For The Experts Only.
Im just starting out and I dont want to make sloppy mistakes. If you can go back in your career, to your first or second deal what what you have done different. What have you learned? What would you never try again? Please Explain in detail.
Sad. You ask for experts only, but I am sure you could learn just as much from those who are struggling through their first few deals, or just their first deal.
The outstanding info you gain from those that rule the roost is second to none, but please understand your unique situation may not apply to the same rules that have been their best-worst scenerio.
I,IMHO, would suggest reading, learning, applying and doing just what it takes to get started. You will most certainly find answers to your problems here. Go find the deals and let the pros figure out how to make it happen if you can't yet.
Stay here. Read, Share, and prosper. The knowledge base here is second to none.
Good Luck..and prosper my friend
Bri
Mistakes? Lots of mistakes happen. RE is complex in that there are many things that can happen. Almost ever deal is different. People do not expect you as an investor to know all the details so your biggest mistake will be trying to prevent all mistakes.
One warning is to watch out for what mortgage brokers tell you. The broker is paid on commission to get deals done. This normally means getting people to apply for loans. They can not control underwriting and in many cases underwriting will raise issues on a NOO deal that a mortgage broker has not checked. Hence you will think you have a lender ready to go only to find out late in the process that the underwriter has concerns.
Try to focus on mortgage brokers (or directly lenders) who you know have done deals very much like the one your are proposing. Speak to other investors for recommendations. Local investors who you can talk to are best as sometimes the issues a lender will raise are very local.
John
[addsig]
Hey,
There are so many different ways to start in this business that the lessons that one person "learned" might be exactly the opposite of anothers.
For me, the most important lesson was: using my own time correctly.
When I started I did all the work myself. Hanging rock and painting are easy (relatively) but take way too much time. Given my financial situation I should have hired it out.
Also, I had a very, very bad habit of trying to take the house up two or three levels. In other words, all my houses had nice crown moldings and ceiling fans, etc. I, literally, recreated some of the door trim that was found in $300k for my $85k houses. It looked nice, but took forever and did not make me anymore money. I remember an agent telling me I was wasting my time and I should just paint and sell. I should have done that.
This is a great post. I am still a relative newbie with only one rehab under my belt but I am very interested on hearing more "if only I had..." on any topic relating to REI.