What's the #1 MOST important thing to do when starting out?

[Richard Lovering]

Hey all! 41 yr old W2 employee in a long standing family business getting ready to start out in REI. What did you find was the MOST important thing you did when starting out?

Thanks,

Rick

[Matt K.]

Become an expert in the area you want to invest. You should be able to talk about it like you grew up there. You understand the people, their employers, why/what they rent, and what they buy.  You know the areas you can't walk at night or the most popular schools (even if they don't score high). You'll also know rents/prices so you can scroll through and eliminate the noise to focus on potential investments...

You should also understand your costs and how the account for them... Make sure your budgets are realistic to THE property and your investment goals. Hint this means moving past a flat % per month...m