Updated about 7 years ago on . Most recent reply
Can You Do Real Estate All By YOURSELF?
A MAJOR reason why most real estate investors fail is the inability to evaluate the numbers correctly and determine if a potential property is a good deal. Many times these include underestimating Renovation Costs (Rehab Cost) especially worse if unexpected issues arise, improperly running the comps (Comparables) to determine the After Repair Value (ARV), or overlooking the (Holding Costs) that are paid monthly until the property is sold. How Do you know where to find the right coach or mentor and who to listen when there are so many strategies out there.
Answer : From my perspective I believe it really does have to do with your location and what works for you. Well you might say "How do I know what works for me? Well I would say do what is most comfortable for you and how easy is it for you to understand and master that one thing before trying to do a bunch of what works for everyone else.
For example: When I first got into this business 2 years ago and 20 deals earlier, I went to my mentor and said "We have to do out of state properties because I have so many family members back East." He said quickly "Master doing this business right here in your own back yard first, then when you master it here in Southern California then you can do it anywhere". Literally TWO weeks later I had my first Real Estate Investing Deal. Shout out to having the best HANDS ON Mentor ever!