Diving into Real Estate: The Dos and Don’ts
In our inaugural episode, we reflect on the countless mistakes we’ve made in our real estate journeys. People on the internet love the fluff, but we’re here to share the real, gritty details of what works and what doesn’t. We’ve known each other for over 20 years, and our friendship has seen many ups and downs, much like our real estate careers.
The Reality of Real Estate
We met in the Marines, and over the years, we’ve worked together and separately, learning hard lessons along the way. In this episode, we emphasize that real estate isn’t a guaranteed path to wealth. We don’t promise a rose garden; instead, we promise honesty about the challenges and failures we’ve faced.
Choosing the Right Strategy
Not all strategies are beginner-friendly. For instance, wholesaling might sound easy, but it involves a lot of groundwork and hustle. If you’re sitting on a substantial amount of money, like $5 million, wholesaling isn’t the place to start. You should aim for more substantial investments, like buying properties to fix and flip, or even long-term rental investments.
House Hacking and Other Strategies
On the way here, I was listening to a Bigger Pockets podcast about house hacking. The host mentioned buying multiple properties over six years in Denver and experiencing significant appreciation. House hacking can be a great strategy, but it’s important to understand what it involves. Whether it’s living in one unit of a duplex while renting out the other or renting out rooms in your house, the concept is about generating income from your living situation.
The Importance of Flexibility
In real estate, adaptability is crucial. What worked five years ago might not work today. For example, the same marketing strategies or investment approaches might not yield the same results due to changing market conditions. Always be ready to pivot and adjust your strategies based on current trends and opportunities.
Recognizing Opportunity and Avoiding Pitfalls
Real estate investing is about recognizing opportunities and avoiding common pitfalls. Whether it’s understanding the market or knowing when to take a different approach, being informed and adaptable is key. The best deals often come from being prepared and knowing when to act.
Scaling Smart: Innovation, Adaptation, and Humility W/ Justin Colby – Real Investing: For The Everyday Investor
- Scaling Smart: Innovation, Adaptation, and Humility W/ Justin Colby
- Why Real Estate Investors Must Embrace Digital Transformation w/ Megan Harris
- What Sets Real Estate Key Players Apart From The Rest W/ William Dennis
- Making Data Driven Decisions As An Entrepreneur W/ Gary Harper | Real Investing Podcast
- The Nationwide Real Estate Lending Environment W/Robert Greenberg
Key Takeaways from Episode One
- Start Smart: Don’t jump into strategies that don’t match your financial situation or experience level.
- Stay Flexible: Be ready to adapt your strategies based on market conditions and new opportunities.
- Be Vocal: Let everyone know you’re in the real estate game – opportunities often come from unexpected places.
- Plan and Budget: Have a clear financial plan and stick to it to avoid running out of resources too quickly.
- Take Action: Don’t wait for the perfect moment; good enough is better than never starting.
Join us weekly for more insights, real stories, and actionable advice to help you succeed in the dynamic world of real estate investing. Subscribe to Real Investing on Spotify, Apple Podcasts, or your favorite platform. Follow us on YouTube for video content and behind-the-scenes footage.
https://open.spotify.com/show/05oOyxG1w304L77Ob265cY
https://podcasts.apple.com/bw/podcast/real-investing-your-weekly-guide-to-real-estate-success/id1459164571
https://www.youtube.com/@RealInvestingfortheeveryday
Stay tuned for more episodes where we dive deeper into the world of real estate investing, sharing our experiences, mistakes, and successes to help you navigate your own real estate journey.
