What's the one thing I need to do as a newbie?

Question

Hi all -

I'm interested in hearing from some people who have been in the game for awhile about the one piece of advice they would suggest to someone who is just starting out in real estate. What's the one thing that generated the most success in your time so far in real estate.

If you are familiar with the 80/20 rule then you know what I'm talking about. What's that task, habit, or knowledge that generated the most value for you over time?

A little background: I live in Ohio, I'm 32, very good credit, and some cash. In the last couple of months I have been doing a lot of reading about investing in real estate and I want to transition into a career investing in real estate. I want to build wealth and work with other like minded people and I think real estate, most likely multi-family rentals, makes a lot of sense.

I'm just a little stuck on next steps. I feel like I've read and learned a lot from books and Bigger Pockets but I don't know what next steps exist for someone like me. That is why I'm asking this question so that I can get an idea on where to focus my attention.

Raul Pedrozo · Answer

@George Hermann

George gave you excellent advice, pull the trigger once you have checked the numbers!

Welcome to BP!

Joe Villeneuve · Answer

Understand that you never stop learning.

Ben Peyton · Answer

@Glen Andrews Thanks for the response. To answer your question - yes. I'm joining the local real estate group and going to start attending their meetings. I'm hoping to meet people there with experience and who can answer some of my questions. I like your comment about learning, implementing, and learning from their mistakes. I think learning and understanding concepts is a skill of mine. It's the action part that I need to work on.

@Frank R.Congrats on getting out of the rat race. That's part of my goal too. I read the Rich Dad Poor Dad Cash Flow Quadrant book earlier this summer and I always knew I wanted to get out of the rat race but that book really drove the point home. I know now that is the goal.

George Hermann · Answer

Pull the trigger! You're not an investor till you actually invest in something.

Glen Andrews · Answer

Hey Ben, do you belong to your local real estate investment association? If not, this is a great place to connect with like minded people doing exactly what you want to do.

The quickest way to succeed at investing is to find the people who are already succeeding and ask them for help and feedback. And if this is your business of choice, learn everything about it that you can.

The most successful investors that I know are learners and action takers. They all learn as much as they can, implement what they've learned, make mistakes as they move through the process, and they keep pushing forward.

Good luck Ben!

Franklin Romine · Answer

@Ben Peyton

My whole life I have been curious. I literally have to open the door to see what is behind it.

Curiosity for me drives questions, creates knowledge which gives me actions and taking action got me out of the rat race at age 31.

Good luck,

Frank

What's the one thing I need to do as a newbie?

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