Re: you said: - Posted by Tony Colella
Posted by Tony Colella on April 19, 2006 at 10:07:05:
I see both sides of the experience argument. I have always been an advocate of the old idea of taking advice from those who are actually succesful in what you wish to do.
However there are also weekly questions that are repeated and answered time and time again here that even a new investor reading the site for some time can give an educated response.
Conversely I have often argued against the patented responses from books etc. that I personally do not feel are accurate. In most cases, the folks providing the answers did not have personal experience but had good intentions.
It is up to others like you and I for example, to post our difference of opinion, if we have one, and base it in fact to help others learn. We are no better than the bad advice if we sit by idly and allow it to remain unchallenged.
Your example of numbers being too generally talked about and not applying from one location to another is accurate in some regards but not entirely accurate in others. Although this site does not take an editorial policy against the accuracy of advice, I do make a personal attempt to offer counter evidence and opinions when I read posts that are too broad in stroke or outright inaccurate (in my opinion).
For example, I have argued for years that I value income properties by what I call the checkbook analysis because it is simple math, uses real numbers, and when the investor pays themselves first, they know exactly what they can afford to pay per month while building their profit in. I argue that Gross Rent Multipliers, Cap Rate formulas etc. are too easy to make mistakes that can hurt an investor badly as well as being completely fictitious to what the park owner will face the day the take ownership. Others argue quite differently and quite often the posts of ?it?s a good deal or bad? are based upon an analysis I disagree with. When these posts are made, it is a good time for folks like yourself to help by posting a difference of opinion. If you don?t then others may logically assume the advice to be accurate.
It is all well and good to point out problems but unless we are part of the solution, we are part of the problem.
I hope to see your park posts in the future.