IF YOU HAD TO START OVER

16 Replies

I am brand new to BP and to Real estate investing compared to most here, so i am looking for Do's and Dont's.

Please give any advise or suggestions you may have, I will be grateful in my journey to better future.

Hey Rishi,

Personally, I took the house hacking route to real estate investing, buying a single family REO property that needed some repairs and then living in it. Just last year my wife and I bought another property and rented the first house for a profit. In between I bought a condo with some creative financing and we rent that also. The advantage to buying the home to live in it is that you can secure good financing with as little as 3.5% down. For our second home we used 5% conventional financing. If I had to do it over, I would do the same thing, BUT, I would have done it more frequently when we were younger. If we were to move we would keep the property we are currently living in as a rental because we bought it well, but it would be nice to have another one or two small properties under our belt with low-down financing. Now we're at the point in which we've accumulated so much stuff it really isn't fun moving!!

@Rishi Patel

I would make these kind of contacts right away

A broker of residential real estate 30 years experience

A broker of commercial real estate 30 years experience

Financial planner to understand accumulation of wealth with the stock market, mutual funds, etc

Go to www.ftc.gov and www.myfico.gov and www.investopedia.com - learn as much as you can there

A real estate flipper locally and understand how you can buy, fix it and resell

I would go to Toastmasters right now and learn how to give a great speech

See a title company manager and buy books on closing residential property

Understand leasing property and eviction procedures in your state

Learn what brokering contracts mean as a real estate agent vs not being licensed in your state and see if you can assign or sell real estate sales paperwork in your state

Go to every REIA meeting you can, get a business card that says "I buy houses and solve problems"

Pick up books on negotiating Roger Dawson is excellent

That list should keep you going for quite a while

@brian Gibbons 

Thank you, i already have a residential broker and a financial adviser. I will start working on other important things you mentioned

appreciate your insight, 

if you think of anything else, don't hesitate to drop me a line.

Thank you,

R-

@tyler blackwell 

thank you, i am 25 so i think what you did makes sense if I do it that way. 

If any other advise or suggestions you may have, please feel free to drop me a line.

thanks for your input.

R-  

i would spend less on fixers

i would always charge more on rent ($2/sq ft instead of sometimes going down to $1.50)

i would always use full credit and background checks (instead of entrusting the occasional personable individual!)

I miss out on purchasing several properties that have tripled in value in 15 years.  I would have leveraged more when I was younger if I had the opportunity to do it again.   Go big young before you have other obligations.

Darin

@Darin Knight

 thanks for the advise, I am 25 and that what i want to do. I don't have much to lose right now but 10 years down the road, things will be different.

Account Closed

 Thanks for the advise.

R-

Get in the game. The market is improving so every day wasted has a negative impact on your strategy.

I'm 30 years old and started investing at 28. I wish I would have started at 25, but let low savings/assets hold me back.

Take calculated risks as soon as possible! Good luck.

Originally posted by @Brian Gibbons :

@Rishi Patel

I would make these kind of contacts right away

A broker of residential real estate 30 years experience

A broker of commercial real estate 30 years experience

Financial planner to understand accumulation of wealth with the stock market, mutual funds, etc

Go to www.ftc.gov and www.myfico.gov and www.investopedia.com - learn as much as you can there

A real estate flipper locally and understand how you can buy, fix it and resell

I would go to Toastmasters right now and learn how to give a great speech

See a title company manager and buy books on closing residential property

Understand leasing property and eviction procedures in your state

Learn what brokering contracts mean as a real estate agent vs not being licensed in your state and see if you can assign or sell real estate sales paperwork in your state

Go to every REIA meeting you can, get a business card that says "I buy houses and solve problems"

Pick up books on negotiating Roger Dawson is excellent

That list should keep you going for quite a while

 This is BEAUTIFUL advice. 

Originally posted by @Tyler Blackwell :
Originally posted by @Brian Gibbons:

@Rishi Patel

I would make these kind of contacts right away

A broker of residential real estate 30 years experience

A broker of commercial real estate 30 years experience

Financial planner to understand accumulation of wealth with the stock market, mutual funds, etc

Go to www.ftc.gov and www.myfico.gov and www.investopedia.com - learn as much as you can there

A real estate flipper locally and understand how you can buy, fix it and resell

I would go to Toastmasters right now and learn how to give a great speech

See a title company manager and buy books on closing residential property

Understand leasing property and eviction procedures in your state

Learn what brokering contracts mean as a real estate agent vs not being licensed in your state and see if you can assign or sell real estate sales paperwork in your state

Go to every REIA meeting you can, get a business card that says "I buy houses and solve problems"

Pick up books on negotiating Roger Dawson is excellent

That list should keep you going for quite a while

 This is BEAUTIFUL advice. 

@Tyler Blackwell you should contact @Steve Vaughan

He's awesome in wa state

I would have never sold any properties I acquired.  Absolutely I would have kept every property, even ones in other states. 

Thanks for the mention and kind words, @Brian Gibbons !  I would've made more contacts early on as you suggest.  To add to your extensive list, I would've contacted more RE agencies to get their expired's and turn them into commissions for them through l/o, attorneys - would have met more BK and probate ones, title co's and mortgage brokers to get their almosts.   Somehow I still made it, but sure would have been easier!

Love your reference to Roger Dawson and his negotiation gambits.  Had it on cassette tapes in the 90's.  Can still here him, "Have to do better than that?  How much better do I have to do?"  Almost named my 1st company Carleton Dawson.  That's how much those guys mattered to my early ed!

@Steve Vaughan

You and I are made of the same cloth as far as being a problem solver and thinking outside the box when we're dealing with sellers

I would rather buy own terms than put 20% down any do the week

I would rather do a joint venture with the seller and get a better result, tan do the retailing 70 per cent of ARV any day of the week

Biggerpockets is a better place for Steve Vaughn as an advisor :)

First, masquerade as a man.  I'd get a different response and wouldn't have to pack heat.

Second, buy subject to, only using my money for closings.

Third, keep everything as rental for ten years for the income flow.

Fourth, start a lending biz with the cash to build more cash flow.

I'm not sure why you would contact anyone that @Brian Gibbons mentioned. 

Eventually yes. 

I would have spent more time trying to figure out what I was after. AND begin to address my fears. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

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.

Lock 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

Start here