Posted by Ronald * Starr(in No CA) on September 02, 2003 at 22:41:39:
I’d suggest you read my post for beginners, if you have not already done so. You can find it by putting “beginners success” into the archive search function on this main bulletinboard forum of this CREONLINE.COM website.
I do think that many of us have to change ourselves in some ways to be better businessfolk or real estate investors. However, I am all for shaping an investment program around your strengths and weaknesses, as well as your desires and approaches. You can see that in my post, I think.
I would suggest that you not try to do the same sort of investing that those who are comfortable selling do. Don’t try to imitate John $Cash$ Locke, for instance. Instead, set up an investment program that does not require much interaction with people.
What sort of program. That is up to you. Here are some suggestions.
Note investing. Heavily involves number crunching and perhaps deep thinking about how to structure deals and restructure the loan payments. Some interaction with people, sure. And any people skills you can muster will only help.
Buy properties at auctions and then resell them at auctions. I have bought properties at auctions for many years, mainly the delinquent property tax auctions. I get good deals–otherwise I don’t bid and let other people buy them. There is no negotiating. There is no contract. Just putting up one’s hand and perhaps shouting out some purchase numbers “4300, 4700, forty-nine hundred, fifty-one. Thank you.” You could resell similarly. I have recently started reselling properties on the internet. Requires some work. Requires research on the property and market where the property is. Requires writing a description–but one can copy from other people who have already been doing it." Requires answering the e-mail questions, but that is not a lot of interaction, as the responses are by e-mail also. Make up the deed and a letter to the buyer, send them out. Not much work really. Not much interaction with people.
Fix up properties. You don’t have to address the studs: “Mr. 2 x 4, would you mind if I sawed a part out of you?” You don’t have too have much interaction with the sellers. You might even have a real estate agent who does that part and may be good at it. If you resell when fixed, you could hire a real estate broker to do it for you. Or perhaps you could endure the interpersonal contact for the profit that is in sight. If you hold for rent you could hire a property manager. This costs you, but buffers you from the renters.
There are many other buying opportunities that do not require much personality or interaction. Loan foreclosures, IRS foreclosures, many others.
You can send written solicitations to property owners and then send them written offers. Little interaction, most on the phone.
So, I hope you can see that you could structure an investment program that does not require a lot of interaction with other people. Why try to pursue an approach that requires strength in your weak area? Make up an approach that works well for YOU, not others.
Good InvestingRon Starr***