What is the best piece of advice you've received on BP?

34 Replies

The best advice I've received thus far on BP was to go out and buy Jack Cummings "Real Estate Finance & Investment Manual."

It is very well written and covers most types of "creative" financing.

I'll give a nod to Will, who has persistently advised to pursue REO property through the listing agent. Works way better (at least for me) than using a buyer's agent.

Well thank you Steve, nice of you to nod at me! Remember me in your will, after all, that is my name!

definitely the 50% rule...you should see the numbers and cashflow (more like losses and write offs) on the one rental I owned before I found BP :cry:

BryanA's advise (blog) to find small local banks and credit unions. I was an all cash buyer before and have since seen the error of my ways. Not nearly as likely to have a great deal slip by me because my money is all in somewhere else.

The most important piece of advice I have learned from BP is the power of good connections and not being afraid to ask when you don't know something.

I've come across a couple of private investors through contacts I have made and what I have learned here.

hey thanks for that matt! glad it's helped you! the truth is, i learned that from someone else on BP..not sure who...i guess that would be another thing to add to my list for best piece of advice :)

I cannot choose one specific piece of advice, but I can think of one general theme that has really helped me....LEARN. Everyone wants to jump right in and start doing "deals". I was the same way when I caught the real estate bug, but BP helped me control my emotions and educate myself before I made any poor, uninformed decisions. In the business a lot can go wrong, and it s up to each person to limit the risks they are taking while maximizing profits. Through BP I learned this the easy way and saved myself a lot of problems.

The best advice i've overall gotten from this website, is to not be scared to ask questions when you have them. I know I don't really post alot, but I'm always here rummaging through the forums picking up little gold coins from all the information. I should actually say the best advice given is to never stop "learning" new techniques and smarter ways to go about deals.

Thank You

I'm a bit late to this thread (vacation downtime).

I would echo the 50% rule, it really sets the right expectation when evaluating income properties.

Many people will try to sell you a property that cashflows (Rent - debt service=cash flow).

Scott

My perception of out of state investing has changed since coming to Bigger Pockets. I have learned some safe ways to get to know these new markets, find potential property managers and otherwise make these types of investments work.

Old thread, but still great! How can we pick just one??!!

The best piece of advice for me was to finally just take the plunge, figure out a way, and make it happen! Reading and learning is great, put ya gotta get off the sidelines to really learn.

I wish I could give credit to whomever (whoever?) I got that from, but I know there have been many. Y'all are the best!

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