What do you consider to be some of the best early habits to establish as a real estate investor?
treating your investing as a business and not a hobby. I know there have been a couple people emphasize this on the podcast and I think it's great advice.
Yes, to expand on Matt's comment above, keep very detailed books and info from your transactions and happenings. I wish I had good data from 11 years ago that could tell a more complete story today. Photographs are key as well. Starting this habit from day one will save time and effort when (fill in the blank...comparing properties, looking for investors, etc.) day 3,500!
But then there are the legion of people that insist "you won't need a business card, a business name, or a website. Ever." I dont know how it's possible to "treat it like a business" like so many people suggest, without those items.
Only listen to other investors that are actually investing.
Don't spend your cash flow from rentals till after you have saved for 18mths.
Have a bigger plan then you have now.
Have multiple incomes coming in, I don't mean from more then one rental. All in RE
Manage your first two or three properties yourself, Great learning opp.
This has been posted but is so good, in my opinion its worth repeating. Never be the owner to your tenants, be the property manager. It allows you to play good cop bad cop and if you are like many of us, sometimes too nice for their own good when it comes to business anyway, this allows you to get out of uncomfortable situations like late rent. You get the call with the sob story and it doesn't always fall on your shoulders. You can say "I would love to help you but you know the owner is a hard *** and doesn't allow late rent." I love this and use it when I need too, hope this helps
- Join your local REI (Real Estate Investor) group and go to the monthly meetings to network and learn.
- Spend 15 minutes per day/night on bigger pockets for the same reason as above
- Find a partner (they will help you see potential pitfalls you don't see and help you when your overwhelmed)
- Have a mentor and consult them before any deal
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