October 8, 2008
Setting Goals for Real Estate Success
Goal setting is a frequently overlooked step in real estate investing. This is very unfortunate because taking a few moments to complete this simple task effectively can have a huge impact on your long term results but also on how seriously you are treated by professionals. This is incredibly important to your short term success and your confidence as you will need to establish strong relationships with such people if you are to succeed.
The power of goal setting has been well documented and communicated so before you skip over this point because you’ve heard it all before I’d like you to consider how well you are doing it. I’m a firm believer that you don’t truly understand something until you are doing it.
If you are an avid goal setter you will want to read this to learn some specifics associated with real estate investing. If you are not a frequent goal setter please read on and consider that setting goals really is a powerful tool, does have some magic about it, and is critical to your investing success.
Full article… Setting Goals for Real Estate Success
Popularity: 18% [?]
Filed under Getting Started, Strategy by Scott Roemermann
August 15, 2008
Real Estate Speculation: Don't Fall Into This Trap
When we become overwhelmed by uncertainty there are often two extreme behaviors which ensue:
- at one end of the spectrum we have complete inaction
- at the other end, is rash action without really knowing what we are doing, which we often call "jumping in"; or in the investing world, speculation.
In my previous post about risk reduction techniques we looked at various ideas to help reduce the risks that might be preventing you from taking action and doing your first deal. Following on from that, I thought we should address the other extreme since we want to find a happy median that allows measured but confident action.
While taking a leap of faith in some ways is admirable and often gets the desired result of creating momentum it can also mean financial suicide. One of my favorite sayings is "you cannot steer a parked car" so I would probably prefer to see people taking action rather than doing nothing but let's take a look at the differences between smart investing and just plain speculating.
The following are things you should do to ensure you don't find yourself in the dangerous territory of real estate speculation when making an effort to get started.
Full article… Real Estate Speculation: Don't Fall Into This Trap
Popularity: 18% [?]
Filed under Getting Started, Strategy by Scott Roemermann
When I think back to when I got started as a real estate investor and try to put myself in those shoes again I remember the things I was looking for at the time were very much about minimizing risk.
At the time, I desperately wanted a mentor to support me (or tell me exactly which deals to do). I'm sure many, many newbies would love to have a Robert Kiyosaki as a friend so he could just tell them which deals are good and which ones to stay away from. And I'm also sure I've heard Robert tell stories of problems he's had with friends that he's tried to help in this way. But back to the issue at hand.
Why is it that so many of us want a mentor-in-a-pocket above all else when we are starting out?
Full article… Is There EVER a "Sure Thing" in Real Estate Investing?
Popularity: 6% [?]
Filed under Getting Started by Scott Roemermann
April 11, 2008
Real Estate Investing's Dirty Little Secret
The Whole Truth About Real Estate Investing
I know you probably came here looking for a bunch of secret tips and methods that the real estate experts use to make "the big money" in real estate. Well, while I can and will give you a bunch of good tips, the truth is that none of them are great secrets known only to the wealthy. I've revealed a bunch of things for you to look out for in the report "7 Traps of Real Estate Investing" but in my opinion, there is one secret that trumps all the rest and needs to be exposed.
The dirty little secret of the real estate investing world is that trainers around the country are selling their courses to people, quite comfortable in the knowledge that less than 5% of them will actually do anything with the information. In other words, 95% of people will never do a deal and will never even recover the cost of that course, let alone become a successful investor.
Full article… Real Estate Investing's Dirty Little Secret
Popularity: 12% [?]
Filed under General, Getting Started by Scott Roemermann
March 14, 2008
5 Step Plan for Getting Started in Real Estate Investing
If you haven't already read them you may want to go back and check out the following two posts which really set the stage for this one:
- Experience is the Best Teacher of Real Estate Investors
- Strategic Real Estate Investing: The Missing Piece of the Puzzle?
If you've read these previous posts, it should be fairly obvious to you that I believe the most important thing for would-be investors is to TAKE ACTION early in the process. I have spoken about the concept of looking at your first deals as "training deals" because the most important thing that will come from them is the learning rather than the profits.
However, getting those first few deals done is the hardest thing about real estate investing for most people. And the reason for that is the risks (real and perceived) outweigh your risk threshold – plain and simple.
So, what we need to do is first take steps to reduce the risks and then boost your risk threshold until it surpasses the remaining risks. Factors that influence your risk tolerance include:
- practical education / experience
- theoretical education
- confidence
- skills
- upbringing
- personality
- psychological make-up
- mood
- financial situation
Ironically, the biggest barrier preventing people from getting their training deals done is the lack of practical experience itself, since it has the greatest effect on both your risk (knowledge) and your tolerance for risk (confidence). But since you can't get that practical education before doing any deals we need to utilize the other factors that will get you comfortable enough to take action.
Full article… 5 Step Plan for Getting Started in Real Estate Investing
Popularity: 8% [?]
Filed under Getting Started, Strategy by Scott Roemermann
