If you read my first article, we discussed that a lot of Newbies are listening to the wrong people about what to buy, what to pay, and where to buy. We determined that no one can make your decisions for you because we are all very, very different.
People are about as different as houses!
When I first started buying houses, I got a Coach that had already done what I wanted to do and let me tell you that made all of the difference. One thing you will realize is that it can be a lonely business out here because most people are listening to Realtors, and hiring a Property Manager. I am sure there are some good ones out there. I have a lot of Realtor and Property Managers in the business, but most do not have the vision, or experience to truly understand what I do, and how I do it. Why, because they have not done it.
I make very safe, and sound investments. I don’t lose money, and I don’t get stuck with properties. I didn’t pack up my bags and leave the playing field when things got tough with the economy. Having always bought at far below the market, I was never overleveraged in deals. This goes back to my training. The number one thing I learned is that:
“You can not fish out of the same fishing pond as everyone else because eventually all the good fish are gone!”
This leads me to the next biggest mistake I see New Investors make and that is the majority of them are only looking for deals on the MLS. They complain that they can’t find any deals. If you can’t find any deals, then why do you keep doing the same thing over and over again? Wouldn’t it make sense to branch out and try other methods?
There are so many ways to find deals! Talk with Senior Investors, Investors that have spent more than a decade with at least a hundred deals under their belt, and they will tell you the same thing-
Deals are everywhere! You just need to know how to find them!
There is another blog that I wrote that gives you a bunch of ideas on how to find the deals, so I don’t want to repeat myself. Just know that if the only tool you have is a Realtor, you are like the majority of the people out there bidding on properties. Go the opposite way, and do what most people won’t do like network and market.
Watch the doors open up for you!!!