Coach Mitch’s REFLECTIONS™
Keep a watchful eye
Although G-d isn’t making any more land, the lay of the land is constantly shifting. You must be aware of what is happening to the real estate market so that you can react when necessary to implement a new strategy or modify a current one.
Mentors, the best thing you can do
New, or inexperienced real estate investors should always be very cautious, but especially so in these perilous times. Involving yourself in a real estate mentoring program is a smart way to learn the ropes, thus ensuring, as best as you can, that you will be profitable.
Many industries have self help associations and in real estate investing, we have developed a wonderful network of REIA’s, Real Estate Investing Association’s. REIA’s are a wonderful place to meet people who are interested in real estate as an investment. Many will already have been successful.
Education is a great teacher
You should begin your real estate investing career with education. Many REIA’s have a library of materials put out by real estate investing gurus. Many members will let you borrow their materials. Your public library will have books on the subject of real estate investing.
These days you can purchase used learning materials on Ebay or you can buy the materials new from the author, like I did. I spent over $20000 on REI materials, at a time when most programs were under $200 and the highest was $600.
Learning is the food of life
The REIA’s are a favorite place for REI gurus to share their ideas and sell their materials. I have dined with many of the famous names. As a group, they are wonderful folks. I have been a featured speaker to large audiences, around the country, talking about tax delinquent real estate.
The first thing I did when I joined my local REIA was to read everything in the library. Then I became involved in the group’s activities. I made myself known to any of the experienced investors that I could meet. My energy and enthusiasm led me to being asked to participate on the Board of Directors. I was President of the REIA for many years. The REIA allowed me to teach and nurture those who wanted what I wanted. It was a wonderful experience.
Experience is a harsh teacher
As I began to do deals, I quickly found out that I did not have certain necessary skills. For instance, I am not mechanically inclined. Therefore, I hire out all work. I have done my share of rehab projects, and there are always issues to overcome. If I had natural mechanical skills, the number of issues would be fewer.
Use your natural abilities
I concentrated on developing the natural skills that G-d has endowed me with. I seem to be able to make people believe in me and I can get people excited about a vision. When I do it correctly, it leads to sales, an area that I have always done well at. This has led to nice profits in every real estate transaction. That is because I am very careful. I do not gamble – except on sure things.
Do yourself a favor for the New Year – Find a mentor.
You want to find someone that you are able to communicate with. He/she must relate well with you. You must be comfortable with their investing outlook and that you are going to be doing the kinds of transactions that are at your current level. You should feel like you are looked after, that you are being kept under their wing, so to speak.
Do what successful people do and begin working with a mentor. There is no better way to find financial success in real estate investing.
Now is the time
The fact is that most people would be afraid to begin investing in real estate today. However, the experienced real estate investor understands that this market, this time, is the exact moment to buy real estate. The record breaking increase in foreclosures, along with a decline in sales, is forcing prices down. Values are declining in many areas. Sellers understand this and are ready to negotiate. It is a Perfect Storm for investing in tax delinquent property.
Coach Mitch’s “Ridiculously Simple System…”™
Coaching / Mentoring – that’s what I do.
Call me; let’s talk about your dreams and what we can do about them – together.
I wish you and yours the very best for the New Year.
See Coach Mitch’s “Ridiculously Simple System…”™ for details.
GBA (G-d Bless America),
518-439-6100 until midnight EST