I am new to investing

[Talisha Weeks]

Hello BP family,

I am a new BP pro member, I have been listening to the BP podcast for about a year on soundcloud, I've read a few books regarding real estate. I am wanting to buy my first property with a FHA loan. I am aiming for a multi-family unit. I plan to live there for the legal amount of time necessary and to repeat the process. Any advice/ strategies or just feedback on what I am trying to accomplish?

[Don Konipol]

@Talisha Weeks

The most important thing is to take the first step. ManY never start because they’re overwhelmed by details. Many others want to know everything before they commit. These two types are perhaps worse than those that rush in unknowledgeable and uneducated, because they’ll never do a deal. There is no perfect answer, and the opinions you get on BP will be all over the board. When you feel you have 80% of the answers, it’s time to take the plunge.

Real estate ownership has a forgiveness factor that other type of investing doesn’t. The factor is that most property, even those purchased at the wrong time, and for too much money, tends to increase in value overtime. So, even if you paid too much, at the height of prices, you will most likely be bailed out with a profit if you hold on for 10 years or more.

This is why I like to see inexperienced, or somewhat experienced investors have long term time horizons. I think it is a real mistake for those lacking full time investing knowledge, experience and skills to pursue a strategy reliant on an ability to time the market, or analyze proper property valuation.