Want to make first purchase need advice!!!!! - Posted by Jackson Denise Knight

Posted by Sean on August 04, 2003 at 12:18:44:

Fear is nothing to be ashamed of… its normal. We fear the unknown, some more than others, but fear is good. Fear is what keeps us from becoming extinct.

The important thing is not to let fear completely control you. If you have done your homework, and understand the risks, responsibilities and rewards of owning property and are comfortable intellectually with your decision to own them, then don’t let your fear stop you.

Fear is not your enemy, fear is your friend. Fear is what is going to keep 99% of the rest of the people in this country from ever becoming possible competitors!

Remember, you WILL make mistakes, its part of life, learn from them and move on! Not every REI deal makes money its true, not everyone has the temperment or personality to be a landlord and not everyone who enters REI becomes fabulously wealthy. In fact, just like all businesses many fail. Just remember that is true of all businesses and all things.

One thing is definately for sure, those that let fear stop them from even trying, will never be able to know if they would have been able to succeed or not.

Best of luck.

Want to make first purchase need advice!!! - Posted by Jackson Denise Knight

Posted by Jackson Denise Knight on August 03, 2003 at 18:43:27:

Hello so tell me. we want to make our first pruchase on a rental home and maybe another one we will be refinancing our home, but can anyone tell me was they as scared as we are??? We have been talking about this for some time.

Thanks for your time!!

Here’s the mistake I made . . . - Posted by Joe Kaiser

Posted by Joe Kaiser on August 05, 2003 at 11:54:31:

I assumed “buying houses” was somehow related to “managing
rental houses.” They’re distant cousins, but they certainly do not
go hand in hand. It’s important you understand this upfront.

Investing, the buying, holding and selling parts, combine a whole
lot of things and to be a good investor, you’d better know all
those things.

I’m not such a great investor, but I’m a heck of a buyer. Why?
Lousy property manager. Just never really gave it the attention it
deserves and as a result . . . tenants sometime got the better of

So . . .

Learn to buy and sell. Learn what makes a good deal a good deal
and learn how to get yourself in the way of those good deals. But
get in and out and forget about “rentals.”

In the meantime, if you really want to buy and hold, learn the
rental business, too. Study and even consider going to work for a
property management firm. Knowing what they know would be
invaluable to you as a landlord.

In short, you’re talking about 2 very different businesses here.
You may not have the temperment for both, but that’s okay. The
important thing is that if you don’t have to become a landlord to
deal in real estate, and that if you do decide to become one, put
in the requisite time to become a good one.