes
10y
Best advice is from my mom.... "Cool Heads Prevail." Frank
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Sean Kremer
Real Estate Investor · Milford, NE · Member since 2011 · 201 posts · 140 votes
10y
1 Do not over leverage properties.....
2 Live within your means and pay down debt as aggressively as possible...(this is a tuff one when you start cashing large checks).
3 Don't act arrogant and walk around like a big shot.....leave that up to the "big hat, no cattle" millionaires. In my opinion the last thing you want is for people to perceive you as "rich". Its easier to get things done if you dress and act like the person your trying to do business with. As soon as strangers think that you have a lot of money, they will immediately start to plan on how they can get their grubby little hands on some or all of it.
4 In my experiences, people don't care about how great you are, or how much your worth. They just want to know what it is that you can do for them. Don't promise anything that you can't deliver on. A man's word is all he has. Always try to over deliver if you can.
Just my opinion.
1 Reply
Dana WhickerPro Member
Investor · Fernandina Beach, FL · Member since 2014 · 557 posts · 374 votes
10y
Keep your chin up and your head down. Do work son.
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Ndy Onyido
Toronto, Ontario · Member since 2014 · 615 posts · 172 votes
10y
@Anthony Yannucci
If 'starting out and start making money' is your objective, you might be disappointed. REI is a marathon and not a sprint. You create sustainable wealth over time.. Although you asked for one but I will give you 3: You need to patiently;
1. Learn!
2. Learn!!
3. Learn!!!
My once cent
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Wilson Churchill
Madison Heights, MI · Member since 2014 · 471 posts · 132 votes
10y
Have plenty of cash or credit available as a reserve. The more credit and leverage you use, the more having cash flow is important.
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Ndy Onyido
Toronto, Ontario · Member since 2014 · 615 posts · 172 votes
10y
'one' cent....
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Anthony Yannucci
OP
Real Estate Agent · Port Saint Lucie, FL · Member since 2015 · 105 posts · 25 votes
10y
Originally posted by @Ndy Onyido:

@Anthony Yannucci
If 'starting out and start making money' is your objective, you might be disappointed. REI is a marathon and not a sprint. You create sustainable wealth over time.. Although you asked for one but I will give you 3: You need to patiently;
1. Learn!
2. Learn!!
3. Learn!!!
My once cent
I am doing just that Ndy--I am learning as much as I can in a couple of methods. Good luck and thanks!
1 Reply

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