What One Thing Would You Go Back and Tell Yourself Before You Started Investing?

6 Replies

I've often thought about how I would approach things differently if I were to start over. Mistakes are certainly part of the learning curve, still it's nice to avoid them.

I think the one thing I would tell myself would be to not skimp on due diligence: get bids when need be (especially while learning to budget accurately), get expert advice on questionable foundations, scope the sewer lines in older homes, check the utilities, etc.

What one lesson would you tell your pre-investor self?

Reserves, Reserves and some more Reserves!

If you have reserves you have confidence, and time to properly qualify tenants (weed out the bad ones) and ask the one that somehow turned bad on you to leave your rental unit as soon as you think it needs to be done so you do not compound problems with differed maintenants!

Reserves = sound business practice= better loan terms on next property etc........

Start yesterday! Don't listen to the naysayers, don't fall prey to analysis/paralysis, find REI clubs/mentors/websites like BP and take action now!!

TV is not real Just because Flip that house makes it looks so easy does not mean it is. Get a mentor, read a book and do more research. When I was 24 I brought my first house to flip and we lost 7k a piece. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

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.

Lock We hate spam just as much as you