As most of you may know, taking the first step in the RE industry is the hardest.
I've read books, listened to podcasts, and watched videos. Although I can say I know a little bit in broad terms, I wouldn't say that I know nearly enough. Maybe my next step is to find a mentor but I wanted to extend this question to the BP community.
What are the very basics that every novice investor should know before jumping in?
(Home Repair & Maintenance Basics, RE Laws, Marketing, Contracts, Evaluating locations and their potential, etc.)
There is so much to take into consideration, yet I don't want to fall trap to analysis paralysis.
Has anyone face this obstacle starting out?
welcome @Pierre Decoste
Analysis by paralysis is real. As you mentioned there are many moving parts.
Start analyzing 5 deals a day, and go see 10 houses on a weekly basis. After about the 50th house, you should have an idea. Post your questions in the forums to get feedback.
2 Factors I feel are very important.
1. Location location location (yes it is true)
2. You make money when you buy.
Thanks Chris. That is definitely a great idea, some market research could be a good way to start understanding the process. I'm assuming the best way to see these homes is by going to open houses in my area?
Listen to all of the podcasts. They're invaluable. Then see if you can help out a seasoned investor with some of the grunt work that they don't want to do in exchange for some instruction. Just my $0.02. The podcasts are like interviewing 200 or so experts in the field and learning from their successes and failures.
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