What characteristics... - Posted by vhildreth

Real Estate Investing
1

Posted by karp on January 26, 1999 at 11:39:53:

This may sound a bit preachy but I figure you’re used to hearing it from Jim Piper…

A core Buddhist tenant is “UNATTACHED ACTION”, and it is one I really like.

Here it is:

While you are in the game you fight like mad. It is the MOST imnportant thing in the whole world. You are the ultimate challenger.

But, when it is over…You don’t think about it ANYMORE. At least, not emotionally, becuase there are only two responses you can have.

  1. Ego- “Dude, I kicked A**” on that deal. Puff yourself up enough and it will blind you to future deals as the game ceases to be about “them” and starts to be about “you”. I am pretty open about stuff, but it is still hurts for me to think about a 1.5 year dry spell I had. All becuase I forgot this.

  2. “Dude, I blew that one!” :{… So now we beat ourselves up about a deal we messed up and it affects our future performance…Not good either. I can also tell you I have experienced this one, far too often. Confidence shattering is an ugly scene. Avoid if possible.

So here’s the Unattached Approach:

When you are done with a deal? It never happened.
You go into each deal as if it is brand new. All your experience and learning is in your subconscious anyway, that will take care of itself. But you can go in free of any past experience whether positive or negative and hopefuilly see the deal for what it is…merely a deal and not the sum of all of your past victories and failures…

At the risk of sounding like Claude… Travel light, leave your baggage at home.

Thanks,

karp

2

What characteristics… - Posted by vhildreth

Posted by vhildreth on January 26, 1999 at 10:30:35:

What characteristics would you say the average RE Investors possess? I have just started researching RE investing as a new career/hobby for myself. I know that only I can tell if I would be good at something, but I am sure there are certain characteristics that most investors share. Any opinions on this subject?

Also, has everyone on this board taken a course on RE investing? I have seen all the late night infomercials and have read about other gurus on this site and others. I wanted to know if their courses really work and which ones you all suggest. (Sorry. This should be post on the other board but I’m being lazy and you all sound like you are pretty well established in this business.)

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My one simple answer. - Posted by Redline

Posted by Redline on January 26, 1999 at 14:38:51:

As far as I’m concerned, to be a successful ABOVE average RE investor type you have to LOVE the business of real estate. You have to live it, read it, eat it, sleep it, drink it and learn it … every day of the year. If you’re able to do this without much effort you will be well on your way. And you WILL find your way because it’s who you are.

RL

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Re: What characteristics… - Posted by Carol

Posted by Carol on January 26, 1999 at 12:43:32:

I am tempted to respond by pointing out the Jackie Joyner Kersey was not exactly the pick of the litter to star in track and field, but I don’t want to make light of your inquiry…,

One thing, however, which is NOT going to serve you well in REI (or life) is self-doubt.

If you line up 100 ‘average’ investors (now THERE is a scary thought), having first defined ‘average’, and maybe even ‘investor’, you would hopefully have a cross section of talents, weaknesses, skills, motivations.

I understand what you are trying to ascertain … can I be successful enough at this to bother trying?

Ask yourself (1) what you want out of it, and (2)what you are willing to do to accomplish that answer to (1).

Then read the posts, scorf up all the info you can, get a picture of what you are trying to accomplish, and go for it.

And don’t forget to milk the site for everything it’s worth. If you are really making and effort, you will find incredible support and guidance.

If you are looking for an excuse not to succeed, you will be heartily slammed!!

Enjoy, have fun, and keep posting.
Carol

5

Re: What characteristics… - Posted by JohnK(CA)

Posted by JohnK(CA) on January 26, 1999 at 12:17:36:

I read a motivational post on another board that said, and I will paraphrase here. “No one should have to ask what you do for a living, they should know after meeting you…Life is too short for shyness. If there is something that you want, ask for it!”

I don’t think the successful REIs here are shy either. Just my view, for what it is worth.
JohnK(CA)

6

Why I love this post. - Posted by karp

Posted by karp on January 26, 1999 at 11:22:23:

We, as humans, have a need to try to “get a handle” on things, “put 'em in a box”, “classify” them or what have you.

We, on this board, have decided that anything that doesn’t necessarily involve a bank or a mortgage, must be “creative”. However, we will occasionally include a deal that did involve a bank just becuase it was set up differently.

Since our definition of “creative” is so vast, it includes MANY different methods, people, goegraphy, goals, etc.

SO whatI think what you are trying to get are the common traits of investors whether they are investing in Commerical Real Estate, Portfolio Paper, a single Lonnie deal, or even trying to buy their first home no money down.

Do you see what I am getting at? There is going to be such a broad range of answers, you may find it better to simply ask: “What characteristics do successful SMALL businesses and their owners possess?” You may find some congruency to the answers…

Good Question. Let us know what you come up with. I would love to read a summary of your findings!

Thanks,

karp

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Why Bother With The Average? - Posted by MichaelR (NoVA)

Posted by MichaelR (NoVA) on January 26, 1999 at 10:46:44:

It seems much more useful, to me, to identify the characteristics that the most successful investors possess, and model yourself after them.

I am not in this category, but I have identified several characteristics which would be useful for you to cultivate in order to get there, now.

  1. Persistence - definitely a key. REI seems to be a game that is, in part, played by the numbers. I guess the easiest way to put it is if you don’t take consistent action, you won’t get measurable results.

  2. Cautiousness - this doesn’t mean to paralyze with analysis, rather it means to do your homework before signing off on a deal. This would take the form of due diligence, learning local, state and federal laws which effect you, having contracts checked for legality, and etc.

  3. Be Willing To Walk - don’t become attached to any particular deal/house/whatever. Be aware that you are involved in this to make a profit, and be willing to walk whenever a deal won’t go your way.

  4. Network - the successful investors I’ve talked to all have a network of professionals and other investors to work with in order to get a deal done. This includes attorneys, CPAs, other investors, mortgage brokers, and etc.

  5. There are many more, but I don’t have the time…

Maybe I’ll do an intense modeling of someone like Piper. That would make an interesting post.

Anyway, hope this helps.

Michael

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I’m with Redline - Posted by Reif

Posted by Reif on January 26, 1999 at 23:53:35:

Someone once said, “Do what you love, the money will follow.”

I doubt very many neuro surgeons are doing it just for he big bucks.

Bill Gates probably would do what he does for only a few mil a year.

If it’s a chore to do the things it takes to be successful in whatever you choose, you probably won’t be successful.

That’s why so many people (me too) have a tough time getting into/staying in shape - they don’t like the process enough to get to the reward.

One more cliche’ that fits:

“Success is a journey, not a destination.”

Good Luck,

Reif

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Re: Why Bother With The Average? - Posted by Jim IL

Posted by Jim IL on January 26, 1999 at 11:06:30:

CREATIVITY!
And, if you ever visit the chat room here, you’ll also see a rather bizarre sense of humor.
and the ability to support others in the same pursuit.