Deals And Drinks Recap - Biggest Mistakes Investors Make In Real Estate
Hello Everyone, for all those who attended last night, it was great to see and connect with you in the real world. I want to give a big shout out and thank you to @Emiel Barbosa for creating such a powerful community of likeminded investors and inviting me to be apart of it. For those of you who couldnāt make it, your presence was missed, but here is a recap of what I shared with the group: Recap: Biggest Mistakes Investors Make in Real Estate Hey team! Hereās a quick recap of what we discussed at the recent investor meetup on the biggest mistakes real estate investors make and how to avoid them. 1. Finding Deals Weāve all heard someone say, āThere are no good deals out there,ā or, āIāll wait until after the election, after summer, or when Iām older.ā But waiting is a huge mistake. Time is your most valuable resourceāyouāll never get it back. š«°š¾Just like that, itās gone. Solution: Change your environment. Surround yourself with doers, not talkers. For years, I held myself back by staying around people who werenāt moving forward. Once I left, everything changedāI made more money and was much happier. Itās a lesson I wonāt forget. The 73-Cent Strategy: I have garnered over $1M using direct mail for the cost of 73 cent stamp! Iāve done this by sending hand written envelopes to distressed owners with no return address. Sometimes, the smallest actions in the right environment can create the biggest results. 2. Believing No Money = No Deal This is a myth. Iāve done plenty of deals with no money down, and I recently helped 22-year-old Noah Jackson do the same. OPM (Other Peopleās Money) is real, and itās one of the most powerful tools in real estate. Hereās a video to watch Noahās story: How To Fix and Flip With No Money Down | 22 Year Old First Time Flipper Shares How https://youtu.be/dhV3kIcHNbk 3. Underestimating Budget & Overestimating ARV Many investors either underestimate their budget or overestimate the propertyās ARV. Personally, Iāve learned to keep my optimism in checkāmy team constantly reminds me not to price flips like itās still 1999! I shared a story about a friend who refinanced his family home for a flip, only to break even after 18 months. Lesson learned? Be realistic with your numbers.