New Members - Where To Begin?
This last Wednesday @ Philz in downtown San Mateo, our Real Estate Meetup had a diverse group of investors from three different categories. Each had great take-aways for future discussions.
1. Busy professionals learning to create passive income
Fastest and safest ways to invest? Find trusted people, invest small, grow knowledge and portfolio slowly in markets you understand.
Timing the (real estate) market is difficult - best two options today are to A) buy distressed and/ or B) position yourself safely as the lender.
Beware contractors! Do your due diligence on your team and build skills to vet them appropriately.
Estimating a rehab? Tools are available online and from those in the group. It is best to use professionals to validate.
2. Seasoned investors looking for advanced wealth strategies. We didn't get very far due to size of group. However, future topics of conversation include:
Alternatives to 1031 exchanges
Best methods to find paths of progress
Increasing NOI on portfolio
Private lending - developing a diversified portfolio (crowd-funding or individual funding) to withstand another 2008
Multifamily investment opportunities, and more!
3. Newbies in real estate
Biggerpockets.com podcasts - learn from the masters.
Biggerpockets.com forums - ask questions and research.
Google "wholesale podcast Biggerpockets" for those with a lot of time, hardcore work ethic, yet no money. NOTE: This can be very rewarding as you help people out of difficult situations. However, lack of integrity and compassion from a few has given this field a bad reputation.
Recommended book to read/ Audible:
"Real Estate Gone Bad" (Phil Pustejovsky) to learn 20 common and not so common pitfalls when investing. Big thanks to Harold for the recommendation.
Our topic of the night: What sets apart successful real estate investors from those who give up, fail or never get started? (Borrowed from Brandon @ Biggerpockets)
Find mentors (not business partners or gurus)
Take. Massive. Action.
Look forward to our next meetup.
Kevin + Kiri