“I Am Still Doing Research”

“I Am Still Doing Research”

 

 

 

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

www.righttracfg.com

www.joepetrowsky.com

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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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Comment balloon 30 commentsJoe Petrowsky • October 15 2015 08:46AM

Comments

Hi Joe.  You Dad's.  Why reinvent the wheel.  Learn from others.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) almost 4 years ago

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

Posted by Mark Don McInnes, Sandpoint, North Idaho Real Estate - 208-255.6227 almost 4 years ago

That's a great quote, but I would argue that the woman who learns from both is brilliant.

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) almost 4 years ago

Good morning Joe.  Listen to your dad's advice.  He sounds like a wise man.  

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) almost 4 years ago

Good morning Joe. A great quote that many fail to heed! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) almost 4 years ago

Joe, I love this advice from your dad...it is a statement to live by!

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) almost 4 years ago

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.

Posted by 1~Judi Barrett, BS Ed, Integrity Real Estate Services -IDABEL OK (Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745) almost 4 years ago

I agree with your Dad's advice. A wise person learns from the experience of others .

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) almost 4 years ago

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.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 4 years ago

Sometiems mistakes can be the only way some people learn...unfortunately...and it has to be their own.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) almost 4 years ago

Many times it's the classic example of " Paralysis from Over Analysis " !!!

Posted by Michael J. Perry, Lancaster, PA Relo Specialist (KW Elite ) almost 4 years ago

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.

Posted by Raymond E. Camp, Licensed Real Estate Salesperson Greater Rochester (Howard Hanna Real Estate Services) almost 4 years ago

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.

Posted by Bob "RealMan" Timm, Owner of Ward Co. Notary Services, retired Realtor (Ward County Notary Services) almost 4 years ago

Joe Petrowsky As others have already said, remind him the dangers of analysis-paralysis.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) almost 4 years ago

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.   

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 almost 4 years ago

Joe, first time investors do need a lender and REALTOR to guide them through to be sure this WILL be an investment. 

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) almost 4 years ago

I would advise him to call and make an appointment with you and with his REALTOR®.

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (101 Main St. Realty) almost 4 years ago

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 .

Posted by DEANNA EARLY - - ( NMLS # 268590 ), Highest Ranked Mortgage Loan Originator Virginia (American National Bank & Trust) almost 4 years ago

Joe - I have not heard that before but your dad was a wise man indeed.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) almost 4 years ago

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.

Posted by Elizabeth Weintraub Sacramento Realtor Top 1%, Put 40 years of experience to work for you (RE/MAX Gold) almost 4 years ago

Joe Petrowsky  I would have referred him t a good agent in the area

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) almost 4 years ago

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. 

Posted by Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES, Florida Waterfront and Country Club Living (Tropic Shores Realty - Ich spreche Deutsch!) almost 4 years ago

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.

Posted by Roy Kelley (Realty Group Referrals) almost 4 years ago

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.

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) almost 4 years ago

Joe your Dad was a smart man.  He gave you great advice and you learned well :)

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) almost 4 years ago

Joe

Your post offers great insight . . . .

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) almost 4 years ago

I would advise this young man to consult with you. I hope he does that. Nice post, Joe. 

Posted by Debbie Laity, Your Real Estate Resource for Delta County, CO (Cedaredge Land Company) almost 4 years ago

Joe, when he meets with you, he will be on his way to home ownership.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) almost 4 years ago

Joe, I agree with your assessment. There is that dreaded disease called "analysis paralysis" that I warn many of my clients about.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage ) almost 4 years ago

Bill Roberts ~ hi Bill... I just said he same thing and then saw your comment. What is it they say about great minds, etc?....

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage ) almost 4 years ago

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