Yes! you read that right. This is a guide of mistakes. Mistakes, and failures are what creates success. If you don’t understand how that is possible, then i suggest
OPTION 1: that you keep playing it safe, pay your bills, go to work, live your flawless life, grow old, and die.
OPTION 2: Follow my blog, as well as the many others on Bigger Pockets, read about all the mistakes you can cram in your head, learn from them, and hopefully acquire little bits success with each passing day.
Now option 1 may sound harsh, but it’s a reality a lot of people live every day. Don’t worry, I’m actually a very nice guy, but I can be direct at times. So people usually either love me, or hate me. There is no in between. Love or Hate, I hope you stick around, and i hope we can learn from each other.
Bottom line is I am LOYAL, HONEST, and I am NOT GREEDY, and I look for those qualities in others, in real estate transactions, and in my personal life.
I purchased my first rental properties in 2007, at the age of 26, but I still consider myself very much a rookie. I have been very fortunate to not have any major problems with tenants, and real estate agents I have worked with were able to supply me with leads to solid property management.
Financial freedom through real estate has always been a goal in my life, but there was a point when I realized that I had become distracted from that goal. I came to this conclusion from an honest self evaluation, which I now feel needs to be done on a daily basis.
I am the kind of guy that wants to try everything, and that was seriously taking time away from my real estate dealings. So now I make it a point to achieve some sort of progress on my real estate goals each day, no matter how small the achievement is.
My current goal is to acquire a 4plex, or a very small commercial property with 10 units or less. For those of you that may not know, there are substantial legal and financing differences in the two types of properties that I mentioned, but regardless of the property, I am just looking for a multi-family rental where the numbers fit my cash flow goals, and I am very patient to wait for it.
Which leads me to Mistake #1 for my first blog post….. Not being patient
This can be a killer for the new investor.
Ambition is appreciated, but rushing wildly to buy the first property you can successfully close on, can lead to many pitfalls.
Slow down, make sure the property meets all your predetermined criteria(assuming you have some) I know I didn’t when i bought my first property 🙂
Take time to scout out an honest realtor. — Again, on my first transaction, i did not do this, but he turned out to be an honest guy, and saved me from being ripped off for thousands of dollars by a mortgage broker.
If you find that voice in your head saying ” This property is going to be worth way more in a few years” WALK AWAY… If the NUMBERS don’t make sense NOW, Don’t purchase…That just happens to be a tidbit i recently heard from @Engelo Rumora if you have not checked him out yet, I highly suggest it . The guy is amazing, and every time I listen to his bigger pockets podcast interview I pick up a new piece of gold.
I could talk all day about being patient, but i think you get the point. It takes work to have it, and I try to practice it every day with even the smallest things in my life.
Well i am going to wrap this post up, thanks for reading, and I hope you follow my blog to hear about all the mistakes I have made, and ones I am going to make in the future.
If you want to get to know more about me check out my website atwww.allbrandonluke.com or hit me up on facebook under the pseudonym Django Mcknight (Don’t Ask lol) Make sure to send a message to let me know you found me through my blog.
This blog is also posted on biggerpockets.com at:
Thanks again for reading…Bye for now (any Howard Stern fans will get that reference)
BL
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