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.
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