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Be prepared to build your wealth with baby steps.
Our first flip took 3 months. It was frustrating. It’s now rented with 10% ROI for 4 years consistently. The business is measured in years, not months
We don’t flip anymore. We take a lower ROI and use debt as leverage. So even though first year ROI is 6%, the next year its 6.5, then 7, etc as debt gets paid down and more goes towards principal
Build relationships with contractors to help get good prices for any rental properties you invest in. That’s helped me a ton since I manage my own 2 flat
New paint and flooring is the best ROI for Renos
Have several different exit strategies before you buy the property. Always have a contingency fund built into your initial rehab estimates. Learn the true ARV of that specific area within less than .25 mile and accounting for how different one block can be from another
Coach
Mine would have to be: Be aware of your surroundings when visiting / working on job sites.
Always look before taking your steps. It can save you a trip to the ER for a tetanus shot. Job sites tend to be riddled with nails during the demo phase.
Avoid condominium/homeowners associations at all costs! Buy something where you control the land it sits on.
I mean it is what it is if you’re in Manhattan. I’m in Chicago and had one condo investment and now own a 3-unit. Condo board was such a suck of energy making sure they didn’t spend my money irresponsibly and stopping them from creating rental caps etc.
If you go with a small association (<20 units) you’ll probably have less Karen’s. But ya never know.
Invest in learning and take action! Make a plan and execute it! It’s easy to make excuses and not achieve goals.
I would agree with A1 on contractors. Also, mine would just be a constant reminder that you can't panic sell a building, you're in it for the long haul to build wealth whether you like it or not lol