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.
50% and 2% rule.
"Listen to your members' needs and this place will be huge!" - they were right.
"Stay away from the political threads" - Best advice ever!
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!
That I would enjoy it more than the other places
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:
I have really benefited from all of the advice on structuring notes. We have some great notes investors on the site.
That guru's are nothing but overrated over zealous salespeople.
The 50% rule!!!!!!!!!!!!!!!!!!!!!!!
That not all investors are created equal
Steve stole mine. I wouldn't have known it was Will who said it. But since I started direct to the listing agents, it has become easier. Thanks Will!
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.
Don't bet on appreciation.
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.
There is a TON of good information on here but the single best tidbit I have to go with the 50% rule also.
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).
I don't know if it's advice but the Bigger Pockets Resources have been helpful.
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!
I have a new one since this thread was started a year and a half ago. Invest in Central East Austin. Thanks Bryan Hancock.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing