I just sold the 5 Las Vegas properties to purchase 11 units in Hawthorne California and the Las Vegas properties increased in value by about $50,000 each in 3 years.Had I taken the same $1.2 million I invested in Las Vegas I could have purchased a $4 million property in Arizona at $50,000 per unit = 80 units and those units are now selling for almost $300,000 per unit = a profit of 80 x $250,000 = $20 million.So, by listening to my loan broker I lost out on earning $20 million in only 3 to 4 years vs. earning a stinky $250,000 in Las Vegas with the same amount of investment capital.Stupid!

I started making about 20 times as much money every year after I lost $1 million two times and stopped listening to advice from brokers, friends and relatives.I started purchasing single family homes in 1972 and did not have the business experience or business maturity to handle tenants.

In a market that's quickly becoming saturated differentiation is key.As Phil Knight said in Shoe Dog: "When you add some new thing or service to the lives of strangers, making them happier, or healthier, or safer, or better, and when you do it all crisply and efficiently, smartly, the way everything should be done but so seldom is - you're participating more fully in the whole grand human drama.

Listen to the advice of Yogi Berra (Google him if you don't know who he is): "Hit 'em where they ain't".

First time caller, long time listener. 

Happy to answer any questions or listen to comments.

Don't listen to real estate agents or anyone with something to gain by selling you something  egging you on to disaster.

The past few monthsI've been listening to podcasts, reading books, and evaluating properties by working with couple of real estate agents in my area along with going to go see a few of them in person as well.

I am a recent Pro Member on BP and have probably listened to about 100 podcasts now in the past 2 weeks which have been a great listen.

currently a senior in college. been reading bp books, attending webinars, listening to podcasts, and trying to learn as much as possible. going to do a house back once i graduate. what are steps i should be taking now to prepare?