Newbie Mistakes - How to Avoid

[Christopher Morris]

Hello BP, 

I’m a newbie investor and I’m a believer to never be the smartest person in the room… 

So I ask you all: what are newbie mistakes in Multifamily investing you typically see or have encountered yourself? How can these be avoided? 

Let me know BP! 

[James Carlson]

Biggest mistake I see first-time buyers/investors make here in Denver and Colorado Springs is taking too long to buy or not buying at all.

If you're young, time is the biggest money-maker for you, not buying the absolute best deal. The difference between an average deal and a good deal are marginal. What's not marginal is having the power of having two average homes after one year v. one quote-unquote good deal after one year. 

Not saying don't do research. But find a rental model that feels comfortable to you (house-hacking, it seems?), find an agent that specializes in that, see homes, run numbers and then buy something. Save save save. Buy again in a year. 

Repeat that for 5 years, and you've got a handful of houses. You'll never regret it.