Read, study, rinse and repeat (often and lots!)…
Read everything on this site. Ask questions if something doesn’t make sense to you…
Did you have a specific area that you needed advice on?
(1) Use your common sense…it will keep you out of about 70% of your troubles.
(2) If it smells bad, don’t eat it…oops, I mean don’t buy it.
(3) BE HONEST IN ALL YOUR DEALINGS – treat others as you would want them to treat you – trust me it will pay 10-fold dividends.
(4) Help other REIs
(5) Read, study, read, study, read, study…then do it some more. If your “significant other” doesn’t complain about all of the real estate books, you’r enot reading enough (or you’re a neat freak)…
(6) Know your target areas – know them cold. You won’t know a bargain if you can’t recognize one.
(7) ALWAYS, ALWAYS, ALWAYS cashflow…otherwise, it’s speculation.
(8) Read, study…
(9) Be nice to the NooBies.
(10) Give back to the community when and where you can (this community and your home community, too)
(11) Get to know others in the field in your area…RE professionals, closing agents, lenders, jobbers, construction guys, etc. Pick their brains…ask them questions, they will give you straight answers.
(12) Read, study…
(13) Know the rules. I am in Louisiana…apparently, our rules are printed on stone tablets in French. Know the rules and ‘customs’ in your area
(14) You can’t make a deal if you don’t make an offer. If the owner doesn’t like it, he will (a) laugh, (b) say no, (c) counter and the game is on.
I’m sure others will add…
Oh yeah – (15) HAVE FUN!!!
BTW – did I mention that you should read an study? LOL