The Biggest Lessons You Have Learned in Real Estate in 2024

[Hector Espinosa]

I don't really have many lesson to share this year but I hope next year I can have more to share.  So far, I think one of my biggest lesson on 2024 is that I finally I decided to take an action and started looking for my first real-state property.  Unfortunately, I couldn't purchase it this year but I just need to keep saving, analyzing deals and at some point I will be able to purchase it.  In the meantime, I just need to keep working consistently. networking and building my team. Hopefully, next year we can work together... who knows? 

Also, starting my journey in real state investment made change my mindset and since last year I have been more disciplined on my finances and I have been taking better decision on how I spend my money.  I have a more educated wallet and that makes me feel real good.

Whether you’re a seasoned investor or just starting out, these lessons could change the way someone approaches their next deal. What did 2024 teach you?"

Cheers,

[Jared Smith]

@Hector Espinosa 2024 taught me to be patient. Depending on what type of investor you are or want to be, there are still deals out there. For example, if you are an active investor you can still find deals but they may not have quite as high of returns as we had become accustomed to in the previous years on average. We didn't anticipate the housing market slowing when it did in August and now we are holding a flip that for all accounts should sell. If it was just my house sitting I would say I over estimated the sales price or over rehabbed, something, but it is most homes in the same area that had been moving so quickly are now sitting for months and are all priced according to market value. The number of showings has definitely picked up since the election and we are hopeful we will have something soon. 

The other think I learned in 2024 is that Zillow has made it much harder to market FSBO homes. They used to be marketed with all of the other homes on the main search page, but a user had to go into the filters and specifically select the "FSBO & Other" tab. Just this week (week of Dec 9th) it looks like they have updated the app to go back to the way it was before so now FSBO homes can be viewed alongside Agent Listed homes. Unfortunately for me, this was not the case when we first list in August but I am happy to see that is has been changed back.

Having intentionality in your actions and goals set to enable you to reach that 1 real estate transaction milestone is important and will ultimately help you reach that sooner. 

Good luck in 2025!