Looking back to your old self, what advice would you give?

Question

Hey everyone!

My name is Alex Burkard, an aspiring real estate investor in the Mid-West. I'm just now stepping out of the planning stage, and into the action stage of real estate investing. I've done research, picked out my niche, and decided on a strategy, now I have to move forward into the unknown and couldn't be more happy or anxious at the same time. It feels like I'm at the top of a roller coaster about to leap down.

That being said, in my experience in other professionals I've held I always remember looking back at where I had begun, and where I am currently, reflecting on what I've learned and laughing at what I consider easy now that back then was the end of the world.

If you could go back and say one sentence of advice to your rookie investor self, what would it be? Why?

Todd Rasmussen · Answer

Don't step over dollars to pick up quarters.

Steven Segal · Answer

Trust the numbers and your intuition. Brokers are trying to make money and generally are not operational people (not always true). I have numerous self storage facilities and the things brokers try to sell me on are outrageous.

Also, reserves are a thing.

Will Barnard · Answer

I too agree with this with the caveat that doing the residential first gave me a fantastic stepping stone into the commercial realm and made me a wiser investor when I stepped into commercial stuff.

Paul Moore · Answer

@Alexander Burkard: Lots of great advice here already.  On a practical level, if I could go back 30 years, I would skip residential and dive straight into commercial real estate investing.

Will Barnard · Answer

Focus on one strategy, learn it well, build it larger, rinse and repeat.

Aaron K. · Answer

Math

Alexander Burkard · Answer

Thank you everyone for all the advice! I greatly appreciate it and it was exactly what I was needing.

Anthony Wick · Answer

@Alexander Burkard

Divorce her earlier and start house hacking young.

Paul Moore · Answer

Now that you say it that way, @Will Barnard, that makes total sense.  I agree.

Chris Coleman · Answer

@Alexander Burkard

Be more aggressive at building relationships and networking.  Real estate is a relationship business.  Connect with everyone!

Go bigger sooner.  You don’t need to do a dozen small deals before you’re ready to do a big deal.  As long as you have a plan and stick to your rules, you should be okay. So don’t be hesitant to get into bigger deals earlier on.

Looking back to your old self, what advice would you give?

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