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!
Rental Property Investor · Indianapolis, IN · Member since 2014 · 354 posts · 167 votes
10y
@Anthony Yannucci First - welcome to BP! you have found the best place to learn. Thanks for the question!
My best response is all related to the people around you since REI is a people business.
Never lease or rent a property to friends or family. It will ruin your relationships. Friends and family are more important.
Don't be around friends and family that do not support what you are doing. Surround yourself with others that support your efforts. Best if they are experienced in REI to help mentor you. Learn from the mistakes of others so that you will not make the same mistakes.
Join a local REI group. Find others of like mind and possibly a mentor to help you. RE Investors are a great group of people who love to share their experiences and help each other.
REI is a business not a hobby. Treat it like it is a business by building relationships with others that can help you. It is impossible to be an expert in all areas. Build a team that will help you meet your goals and fill in the areas in which you are least experienced.
Finally -Read the book - "The Millionaire Real Estate Investor" by Gary Keller.
@Anthony Yannucci First - welcome to BP! you have found the best place to learn. Thanks for the question!
My best response is all related to the people around you since REI is a people business.
Never lease or rent a property to friends or family. It will ruin your relationships. Friends and family are more important.
Don't be around friends and family that do not support what you are doing. Surround yourself with others that support your efforts. Best if they are experienced in REI to help mentor you. Learn from the mistakes of others so that you will not make the same mistakes.
Join a local REI group. Find others of like mind and possibly a mentor to help you. RE Investors are a great group of people who love to share their experiences and help each other.
REI is a business not a hobby. Treat it like it is a business by building relationships with others that can help you. It is impossible to be an expert in all areas. Build a team that will help you meet your goals and fill in the areas in which you are least experienced.
Finally -Read the book - "The Millionaire Real Estate Investor" by Gary Keller.
Good luck in your endeavors.
Great advice! I think I am on the right track! I agree with your first 2 for sure; I will be joining the next REI meeting which will be held in December (and will be looking to start one nearer my house), and will look for a mentor as you mentioned, and finally, I have ordered the book The Millionaire Real Estate Investor last week. Thanks Dan for the info!!