Am I Prepared To Take The Plunge?
I feel I am ready to get started in REI. But I don't seem to be buying anything. I have 723 credit rating. I have access to a good bit of cash if it is necessary. I have a broker/agent that has found several good properties for a friend of mine. I just want a single family home that will generate $150.00 to $200.00 passive income a month. Probably will buy in the $80,000.00 - $90,000.00 range.
So should I call the broker and see if he can come up with something that fits those parameters. If he does should I jump on it.
I think I am scared of closing a deal that I think is good and a few months later find one that is twice as good, but have no money left to deal with.
Any advice out there in this area?
Thanks
You are possibly always going to find a better deal. but if you live your life that way you'll never be able to handle things in this business. I almost always find a better deal that slipped through my fingers or another investor found just before I did. But it will not stop me becuase the deal I make will be the best deal on that house or the best I can make it. I don't dwell on what might have beens or could bes I have to live with the todays and nows.
To be ready you have to think outside of the fear, you have to be able to take action, you must be able accept risk if you want to hold the property. Keys to resolving the fears are up to you but some advise in holding is to have an action plan (2 or 3 plans is best) so if you don't have it rented, your tenants run out on you, or you have to evict them; you are able to cope with the expense of holding while you look.
There is nothing worthwhile having without some risks or fear but allowing these things to stop you means youre not ready
call this RE broker or look on your own. either way make sure you are prepared to handle the downfalls of this business becuase although we want everything to go perfect it often time is far from that. [ Edited by Dreamin on Date 02/11/2004 ]
Dreamin...
That was a very inspirational reply. I always felt that there could be a better deal out there but a good deal is okay even though it may not be the best deal
Why would having no money stop you from getting the next deal? Especially if you have good credit and a job (or verifiable income as I now refer to my job). There are plenty of ways to make money in real estate and to control real estate without money out of your pocket.
brenda
The best deal to me is the one you do that you can accept. Thanks for the kind words.
You know this business is never the same, a new technique or new creative way to buy or sell is always coming up. With so many wonderful creative minds and the world so full of us there is always always something new to learn or relearn (cause I get so much info I forget what I knew - un like Lucius and if I could remember all I forgot I could get rich on that alone )
I love this site these forums and the investors here becuase of this. Just gotta keep going don't worry Right!
Thanks for the advice. I don't think I have ever had any problem with thinking outside my fear. As long as my knowledge level is where it should be. And I think thats the key. I need to spend more time reading the boards and books and talking to people until my knowledge level is where it should be.
I could always find a mentor to walk me through everything, but that never has been my M.O. Or maybe I need to join the local mentor group.
Thanks again.