Biggest newbie mistakes!!! Avoid!!

[Ibn Abney]

After 3 years active in REI (especially over the last 18 months) I put together a list of my biggest mistakes/tips. Definitely could have been worst and far from an expert. Hoping the list will help somebody!! Feel free to add to it! 1) fire bad help ASAP. - no one tells you wHAT they don’t know. Everyone sounds like an expert when you a newbie. Interview 3-5 folks in every field (lender, broker, roofer, etc.) then make a selection. 2) you don’t need a General Contractor, you need skilled professionals. - find a LIcensed Roofer, Plumber, ElectrIcan, Drywallers, FloorIng Guys, PaInters, Etc. EasIer To Trust 10 People WIth $2k Than One Person WIth $20k 3) BuIld A Team. ThIs Is Not A Solo Sport. - You Cant Do Everything. Good atleast. 4) never take an Airbnb reservations longer than 30days. especIally in tenant friendly citIes lIke Chicago. - Airbnb is great when searching for tenants. They are horrible at solving issues with tenants and leaves it to the landlords and local police to handle any issues with long reservations. Over 30 days and now your Airbnb guest meets city tenant minimums and you now must use the city eviction process. Nightmare!! 5) go to more meetups!! -even folks with large portfolios feel awkward at meetups when it’s randomly silent. Reach out and shake a hand. Everyone is there for the same reason! 6) building a business is harder and less pay than a 9-5 job - Keep growth in mind from day one. Once you start to scale/grow inefficiency will surface and sink your boat! 7) businesses need accounting software!! - I am great in excel, however, Start with accounting software ASAP!!!Definitely before rehabbing. 8)pay good help more than the quoted and Dont penny pInch. - cheap help Is the most expensive 9) Use mortgae brokers and insurance brokers!! - options are literally endless. Companies have standards and not meant for everyone. 10) as you grow your reserves must grow at the same rate if not faster. - Leverage is great but an asset with no debt is even better. EX. 10 mortgage FREE DOORS WILL PRODUCE AS MUCH CASHFLOW OR MORE THAN 20 DOORS ON A MORTGAge. 11) DONT FOEGET TO EXCERSIE REGUARLY. -YOU CAN bUY DOOrS. NOT HEALTH! MY 2 CENTS!!