Size doesn’t always matter — and I’m here to prove it.
I’m most-well known for my massive blog posts here on BiggerPockets, but today I want to do something different.
Today, I wanted to go short.
I’ve been investing in real estate for a decade now, and these are 10 most impactful lessons I’ve learned, succinctly summed up in ten quick sentences (with a few semi-colons included because I’m a cheater).
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
Everything I’ve Learned About Real Estate Investing in 10 Powerful Sentences
1. It’s never too early to start investing, but if you wait too long, you’ll look back and wonder, “Why didn’t I rise above the fear and start back then?”
2. A lack of money is not a reason to postpone your real estate investing career; it’s merely an excuse that allows your brain to shut off.
3. There are hundreds of different ways you could invest in real estate, but the truth is there is no “best” way, because they all work — so pick something that fits your personality, your location, your time-availability, and your passion, and run with it with every fiber of your being.
4. The 80/20 rule (Pareto’s Principle) applies perfectly to most real estate deals in that 20% of your deals will give you 80% of your profits; thus, focus on buying fewer but better deals.
5. Avoid the common pitfall of “hobby investing” by treating your real estate investing like the business that it is — with systems, processes, outsourcing, mentors, and math.
6. Don’t just buy real estate, buy incredible real estate deals — which takes a lot more work, patience, and a system for procuring those leads.
(P.S. For those interested, I’m hosting a LIVE webinar this Wednesday on this exact topic. We’ll be looking at the best ways to find real estate deals — even if you are in a competitive real estate market. If you want to find more deals in your area, don’t miss this 90-minute webinar! Register now to hold your spot.)
7. To buy more real estate, you must make more offers; to make more offers, you must analyze more deals; to analyze more deals, you must make the time daily to do so.
8. When trying to succeed at real estate, don’t reinvent the wheel; study to see what others have done and find ways to improve upon their proven systems.
9. The best real estate deals in the world are useless without proper management, so understand that the investment doesn’t end with acquisition — it begins there.
10. Wealth building is a slow, exponential curve that you’ll work for years at it and may never feel like you are getting anywhere, but one day you’ll wake up and look back to see the mountain you’ve climbed, and in that moment realize every step was worth it.
Not that you’ve read my list of 10 sentences, what’s the biggest lessons you’ve learned from real estate?
Please share below, and if you have family or friends you think could benefit from this post, pass it along.