What has been a game-changer for you?

Question

I just wanted to open up a discussion for people to share anything (software, strategy, hiring someone to help, etc.) that was a game-changer for them.

Jim K. · Answer

The gamechanger for me was the commitment to take the DIY road. I had heard everyone tell me "work ON your business, not IN your business" and "you can only make $20/hr swinging a hammer, you can make potentially thousands developing your real estate skills." I heard it and heard it and heard it.

Yet the truth is, these people are all chasing $50/door with risk out the wazoo in my area, shuffling through one shifty contractor after another, watching their CapEx obliterate their profit margins. A set of peculiar circumstances have created a very clear reality where I live: there are a LOT more people who want to make money in real estate by paying other people to fix the real estate than there are actually fixing the real estate: all chiefs, no Indians. I get half-a-dozen inquiries a week from investors in my area ever so casually trying figure out whether I might be convinced to fix their houses cheap for them.

Keep working on your businesses, people. You're all gonna make your piles in renovation while knowing less than nothing about renovation. And keep calling handymen like me out of nowhere. You'll find your outlier soon, the sucker who doesn't know what his work and knowledge is worth. Sure. Miracles can happen, and the next one is definitely going to happen to you.

Account Closed · Answer

@Heath Jones

As an out of state investor I was obsessed with finding the right market to invest in, and finding deals in those markets. I struggled to get started for roughly a year until I realized that I should have been focusing on networking more than anything. Find the right people and the deals will come to you.

Bjorn Ahlblad · Answer

@Heath Jones joining the State LL Association and gaining confidence to go from SFR and duplexes to a 12 unit and manage it myself (2.5 yrs ago). I should have purchased a 35 unit that was available at the time; but I did not think I was ready-I was. MF is just 'more' and it is so much more efficient to have all your tenants under one roof.

Heath Jones · Answer

@Bjorn Ahlblad

I completely agree!! When running the numbers for all the SFRs, my wife and I were like... we can put in the same amount of money for a fourplex and make a higher CoC. Plus, we can still pay the mortgage even if we had two vacancies for a full month. Economy of scale is a beautiful thing and why I dove head first into acquiring multifamily properties!!

Thanks for sharing!

Heath Jones · Answer

Thanks for the replies!!! Keep em coming!

What has been a game-changer for you?

Most Popular Reply