You may ask yourself from time to time, how many lists can we possibly have? Or need? I should make a list of lists the world needs.
Well, maybe another day. Today I want to give you a very short list. You must understand and accept every word.
Do not talk to a bank.
Do not look at the MLS.
Do not casually consider whether you want a SFR or a multifamily property.
Do not research what subject to means.
Do not pass Go.
Before you do any of that, these are two not-optional, mandatory, must-understand, can’t-be-avoided rules that every new real estate investor must understand:
Not-Optional Rule 1
Your significant other must support what you want to do. Otherwise, your life will be miserable and you will end up divorced. Or dead.
Been there, done that. It was not cheap.
Not-Optional Rule 2
Remember that other people don’t live like you. Some people are slobs. Some people smoke dope or pop pills. Some people have pets or are demonic tattoo enthusiasts. Some people leave candles burning on the mantle and leave to go to the grocery store allowing the flame to catch the nearby curtains on fire and burn the entire house down.
Even if it’s in the lease, it’s going to happen.
Here is my own personal worst-case hoarder story in a few photographs:
The good news is there is a well-defined, empirically-based coping mechanism for all this.
- Yell a cuss word.
- Get over it.
- Clean it up.
- Have a beer.
I love this business. 160+ units strong and wouldn’t change a thing.
These are the rules. Well, these are the two rules that you must get past before you consider all the other rules. The rest are just details.
Do you have other rules newbies should consider?
Share them below!