Posted by JohnG on January 30, 2000 at 21:10:11:
Point well taken !
I would submit that the number of people who jump on a bad deal is way way smaller than the number of people who over analyze a deal to death and do nothing.
I bought 25 houses last year and I bought 24 of them because an awful lot of people were into disecting the deal into a million peices. Now, I will say that I have been doing this for a long time and I do know what I’m doing out there. That makes a difference.
But, I just re-read Donald (I still love you in spite of some of the silly things you do) Trump’s - The Art of Staying on Top and one of the great advantages he has is that he can make the decision - it doesn’t have to go back to a big bureacracy for 3 weeks at a time.
Let me give you a small example. I am involved in a 104 unit condo corp. I got so frustrated with the management company that I got rid of them and now we are managing ourselves. We used to have great long meetings that took 3 hours. Now, since we have taken over ourselves we do in 30 minutes what took 3 hours and we are saving a lot of money to boot.
So, by all means study your marketplace. But don’t over analyze the deal because 9 times out of 10 I will buy it out from underneath you before you know whats happened. And its still better to learn from one bad deal than 25 deals you coulda shoulda woulda done.
So, make a game plan. Thirty days to your first purchase and thats if you just started real estate investing today at noon. Read lots, study your market, and most of all, find a motivated sellar - forget the property - its the sellar that’ll pay your way.
And then write a success story for all the others that are sitting on the fence till they get just a little more finesse.