To all the beginners on here…
I’m a beginner too, I read a lot of postings written by all the over achievers like me. Don’t be too hard on yourself! I think the most important thing is just to do a little every day to get closer to your goal, whatever it may be. I’m hard on myself because I don’t feel like I’m doing enough, there’s people my age who have a million net worth, tons of properties, and seem to just be amazing. But I’m me and I can only do so much. I know someday I will be a rich real estate investor, but that someday won’t be tomorrow. I have some dues to pay, some mistakes to make and some failures to overcome. In the meantime, I’m going to study everything about real estate because I love it and keep on keeping on. Good luck everyone!
That may be the best advice in the real estate business. “You make your money when you buy” is a corollary. I’ve been investing full time for 6 years and have bought exactly 4 properties. My first was a “good deal” for your standard owner occupied buyer but not much of a deal for an investor. The next three were all what I consider “good deals” for a real estate investor. All were purchased at from 50% to 60% of ARV but all needed significant work. I flipped one after rehab for a $70K profit and added the other 2 to my rental inventory.
I’m always looking for the next great deal but in my target areas deals like this are few and far between and there is a lot of competition from other investors.
Despite having been told by countless real estate agents that purchase at 60% ARV and less “can’t be done”, I know it can because I’ve actually done it. I’ll never pay retail, or near retail again, even when considering a personal residence.
bossladyjack, keep doing what you are doing, I remember being in your shoes. I have been a full time investor for 4 and a half years now and have purchased several homes and wholesaled hundreds. One thing a mentor told me and I will always remember is “you don’t to get it right you just have to get it going”. This is true! Learn “take action”, learn some more “take action”…and repeat this. You will make mistakes even some of these so called gurus make mistakes but you learn and you keep it moving forward and not to give up!
Much success to you and all the beginners! :smile