Bought my first investment property in 2013 and I feel like I learned so much that never would have gotten from just reading. I just kept putting one foot in front of the other. I had stayed on the side line for a few years jut reading until I finally just had to do something.
Get a better idea of ARV before you buy
How to deal with lenders
How to write up a lease
How to deal with tenants
What types of houses to go after (niche)
To stop working IN the business
I am still learning and shaping the business but I can't wait for the next deal. What did you learn after your first deal?
It sounds like a cliche, but I learned that you make your money when you buy and realize a profit when you sell. My first property was a lake house I paid cash for, did most of the rehab myself (it was on a lake after all), and sold it before I finished the rehab. The buyer wanted to buy it as is to add their own personal finishing touches. I was hooked.
thanks for the reply lance. I agree! It is so important to buy right! Luckliy I have a mentor or two that are available to instill this in me.
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
Join the Largest Real Estate Investing Community
Basic membership is free, forever.