New investors are often very ambitious—and that’s a great thing. They hear success stories or listen to podcasts about young investors who made it big, and naturally, they want the same results.
Where many go wrong is thinking “slam dunk” deals are just sitting on Zillow waiting to be found. That’s not reality. Here’s what it actually looks like:
1. Great deals take time and effort
Slam dunk deals don’t just appear—you have to create them. That means door knocking, cold calling, mailing, following up. The more reps you put in, the more luck works in your favor.
I recently bought a solid deal that was over 4 years in the making—mailers, calls, adding value, staying consistent. If I had waited those 4 years just to find one “perfect” deal, I would’ve missed other opportunities that appreciated in the meantime.
2. The longer you wait, the more you pay
You shouldn’t overpay—but in markets like ours where multifamily is scarce and there’s no new land, buying at market value is normal.
If prices trend upward, getting in earlier matters. “I should’ve bought last year” is something I hear all the time.
3. Time in the market beats timing the market
The longer you own, the more options you have. Appreciation creates leverage—cash-out refis, HELOCs, etc.—which you can use to keep growing.
Most successful investors didn’t buy “home runs”—they bought solid deals and held them. Wealth is built over time.
4. If it looks too good to be true, it probably is
Everyone has access to the same listings. If a deal looks amazing on paper but isn’t selling, there’s usually a reason—condition, location, or both. In strong markets, good properties move quickly.
5. A good deal beats waiting for a perfect one
Getting started with a solid deal is better than waiting years for the perfect one. Most people eventually realize they should’ve just taken action sooner.
6. You don’t need 100 units to be successful
You don’t need a massive portfolio to build real wealth. Something as simple as house hacking every 1–2 years is a powerful strategy to grow over time while using low down payment options.
Even ending up with 3–4 paid-off properties over 30 years can be an excellent retirement plan.
For example:
The average rent for a duplex in our area is about $3,400/month ($40,800/year). If that income grows at just 4% annually over 30 years, that’s roughly $132,000/year (~$11,000/month) from one property (before taxes and expenses).
Now imagine that with 3–4 properties fully paid off—the long-term income potential becomes significant. This doesn’t include your equity!
Good luck.