How many times have you said “if only I could have a do-over…?” Real estate investor Brandon Turner has found himself in that position, and even though he can’t have a do-over with past real estate deals, he wants to share his learning experience with other investors to save them from similar failure.
Turner presents lessons he’s learned
that he hopes will help others avoid looking like “idiots” in the real estate industry. It makes sense that several of his points related in some way to knowledge. For example, it’s good practice to educate yourself on the industry you’re getting into, and take heed of what successful investor Warren Buffett said: “don’t invest in anything you don’t understand.”
Once you begin delving into the various strategies, you’ll discover there are a lot of ways to invest in real estate. Consider narrowing your focus to excel at a particular approach. Turner says:
“There are a lot of niches (like single family houses, multifamily, commercial) and a lot of strategies (like flipping, wholesaling, landlording) that you could learn about... and you'll probably want to. Every week there is a new, exciting niche or strategy to explore. However, trying to do everything is going to make you end up looking like an idiot when you get stuck trying to learn everything, do everything, and wind up going nowhere. Instead, focus on one niche as long as you can. Master it, then expand.”
Once you’ve narrowed your focus, you can sharpen your strategy. Don’t be afraid of asking experienced real estate investors for help along the way – either with funding or for advice.
“People have been investing in real estate for thousands of years, and even more importantly- very little has changed in the past 100. So, to avoid looking like an idiot, don't dismiss the advice of those who have been investing for years.”