No. 1 Best Piece of Advice at Square 1

4 Replies

Good day! This is Brian from near Houston, TX. My wife and I are going to start investing ASAP! We've begun our education process. I'm looking to know from those of you who have done this before. You can reply with any of these responses. 

Based on your very first deal:

What did you do the next time (that you didn't the first time)?

What did you NOT do the next time (that you did the first time)?

What did you do again (because it worked)?

Hi @Brian Crawford

Based on your very first deal:

I bought a fourplex that was an incredible deal of the MLS near where I live in the Berwyn area. I was able to get most of my money back from a cash out refinance in month 7 of ownership.

What did you do the next time (that you didn't the first time)?

I bought a 20 unit apartment complext out of state in South Bend Indiana. Buying remotely has been an interesting experience thus far!

What did you NOT do the next time (that you did the first time)?

I self manage my first property because it is local. 

What did you do again (because it worked)?

I bought units that were similar (electric baseboard heat) because they make for very few no heat calls. 

I hope this helps!

Brian,

Depends on your goals. Do you want to do SFR, MF, other? What time, skills, interests and capital do you have? I think starting out and just getting some SFRs is not a bad approach but the evolution typically is to multis for a variety of reasons. You can do that by yourself, w/partners, etc. You could also find a coach and go faster / bigger. So, here it is:

1) Assess yourself (including your family situation)

2) Establish goals

3) Find mentors, coaches and experienced partners that have done what you want to do and go big faster

Here's some ideas on what you could accomplish (link below).  Don't be shy, think big, network and you will find incredible people in this business doing some awesome things and most are good folks that want to help and share their successes...this gives you some ideas and gets you there w/more confidence so you can do what you want to do, with who you want to do it, help more folks and essentially have more choices in your lives.  BP is a great start. Contribute as you learn more, share and help the next ones as you grow your business.

https://www.biggerpockets.com/blogs/9145/61278-wor...

Brian,

Depends on your goals. Do you want to do SFR, MF, other? What time, skills, interests and capital do you have? I think starting out and just getting some SFRs is not a bad approach but the evolution typically is to multis for a variety of reasons. You can do that by yourself, w/partners, etc. You could also find a coach and go faster / bigger. So, here it is:

1) Assess yourself (including your family situation)

2) Establish goals

3) Find mentors, coaches and experienced partners that have done what you want to do and go big faster

Here's some ideas on what you could accomplish (link below).  Don't be shy, think big, network and you will find incredible people in this business doing some awesome things and most are good folks that want to help and share their successes...this gives you some ideas and gets you there w/more confidence so you can do what you want to do, with who you want to do it, help more folks and essentially have more choices in your lives.  BP is a great start. Contribute as you learn more, share and help the next ones as you grow your business.

https://www.biggerpockets.com/blogs/9145/61278-wor...

Figure out what you have money, time, knowledge and leverage them into the best investment vehicle. Flipping is good if you have time. Wholesaling of no money. Buy hold is with money no time. Find someone who is not a guru and add value and get a mentor.