09 Dec CREPN #70 – From Law School to Landlord with Brandon Turner
Bigger Pockets podcast co host, Brandon Turner was ready to become an attorney instead of a real estate investor. While studying for the LSAT, Brandon Turner needed a place to live. A realtor suggested he buy a house instead of rent, because it was cheaper. He bought his first house and became a landlord. When he sold the house for nearly double what he paid, he announced to his parents that he was going in to real estate and not law school. [x_audio_embed][/x_audio_embed] In the beginning, when he did not know how to do something, he searched the internet for answers. One website he found had real estate investors that shared their experience and tips. The site was called Bigger Pockets. The answers he found led to completed projects and articles written by Brandon that he posted on Bigger Pockets. In 2013, Bigger Pockets launched its podcast and Brandon was chosen as the co host with Josh Dorkin. Lessons Brandon the Landlord has learned:
- When you know how to do things, it can hold you back. Brandon forced himself to learn how to do various tasks related to real estate rehab, because he could find nobody to do the work he needed done at a price he could afford. While he learned numerous skills; laying carpet, how to tile back splash, painting, or plumbing, it required his time. The time he spent doing the work prevented Brandon from spending time looking for and acquiring additional units. Hindsight, Brandon believes that if he did not know how to do so many things that ultimately his portfolio would be substantially larger.
- Have Commitment: If you say you want to get into real estate investing, but spend no time learning nor creating a plan, you will never reach your goals. You have to commit to achieve success.
- Take Action: Eventually, you have to put the knowledge to the test. Remember, you are going to make mistakes. That’s how you learn.
- Find a Mentor: Figure out who is successful, and what they are doing. Find successful people who are doing what you want to do and build relationships. They can help you develop your real estate investment strategy.