All Forum Posts by: Account Closed

@Joe M. Multiple mentors does seem ideal. There are so many varieties in the investing game.

@Joe M. Great points and response. I do not know any lenders doing 80% right now but someone out there might. Definitely have to stay in that number range to work the BRRR successfully

@NaDean Bowles I agree. So hard to predict the future. I admit I have no idea anymore.

@Daniel Haberkost That is very true. I know personally I am very happy. I put myself in a position to be fine when tenants decided to take advantage this past year. If I did not have those funds in reserve it would have been a very different story.

@Joe Splitrock YES. I agree with all of those. Thank you

When people get into Real Estate investing for the first time, they generally are pretty Doe eyed. They have dreams of making it big but seldom have a realistic vision for what that will entail. It is not uncommon for people to face adversity when they enter any industry and those who are able to overcome the adversity are more likely to thrive.

I am always trying to help people set themselves up for success. The problems that come up during our everyday business dealings may seem routine to us but could represent a major pitfall for someone who is not used to dealing with them. The greatest pitfall I have seen is people not generating income quick enough and not having enough cash flow to continue with their aspirations. When this happens, many will fall back on the security of a full-time job. Most at that point will slowly fade away from the business, never to return.

Additional pitfalls I have seen are people running into title issues with no knowledge of their regularity and how to resolve them. Fear of rejection which leads to paralysis. Accepting bad advice from local “experts” in the industry. While these “experts” may feel they are offering sage advice, more often that not it leads new investors down the wrong path. Spending exorbitant amounts of money on Gurus programs. Unable to properly motivate themselves.

There are probably a million more. Which pitfalls have you seen new investors fall into?

@Chico Ford I couldn't agree more!

@Brian G. Ronald Reagan said it best.

@Nick C. Plus all that negative energy you would carry around all the time. That would be horrible.

@Damaso Bautista I agree. I think people ask for a mentor they are looking for a coach and maybe even more than that. Almost like the equivalent of a personal trainer. A mentor should be much different. As a mentor it should be something that you see as personally rewarding not a work obligation. In my opinion people are not good at valuing others time.