Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
7y
@Luis Salas
Measure twice, cut once. Make sure your numbers are accurate and don’t fudge them to make the deal look better than it is. Analysis paralysis is good compared to rushing into a bad deal.
And treat it like a business. If you simply want to help people out, do that separately from investments.
Rental Property Investor · MN · Member since 2017 · 864 posts · 555 votes
7y
Best lesson I've learned so far is to learn as much as you possibly can, assemble a team around you (realtor, cpa, attorney, property manager, etc.) and take action. When you mess up (you will) learn from it and apply the new lessons to your next steps!!
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
7y
@Luis Salas
Measure twice, cut once. Make sure your numbers are accurate and don’t fudge them to make the deal look better than it is. Analysis paralysis is good compared to rushing into a bad deal.
And treat it like a business. If you simply want to help people out, do that separately from investments.
Rental Property Investor · St. Petersburg, FL · Member since 2017 · 3k+ posts · 4k+ votes
7y
@Luis Salas don't renovate a rental like it's a flip. Biggest mistake I made was over-rehabing a rental. It'll take years of cashflow to pay for useless upgrades
Rental Property Investor · Cambridge, MA · Member since 2016 · 634 posts · 415 votes
7y
@Account Closed The biggest lesson that I learned is don't overextend yourself with leverage and stress test your portfolio. I had a situation where I had a vacant unit, a really large leak and some major cap-ex expenses come up all within the same month or two. Having a reserve for these types of things and/or being able to have financial flexibility to absorb these types of things is extremely important.
Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
7y
REI is all about generating (profitable) deal flow. Everyone talks about capital and property management but, in reality, those are irrelevant if you don't have good deal flow.