Experiences of a REI (NY style)

My successes and failures as I attempt to build my wealth through real estate investing.

Saturday, March 18, 2006

Some things I wish I did and didn't do in the beginning up until this point.

1. I don't believe that one needs to form an LLC in the very beginning. This has done nothing but take money out of our pocket. Wait until you have one or two properties under your belt before you think about forming an LLC.

2. I wish I kept a list of everyone I contacted in the beginning, and a brief summary of what they said, and/or offered. In short get organized in the beginning, because it will be easier to stay organized as you go along, plus it will save you a lot of time when you don't have much. It would also be easier to go back and look at what people had to offer, and read it, rather than trying to remember it.

3. I wish I focused on one aspect of REI in the beginning. I believe that if one focuses on one aspect in the beginning one will get to the actual investing quicker. In my experience my partner (my dad) and I have been jumping from one strategy to the next. While we have learned a lot about REI in general, and generally know about most strategies we have yet to actually purchase our first investment property, because these strategies seem to get in the way. If you focus all your attention on one strategy in the beginning one can look for properties that fit that particular strategy and get one's feet wet fairly quickly.

4. I wish I got my feet wet early. I believe that it is important to get one's feet wet in the beginning and learn as one goes. I do understand that one needs to first have a base of education before one jumps in, but I believe having one property in the very beginning forces one to continue to learn at a higher rate then just reading about it. I also believe that it will give one the confidence that one needs to continue advancing one's real estate portfolio.

5. I wish that I would have been more forceful with people in getting what I needed, but at the same time be polite about it. I believe that one needs to be demanding in what one wants, and when one wants it done by. I don't mean be rude, and a pain in the butt. What I mean is that one needs to let the people around him/her self know that this is important to you, and that it needs to been done in a timely matter. I believe that I let a lot of people take me as not being serious in the beginning, and even a little now. I believe that if I was more demanding with what I want I would be further along than I am at the moment.

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