6 Pieces of Advice to REI to Start 2020

6 Pieces of Advice to REI to Start 2020


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With the end of one year and the beginning of another, what better time to reflect and, as a mentor, offer 6 pieces of advice to REI to start 2020.

6 Pieces of Advice to REI to Start 2020

  1. Start Investing Early

  2. This is the most obvious one— just about everyone I know wishes they had started earlier. Time is on the real estate investor’s side. We all know the market has its ups and downs, but the sooner you get in, the easier it will be to ride out the bumps. If you have thought about being an REI (Real Estate Investor), get your feet wet or jump in.

  3. Limit the Geography of Properties.

  4. A friend said he owned properties in five states. He would put more money into fewer markets if he had to do it all over again. It was a lot of work to manage properties in so many locations. He thinks he could have grown faster if he hadn’t been as stretched by managing this number of locations.

  5. Delegate Sooner

  6. I have built a team over the years, but I probably could have grown faster if I had done this sooner.

  7. Expand into Commercial Buildings (from Single-Family Homes) Quicker.

  8. The commercial projects have done very well. I wish I had started this expansion sooner, as there is less competition from buyers in the commercial space.

  9. Leverage Technology Better.

  10. Especially today, technology can be a fantastic tool for investors. But getting the right technology and knowing how to use it and leverage it to its fullest can be a challenge.

  11. Get a Mentor

  12. A mentor can be an invaluable asset. Believe it or not, there are people out there who are willing to share their expertise—just out of the goodness of their being—without wanting anything in return. If you can find one, stick with them, and learn as much as you can. Especially if you are on your own, having someone to bounce ideas off can be a tremendous asset.

    Like a Baker’s Dozen, I Have One More Bit of Advice:

  13. Be Realistic About Risk

  14. Some investors find a great deal but chicken out and settle for something smaller. Then they kick themselves when they look back. A practical – and often overlooked – strategy for overcoming fear is to make sure you’re not risking more than you can afford to lose.

    To grow and achieve greater success, you have to risk something. Just make sure that you can bear the loss if you don’t succeed the first time. My advice is to begin by taking on smaller challenges and work your way up.

     

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    Photo by Monica Melton on Unsplash

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