Happy New Year! It is a time for reflection on 2019 and goal setting for the new year. As a mentor to some, I get asked, “What advice do you have for RE investors in 2020?”
This is the most obvious one— just about everyone I know wishes they had started earlier. Time is on the real estate investor’s side. We all know the market has its ups and downs, but the sooner you get in, the easier it will be to ride out the bumps. If you have thought about being a REI (Real Estate Investor), get your feet wet or jump in.
A friend said he owned properties in five states. He would put more money into fewer markets if he had to do it all over again. It was a lot of work to manage properties in so many locations. He thinks he could have grown faster if he hadn’t been as stretched by managing this number of locations.
I have built a team over the years, but I probably could have grown faster if I had done this sooner.
The commercial projects have done very well. I wish I had started this expansion sooner, as there is less competition from buyers in the commercial space.
Especially today, technology can be a fantastic tool for investors. But getting the right technology and knowing how to use it and leverage it to its fullest can be a challenge.
A mentor can be an invaluable asset. Believe it or not, there are people out there who are willing to share their expertise—just out of the goodness of their being—without wanting anything in return. If you can find one, stick with them, and learn as much as you can. Especially if you are on your own, having someone to bounce ideas off can be a tremendous asset.
Some investors find a great deal but chicken out and settle for something smaller. Then they kick themselves when they look back. A practical – and often overlooked – strategy for overcoming fear is to make sure you’re not risking more than you can afford to lose.
We buy as-is. An investor will estimate the repairs needed to restore your property, arrive at an offer, and will purchase the property as-is.
When we buy houses fast, there are no fees! We don’t charge you a real estate commission, and we may take care of any other nagging financial problems such as back taxes, code violations, or past due water and sewer bills.
Paige also helps to educate people on the importance of Passive Income, deal evaluation, money management, how to wisely interact with money, and what the heck does a profit and loss and balance sheet actually look like?