Need help buying first time property

[Gabriela Huayhualla]

Hi everyone!

It’s my very first time buying a single family house. I’m listening to the podcasts, taking notes, and currently listening The Book on Real Property Investing. I would appreciate the advices and guidance from others. Thank you so much!!!

[Mikael Winkler]

@Gabriela Huayhualla

One thing that I really wish I'd heard in my early stages of REI is to determine what your why is. Why are you investing in Real Estate? And get more specific than buzzwords or phrases like "financial freedom" and "getting out of the rat race". Why do you want those things? Also, really analyze yourself as a person. What are your strengths, your weaknesses? Don't put yourself in positions that aren't a natural fit for who you are as a person just because you think it could make you money. In my case, I was young and super ambitious, with a lot of really grand goals (be a millionaire, own 5,000+ units, etc). I was also, and still am, a very reserved and shy person by nature. In order to "fix" this, I tried for years to turn myself into a more outgoing person. I read every book about personality, psychology, selling etc. I thought if I somehow magically transformed myself into a type-A personality, I'd achieve all the goals I had for myself. I worked in retail leasing for a year, I tried being a wholesaler, I even quit my job for 6 months to focus on wholesaling. Only problem was, I am not a talker. I tried to force myself to enjoy talking to owners on the phone. Be out there hustling for deals. When in reality, I hated it. While I did see some success, I also saw constant anxiety, stress, and a few partnerships that went poorly from my end because I was trying to be something counter to my natural self.

I say all that to say, figure out how you most comfortably operate as an individual and gear your investing toward that. You don't have to be out there wheeling and dealing. After a very honest self appraisal, I realized that I'm totally fine with a methodical, long term approach. Also, it turns out, I really don't need those 5,000 units like I thought I did. Really, all I want is to spend more time with my family and be comfortable financially. If I happen to become a millionaire, great. But, I really don't care about that anymore either! haha