The one thing you wish you did first?

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The one thing you wish you did first?

Deniqua Antoine
Realtor · Magnolia, NJ · Member since 2020 · 17 posts · 43 votes

My husband and I are jumping right in and we have joined BiggerPockets. We are beginning to look for some multifamily properties.

I’m just curious, what’s the one thing you wish you did first before you began investing?

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John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
6y

@Deniqua Antoine I wish I had gone to networking events earlier in my career so that I could have met my team of realtors, lenders, contractors, etc. I wasted around five years learning and reading before I took action and in those five years I could have picked up some amazing deals. Obviously, you can't do meetups right now outside of virtual ones, but it makes sense to network like crazy so that you can find local folks who are in the trenches investing. 

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  • Jose D.
    San Antonio, TX · Member since 2019 · 40 posts · 14 votes
    6y

    I wish I would've taken the initiative to discover real estate sooner. I used to think it was for the rich, never even gave it a thought. YouTube randomly recommended me a BP podcast, I clicked on it figuring I'd close it out after a few minutes but I ended up watching the whole thing. Felt like a blindfold had been taken off me afterwards.

    I'm still relatively young but that would've definitely helped me start earlier and take certain things, like my credit score, a lot more seriously in my early 20s.

    1Reply
  • Account Closed
    San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
    6y
    Originally posted by @Deniqua Antoine:

    My husband and I are jumping right in and we have joined BiggerPockets. We are beginning to look for some multifamily properties.

    I’m just curious, what’s the one thing you wish you did first before you began investing?

     Education.  I wished I'd studied real estate law and landlord-tenant law before I tried to invest.  My first attempt to invest I was 19 years old and was royally ripped off.  So, I went to real estate classes and was never ripped off again...well, except for a property manager, but that's another story...

    0Reply
  • Brian Briscoe
    Real Estate Coach · Salt Lake City, UT · Member since 2017 · 272 posts · 414 votes
    6y

    @Deniqua Antoine -- congrats on taking the multifamily plunge!!

    I started with single family 13 years ago.  At the time, multifamily seemed unreachable and maybe a bit too complicated for me.  Had I focused on acquiring MF units in the first few years instead of dabbling in SF, I'd be in a much better position now. So, what's the one thing I wish I would have done differently?  I'd say I wish I didn't have self-imposed limitations...  I wish I had the mindset and ability to think much bigger early on.  

    BTW, my focus now is acquiring value-add MF assets in the SE -- primarily the Carolinas. We're syndicators, so always looking for deals, partners, and investors. If you'd like to chat about how what we do, let me know.

    1Reply
  • Joanne Eriaku
    Realtor · NY · Member since 2020 · 167 posts · 169 votes
    6y

    I wish I had started sooner, I wish I had just done it, I wish I hadnt over analyzed it. Analysis paralysis is crippling

    0Reply
  • Ian C.
    Investor · Rochester, NY · Member since 2014 · 18 posts · 4 votes
    6y

    I wish I had found BP, or some similar resource, before investing in my first property. I could have learned about how to evaluate purchase price and maybe wouldn't have bought at the peak of the market in 2006. Also, at that time I had considered a duplex for my first home, which is now known as a house hack, and knowing more about how successful that type of purchase can be may have pushed me to pursue that.

    0Reply
  • Joseph Walsh
    Brookfield, WI · Member since 2016 · 191 posts · 108 votes
    6y

    Cleaned up my personal finances.  I wish I would of been in a better position to capitalize on dozens of opportunities I had to pass on when I was just "dabbling"

    0Reply
  • Salvatore Lentini
    Rental Property Investor · Doylestown, PA · Member since 2008 · 1k+ posts · 1k+ votes
    6y
    Hindsight is 20/20 but I wish I had gone even bigger sooner.  I started with wholesaling, then fix&flip, then single family rentals, 4 units, 6 units and then made the leap to a 14 unit full reno inside and out, after that it was a portfolio of out of state multi families, then a 45 unit, a 50,000 sq ft office building, a NNN commercial property and now land development.  While my rental portfolio began 6 years ago... and I'm pretty happy with the pace of that so far, I wish I wouldn't have messed around with the wholesaling for so long and just jumped into rentals sooner.  Finding investor friendly lenders was a key part in boosting my portfolio growth.  If I would've relied on traditional financing I'd have 5 single family rentals instead of what I have now.
    1Reply
  • Corey White
    Specialist · Miami, FL · Member since 2014 · 12 posts · 3 votes
    6y

    So much good insight being shared on this thread!

    I would have more aggressively gotten rid of bad debt. I also wish, like many have stated, that I had house hacked sooner.

    Also, don’t be scared to make offers! If you don’t get that slight nervous feeling before making an offer, most of the time you’ve offered too much. Ask, and you shall receive!

    0Reply
  • Danny Rodriguez
    Rental Property Investor · Ozone Park, NY · Member since 2019 · 36 posts · 20 votes
    6y

    @George W.

    I was one the same boat. But I learned that you have more control over real estate than stocks. With real estate, your ROI depends on your knowledge, experience and your actions. All which you can increase. With stocks.... a story from the main stream media about a CEO's sex scandals can reduce the value of your stock for that company. I focus all my energy in RE.

    1Reply
  • John Nowosad
    Coloraado · Member since 2019 · 21 posts · 8 votes
    6y

    @John Walter

    What I would do with making multiple offers is telling the re agent in the beginning I make multiple offers are you prepared to do this.

    0Reply
  • Kody Thompson
    Rental Property Investor · Lehi, UT · Member since 2020 · 159 posts · 158 votes
    6y

    Networking and finding a good mentor!

    0Reply
  • George W.
    Investor · NJ · Member since 2018 · 869 posts · 921 votes
    6y
    Originally posted by @Danny Rodriguez:

    @George W.

    I was one the same boat. But I learned that you have more control over real estate than stocks. With real estate, your ROI depends on your knowledge, experience and your actions. All which you can increase. With stocks.... a story from the main stream media about a CEO's sex scandals can reduce the value of your stock for that company. I focus all my energy in RE.

    No argument from me about the control aspect. Im able to do almost every part of renovations and maintenance. The point of my wish when i started was to be more diverse when I started. 

    Just like real estate stocks and mutual funds can be great long term and should be considered. You shouldn't have all of your eggs in one basket is all I'm saying 

    1Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    6y

    Budgeted more for rehab. Virtually all new investors (and many seasoned investors) budget too little, and often way too little, and it comes back to bite them.

    Podcast Guest on Show #121
    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Deniqua Antoine:

    My husband and I are jumping right in and we have joined BiggerPockets. We are beginning to look for some multifamily properties.

    I’m just curious, what’s the one thing you wish you did first before you began investing?

    Buy in a more gentrifying area. 

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    0Reply
  • Nicholas Lohr
    Investor · San Francisco, CA · Member since 2015 · 302 posts · 206 votes
    6y

    I wish I had got the contractor to line item out his $30,000 renovation bid so we could have perhaps realized before we started that it was really going to be $60,000. 

    0Reply
  • John Walter
    New to Real Estate · NJ · Member since 2020 · 124 posts · 63 votes
    6y
    Originally posted by @Joseph Cacciapaglia:
    Originally posted by @John Walter:
    Originally posted by @Joseph Cacciapaglia:

    I would have started making lots of offers sooner. It took me way too long to get my first deal, because I was timid about making offers and just spent a lot of time analyzing deals and dreaming. I finally decided to make offers on every duplex in my market, until one was accepted. Once I did that, it only took 2 weeks to make a deal great deal.

     Any advice for getting several offers in each month when you’re not an agent? One of the issues I have came across is finding agents willing to do this, even when they agree properties are overpriced. 

    Where in NJ are you? Pat Murphy's office in Cherry Hill used to have agents that were all about making tons of offers for investors. He used to like to say that you weren't a real investor, if you hadn't made 10 offers that week. That was a long time ago though. I can't even find his website today. If you are in south jersey, the REIA that meets in that area should have agents willing to work with you. Again, it's been a while since I've been there. If you're looking for a tenant occupied 1% house in Palmyra, I've got a lead for you, no agent necessary on that one.

     I'm in Elizabeth, NJ. (somewhat North Jersey?). The last property I offered on (about two weeks ago) was listed for $430k and I offered $350k. Yes, that is quite a bit lower, but the seller received only two offers: mine, and one for $360k. It's a rare triplex with low taxes, which is the only reason I'm interested. This property has been listed for a few months now, and I struggled to find a real estate agent willing to even put in that offer. I have one now that was at least willing to write the offer, but was uncomfortable about it.

    NJ is a new area for me, and finding a good agent has been the biggest issue for me. Hopefully, it gets better. That triplex I offered on a few weeks ago, was sight unseen. They haven't received another offer yet, so I'm going to the property tomorrow to take a walk-through and follow up with them. We'll see how it goes!

    1Reply
  • Joe Bonniwell
    Milwaukee, WI · Member since 2020 · 1 post · 0 votes
    6y

    @Salvatore Lentini

    Any advice on finding investor friendly lenders?

    0Reply
  • Salvatore Lentini
    Rental Property Investor · Doylestown, PA · Member since 2008 · 1k+ posts · 1k+ votes
    6y

    @Joe Bonniwell - depends on what you're looking to finance?  Purchase, refi, amount etc

    0Reply
  • Peter Tonsits
    Rental Property Investor · Colorado Springs, CO · Member since 2019 · 7 posts · 0 votes
    6y

    @Lisa Larson

    Hi Lisa, I really like your advice. Do you mind sharing a little

    more about your systems that work well for you?

    Thanks :)

    0Reply
  • Julian R.
    Rental Property Investor · Ewa Beach, HI · Member since 2013 · 31 posts · 10 votes
    6y

    I wish I would've pulled the trigger much easier than I did. I was interested in investing for many, many years but had analysis paralysis. Ever since I purchased my first property, everything started to come together. Good luck!

    0Reply
  • Kenia Crevoisier
    Investor · Miami, FL · Member since 2019 · 12 posts · 2 votes
    6y

    So much amazing advice on this thread. 

    I myself am a new aspiring investor. i have my CPA license and specialize in real estate taxes. I deal with clients who are real estate investors. I advise them, I studied years to understand all the tax benefits the IRS awards RE investors with, but I never thought about actually ever being a RE Investor myself. It wasn’t until my husband told me to read Rich Dad Poor Dad that I realized, wait a minute, I can do this too! 

    While reading Rich Dad Poor Dad I found myself saying "yes, yes, that makes sense, YES!" I'm an accountant, I see clients personal and business tax returns, they pay so much less taxes than my clients who are attorneys and doctors. I review tax returns, HUD statements and financial statements with a new pair of eyes.

    I still have a lot to learn, knowing the tax benefits is only part of the whole journey. But I’m extremely excited for these new goals. And I appreciate all these advises so much. Thank you all! 

    1Reply
  • George MevawalaBusiness Member
    Real Estate Agent · Scottsdale, AZ · Member since 2017 · 115 posts · 102 votes
    6y

    @Deniqua Antoine definitely hard to say as everything thus far has been a learning experience. I bought my first property when I was in my early 20's, and my only regret is taking so long until I was able to acquire the next property (4 years later) and now that I am in my early 30's I have owned over a dozen investment properties and learned from every single experience. I should have been looking for more off & on markets deals earlier in my career, but I now pick up the slack for the years I missed!

    1Reply
  • Akeem Moreno
    Real Estate Agent · Brooklyn, NY · Member since 2019 · 100 posts · 25 votes
    6y

    @Kenia Crevoisier I’m looking for a CPA. Would you be interested in helping me out?

    0Reply
  • Judith Summers
    Rental Property Investor · chicago · Member since 2020 · 2 posts · 0 votes
    6y

    @John Warren thanks for this response i feel as if that is what am doing right now

    0Reply
  • Collin Rush
    Member since 2020 · 3 posts · 2 votes
    6y

    @Deniqua Antoine I am also brand new to this too! I literally picked up the rental property investing book last week. Good luck!!

    0Reply
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