The 3 Tools EVERY Real Estate Investor Needs
I am always being asked. "Doc what advice can you give me that will help me with investing. What tricks of the trade or inside tidbits can you share with me?? The best answer is you need to develop a "toolbox".
Now before you go nuts scratching your head, let me define the areas of the tool box. The tool box has three areas.
1)In your head tool box: This is all about how your thinking process works when it comes to investing, and more importantly how open minded you are about investing information. Are you willing to think outside the box in order to look at investment opportunities or must the investment fall within a cookie cutter method you having? In your head means you need to read books, articles, partake in discussions, and basically interact with that big grey hunk of goo that is in your skull.
Simply put..it is the mental list you use when you start thinking about investing. the "what's, where's and how much's".
IMPORTANT FACT: Any bookstore you go into has a billion books on Real estate investing. Buy them all...ok not all but you should have a EXTENSIVE collection of them. Why you ask??? Simply put...if you have a understanding of the information and tactics that are being read by other investors...you will actually understand the factors that they are using to buy/sell/screen potential investments. Knowing what information someone is useing to make a decision gives you and advantage.
2)Your on-line tool box: Most investors use the web daily. Its a great information source, but most investors also have tunnel vision when they are on the web. we get stuck using a few websites that we think are the best at that will cover all our needs. WRONG answer. This causes a type of blindness I call "INFO INPUT SHUT DOWN".
Ok so how do you avoid Info input shut down? You have to open your tool box up to get some fresh tools.
Just go to the free email server of your choice...create a new email address that you will use to collect email updates/newsletters from various websites. then go thru them at your leasure.
Once you join an email list..no matter what stay with it for at least 6 months. (Not all great investment tidbits are sent out at first.) Email lists to get on are for: investment clubs, investment blogs, investment reference sites, etc, etc.
I ,myself, avoid most ad based emailing lists. however, that doesnt mean that all of them are a waste of time. review a few and decide for yourself if they are worth keeping.
Other online Tool box sites are certain "E tools". These go way beyond having a mortgage calculator online. We are talking about tools that you are almost chomping at the bit to try. (I have to admit I have a few of these in my Tool box?I use them every day) When you find these tools you will just know it, find them and BOOKMARK them!
3) Actual physical tools: these are the tools you can actually touch and use when you?re making offers, inspecting property, or doing any one of the other hundreds of things that a good investor does before making an investment commitment. Most of these tools fit in a small briefcase or shoulder bag. These tools can be anything from flashlights, small inspection tools, to calculators etc. So in a nut shell that is all there is to a tool box.
Thats about it. so go build your toolbox. pdate it often. Use it daily...and happy investing. - 23208
Now before you go nuts scratching your head, let me define the areas of the tool box. The tool box has three areas.
1)In your head tool box: This is all about how your thinking process works when it comes to investing, and more importantly how open minded you are about investing information. Are you willing to think outside the box in order to look at investment opportunities or must the investment fall within a cookie cutter method you having? In your head means you need to read books, articles, partake in discussions, and basically interact with that big grey hunk of goo that is in your skull.
Simply put..it is the mental list you use when you start thinking about investing. the "what's, where's and how much's".
IMPORTANT FACT: Any bookstore you go into has a billion books on Real estate investing. Buy them all...ok not all but you should have a EXTENSIVE collection of them. Why you ask??? Simply put...if you have a understanding of the information and tactics that are being read by other investors...you will actually understand the factors that they are using to buy/sell/screen potential investments. Knowing what information someone is useing to make a decision gives you and advantage.
2)Your on-line tool box: Most investors use the web daily. Its a great information source, but most investors also have tunnel vision when they are on the web. we get stuck using a few websites that we think are the best at that will cover all our needs. WRONG answer. This causes a type of blindness I call "INFO INPUT SHUT DOWN".
Ok so how do you avoid Info input shut down? You have to open your tool box up to get some fresh tools.
Just go to the free email server of your choice...create a new email address that you will use to collect email updates/newsletters from various websites. then go thru them at your leasure.
Once you join an email list..no matter what stay with it for at least 6 months. (Not all great investment tidbits are sent out at first.) Email lists to get on are for: investment clubs, investment blogs, investment reference sites, etc, etc.
I ,myself, avoid most ad based emailing lists. however, that doesnt mean that all of them are a waste of time. review a few and decide for yourself if they are worth keeping.
Other online Tool box sites are certain "E tools". These go way beyond having a mortgage calculator online. We are talking about tools that you are almost chomping at the bit to try. (I have to admit I have a few of these in my Tool box?I use them every day) When you find these tools you will just know it, find them and BOOKMARK them!
3) Actual physical tools: these are the tools you can actually touch and use when you?re making offers, inspecting property, or doing any one of the other hundreds of things that a good investor does before making an investment commitment. Most of these tools fit in a small briefcase or shoulder bag. These tools can be anything from flashlights, small inspection tools, to calculators etc. So in a nut shell that is all there is to a tool box.
Thats about it. so go build your toolbox. pdate it often. Use it daily...and happy investing. - 23208
About the Author:
Doc Schmyz has invested all over the US and Canada. His website shares Real estate investing information for all over the US. Find Real estate investing information by state
posted by X - Men @ 3:05 AM
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