If you could go back in time... [Greater Baltimore Investors]

10 Replies

I'm hoping this post will be helpful for local investors on BP:

If you could go back in time, what do you wish you could tell yourself (or do differently) before investing in real estate?

@Michael Kissi I think about this all the time. My mindset was so different in college - had never even thought of RE investing or financial freedom

1. House hack ASAP

2. Utilize low down payment and low rates of owner occupied mortgages as much as possible.

3. Look for ways to add rooms  or square footage on cash purchases that are valuable enough to be refinanced after rehab.

4. Seek to serve others in the business to build your network.


@Sam L.

Start earlier, save more, stop buying stupid shiny things, buy assets not liabilities, live below your means.

I have a college-age son who I'm trying to steer in the right direction with house hacking and saving for a down payment.

Start earlier would be the biggest thing. Any mistakes I've made over the years have been a learning experience and have led to more progression in the business. If I started earlier I would be that much further along in my journey.
I agree with you, though point #2 becomes almost impossible if you have kids, or maybe I just don't get how to work the system.


Originally posted by @Stephen Kehoe :

1. House hack ASAP

2. Utilize low down payment and low rates of owner occupied mortgages as much as possible.

3. Look for ways to add rooms  or square footage on cash purchases that are valuable enough to be refinanced after rehab.

4. Seek to serve others in the business to build your network.

 

I agree living responsibly, and I have always lived well below my means. I would though say, please also remember to live life. I am now 42 and I have already lost 3 close friends to accidents and sickness. That makes me remember to also enjoy life, as it could be gone tmr. 

Originally posted by @Stephen Predmore :

@Sam Lewis

Start earlier, save more, stop buying stupid shiny things, buy assets not liabilities, live below your means.

I have a college-age son who I'm trying to steer in the right direction with house hacking and saving for a down payment.