Just starting real estate please help

[Bertina Chisley]

I would like to know what’s the best way to start

[Jimmy O'Connor]

Common Mistakes I see in new investors-

1- They get all of their advice from "youtube gurus." Sure that's a great place to get interested in Real Estate but REMEMBER, they are production artists that make more money of their merchandise with inflated optimism.

2- They go with where the best PRICE is rather than the best value. Find out exactly what you want your ROI to be.

3- They caught up in what I call the "Flipping Flu" where the euphoria of looking at a +50k  check clouds their mind to the fact they had to work 3-5 months to get there. Throw some rentals in there! make you tenants pay your mortgage and put a little cash in your pocket

4- They don't read or become informed. Listen to QUALITY podcasts (BP is a great source) or read some of the classic books (as cliche as it is to suggest "Rich Dad Poor Dad," it is considered the Real Estate Bible for a reason. )

5- DUE DILLIGENCE- especially when it comes to wholesale deals. I am licensed and work with distressed properties and have had some QUALITY relationships with honest hardworking wholesalers but there are people out there willing to inflate he ARV and downplay the Rehab cost because they are just looking to move a couple of houses to make their salary.

6- THINKING FOR TOO LONG- trues deals are called deals for a reason. If you wait on them for too long they will be gone. Go in there knowing EXACTLY how much money you want to allocate to the project (purchase and rehab included) and what neighborhoods you want to invest in. When you see something you like, pull the trigger. **This is extra helpful if you find an agent or TRUSTWORTHY wholesaler that you've developed a solid relationship with and have your expectations set.

7- Unless you are an experienced contractor, try and do a "lip stick" property meaning that you want to go for a property that may have minimal rehab, that way you don't have to deal with EVERY head ache at once. Learn the business and what goes into a project, but don't try and do a baptism by fire.

Hope this helped!