I thought I was learning. I was just collecting bad advice.

I thought I was learning. I was just collecting bad advice.

Real Estate Consultant · Houston TX · Member since 2021 · 121 posts · 91 votes

When I was starting out I thought I was learning.
Turns out I was just collecting opinions from people I had no way to evaluate.
I did not know enough to know what the right questions were. I did not know how to research the answers I was getting because I did not even know what I was looking for. Someone would tell me something with complete confidence and I would write it down like it was fact because I had nothing to measure it against.
Some of those notes cost me real money later.
The problem with being new is that everyone sounds credible when you do not know enough to push back. The guys with the most polished answers are not always the ones who have actually done the work. Sometimes they are just the ones who got comfortable talking about it.
I have been doing this for twenty five years. I learn more on one project now than I did in my first three years of trying to educate myself. Not because the projects got more complicated. Because I know what I am actually looking at now. I know which details matter and which ones are just noise. I know when something is off before I can fully explain why.
That only came from doing the work. Not reading about it. Not sitting in rooms listening to people talk about it. Actually doing it, getting it wrong, figuring out why, and doing it again.
There is no shortcut to that. I wish there was.

What is the most expensive thing you had to learn the hard way that nobody warned you about?

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  • Kenneth GarrettPro Member
    Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
    6mo

    Absolutely!!! Everyone has opinions, but when you're new who do you believe. I had joined a couple local REIA's when I first started and soon realized only about 5-10% were actually investors. Most were learning like me except they had been learning for years. Meaning they bought every program that was out there. They were never going to pull the trigger and buy something.

    The best teacher of course is when buy your first property.  I did attend many open houses where investors were going over the project and their numbers.  Most of these were in mid rehab.  Learned a ton of actually going to look at things.

    I bought my first property in one year after attending REIA meetings and BRRRR'd it. I've been a mostly BRRRR investor ever since. 5 or 6 flips.

    This is not a virtual business.  You have to physically go look at things.  This is where the leaning begins.

    Thanks for sharing your experience.

  • Real Estate Consultant · Houston TX · Member since 2021 · 121 posts · 91 votes
    6mo
    I was fortunate to start in the business as a Handy-man working for investors. Then became a GC, working for investors. I had worked on 1000 houses before I decided to do my own. Watching others win and lose taught me a lot without having to risk my own neck too early. It was frustrating to feel behind, until I realized I was far ahead when I started.
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