What do you wish you knew sooner?

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What do you wish you knew sooner?

Jordan Wharton
Akron, OH (Akron) · Member since 2020 · 12 posts · 7 votes

I've been reading a lot of books and blogs on real estate investing as well as listening to the BP podcasts. I'm amazed at how much I keep learning. As you look back at your real estate investing journey, what do you wish you had known sooner?

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Ujwal Velagapudi
Investor/Agent/Entrepreneur · Dallas, TX · Member since 2016 · 464 posts · 564 votes
5y

It's not over when you sign the contract, or you get a verbal confirmation, or when due diligence is approved. There are so many areas where any transaction can fall through. So don't get too giddy at a minor milestone, and keep pushing as you did from day 1 until you complete that task. It's not over till it's over, and then some just to be safe :)

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  • James Ma
    Burnaby, BC · Member since 2017 · 282 posts · 268 votes
    5y

    Always do hard credit checks on all tenants as the final step before offering a leasing agreement

    2Reply
  • Account Closed
    Contractor · Mickleton, NJ · Member since 2020 · 114 posts · 112 votes
    5y

    @Jordan Wharton that there are people not as smart as I am or as skilled successfully doing what I wanted to do simply because they decided to just do it....

    0Reply
  • Jordan Wharton
    OP
    Akron, OH (Akron) · Member since 2020 · 12 posts · 7 votes
    5y

    @Joe Cassandra Love your point Joe. Thanks a lot for your input! I can totally see how it could be easy to over-rehab a property.

    0Reply
  • Jordan Wharton
    OP
    Akron, OH (Akron) · Member since 2020 · 12 posts · 7 votes
    5y

    @Greg Lott Thanks Greg. What are your thoughts on self-managing? 

    0Reply
  • Greg Lott
    York, PA · Member since 2017 · 27 posts · 13 votes
    5y

    @Jordan Wharton managing is my least favorite part of the investment. I prefer the passive part to be as passive as possible. I'm in it for the wealth building. So I hire management. I would say give it a shot though and see what you think.

    2Reply
  • Amy Davidson
    Investor · Clearwater, FL · Member since 2013 · 69 posts · 38 votes
    5y

    I wish I had known earlier that contracts are virtually unenforceable -- so be careful who you choose to do business with.    Even if you take someone to court and win a judgement, scoundrels still won't pay what they owe and you have to put a lien on something they own.    I've found this to be true for both tenants and contractors.  In both cases, it goes back to making better choices.  

    0Reply
  • Ryan PorterPro Member
    Real Estate Broker · Jackson Ms · Member since 2019 · 35 posts · 26 votes
    5y

    I wish I would have learned not to listen to who I thought were "professional's" in the business. Lenders, closing attorneys, real estate brokers, agents, and inspectors. I was told so many things I couldn't do. I just kept asking why not, and found a way. 

    [email protected]601-238-6620
    0Reply
  • Christopher H.
    Lender · Okanagan, BC · Member since 2017 · 105 posts · 77 votes
    5y

    @Jordan Wharton

    Be picky with which investors you want to work with. Make sure they are a good fit for you and the strategy you want to execute.

    Not all investors are the same. Far from it.

    0Reply
  • Marcus Johnson
    Investor · Saint Paul, MN · Member since 2015 · 663 posts · 512 votes
    5y

    @Jordan Wharton

    Wish I would have bought 3 duplexes instead of 1 in 2014, when prices were so low.

    0Reply
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