Plan your work - work your plan - Posted by DougO(NM)
Posted by DougO(NM) on May 29, 2000 at 16:24:02:
David is right, alot of folks subscribe to the Fire!Aim!Ready!theory of investing, they try to do something, anything before figuring out what ii is they need. I am in the process of outlining a basics class that goes over alot of the the thought process you are involved in now. You have considerable construction experience, and say you have been immersed in studying REI since Jan. As David pointed out, and as your experience as a tradesman will tell you, there is a right tool for any job, there are some that weren’t intended fo rthe job but get it done anyway, then there are those that are just flat out the wrong tool period. You have a darn good start on filling up your new toolbox, $60K in cash, a computer, internet access and the URL to this site!
Before you worry about “what to do” in RE, worry about what you need. David pointed out something important, in that we all start from wherever we are RIGHT NOW. We all have different wants, needs, desires, and that is what will dictate what we decide to get inot as far as investing. Do you need cash flow? Are you looking for long term capital growth and apreciation? What is the the market in your area calling for? Land? Houses? Apartments? Mobile Homes? Now that you have been exposed to the creative ideas round here, you need to take a close look around your market, and get to know it. Talk to brokers, agents, and most importantly, seek out other investors in your area. Buy them lunch, dinner, beer, scotch, etc. While you are looking at and figuring out what you need, and what the market needs, you will then begin to figure out what it is you should do. Then you can reach into your tool bag and come up with the ways to swing some deals!
PS I suggest you read Rich Dad Poor Dad, The Cash Flow Quadrant, and the Millionaire next door if you havent already