What Real Estate Investors Must Know Before Their First Deal

Al Gordon reveals why most real estate investors fail before they even start. He shares his own mistakes from his early investing days and exposes hidden traps that can destroy investment deals.

Al discusses his experience with uninsurable electrical boxes and aluminum wiring issues that catch unprepared investors off guard. He admits his own approach of reading books and taking online courses led to mediocre results.

What You'll Discover

Why Zinsco, Stablack, and Federal Pacific electrical boxes can be uninsurable

How Al's initial education approach led to wrong investment decisions

The importance of proper education before making your first investment

Key Timestamps

03:47 - Electrical Box Warning - Al introduces Zinsco, Stablack, and Federal Pacific as uninsurable electrical boxes

07:18 - Real Estate as Business - Al warns that treating real estate investing as a hobby will eat your lunch

08:10 - Al's Education Mistakes - How Al initially thought education was just reading books and online courses

18:30 - Finding Better Education - Al explains how he eventually sought proper structured education

24:22 - Building Your Team - Al discusses finding real estate agents, attorneys, accountants, and contractors

FAQs

What electrical systems should investors be concerned about?

According to the transcript, Zinsco, Stablack, and Federal Pacific electrical boxes are uninsurable by insurance companies. Aluminum wiring can also cause insurance denial. These prevent you from getting required property insurance.

What education mistakes did Al make early on?

Al admits he thought education was as simple as reading a couple books and buying online courses for maybe 100-200 bucks. He got advice from military colleagues and neighbors who weren't real estate professionals, leading to mediocre results.

What's the difference between single-family and multifamily investing?

Al states that single-family properties are not considered commercial real estate, while multifamily properties are commercial assets. This creates differences in valuation, financing, and business operations. Multifamily offers economies of scale and higher cash flows.

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The information and opinions on the Lifestyles Unlimited Real Estate Investor Radio Show are for entertainment purposes only and do not constitute investment advice. Please consult a professional regarding your personal investment needs.