I was 21 years old when I bought my first investment property.
I’d like to pretend everything went smoothly — but that would be a lie. Sometimes it was downright messy.
Why?
Because I didn’t really know what I was doing!
That’s the story for most newbies. It’s a scary thing venturing out into the world of real estate when you don’t have a lot of experience. I still remember the fear, the uncertainty, the excitement — it all comes with the territory.
It’s my goal here at BiggerPockets to help you avoid the mistakes that I made in my real estate journey and to help you find your own path toward success. Therefore, let me share with you six critical lessons that every newbie (and advanced investor, I suppose) needs to know about investing in real estate.
1. You won’t get rich overnight.
Sorry, it’s just not going to happen.
You will likely get rich someday if you stick with it. But that’s the key: sticking with it. Ninety percent of those reading this article won’t.
So when things get tough, will you lose your passion? Or will you fight through?
2. No one is going to learn for you.
You can’t hire someone to do your pushups for you. It doesn’t work that way. In the same way, you can’t just start buying properties hoping that other people (your agent, your spouse, your mom) is going to make it work out.
The responsibility is 100 percent on your shoulders.
So take your education seriously!
Stop listening to the radio — you’ve heard those songs a thousand times. It’s time to turn your car into a mobile university. Listen to audiobooks about real estate, business, and productivity. Listen to real estate podcasts, like The BiggerPockets Podcast, and glean wisdom from the guests who share their stories. Get an Audible subscription and start listening to audiobooks like The Book on Rental Property Investing.
Pick up books from your local library, Amazon, the bookstore, or BiggerPockets.com/store — and then actually read them!
Attend local real estate meet ups and clubs and get to know people who are doing amazing things with real estate — and listen to them!
Remember, no one is going to do your learning for you.
(Click to read on BiggerPockets…)
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