Re: Beginning Investment Strategies - Posted by Earl
Posted by Earl on July 22, 2003 at 15:46:35:
Just my $0.02 - I agree with Ron’s comments below completely - much of your question is about yourself - your own abilities, temperment, contacts, experience, financial situation, where you live, etc.
but since you asked us what we did and would do differently - I started buying and holding rentals. If I had to do it over again I would have looked at some strategy that makes short-term cash over and over again - maybe wholesaling or if I had the time and skill, rehabbing. Then after I felt comfortable with my ability to raise cash over and over again, then go into rentals to build long-term wealth.
As a newbie you should consider how you’re going to have spare cash for when murphy strikes. Also think about your exit strategy - how you plan to get out of the deals you get into.
Read this website a lot on various strategies. And do the archive searches on topics like “wholesaling”.
Also look for a local investor group near you and join them. They can be invaluable contacts to tell you what works and what doesn’t in your market.
Hope this helps - good luck.