My husband and I have been in real estate investing for 10+ years now. Our very first experience was about 12 years ago when I saw the "Carton Sheets" infomerial and convinced my hubby to order it. A little embarrassing to admit that but hey, ya gotta start somewhere right? We didn't actually buy our first investment property until we moved back to Cincinnati a few years later. It was a doozie too! A boarded up mess that had been abandoned for many years with a price tag of $15,000. It took 4 months to strip it down to the bare bones and build it back up. I didn't think we'd ever get it done....your first is always the hardest it seems since you're learning as you go. We still have the original tenant in that house...it's been 10 years this month!
Since then, hubby has rehabbed to rent and fixed up and flipped. Personally, I love the flips...I become a lot more involved in those and being a Home Stager....I love the challenge! Investing actually led me into the Staging world and now here I am with my own business. Helping other Investors is near and dear to my heart. I've worked with seasoned investors that have great wisdom and knowledge (I love learning from them!) as well as "beginners" struggling to find their way....and others that jumped in head first and are barely hanging on....too many, too fast trying to get rich quick.
I'm no expert on real estate investing but I have learned a few things over the years...and that's steady wins the race. I am always amazed at how many people get into real estate investing with big dreams of getting rich quickly. And of course, all those silly boot camp investing seminars and books never tell you how hard you have to work and the greatest profit comes when you can do most of the work yourself. The reality shows that follow around investors with teams of people that do it all and they never have to get their hands dirty but they make a huge profit are so unrealistic.
I came across a great article "Real Estate Investors 10 Big Mistakes" that has a lot of common sense advice for a newbie investor. You can read the full article by clicking here.
I've found that the most successful investors I've met are those that don't get into a hurry...they plug along working one at a time over many years. They are patient and diligent. And they roll up their sleeves and do a lot of the work themselves.
Teresa Meyer is the owner of Stage a Star, a full service professional home staging company in Cincinnati, Ohio serving Butler, Hamilton, and Warren counties. Cincinnati Home Staging....helping Sellers, Realtors, and Investors prepare their home and listings for the Cincinnati real estate market.