Got started by accident. When we bought our house, you could not sell condo in the SF Bay Area to save your life (just looked over the papers and we had a 15% ARM). Needed to do something because we could not pay two mortgages (both with double digit interest rates - and lenders had suspended approving fixed rate loans). So we rented the place out. Still lost money (rents and sales prices have little relationship except in 5+ unit properties).
I wish I’d started reading sooner, stuck to the good advice I was given, and ran it like a business rather than a side activity.
I’m new at the real estate investment game and I would like some advise on, how you got started in real estate investing, and what did you wish you had done in your early career as an investor?
some of us are aggressive risk-takers, and dive into deals quickly. we stub our toes more often than our more careful colleagues, but we hit more home runs too.
some of us are highly analytical. we do less deals than the gamblers, and we make fewer mistakes.
at some point, you have to pick an activity and do a deal. and you have to pick a place to do it.
if you have a pile of cash, you have a big advantage over most newbies. if you don’t have a pile of cash, start saving your shekels. Contain your lifestyle spending. Live beneath your means. Cash is king in this business. and credit is queen.
some activities do not require cash or credit. like birdogging and assigning contracts. scrape off a few fees, and don’t spend it.