Real estate investing is a difficult field to enter. It’s not really difficult as in “hard to comprehend”, I can teach anyone what they need to know to start with in the space of three months. But rather, the difficulty is in terms of isolating the most viable among the many apparent options which are furthered onto a beginner by countless informational outlets. In fact, I take calls from newbies regularly that start out “I am doing what everyone says I should do, but it’s not working…”
Yes indeed, if success were as easy as following the “survey says” advice. One of my all-time favorites, and what I think is the worst advice in real estate investing is – Go flip a few houses to start with; you can do it with little money or none at all. And then you’ll have the down-payment for that rental house you want… This advice is prevalent out there indeed; it’s also WRONG as hell! Allow me to put things straight for you:
A few days back I received a call from a young guy who was very confused and in search of direction. In the course of nine months he’d been trying to follow this advice and was no closer to getting a deal done on the day he called than the day he started. He told me that he was seeing leads come in as part of his marketing effort, and even managed to get two houses under contract, but both of them crashed and burned. He was simply frustrated and not sure how to proceed.
I’d like to think that after forty-five minutes on the phone with me he was able to gain some clarity. On my part, feeling that this particular conversation held many nuggets for new investors to benefit from, without hesitation I wrote an article in which I dispel the myth of what I think is the worst advice in real estate investing. Believe me, my opinion on this is definitely in the minority, but I very much hope you take the time to read – it’ll save you a lot of headache later on.
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