Rental Property Investor · Kansas City Metro · Member since 2018 · 13 posts · 18 votes
In Rich Dad, Poor Dad it says: the people who hurry to catch the wave late usually are the ones wiped out. I wonder if that pertains to starting real estate investing right now.
Maybe I wonder because I haven't started yet (other than listening to the hundreds of podcasts here and looking on MLS, etc.). I have listened to many investors who have become successful in the last several years and think if I try to catch that wave now I will get wiped out just like the surfers in Rich Dad Poor Dad.
BiggerPockets is awesome but I wonder if all this info is right for how the market is right now and someone just starting out--compared to the thousands of people who already have hundreds of thousands to millions in equity.
Best of luck to all you who just sat and read my post.
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
7y
I'm guessing you're under 60. You could easily invest in rental property and be cash-flowing in under ten years if you hustle. Then you could live another 20 - 30 years off that cash-flow.
The best time to plant a tree was 20 years ago. The second best time is today.
Rental Property Investor · Huntington, NY · Member since 2016 · 102 posts · 74 votes
7y
Running sensitivity analyses can help with investment decisions. J. Scott had a recent podcast where he talked about mitigating market risk by running your "worst case" numbers into your model. With that said, Warren Buffet has a great quote regarding risk; "risk comes from not knowing what you're doing."