Just a light hearted conversation starter here.... when do/did you consider yourself not a newbie anymore in real estate investing? Was it after your first, fifth, 20th? I
@Jeremy Goldizen when you can determine the value of a property in about 10 seconds, ( in your market ) repair costs rent amount, know what the end result will be .if renting or selling.
@Jerry Lucker no particular reason and no personal reflection on like myself or anything. Just was curious as to how others view it and wanted to start a discussion on the topic that may not normally come up within the forums. Maybe get some feel thought going by others.
I think the answer depends on how hands-on you are. If you're self-managing, dealing with tenants, participating in repairs, overseeing the accounting, hiring tradespeople, etc. you're [most likely] going to be less of a newbie than someone who is hands-off (I.E. they buy a turnkey and let the property manager deal with the day-to-day).
Also, having a thirst for real estate knowledge and learning from one's mistakes along the way will put an investor on the fast track to real estate heroics. :-)
@Ned Carey I feel like Aaron’s answer only lends itself to things someone experienced could tell you. If you sat down with an agent for an hour you could know what to look for and learn some terms.
Never. Ninja training emphasizes having an attitude of openness, eagerness, and lack of preconceptions when studying a subject, even when studying at an advanced level, just as a beginner would. Shoshin/the beginner's mind is key to success.
Hi @Jeremy Goldizen, this is such a very good question. I would say that you never stop being a newbie, I have been doing this for years, but I will never stop being a newbie. Things change so much and if you are someone who loves to learn new things and incorporate them, then you never stop being a newbie. That's just my thought about myself.
Hi @Jeremy Goldizen, this is such a very good question. I would say that you never stop being a newbie, I have been doing this for years, but I will never stop being a newbie. Things change so much and if you are someone who loves to learn new things and incorporate them, then you never stop being a newbie. That's just my thought about myself.
Thanks for the great question!
Thank you!! I as well have the same approach. I currently work full time at a HS where I am a strength coach and have been one for almost 10 years now, so with training athletes and clients things are always evolving. I still consider myself a newbie strength coach lol In my opinion, I guess if you get comfortable and stop evolving that’s when mistakes will happen. My approach as a strength coach won’t differ from my approach in real estate.
I guess I don't consider myself too much of a newbie at landlording anymore (Now over 3 years with 33 units); I have solid processes in place for all of the basics. I'm still working on improvements but I have a system that works.
While I know my market very well and am comfortable evaluating properties and neighborhoods, I've only done 4 actual investment property purchase deals and no sales so I still feel like a newbie at the buying and selling process.
Since you offered your post as "light hearted," I'd have to say it was the first time I wasn't nervous at Closing wondering if I'd made a mistake with my numbers, and feeling comfortable that I could sign documents without asking for clarity on every page the Title officer was sliding in front of me. That was my 5th time.
I'm on door 22 in 18 months and I still consider myself a newbie. Yes, I've learned a lot, but until I reach financial freedom, I'm perfectly fine saying that.
@Jeremy Goldizen when you run into your 2and or 3rd issue that most other investors have never encountered before ;-) That or after 5 years or so for me.
I have been investing for almost 15 years with rentals and flips, but I am still learning as if I were only doing it for 6 months. While I'm not a "Newbie" per say, I still have so much to learn that it sometimes feels like I am.
When you stopped counting how many deals you've done...or you don't know how many apartment units you have in your portfolio unless you check your PM app...