What questions are new investors not asking?

Question

Hey guys! I see a lot of the same questions on these forums and they are obviously good questions to start out with.

I am wondering, however, what are some questions that established investors wish newbies, like me, would/should ask?

What are some questions that you wish you would’ve asked when you first started? Things you wish you would’ve done differently?

Thanks in advance guys!

Andrew, Chattanooga TN

Frank Wong · Answer

New investors ask the wrong questions and rarely focus on the right ones. They ask.1. What is the best OOS market to buy? First, everyone will have a different opinion based on what works for them. 2nd if you don't know what you are doing it doesn't matter you will lose money in the best area. The area is not important but newbies and amateurs think so because they think its the key to success. 2. Another wrong question always asked. I have $75k, 150k, $250k to invest with, What should I invest in? Honestly, if you have to ask you shouldn't even be investing. That's the truth. You will get lots of ideas on BP, some great some terrible and some in between. More importantly, great ideas won't work for you because you don't have the same skill set as the person advising you. I see some amazing ideas but the problem is how will this person execute it? Instead, focus on levelling up your investing game so you never have to ask the question. You already know what to do with the money. If you don't know what to do pay someone to advise you correctly. Do you think the truly rich people go on the forums to ask random people what to do with their hard earned money? They know the time and getting the correct information is vital. Just watch the habits of truly rich people. What you want to focus on is the process. That's the key. Once you have a process in which you can properly analyze, find, and buy rentals investing is easy. You can use this process in any market, any cycle, and any recession. That's what you need. If your system can't do that then you don't really have a complete system.

Steve Vaughan · Answer

Spending more time asking about how to buy with low or no money instead of asking how to best sacrifice to save and get their financial house in order.Most see themselves financially independent, living on $×,000 per month of passive income while typing about their savings woes on their $1000 phone in skinny jeans parked in their car payment. Lack of $ is a symptom of your lifestyle and spending priorities usually. I'd like to hear more new people ask about hard work and sacrifice in the beginning. And more podcasts and webinars sharing about it. It's not all flip flops and cocktails.

Jim K. · Answer

I think too many people excited about long-distance flipping and BRRRR look at the rehab process as a virtual exercise, where all you need to do is follow a formula and paint by the numbers and everything will be just fine. People here don't ask useful questions about the differences between rehabbing a 90-year-old bathroom in a Rust Belt city suburb last remodeled in the 1950s and rehabbing a bathroom in 1990s-era construction in Florida. In these budding investors' minds, those are all dirty details for specialists, and moreover, simply not the highest and best use of their time. All they need to do is pay someone else to make them rich. Easy-peasy all day long.Then once the brutal butthurt goes in, they then whine and moan about unscrupulous contractors and property managers and if they could only find the right team to pay to make them rich.

Andrew Moullin · Answer

@Frank Wong I really like that! I’m early in my investing journey and I have had that same idea that asking people what to do with YOUR money is the wrong approachI currently try to figure out a system to analyze deals and find lenders to then buy rentals and I know that just comes through experience and just DOING. I appreciate the comment and i couldn’t agree more. Thanks!

Josh Oaten · Answer

No, I wish I had of had my sh** together quicker and learned about real estate investing earlier in life!

Andrew Moullin · Answer

@Josh Oaten interesting! So you wish you would have invested in large apartment buildings rather than duplex triplex fourplex? At the very beginning of after you had a couple of deals first?

Josh Oaten · Answer

@Andrew MoullinOne question I ask myself is why the heck didn't I learn about and get involved in large multifamily real estate earlier!!!