How much do you trust yourself?.. - Posted by HR
Posted by HR on May 04, 2000 at 20:22:25:
Should you give up before you start?
Honestly, when I see a post like this, I think, This dude ain’t got a chance…
Let me be charitable, though, and interpret your post in its most favorable light. Let’s suppose that what you are really asking is, Can there ever be too much competiton, and what should I do about it?
First, houses aren’t like Tylenol: you can’t just go down to the local drug store and buy one. Tylenol is a perfect product in a perfect market: it is always the same, everywhere, at all times, and (usually) at the same price.
Houses are different. Houses operate in an imperfect market. The prices vary. They are not equally comparable. They are not always located on the “shelf”, ie. the Multiple Listing Service (MLS). In fact, the best deals have to be dug up. Digging for those deals, though, takes work. Hence, the marketing you have seen (ads, bandit signs, etc).
Don’t place too much respect, though, in those marketing techniques. While they can work, they ain’t stealin’ every deal in your local market. Far from it. There are plenty of deals right under your nose. Do you know what they look like? Do you trust yourself to find one, tie it up, and turn it into profit?
Forget worrying about the competition. (Learn how to turn the competition into your flip customers…) Worry instead about how you can learn this biz and make some fast cash.
Should you give up? I think so. Despite what some gurus suggest, this is a tuff biz. The meek get crushed. If you have to ask if you should do it or not, you already have your answer.
Here’s what I wish you had said:
I’m a desperate man. I gotta improve my lot in life. I’m tired of not getting ahead. I got to make this real estate investing stuff work. I see guys in my market advertising, and, if they can do it I can do it. Help! I got to make this work…
Ohhhhhh Weeeeeeeeee! Send in the Seals for that brother. Give him the best ideas, suggestions, and advice we got. Help him get thru the early gunfire and mistakes that can kill a newbie. Hold on brother; help is on the way!!!
Should I give up before I start?
Dude, you already have.