6 Lessons in 6 Months and the not so awesome side of BP

Let me be very clear I just loveeeee biggerpockets , as a new investor I have found it so helpful. I have gone from zero knowledge to average knowledge in investing. Before biggerpockets I always equated real estate investing with old landlords from the judge judy cases. Not something i was interested in at that time. Now its a different story I just got my first deal a few months ago in Ohio. Its been a good experience.

I wanted to talk about  the lessons I learned from my 6 months of investing. The motive of my blog post is simple I want others to be careful and want to share the lessons I learned.

1) Never buy turnkey

I have gone from one marketing company to another. I think I must have covered all the turnkey companies on BP. I have found their prices to have very high markups. I have come to know this from my conversation with some others on BP that most of the time these guys are so good, sweet, great people but they have no knowledge of whats happening on the field. Also personally I don't think their service is worth the money they charge. Others might disagree to each his own.

2) Take decisions in time

I was in the due diligence period of a property and was going back and forth with the seller about bills, rents etc... My Realtor did not tell me or extend the due diligence period and I did not check with him, because of that I have $1000 stuck as the seller refuses to sign the earnest money back to me.  Vital lesson learned here.

3) Don't trust all that you see on Bigger pockets.

Biggerpockets is great but the dark side of BP is always hidden. No one criticize a PM or Realtor openly on BP, I can only think on 1 or 2 times this is happened. I have seen some write negatively  but don't come out with names and that doesn't help anyone. Thats a big drawback, people shy away from coming out openly because of many reason, consideration in future deals, public altercation etc....  My sincere recommendation would be to do due diligence. Being forthright neither have I come clean on it.

4) Message people privately and ask reviews

I always ask reviews about people privately. You will be surprised to know what people have to say. Its amazing how forthright people are when you message them and ask their opinion. Great way to research about people.

5) Always get a hungry Realtor

Never go for a Realtor who has multiple things to do and you are just one of his clients. Go for someone who will go out of his way to help you and in return gets his share. 

6) Always keep options.

Never just rely on one Realtor or one property manager. Always ask people for reviews on PM, Realtor, handyman etc..... Keep a list of what others are differencing you never know when you have to leave ones service.

Lastly I wish we could clearly determine the greats in BP from the not so greats and some bads as well. :) I would like to work with honest , trustworthy, hungry , transparent individuals and so do many other on BP as well. Will the Real BP greats please stand up......