I think you’re thinking wrong… - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on August 01, 2003 at 09:37:27:
I think that you are thinking poorly here. Why would you ever buy a property that you were not SURE you could sell right away for a profit? If you do that you are gambling, not investing, in my view. Don’t do it.
So how do you know for sure that you can sell a potential property purchase right away for a profit? You have to know the market value of properties in your investment area very well. You have to be an expert on them. When, and only when, you are, THEN you start thinking about buying. Not before.
Motivated is a driving force, not a guiding force. Motivation can drive you to great success or over the precipice to investment death. Having motivation is probably necessary to be a successful investor. However, as the scientists say, while it is a necessary condition, it is not a sufficient condition for success in real estate investing, in my view–and those of many other people who post here on the CREONLINE.COM website. You also have to have “guidance,” or direction, or a plan, or a roadmap. You have to know what you are doing.
I’m glad to hear that you are studying furiously. I think that it is possible that you MAY be able to buy a property before the end of the year. But don’t be surprised or mad at yourself if it takes longer than that to buy a property that you know is worth more than you are agreeing to pay. In my advice to beginners (put “beginners success” into the search function at the top of this main board of this CREONLINE.COM website) I suggest that studying for 6-18 months before starting to buy is reasonable.
There is no reason, in my view to rush. Study then buy. Then study more and buy more. Even after over 20 years of real estate investing, I still study it. So do many successful real estate investors, judging from their comments here and when talking to them in person.
Good Investing***********Ron Starr*************