I begin my Investing in 2018

13 Replies

At age 42, I will be making my very first investment purchase in Q1 of 2018. After 2 years of saving, countless audio books, dozens of Bigger Pockets podcasts and others under my belt, I am ready to jump in with both feet! I've been told my only regret will be that I didn't start sooner.

Any little tidbits of advice/lessons learned before I start my journey?

This business is about making lots of connections. The people you deal with will have something to say about you at the end of the day. Make sure you treat everyone fairly so that your reputation can become an asset. Best of luck! 

Congrats @Larry Rogers !

I agree with Albert. Don't try to go into it alone. You're going to need to network to make it in this business. And not only that, you're going to want to try to gravitate towards those people who are successful and really doing the busies . You're only successful as the circle of people you surround yourself with.

Other than that, I'd say as a business owner I've learned that to be successful you need to figure out how to leverage people, money, and/or time. Because that's what it all really boils down to.

On a practical level, I'd suggest learning as much as possible (without going too crazy) about taxation in regards to real estate. So what I mean by that is really strategy. And that can include everything from 1031 exchanges to depreciation/passive losses, charitable remainder trusts, etc. These tools will help you immensely because it's not only about earning income, it's about preserving income. I always love to say to investors "It's not what you make, it's what you keep."

Another practical note, if you're going into the SFR or even the commercial route....build your money list, not JUST your buyers list. It's a common mistake I see among many new investors.

 And lastly, have an open mind. You never know what opportunities or investments will come your way. Even if they're not real estate! Just remember that there's a millions ways to make a buck in this world, it's all about finding your own way (that you like and are passionate about) in doing so.

@Larry Rogers congrats! we are both from Pasadena! what do you know... :) what exactly will you be looking for? (let me know if you need a good realtor to help you: I have a network of colleagues across the US : reputable, knowledgeable and helpful people that can guide you in the right direction). PM me if you need the help. If not: good luck 

@Dave Van Horn  and @Albert Lopez Thank you both! I've always valued networking in my professional W-2 career and will definitely carry that over into my investing business. I've spent 2 years educating myself on this venture and have reached the point where I now need to learn by application and experience. I look forward to the challenges and learning experiences and have started to building my team of professionals (real estate agent, mortgage broker, accountant) but I know that I have a few more that I need to get involved to make my first deal a success. Dave also good advice on the money list, that goes deeper than just having one mortgage broker. Thanks Again!

That’s great news! It sounds like you are plenty educated so you just need to dive right in and make it happen. When I first started, I talked to a mortgage broker to see what my options are and just learn about financing in general. Network network network! Then it’s all about analyzing deals and DO NOT be afraid of making offers. I was scared/excited for my first few offers and now I throw out offers all the time and really hope they stick (that means I get a deal!)

It truly is a great ride and just like your W2 job you will have good days, busy days and bad days. It’s all about how you respond to those days. Good luck!!

Congrats!  @Larry Rogers  

My best advice is to make an action plan to help you achieve your Q1 goal. 

What do you need to accomplish each day, week & month to hit your goal?  Write these down.

Find someone to be an accountability partner to hold you accountable to execute against your daily & weekly goals.

Build a network of investors and real estate professionals who have walked your path before.  Success leaves clues.

Like most things in life, it's less about the big idea and more about the execution.

Best of luck in 2018!

Originally posted by @Larry Rogers :

At age 42, I will be making my very first investment purchase in Q1 of 2018. After 2 years of saving, countless audio books, dozens of Bigger Pockets podcasts and others under my belt, I am ready to jump in with both feet! I've been told my only regret will be that I didn't start sooner.

Any little tidbits of advice/lessons learned before I start my journey?

Sooner- later is all in one's mind. Col Sanders started at a senior age. Mark Zukerberg was a billionaire in his 20s. Don't let your age hold you back. 

Definitely have goals, but don't make them so rigid that you won't tweak them. Some people stick to the goals like they are 10 commandments. They try, fail and get frustrated, and then give up. Some people end up having shiny object syndrome, and never accomplish anything. 

Try, Fail, and Adjust works the best for lot of people. That is my mantra.  

Recently, I met up with a gentleman  for a cup of coffee.  The analysis looked wonderful, but he looked more like a PhD candidate than an investor. Of course, the guy was inflicted by a severe case of Analysis Paralysis. I asked him how much money has made so far. Both of us laughed.. He laughed at the question; I laughed at him.  Don't be that guy. 

Don't wait for all your ducks to be in row. I always like to have enough information to take decision and then figure things out as we go along. I am more of a "cross the bridge when you get there" kind of a guy. 

As others have already stated importance of having a team. So I won't repeat myself there...

Good luck for 2018 and beyond !

@Ryan Cox Thank you! My accountability partner is my wife :) Which is probably why I waited 2 years to get smart and save up the cash before I jumped in.

@Chinmay J. Thank you! I am glad to hear you say that, very similar to my mantra, I am famous for the line "We'll figure it out"

@Ben Freiman Thank you!

@Paul Dillon Thank you!

@Jessie Niu Just joined my local Bigger Pockets meetup, missed their last meetup of 2017 by 2 days. I plan on being at their January event if they have one.

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