newish member in Minnesota.

[Mark Turnbull]

Hi, My name is Mark.

I've been lurking for a while, but have finally decided to post to Biggerpockets today.

I'm a construction guy with over 28 years of experience. We "fell" in to our first Rental in 2008.  It's been a learning process!  It's time to add a second property.   I'm looking to connect  with Wholesalers, Realtors, and Investors that work North of the Twin Cities.

Thanks for your time.

Mark

[David Moore]

@Mark Turnbull

Glad to see Pavel followed up his post with more insights.  I kept thinking about his reply last night, and I wanted to communicate that my approach is pretty much Provers 21:5 - "The plans of the diligent lead to profit as haste leads to poverty".  Not knowing Pavels situation first hand at all, I've heard of, in Minnesota, and seen examples on BP of RE investor burnout, going so fast so soon to acquire real estate that burns 'em out.  I think it is much better to acquire more slowly, and maintain cash reserves.

Personally, my wife and I rehabbed one house last year.  We won't do that again.  Going forward, we pay $$ to have someone else do it.  Or we'll wait for another investment that takes less time to work on.  We've had success going slow, and by following great advice from others on BP about tenant screening, how to buy, etc.  One principle I've learned here is to buy with the idea that my property won't appreciate one dime.  Assume in 15 years I have to sell it for the same price I bought it.  

Remember, this is the USA.  We do everything super fast.  We have to have diets where we lose 10 pounds in  two weeks, and the late night infomercials tell us we can get rich quick.  I say, instead of getting rich, have fun with this.  My father in law and I are having a blast.  This is fun.