mental health questions

[Account Closed]

2 questions for all the great minds here at bigger pockets

1. How long did it for you close your first deal? Im talking about the day you decided "im going to do this" to the day you actually closed on the first deal?

2. How do you determine when discouraging advice is well intended? If I had a $1 for every time someone told me you cant do that!!!!" I can retire. I can accept the word NO as long as there is reasoning behind it, Im just having a hard time accepting numerous people saying "you cant do that" then not taking it a step further and explaining their reasoning. This is coming from someone from my own team who is always giving the worst case scenario available and constantly saying not to do the deal because there is this thing called "risk" 

[Marcus Auerbach]

@Account Closed the first one is the hardest, of course! Especially if you don't have a good mentor. Most investors follow a hockey stick curve, here is how mine looked. The first deal took me a year and a half, the second one half a year and the third 12 weeks. And then it was on. In hindsight I wish I would have been bolder early on.

Know that renting real estate is by nature a very forgiving buisness model. Over time everything tends to be good. Buy quality assets and stay on top of issues at al times. I have a few properties that would have lost money as a flip, but 5 years later they are cash flowing just fine. Built in tolerance for mistakes.

Also know that your deals will not be perfect. Most properties I have ever bought were not exactly what I wanted. The lot was too big/small, the layout not ideal, the repairs too a little many - perfect does not exist, good enough is what you are looking for.

Become a specialist - pick a type of property and a type of neighborhood and become the expert. If your focus is 6 to 12 family properties in a certain market you will become the expert. If you keep jumping between office space in Chicago, single family in Racine and 4 fam in Milwaukee it is hard to get a clear sense of what a good deal is. It makes it much easier to spot a deal when you focus on one type of asset and your confidence level will be much higher.