Investors Tool box
Posted on | August 26, 2008 |
One of the most common bits of information the Real estate investors always ask each other is “What tricks of the trade or inside tidbits can you share with me??” I always answer this question with a question…”What tools do you have in your investment toolbox?”
Ok let me define the “tool box” for you and explain the three parts that make it up.
1) Grey matter tools: This is the in your head part of the tool box. It is the manner in which you think about investing, the guidelines you use to select investments as well as ALL the information you call on every time the prospect of an investment even shows its self. It is the investment filter you have developed for yourself.
It is about gathering all the info you can in order to be able to think about investing and where it can lead you.
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.
The E-tool box: Your online tool box. What websites are you useing online over and over. Most real estate investors only use a few sites. I have found this can lead to a sort of tunnel vision or what I call “INFO INPUT SHUT DOWN”.
The answer is very easy it’s called the opt in newsletter/update. Here is how it works.
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.
Now dont be to hasty and unsubscribe after the first email. More often then hot the newsletter/updates dont deliver the “meaty info” in the begining…more often then not it comes as a series of newsletters. Look for Investment clubs that offer news letters as well as blog sites, news sites, etc. Any reference sits you can find I recommend bookmarking.
I avoid most of the “pop up” mailing lists for the simple fact that if the info they offer is any good?someone else is going to share it and it will cause enough of a buzz that you will hear about it. If that the case then go ahead and join it.
The most inportant sites to me are the ones that make the investing game easier. sites that offer me something for free or VERY little cost out of my pocket. Some websites have tools that you just cant wait to try out. (I will admit I have a few sites I visit daily just to play around on and try out the tools they offer) When you find them you will know it…once agian bookmark them.
3) Physical tools. tools we would use in the field. this can be anything from a lap top to a great flashlight for crawling under a house. (I know a ton of investors who get “EYES ON” when it comes to real estate. One of them keeps a jumpsuit in his trunk just incase he needs to dive under a house to check the foundation…by the way…the man is a millionaire several times over and is a very young 64 years old.) These are the tools we need when we need them..I am a huge fan of “dont fail me tools”. Flash lights, a good go by list, circut tester, actualy mortgage calculator…etc.
Build your tool box and USE IT.
Comments
Leave a Reply