Today I want to talk with you about the three biggest mistakes that I’ve made in my real estate investing career. The first one was really diving in without being educated properly. My wife and I, we bought a bunch of properties at the wrong time, and we got crushed by the recession. So we didn’t take a lot a time to learn about market cycles and buying real estate at the right price. We had very good high paying jobs at that time. And we just assumed that if anything should change well we’d be able to cover anything with our income. That was stupid, all right? So education is critical. Understand exactly what you are doing so that you prepare for bad times. Because bad times do happen, and you have to be able to roll with those punches.
Second. I didn’t get a mentor early enough. This kinda goes hand in hand with education, right? If you have a good mentor? They can help you understand a lot of these things from their own experiences. So, you can get a lot of education from books, but I think experience is one of the best teachers. So why not rely on the experiences of somebody that’s been doing this 20, 30 years. They can teach you so much more than you can get from any guru course or anything like that. So rely on the experiences of others. Take those experiences, understand them and then apply them to your own investing strategy.
And then finally the biggest mistake I made was, once I got those things in my life, education, good mentor? I didn’t go big enough. I didn’t go big enough right away. I was still timid. I was still hurt from getting crushed in the recession. So if you wanna get big? You gotta commit. You gotta be all in to going all in. So scale your business. Just put it out there that you’re gonna get big. There is no other choice, okay, but to get big in real estate. So those are my top three lessons that I’ve learned so far. I’m sure there’s gonna be more to come. But if you’re thinking about getting started? Take heed of those three things. Get educated. Get yourself a mentor. And then once you get the understanding, go big or go home.