Short YouTube monologue (April 2024) by Danielle Robison giving practical advice for real estate investors: always plan alternative exit strategies (principally the ability to hold a property as a rental) so a deal can still work if the original plan (flip/Airbnb/etc.) fails; and use other people to evaluate deals to avoid mistakes. Emphasizes continual learning.
Being able to hold a property, it's the safest way to go. So if you always buy properties with the end in mind that, hey, if this doesn't work out as a flip, or if this doesn't work out as a Airbnb or whatever it is, if you always have the exit strategy in mind that I can just hold it, I can just keep it, it can be a rental for me. If you have that as an alternative exit strategy, then you don't make a bad investment, because that deal can always be used as a rental property if. If you set it up that way from the very, very beginning. So that's just one safe way to kind of protect yourself whenever you're trying to evaluate different exit strategies. As always, having other people help evaluate deals is going to help you avoid a lot of these mistakes. Because different eyes, different opinions, different knowledge, different experience, all of that comes into play in real estate. We say over and over and over that we continue to learn lessons every day. Yep. And we will continue to learn lessons till the day that we die.
Physicians and High Earners — What Real Estate Can and Can't Do for Your Taxes
