New in every aspect!

[Steve Dora]

Hi! My former boss (retired) has inspired me to get into real estate.  I've made some foundational moves (heloc, llc, etc.)  But podcasts, books, seminars, I feel so lost still.  I'm definitely out of my comfort zone and I'm afraid to take the first step.  Hoping to gain some confidence and knowledge in the BP community!

[John Clark]

1. Stay local -- you have to be there physically. You need a lot of experience before you're good enough to go remote in purchasing.

2. NEVER buy in a place you wouldn't want to live yourself.

3. NEVER buy a property without a thorough inspection by a great inspector that you select and pay for. NEVER take the inspector the seller/agent recommends. NEVER buy a property without you personally inspecting it as well.

4. Agents, even buyer's agents, are not your friend. They get paid only if the deal closes, so their interests are not the same as yours. Listen to them but take what they say with a grain of salt.

5. ALWAYS do your own research on comparables, rent amounts, building codes and violations. NEVER assume.

6. ALWAYS run thorough, realistic, numbers on all expenses and reserves.

7. ALWAYS have written tenant screening procedures that comply with local law.  Adhere to them scrupulously.

8. Remember that you don't "have to" do a deal. The numbers determine whether a deal should be done, not the calendar.

9. NEVER pay for a guru/mentor/guide/whatever. Their advice is never worth the price. Especially ignore the "creative financing" shills.

10. Your wife/husband/life partner/whatever gets a veto over tactics, risk, and purchases. Win that person over with logic and patience, and DIRECTLY address his/her/(it's?) concerns. A happy marriage trumps everything.