Real Estate investing and the human animal
How come anytime you walk in to a book store and find your way to the business or financial books all the views that are expressed in the titles are very similar??? In one way or another they all call out for a monetary version of bloodshed. I mean think about the titles: "How you can crush the other guy"or "it's not personal its business", "How to come out on top" etc etc. When I got into the real estate investment game I spent hours trying to find the one book that would teach me how to become that REAL ESTATE INVESTING GOD I knew I could become. After reading most of the popular books at the time I actually would feel beat up over the content. I mean did I have to be a "take no prisoners" type of investor? Did I have to prey on some one else's misfortune?? The answer was no. So I set out to build a list of my own investment rules. I think we each should have our own set of investment rules. Doc's Rules for investing:
1) Your personal guidelines: Define and follow some personal guidelines. This is the most important rule I have. These guidelines define the investments I will go after as well as the amount of investment I'm willing to part with to get it. It outlines my investment tactic as well as how I want to conduct my the business of this investment Things to include are: Top dollar amount and lowest dollar amount. Type of investment you want to deal with. Period of term for investment.. Etc etc. (Between you and me I even have a guideline about the amount of time I will work per-day)
2) Remember some ones family is behind the deal you?re working on. Simply put,whoever you are dealing with has mouths to feed. Treat everyone with dignity and respect. If the price they are offering still falls within the personal investing guidelines you have set for yourself don't use your position to abuse the seller. If you are getting the house for .40 cents on the dollar,don't be a jerk and push for .30 cents. Always remember...it could be you in the sellers postion. (This rule DOES NOT come in to play when dealing with a bank owned property)
3) Always ask for what you want. Why can't you ask for something in an investment deal you like, For example. You're looking at a piece of real estate,ask the seller if they would be willing to throw in new carpet to the sale. I met a investor who was looking at a house that had been on the market for several months. When he went to talk to the seller he happen to see a 1954 Merc Coupe in the garage, so he asked if it was included in the deal. The deal eventually closed for the house AND the car. 4) Make bird dogs. I always give several of my business cards to anyone I do business with and offer them a portion of any profit I make from any investments they help me locate. You would be amazed at how many people will help you make money when they get a small part of it. (And if you follow rule #2 you will be amazed at how many of those bird dogs will sing your praises from the highest mountains)
These are just some ideas of things to keep in mind when you're working on your investment mindset. These rules have worked well for me over the years,and in more cases then not, have gotten me more return and repeat networking opportunities then I can count. - 23212
1) Your personal guidelines: Define and follow some personal guidelines. This is the most important rule I have. These guidelines define the investments I will go after as well as the amount of investment I'm willing to part with to get it. It outlines my investment tactic as well as how I want to conduct my the business of this investment Things to include are: Top dollar amount and lowest dollar amount. Type of investment you want to deal with. Period of term for investment.. Etc etc. (Between you and me I even have a guideline about the amount of time I will work per-day)
2) Remember some ones family is behind the deal you?re working on. Simply put,whoever you are dealing with has mouths to feed. Treat everyone with dignity and respect. If the price they are offering still falls within the personal investing guidelines you have set for yourself don't use your position to abuse the seller. If you are getting the house for .40 cents on the dollar,don't be a jerk and push for .30 cents. Always remember...it could be you in the sellers postion. (This rule DOES NOT come in to play when dealing with a bank owned property)
3) Always ask for what you want. Why can't you ask for something in an investment deal you like, For example. You're looking at a piece of real estate,ask the seller if they would be willing to throw in new carpet to the sale. I met a investor who was looking at a house that had been on the market for several months. When he went to talk to the seller he happen to see a 1954 Merc Coupe in the garage, so he asked if it was included in the deal. The deal eventually closed for the house AND the car. 4) Make bird dogs. I always give several of my business cards to anyone I do business with and offer them a portion of any profit I make from any investments they help me locate. You would be amazed at how many people will help you make money when they get a small part of it. (And if you follow rule #2 you will be amazed at how many of those bird dogs will sing your praises from the highest mountains)
These are just some ideas of things to keep in mind when you're working on your investment mindset. These rules have worked well for me over the years,and in more cases then not, have gotten me more return and repeat networking opportunities then I can count. - 23212
About the Author:
Doc Schmyz has worked with investors all over the US. He built a free website shares Real estate investing information for all over the US. Find Real estate investing information by state
posted by X - Men @ 3:39 AM
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