Best advice for beginners?

[Aubrey H.]

What is the best advice you got when you where first starting out or before you purchase your first investment? Do you still go by the advice?

[Terrell Garren]

A really smart realtor helped me get started 10 years ago by buying a simple, local 12 year old 3/2 HUD foreclosure for $70K and another $15K in improvements. I did the simple stuff myself - paint, tile, wood laminate, gently used appliances, fixtures, ceiling fans and I contracted a few items like repair of a split floor joist, electrical short and a few plumbing problems. I self mange and the property has been rented to the same lady for 9 years. I think she has called me maybe 4 times and has never been late on rent. 16 SFHs later, I've made my share of mistakes and encountered all the typical problems. The first house was a great education for things to come. What started out as a hobby allowed me to retire early and cash flow life. Best of luck to you.