For the seasoned pros- knowing now what you didn't know then, what skills does it take to become successful, and what would you do differently?

6 Replies

New here to BP and I started out as one of those "I'll get in and make money within a month!" but my optimism quickly turned to realism as I discovered just how much I didn't know. 

So, as I learn to take it slow and gain my knowledge, I'm interested in what skills it takes be successful at this. Not just general personality skills, like determination, motivation, networking, etc. But practical skills, like accounting, math, finance, law, construction, etc. 

And if one doesn't have these skills, how would they go about acquiring them, or partnering with those who do have them? 

And knowing now what you didn't know then, what would you do differently?

Would you read and research more before jumping in? Or just the opposite? Would you save up more capital first before making a first time investment?

I'm interested in starting out bird dogging, possibly wholesaling and syndication, while building up my war chest to start investing in single family and multifamily. 

Figure out how to make returns on paper.  Put your plan into place and start the execution.

Modify for efficiency.

The skills needed will vary depending on your direction.  I like apartments.  The skills that I use are people management, rehab skills, and accounting.   I learned them all on the job.

One thing to pay attention to are the cycles of real estate. 

 @Steve Olafson Thanks for your input, 

what books or resources could you recommend for the skills you listed, such as making returns and real estate cycles?

Originally posted by @Tyler W. :

 @Steve Olafson Thanks for your input, 

what books or resources could you recommend for the skills you listed, such as making returns and real estate cycles?

 Try David Lindahl - Emerging Real Estate Markets

Amazon Link

There is a chapter which talks about identifying real estate cycles.

@Tyler W.

I liked two books.  They are old and the examples are outdated but the information is still relevant. 

How to Buy and Sell Apartment Buildings by Vollucci

The Complete Guide to Buying and Selling Apartment Buildings by Steve Berges.

@tyler 

@Tyler W. knowing what I know now, I would hire every single type of inspector from AC to structure to pest to investigate the property that I'm buying. I missed somethings during due diligence because I didn't get the entire army of inspectors.  

@Che Chiu Wong Thanks, will definitely add it to my list. I've always wanted to study more about emerging markets.

@Steve Olafson Looks right up my alley, apartment buildings is what I want to start with (I'd like a fourplex soon).

@Joe Fairless True true! I'm a very thorough person so would not skimp on that! Especially as an inspector myself and the stuff I've seen. Going to check out your show and site. $0 I can actually afford right now. haha

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