What advice/lesson has stood out over the course of your experiences?

Question

For those who have been actively participating in Real Estate through making deals and acquiring property. I would like to know what impactful advice/lessons you have discovered that still guides you to this day in Real Estate and in life?

Daniel Moore · Answer

My number one piece of advice is marketing. It's the absolute most important thing that can drive your profitability; whether you are marketing yourself by social networking, direct mail, on-line presence, mass exposure etc. it's imperative to creating consistent deals.

Once you get the leads follow up.

And just a general response to the "only take advice from someone in the business more than 20 years" - I would personally revise that to say "only take advice from someone his is where you want to be". Putting an age on someones success or ability is very limiting and could stall your success.

Dawn Anastasi · Answer

Don't use cheap paint.

Fix a leaky toilet IMMEDIATELY.

Jackie Lange · Answer

Only take advice from people with 20 years or more of experience.  Avoid the newbies even though they have slick marketing pieces.Avoid listening to people who have a ton of book knowledge but have not done a single deal yet but frequently post on forums like they are an expert.

Joshua Springer · Answer

So many people starting out try to make the numbers work for their deal by ignoring important details.  You need to figure out your total costs in worst case scenario and work from there...if you can't make money in that situation often times it's better to find a house you can.

Daniel Moore · Answer

Using the same paint colors, as small as it may seem, saves a TON of time effort and money.

Also remeber, the "deals" that you pass on are often the ones that will make you the most money. So many new investors "starving" for a deal will try to turn everything into "deal". Learn to quickly decide what to focus on and drop the leads that are not worth pursuing.

Cal C. · Answer

use one interior paint color for all houses (realist beige) thanks Carol Scott!

Make sure a rental will have positive cash flow!

Screen!

Lynn McGeein · Answer

The best advice that helped us was to understand that every option out there has potential problems and risks, and you should "choose your own problems," as much as possible.  When you choose to do something, do it knowing that even if you love 80% of it, there are always aspects that you will not love dealing with and potential risks associated with your choice.  Accepting that and handling it from the empowering position of, I made this choice and accept the problems associated with it and will work to minimize them where possible, can make it so much easier for you.

When we first got into buy and hold years ago, my husband couldn't stand going over after work to fix something, but he also got upset if I called a repairman because it would cost more.  It got so contentious that we sold all but one that I wouldn't give up, as he said there are other investments that are less hassle, higher profits, etc.  Years later, we realized what we missed out on by selling the ones we did as we'd have met our goal already if we'd have just dealt with the problems, minor in retrospect.  In 2007, we agreed to a new plan, factoring in management and repairmen, knowing expenses would be higher, but it would eliminate most of our previous issues.  When problems arise, we handle them with much less stress now, knowing they are simply part of the package that we chose.

Terence H. · Answer

"I would say creating 1st deal in most case is the toughest deal to create"

"Marketing and follow up is crucial"

"Be willing to market for deals consistently for several months without getting a profititable deal yet"

"Know your potentially accurate profit numbers or cashflow numbers when analyzing a deal and double check those numbers"

Michaela G. · Answer

Be flexible. Be willing to modify/adjust your plans, when things go differently than you expected.

If you want, what you want, and aren't willing to compromise, this will be a very difficult business for you.

What advice/lesson has stood out over the course of your experiences?

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