If you COULD start over again... What would you do?

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If you COULD start over again... What would you do?

Brandon Elliott-Pandey
Realtor · Erie · Member since 2022 · 194 posts · 88 votes

If you could start all over and do it again... What would you DO? 

Would you have done Differently?
Would you have invested in a different RE class, to go slower or faster? 

What have you built so far and knowing what you know now how would you have done things differently? 

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Sarita ScherpereelBusiness Member
Real Estate Agent · Chicago, IL · Member since 2018 · 659 posts · 376 votes
3y

I would have started house hacking out of college. Unfortunately, I started later in life and really wish that I would have not wasted so much time! 

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  • Nick Barlow
    Warsaw, IN · Member since 2017 · 229 posts · 270 votes
    3y

    @Brandon Elliott bought a house at ALL of the 4 duty stations I was at between 2009 and 2015.

    I didn’t buy a single one.

    I should have bought a home with VA loan, refi out of it, and use again at new duty station-would have had 4 rental properties that my housing allowance would have bought equity into just by living my normal life.

    2Reply
  • Mason Liu
    Financial Advisor · Boynton Beach, FL · Member since 2019 · 127 posts · 80 votes
    3y

    Would have probably got a job as a waiter or something during college to build an income base to buy a property in Miami to house hack as a student, and from then on snowballed that. Could have bought a 4 bed SFH home for around 200-300k at the time...now it'd be 750k+ easily.

    Although, I will concur with @Eliott Elias that every missed opportunity and mistake has just helped made me who I am today, and I'm happy to have experienced it all.

    0Reply
  • Sebastian Giraldo
    REALTOR, Investor, and Rehab Expert · Miami Beach, FL · Member since 2015 · 196 posts · 74 votes
    3y

    Not sell any of my property flip and also close on that one deal with a outstanding location and figure out the rehab even if I had to get into a uncomfortable amount of debt. 

    0Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    3y
    Quote from @Nick Barlow:

    @Brandon Elliott bought a house at ALL of the 4 duty stations I was at between 2009 and 2015.

    I didn’t buy a single one.

    I should have bought a home with VA loan, refi out of it, and use again at new duty station-would have had 4 rental properties that my housing allowance would have bought equity into just by living my normal life.


    Yea, I hear this one pretty often from my military friends. Sounds like you can still use the VA loan though. Have you bought some investments at this time with your VA loan???

    0Reply
  • Nick Barlow
    Warsaw, IN · Member since 2017 · 229 posts · 270 votes
    3y

    I used my Va loan for my primary-which is it's intended purpose, as you're required to reside in the home. I've since refi'd out of the loan to get a lower APR (yay 2021) but I'm living in my forever home so my wife and I aren't moving the kids.
    There are many posts how your primary won’t make a good rental-I think I’m in that boat, so not worth moving to find out.

    0Reply
  • Xavier Mazza
    Member since 2023 · 11 posts · 5 votes
    3y
    Quote from @Pierre E.:

    in real estate I would have taken advantage of the STR loophole, and also gotten more mentorship for someone that understood the market I was in instead of using general advice. woulda been less headache more revenue.


    Do you happen to know where a beginner investor can find a mentor? I am attending REIAs locally and willing to help potential investors in any way possible to work with them and glean some of their experience. Thus far, I have yet to form any natural relationships.

    0Reply
  • Pierre E.Pro Member
    Washington, DC · Member since 2016 · 123 posts · 42 votes
    3y
    Quote from @Xavier Mazza:
    Quote from @Pierre E.:

    in real estate I would have taken advantage of the STR loophole, and also gotten more mentorship for someone that understood the market I was in instead of using general advice. woulda been less headache more revenue.


    Do you happen to know where a beginner investor can find a mentor? I am attending REIAs locally and willing to help potential investors in any way possible to work with them and glean some of their experience. Thus far, I have yet to form any natural relationships.





    Check which areas in the list below that you need help in the most. And where do you  feel you can be of the most help. Be careful about giving /spending /loaning money specifically to anyone else.  Also, try to find partners, peers, friends. Eventually you will build a mentor/mentee relationship but thats harder to build upfront. There are many that can still provide guidance along the way.   You need to choose a strategy to work on. Make a 5 year plan, so that even if you are not able to now, when you are ready you can hit the ground running. 



    The core things for most real estate investing are that you need to be able to:
     - Find Good Deals and Negotiate
     - Get Good Funding
    - Handle the Legal, Tax, and Transaction Side Well 
    - Manage Fixing the Property Properly if needed
    - Have a Good Revenue Generation Strategy That works for you, the property and the market you are in (Location and Real Estate Market cycle wise) - Rent it (as an STR, MTR, LTR, Section 8, College, House Hack etc) Flip or Wholesale it
    - Have good systems for the longterm and for scaling - tenant and property management, book keeping etc

      
    A Couple  Helpful Podcast Episodes
    -  Rookie to Real Estate Investor in 90 Days: Meet the Mentees
    - Skills You Need to Become a Full-Time Real Estate Investor

     Real Estate Rookie Podcast - https://www.youtube.com/@RealE...   on Youtube at "@RealEstateRookie"

    2Reply
  • Xavier Mazza
    Member since 2023 · 11 posts · 5 votes
    3y
    Quote from @Pierre E.:
    Quote from @Xavier Mazza:
    Quote from @Pierre E.:

    in real estate I would have taken advantage of the STR loophole, and also gotten more mentorship for someone that understood the market I was in instead of using general advice. woulda been less headache more revenue.


    Do you happen to know where a beginner investor can find a mentor? I am attending REIAs locally and willing to help potential investors in any way possible to work with them and glean some of their experience. Thus far, I have yet to form any natural relationships.





    Check which areas in the list below that you need help in the most. And where do you  feel you can be of the most help. Be careful about giving /spending /loaning money specifically to anyone else.  Also, try to find partners, peers, friends. Eventually you will build a mentor/mentee relationship but thats harder to build upfront. There are many that can still provide guidance along the way.   You need to choose a strategy to work on. Make a 5 year plan, so that even if you are not able to now, when you are ready you can hit the ground running. 



    The core things for most real estate investing are that you need to be able to:
     - Find Good Deals and Negotiate
     - Get Good Funding
    - Handle the Legal, Tax, and Transaction Side Well 
    - Manage Fixing the Property Properly if needed
    - Have a Good Revenue Generation Strategy That works for you, the property and the market you are in (Location and Real Estate Market cycle wise) - Rent it (as an STR, MTR, LTR, Section 8, College, House Hack etc) Flip or Wholesale it
    - Have good systems for the longterm and for scaling - tenant and property management, book keeping etc

      
    A Couple  Helpful Podcast Episodes
    -  Rookie to Real Estate Investor in 90 Days: Meet the Mentees
    - Skills You Need to Become a Full-Time Real Estate Investor

     Real Estate Rookie Podcast - https://www.youtube.com/@RealE...   on Youtube at "@RealEstateRookie"


    Thank you for taking the time to respond Pierre. I will take this information into account and continue educating myself on real estate.

    0Reply
  • Peter MckernanBusiness Member
    Residential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
    3y
    Quote from @Brandon Elliott-Pandey:

    If you could start all over and do it again... What would you DO? 

    Would you have done Differently?
    Would you have invested in a different RE class, to go slower or faster? 

    What have you built so far and knowing what you know now how would you have done things differently? 


     Do real estate right when I was 19 and not go into public safety side. Jump in and get the ball rolling along with buying rentals as soon as possible! 

    The McKernan Group4.957 Reviews
    WebsiteView Page
    1Reply
  • Brandon Elliott-Pandey
    OP
    Realtor · Erie · Member since 2022 · 194 posts · 88 votes
    3y

    Starting sooner always seems like the answer lol. 

    But I appreciate you sharing your thoughts! Seems like you have done quite a few flips! Have you BRRRR'd any yet? :-)

    0Reply
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