This week’s question comes from Natalie on the Real Estate Rookie Facebook Group. Natalie is asking: How did you narrow your focus to determine your strategy? And how do you get good at analyzing real estate deals?
This is one of the most-asked questions we receive. When you’re starting as a rookie real estate investor, every strategy seems like a good one. You may hear a guest on the Real Estate Rookie show talk about wholesaling or flipping or short-term rentals. Before long, you’re already planning your next exciting purchase even if you had another one already in the works. This “shiny object syndrome” is common when getting started, and while it’s good to know about many different investing strategies, changing yours too often can lead you well off the path to financial freedom.
Here are some suggestions if you’re torn between strategies and need to up your analysis game:
Look at your resources and base your investing strategy upon what makes sense for you specifically
Pledge to become an expert in a certain strategy and don’t try building too many bridges
Set up a strong foundation in your current investing strategy, then you can pivot wherever you want
Practice your deal analysis daily and send your calculations to other investors as a pulse check
Get to know your investing area as much as you can (even if you’re remote investing!)
And more in the episode…
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Podcast
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
BPCON2022
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-192
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