Do you really have to make mistakes to be a successful real estate investor?

[Albert Yamoah]

Hi guys,

I've been a member since last summer, and I'm really excited to begin investing in real estate. After listening to all the BP podcasts, I've come to realize that @Joshua Dorkin does not believe that a real estate portfolio can be built without losing money/making mistakes. Here's what I'd like to discuss. Do you really have to lose money/make mistakes to be a successful real estate investor? While I understand the limits of my own experience, I believe that it is possible to build a real estate portfolio without losing money/making mistakes by learning from the success of others (i.e. a successful mentor); formulating a profitable strategy (i.e. education); and application (i.e. action). Lend me your thoughts on this hypothesis. Thanks.

AY

[Brie Schmidt]

I don't think you need to make mistakes before you can be successful.  I think if you start slow and learn the business when you have little to screw up then you build a foundation.  

I also think you need to put yourself in check very often. I tend to get over excited by our growth and want to hit our aggressive goals. I set an ROI minimum for a buy and often have to remind myself it is there for a reason. So I have to walk away from borderline deals that will get us to our goal faster and wait for the real good ones