I thought Forbes did a nice job on this article over the weekend and wanted to share it here on Bigger Pockets because it seems to capture some big ideas that may take a lot of digging to find otherwise and lays them out in bullet point fashion.
The article examines each point but:
1. Don't Speculate
2. Don't Over Improve Your First Flip
3. Dig Deep
4. Find an Expert
5. Keep Your Eyes Open
6. Carefully Screen Tenants
7. Establish Your Budget
8. Value Your Time
9. Know Your Exit Strategy
10. Start Small
11. Don't Skip the Educational Step
12. Distinguish Between Income and Future Value
13. Learn The Market
14. Don't Go It Alone
15. Base Your Decision on the Cost to Buy and Upgrade
16. Ask if its a Good Investment
17. Keep Your Emotions in Check
I feel like many of these have been analyzed at length within some of the Bigger Pockets podcasts but that everyone should really dive into what each one of them means for them. Now to cruise BP and see how many of the quoted pros from this article are members on here!
I'm interested to hear your thoughts or if we can add 3 more and get a nice even number.
@Alex Bekeza Thanks for sharing! Number 14 - "Don't Go it Alone" has been a huge one for me; Getting active on BP and building relationships with people who love real estate really gave me the confidence to dive in!
All of these points are very helpful and, like you mentioned, covered in detail throughout the BP forums and/or podcast. Understanding these concepts is one thing, but the key will always be execution. Anyway, thanks again for the quick read!
thanks @Alex Bekeza . This is a great check list for someone who doesn't know where to begin. Fantastic.
Thanks for sharing! Keep your emotions in check really hits home for me. I remember when I was getting in to real estate I was so concerned about not making the plunge and just being someone that researched but had no action. I saw my first deal on paper that looked great! It was a wholesale deal. I got attached to the 1920's home and the price so I bought it. I should have done more due diligence because I had to buy a new air conditioner, roof and part of the kitchen slopes a bit. I was just so focused on that first deal..This still has been a good deal but lets just say it started out rough.
@Courtney Jones agreed! Glad you enjoyed it.
@Jerimy Justice Its crucial! I've definitely "fell in love" with properties before too. Its important to love the DEAL and not the property. I can imagine a 1920s style home had its charm.
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