Exploring the Realms of Real Estate Investment

[Oliver Marson]

Greetings BiggerPockets Community,

I hope this message finds you all in good spirits. As a newcomer to the dynamic world of real estate investing, I am eager to embark on this journey armed with knowledge and insights from seasoned professionals such as yourselves.

Having recently delved into the intricacies of buying and selling real estate, I find myself at the intersection of curiosity and the pursuit of knowledge. With utmost respect for the collective wisdom within this community, I would be deeply appreciative if you could share your experiences, guidance, and any pearls of wisdom you've acquired along your real estate journey.

Specifically, I am keen to explore the following inquiries:

1. What pivotal lessons did you learn during your initial forays into real estate investment?

2. For those who began their journey as newcomers, what advice would you offer to someone taking their first steps in this dynamic field?

3. How do you approach the balancing act between buying and selling properties, especially in the ever-evolving real estate market?

Your insights will undoubtedly serve as a compass in navigating the nuances of real estate investment. I am immensely grateful for any contributions to this discourse and look forward to fostering meaningful connections within this esteemed community.

Thank you for your time and generosity of knowledge.

Warm regards,

Oliver Marson

[Jaron Walling]

@Oliver Marson I'll jump in and answer some questions. 

It's obvious but leveraging the search bar (upper right hand corner) is a powerful tool for REI. You can find discussions about strategy, running numbers, creating spreadsheets, and real life problems investors run into. These forums are the pointy end of the spear. There's so many experts here giving honest responses. I had zero experience with RE before 2018. When I started out I read and read and read as to not make novice choices when buying, or remodeling RE.

Vet your contractors. Even if you get a referral you need to get to know them. It's not a dinner date but if you want to remodel RE and not DIY everything you have to network, vet contractors wisely, and build professional relationships. You need to recommend them constantly which makes them more $$$. We have had success with contractors and it's because I vet them and treat them fairly. You don't need to hire the most expensive guys to get quality work completed. 

Everything takes longer and cost $5-10k more than you estimate. We have remodel a handful of properties (semi-gut remodels) and it's always this way. I've DIY'd a lot work in the past (unsustainable) but saved a ton of money. It was necessary to get these deals done; to make the numbers work. Surprises pop up but you have to plow through them. If you don't have the skills or CASH on hand to finish a project, property, etc. REI is very dangerous. I idea of investing with no experience and using OPM is a lie. Nothing is passive when you start out. Money is never free. There's always a cost to get started.

That's my rant for the day but hopefully it inspires someone new to real estate. You don't need a degree, Now of it is rocket science. I wish I would have started 6 years before I jumped in. People can escape renting and be owners of property if they buckle down, make sacrifices, and take educated risks. Cheers.