“I Am Still Doing Research”
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The first time home buyers, especially the millennial age group spends a lot of time doing research. Unfortunately when it comes to having that first property also being an investment, all the research in the world doesn’t replace some practical experience.
This client was referred by a friend and was told he should set up a time to get together with me, which will be a smart move.
Hi Joe,
I am still deciding on the details of my plan but basically I am hoping to buy either a multifamily or a single family and fix it up and ideally rent it out for income. I am still doing research to the number of bedrooms and towns I am considering but I am most familiar with the West Hartford/Farmington/Simsbury area. Not completely attached to it but as I said I am most familiar with these sections of CT so I feel most comfortable investing in these areas.
I explained to him that I will coach him, so that he can avoid many of the mistakes that so many make when it comes to investing in real estate. It must go back to advice that my dad gave. He would always say “The man who learns from his own mistakes is a fool; the man who learns from the mistakes of others is much smarter”.
What advice would you give him?
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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Hi Joe. You Dad's. Why reinvent the wheel. Learn from others.
Hello Joe, I have heard your Dad's statement before and enjoy it's message. A bit harsh though on learning from your own mistakes. There is much to be said in not making the same one twice. Mark
That's a great quote, but I would argue that the woman who learns from both is brilliant.
Good morning Joe. Listen to your dad's advice. He sounds like a wise man.
Good morning Joe. A great quote that many fail to heed! Enjoy your day!
Joe, I love this advice from your dad...it is a statement to live by!
The client should listen to his friend and make an appointment to visit with you. At that time, he can show you what he's been researching and thinking about to ask for your advice and input. After all, his friend probably knows him pretty well to advise him to call you.
I agree with your Dad's advice. A wise person learns from the experience of others .
I would do the same as you, Joe. Though, there are many that feel they can do better by trying to find their own way.
Sometiems mistakes can be the only way some people learn...unfortunately...and it has to be their own.
Many times it's the classic example of " Paralysis from Over Analysis " !!!
Good morning Joe,
Sage advice to learn from the mistakes of others.
Too bad I did not listen to my Father in my younger days!
Make yourself a great day.
I'm joining the chior Joe Petrowsky in praise of your dads advice but we all learn in our own way and some folks just have to learn the hard way.
Joe Petrowsky As others have already said, remind him the dangers of analysis-paralysis.
Bill Roberts
Good morning, Joe -- a face-to-face meeting with you will answer some of the questions this first time buyer may not even realize he has.
Joe, first time investors do need a lender and REALTOR to guide them through to be sure this WILL be an investment.
I would advise him to call and make an appointment with you and with his REALTOR®.
Your Dad was right. Aren't Dad's great ? I always say "Learn from a professional" and the client obviously picked one in Joe Petrowsky .
Joe - I have not heard that before but your dad was a wise man indeed.
I would advise him to buy what he knows and to stick with the best appreciation model, which very well might be the SFR. And may all his mistakes be new ones.
Joe Petrowsky I would have referred him t a good agent in the area
Joe, some people do a lot of research but seem to start at the wrong end. For a first time home buyer especially, talking to a lender about their ability to buy is one of the very first steps. And of course, a good Realtor would be helpful in all the other areas.
I love your quote and is is ideal for sharing with new investors. It is much easier to lose money than make money in real estate.
Joe, your dad was a smart man. I guess the apple does not fall far from the tree. You have so much experience to offer that investor client. I hope he takes it and does not feel the need to do his own research and make his own mistakes.
Joe your Dad was a smart man. He gave you great advice and you learned well :)
Joe
Your post offers great insight . . . .
Good luck and success.
Lou Ludwig
I would advise this young man to consult with you. I hope he does that. Nice post, Joe.
Joe, when he meets with you, he will be on his way to home ownership.
Joe, I agree with your assessment. There is that dreaded disease called "analysis paralysis" that I warn many of my clients about.
Bill Roberts ~ hi Bill... I just said he same thing and then saw your comment. What is it they say about great minds, etc?....