Episode 15 of the Smarter Landlording Podcast welcomes back real estate investor extraordinaire Richard Scarbrough. Focusing on my new book, Advice From Experience To New Real Estate Investors, Richard and I discuss 5 key pieces of advice from experience that every new real estate investor must learn and know. During the first part of the show, we remember why we both got into real estate investing and Richard explains why real estate is more advantageous than just about any other investment out there.
Listen in as Richard and I go over 5 key pieces of Advice From Experience taken from the book:
- Don’t Wait to Buy Real Estate, Buy Real Estate and Wait - Learn how time is a great healer that can cover almost any newbie mistake.
- Work On Your Business, Not In It - Change your mindset and avoid “entrepreneurial optimism.”
- Don’t Fudge the Numbers - Learn what numbers you can and cannot control in any deal and what number you must have in any rehab budget.
- Don't Be Too Trusting - You would think that people will do what they say, but that is not always the case. What you as a new investor must do to protect yourself.
- On Working with Friends and Family - Doing so may sound like a good idea. But give us a listen first.
Everyone out there wants to share their advice on real estate investing. But before you take that advice, ask this question. “How many houses have you bought and sold?” If the answer is one or none, you may want to think about where that advice is coming from. If the answer is in the hundreds, like Richard and I can say, than you may want to listen to that Advice From Experience.
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