05 Nov 14 Mistakes New Real Estate Investors Make: Part One
Hey guys, welcome to something brand new! As a teacher and speaker, I love the spoken word best as a form of passing on information. Because of that, it’s been on my mind for a while now to start vlogging. Here’s what we’re going to try out: every Thursday, I’m going to post a real estate vlog instead of a blog. You guys will have to tell me what you think. So here goes….
Today I’m going to take some time to talk about 14 mistakes investors make in real estate. So if you’re interested in real estate, you want to make sure you stay tuned to the video.
One of the greatest things about real estate investing in my opinion is that is that it is one of the quickest ways to build wealth. Now those of you watching may have never bought a piece of real estate, or you may own four or five properties–and that’s pretty impressive if you do! But there may be a few of you that own ten or twenty, and some that own much more than that. Well, these mistakes are really mistakes that new investors make. So those of you who are more experienced might know these by heart. I would love it if you follow along and share your personal experience. If you want to comment and tell me a couple mistakes that I should include, that would be awesome!
Today, we’ll cover the first mistake that new investors make. Check it out:
1. Start Later Rather Than Sooner in Investing in Real Estate.
This is the first big mistake. For you to really learn what you’re doing, you have to get in the game. You have to get started. By getting started, even by making mistakes, you will find that you gain knowledge and understanding. And all of this leads to wisdom.
In fact, there are some things about real estate that are difficult to truly understand until you jump in. And so you want to start now, because it’s going to enable you to gain knowledge that you didn’t have before.
Another benefit to starting in real estate is the appreciation of assets. The quicker you start acquiring real estate, the quicker your wealth begins to grow. Now, I’ll talk about the hows of acquiring in later vlogs. But the quicker you start the better. If you don’t have your first home, your personal home, that’s a great place to start. The appreciation of that home and multiple properties allows you to build wealth quicker.
Getting started also increases your income. My goal was to replace all of my regular income with passive real estate income. I accomplished that, with God’s help, in two and a half years! Now not everybody’s going to do that in two and a half years, and I actually happened to catch the market just right on the rent and appreciation side. That’s a big part of why I was able to accomplish that in a short period of time.
But what happens is that you can get cash flow off of your real estate that you can put in your pocket. And it’s tax-favored cash flow.
So the first mistake that people make is that they start later rather than sooner in starting in real estate. I’m going to cover the other 14 in the other vlogs, so join us next Thursday as we pick up this subject again and move forward.
I also want to invite you to our annual Wealthbuilders Conference in Denver, Colorado, January 22nd-24th. You can visit our website wealthbuildersinc.org to get all the information and get your questions answered. I want to remind you that we are currently in the early bird special, up to the Wednesday before Thanksgiving, where you can buy your tickets for $119. The regular price is $169! But if you register by that time, you save $50.
Thanks for joining us today, and I’ll see you next Thursday right here. Talk to you later.
Join me every Thursday for my new real estate vlog. See you next week!