If you are like many, including myself, the first deal I did was by far the scariest. The thought of the unknown and the horror stories I was told before I bought was almost enough to make me back out of the deal. Of course, the realization that the free advice being given was worth as much as I paid for it helped! It's amazing to me how many armchair experts you run into without even trying. My advice to you is this-IF THE PERSON GIVING YOU THE ADVICE ISN'T MAKING AT LEAST TWICE AS MUCH AS YOU, SHOULD YOU REALLY BE LISTENING TO WHAT THEY ARE SAYING? I know, I know, they have good intentions and they mean well but at the same time those good intentions are what has kept them from being very successful in their own investing game plan. People like security, and they feel secure doing the same thing day after day after day. Unfortunately, security can lead to a life of mediocrity. If you want to retire comfortably and maybe even leave something for your family why not invest in Real Estate. If you die you can pass it on, I haven't seen anybody do that with a safe, secure job before.
This is how I stepped out of my comfort zone on my first deal. I bought a 4-plex and a 6-plex from a private party back in 2002 on the same day. That might not seem like such a big deal but you have to consider I had never rented a day in my life (bought my first home at 22 while living with my parents). So, to buy a couple rentals with no experience as a llandlord, or a tenant, was to say the least, the scariest thing I had ever done. There was a short learning curve but hey, it didn't kill me and if I had to do it all over again I wouldn't change a thing. It's all about networking and getting educated. Join your local RE Investing Club or Apartment Association and listen and learn. If you can, find a mentor, what you can learn from them will save you thousands of dollars and years of aggravation and headache. I sat down with a very successful Investor in my hometown who owned over 3,000 units at one time and picked his brain. He had many great tips from his experience. Join some websites. Here is a good one www.reiclub.com Some great information on there but do always get a second opinion.
Just remember the definition of insanity: doing the same thing over and over again expecting a different result. Are you happy with where you are with your investing or retirement plan? What are you doing differently this year than the last? I'll tell you what I'm doing, I'm buying more Real Estate, and as much of it as I can get my hands on as long as it fits my criteria. My refi of the apartments I just mentioned will be complete this week and that will give me another 25K line-of-credit to go play with. What a country we live in!
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