Dallas, TX · Member since 2017 · 29 posts · 14 votes
Hey guys and gals of BP,
Just a little question I was thinking about asking earlier today while I was at work...as a more seasoned and experienced investor now, what kind of questions would you have asked as a beginner knowing what you know now? I am just starting out my real estate investing journey and have been reading a ton of books and also starting to draft a real estate business plan...and I can never seem to narrow down which questions are the most important and which ones you can kind of just figure out as you invest...any insights? Thanks in advance!
Urbana, IL · Member since 2012 · 1k+ posts · 425 votes
8y
I'm very analytical and I've had to combat that with real estate. In the back of my mind, and I've been this way growing up, I wanted all the information, I wanted the perfect system in place, I wanted to have things run as efficiently as possible. I still get caught in that trap and now I at least recognize it (sometimes) and tell myself to just push through regardless of how prepared I am. For example, I'm creating my own CRM software in Excel customized to what I want. This has involved learning a lot of advanced information about excel I won't use ever again, or very sparingly. I've spent hours trying to understand the coding and although I don't have it operating perfectly and isn't perfect for every situation I'm pushing ahead. I've got to make phone calls and track leads and that brings in the deals, not learning visual basic coding.
Keep in mind, sometimes its Ready, Fire, Aim where you aim towards a destination when you're already moving. Many feel that once you start moving in a direction you gain momentum and that keeps you pushing forward.
Ask yourself 'is what I'm doing helping to bring in profit in the long run, or is it just busy work I've given myself to make me 'feel' more comfortable?"
Investor · Riverside, CA · Member since 2014 · 239 posts · 177 votes
8y
Hey!
I would ask myself so many more questions like "Why the hell are you slacking" or "Why aren't you doing more". It seems so generic but it's so true. I've been stuck in analysis paralysis so many times, and I've found that just jumping in feet first, the problems once you're in, are so much less "scary" than being on the outside wanting in
Urbana, IL · Member since 2012 · 1k+ posts · 425 votes
8y
I'm very analytical and I've had to combat that with real estate. In the back of my mind, and I've been this way growing up, I wanted all the information, I wanted the perfect system in place, I wanted to have things run as efficiently as possible. I still get caught in that trap and now I at least recognize it (sometimes) and tell myself to just push through regardless of how prepared I am. For example, I'm creating my own CRM software in Excel customized to what I want. This has involved learning a lot of advanced information about excel I won't use ever again, or very sparingly. I've spent hours trying to understand the coding and although I don't have it operating perfectly and isn't perfect for every situation I'm pushing ahead. I've got to make phone calls and track leads and that brings in the deals, not learning visual basic coding.
Keep in mind, sometimes its Ready, Fire, Aim where you aim towards a destination when you're already moving. Many feel that once you start moving in a direction you gain momentum and that keeps you pushing forward.
Ask yourself 'is what I'm doing helping to bring in profit in the long run, or is it just busy work I've given myself to make me 'feel' more comfortable?"
Investor · Weatherford, TX · Member since 2015 · 43 posts · 40 votes
8y
Hindsight really is 20-20. If I could go back to when I was 25 and first considered investing in RE, I would ask "Why not now?". It took me another 15 years or so to actually "pull the trigger" and get into RE investing, and all I see other than missed learning opportunities is all of that lost compounding of interest.
You don't have to go big, but get going! One small deal is all you need to start learning and start growing your portfolio. Don't look back 20 years from now and think "Why didn't I start sooner?"