I usually think what I would do differently, after 30 years of real estate investing. It is a good question to ask yourself. And the answer to this question is here in this article.
There are pretty ample things that I would have done differently. Here is the list.
I would have started my real estate business earlier
When I started this job, I thought I needed to work some other jobs and in order to save my own money to do my real estate deals. At that time,I was only focusing on buying and holding properties.
I regret that I would have started it earlier. The important thing I did not realize earlier was that this was a get-rich-slow strategy. I was fully devoted in making other people rich. I was dealingeveryone from builders and developers to apartment owners and real estate brokers. At that time, I was a painting contractor and a real estate agent.
One of my biggest regrets is that I waited so long to say goodbye my painting contractor job. Then, I apply for my real estate license and go into real estate investing business full-time. But I think I would have started my real estate business much earlier. I would have done it more wholesaling and flips. I would have usedhard money for my deals prior on in my investing career.
I regret not assigning tasks to manager
I was doing everything finding the deal, fixing the property, book keeping, being a real estate agent and being a property manager doing all real estate assignments on my own. I was not picking out time for myself,I was just saving money for myself and earning more and more. I used to manage everything like my savings and expenses and I never paid attention on the core assignment that they should be assigned to a manager. I thought I was great in everything so why I should assign tasks to someone else. I realized the real estate business is my passion. I could make more money by investing in real estate. I could do it myself.I was doing all the tasks like cleaning houses, painting and many more stuffs. Even I was having a good savings at the time. I was earning good.
For me it was a very hard thing to assign my tasks to someone else. I thought I am perfect in everything and no one can do and handle things like me. But I was wrong. These were just stupid thoughts.And it took me a while to realize. I realized you do not have to do each and everything by your own. It is totally ok if you can delegate your tasks to someone else. This is also for your benefit. I wish I did not make this mistake in the past and at an early stage. I must have hired any real estate manager sooner.
After this thought I hired a real estate manager and that was my best decision as an investor in real estate. It is very easy now to share your burden of work. I do not have to do all the repairs and maintenance things by my own self. I wished I had done it sooner.
I regret not using money and IRA Accounts in a bigger way
The other regret I have is not using money properly. I could use other people’s money and self-directed IRA accounts in a bigger way for my own real estate investment. Maybe I was afraid of taking risks at that time. But I should have done this sooner. I should have taken loans. I could do more investment in that way. But I did not do, and that is mu biggest regret.Maybe, Ithought, if I was not able to keep it going, what would happen then. These what and if stopped me. That was my case and a big regret too.I absolutely could have used more money, whether that was my private money or borrowed money. If I took this decision sooner, I could do real estate investment in a better way.
Now I am doing well inmybusiness, but if I could understand these regrets sooner, I could have done better business and deals. I hope by reading this article, you will not repeat the same mistakes which I have done in my career.