One of the most asked questions that I get as a person who got into real estate a long time ago is what you would do differently? Now over 10+ years later, I’m able to look back and see where it all went right, and where it went wrong.

One of the elements that I talk about a lot when it comes to real estate these days is the marketing side of it. I do most of my talking over on BiggerPockets.com, where I had the pleasure to interview two awesome members of BP.

Engelo and Mark took a moment to write about what they would have done differently if they had to start over from scratch. People are usually able to sit back and look back on the things that they would’ve done differently if they could get into that time machine.

Do Me a Favor – Please take a moment and run over to these guys websites, and social media accounts to see what all they have achieved.

Here Goes..

Engelo Rumora – engelorumora.com twitter

If I could turn back time and start from scratch, I would be more PATIENT. I encourage everyone that is just starting their journey, or that already owns investment properties, to be more patient and wait for the “right” deal to come along.

The numbers in this particular deal need to complement other properties in your portfolio, with the end goal of reaching your monthly cashflow requirements as soon as possible. Unless you have a crystal ball… DO NOT include predictions of capital growth when calculating your return on investment. “Hoping” a property will appreciate in value is not a strategy, and if appreciation does occur, it should just be considered as a bonus.

By staying active via forums, phone, email, attending seminars, expo’s, and networking on all social media platforms– I can comfortably say that over the years you will come across at least 3-4 deals requiring a $50,000 investment, which can in return earn you between a $25,000-$50,000 profit if buying and selling, or an equity gain of the same amount if buying and holding.

As the saying goes “Patience is a VIRTUE.”

 

Mark Ferguson – investfourmore.com twitter

If I had to start over again, I would focus on investing in rental properties at a much younger age. I was a real estate agent at 22, and I flipped houses with my father at 22, but I didn’t buy a rental property until I was 31. At 35 I own 11 rentals and my goal is to buy 100 by 2023.

It is so much easier to buy rentals when you are young with no responsibilities, and more flexibility to move around and take advantage of low down payment owner occupied loans. 

Mark Ferguson, Mark owns 11 rentals, flips 10-15 homes a year, has a real estate team that sold over 200 houses in 2013, and writes investfourmore.com, a real estate blog that chronicles his investing.

 

Closing Remarks

I know that all of you are looking for that golden ticket to get your real estate business going, just as these guys have done. One thing that you have to realize is that you should always stay patient. This is something that I try to stress to the REI members of my free 52-week real estate marketing course.

You have to stay patient, consistent and motivated in this line of work. There are ups and downs all of the time from having tons of leads coming, to wondering why your phone or website isn’t converting into visitors opting in.

Whatever the reasons are, it all comes down to knowing your goals and going after them like no other. You have to be willing to work harder, smarter and more creatively than the other local investors if you want to see some form of results.

Hope my friends Engelo and Mark helped motivate you to keep the path, knowing that there is a pot of gold at the end of the rainbow.

 

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