Valuable real estate investing lessons that help grow my business
Friday, November 25th, 2011
I am a 27-year old Utah investor that has been involved in the property investing business for nearly seven years. I started in this business after I graduated in college. I learned so many things in my first try investing in rental property but unluckily was not that very successful. Back in college, I met a mentor. He owned plenty of investment properties around my college towns and the person who tough me everything about real estate and some important lessons. I did not realize at that moment that he was setting me up to a path that would affect my family and finances for the rest of my life. Here are the two most valuable lessons :
1. Lesson #1 – You can lose your money in real estate if you do these two things
My mentor told me that I can lose my money in this business in just only two ways. The first is to put your name and sign a debt. And to give someone a huge amount of check (out of your own savings) is the second one. Avoiding these things can put yourself ahead over other aspiring investors.
2. Lesson #2 – You should not have sufficient money when you start your investing career in real estate
The second lesson he taught me is to go into real estate investing without using your credit or having a lot of money. The reason for this is that when you don’t use your credit or money you will learn great techniques that don’t require these things. He compared it to a wild animal and a domestic pet. It is the wild animal who is more determined and stronger because he has no choice.
At first, I think what my mentor said were not right. I thought that my situation is different from him. However, after working in this field for long years I can honestly say that what he taught me really helps develop my career and bring my business into success.
The author is a part owner of Utah Real Estate, an investment company in Ogden Utah. We specialize in buying Utah homes for sale on terms.
See more real estate news and articles at: UT AND THE NATION
Category : Home buying
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