I am a 27-year old Utah investor that has been involved in the property investing business for nearly seven years. I started in this business after I graduated in college. I began to buy rental property and was not very successful at that time but I learned a lot of things. Back in college, I met a mentor. He has many real estate investment properties owned all over the town and the one who taught me some important lessons and everything about property investments. I did not realize at that time that he was already setting me up to a path that would change everything to me. Here are the two most valuable lessons :
1. Lesson #1 – You can lose your money in real estate if you do these two things
According to my mentor, you can lose money in real estate in two ways: The first is to sign your name to debt. And to give someone a huge amount of check (out of your own savings) is the second one. Avoiding these two things will basically give you an edge over other people going into investments.
2. Lesson #2 – Start your investing career in real estate without having enough money.
The second lesson he taught me is to go into real estate investing without using your credit or having a lot of money. The reason for this is that when you don’t use your credit or money you will learn great techniques that don’t require these things. It is kind of like a wild animal versus a domestic animal pet A wild animal is the more determined and stronger because he has no choice but to strive in order to survive in the competition.
At first, I think what my mentor said were not right. I thought I was different from him and we’re on different situation. However, after being in the business for how many years I can say that what he told me really helps shaped my career and grow my business.
The author is a part owner of Real Estate in North Salt Lake Utah, an investment company in Ogden Utah. We specialize in buying North Salt Lake homes for sale on terms.
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