New real estate investors often pick a property they love, then realize their goals don't match, the market is wrong, or they lack the right team. Start with your own goals and constraints first, then find the market, build your team, and only then choose the property.
You know what's so funny? Flip and Danny. Most people get it completely backwards. Instead of going, 1, 2, 3, 4, they go 4, 3, 2, 1. First they get all passionate about a property, and then they buy a property, maybe because it looks pretty. And then it's a little bit too late. They realize, oh, they don't want to be getting texts from tenants. So then after they've already bought the property and it's too late, then they go out and try to find and see if there's a good manager in that market. And after that, then they try to figure out, oh, did they even buy in the right market? And then it's back up to number one. Like, does this property even do what I wanted it to do for me? I wanted it to provide, say, passive income. And this is taking so much of my time. So, again, this is why the property is only the fourth most important thing. And to review the three more important things in order, the hierarchy is you, the market, and the team.
Physicians and High Earners — What Real Estate Can and Can't Do for Your Taxes
