I am always being asked. "Doc what advice can you give me that will help me with investing. What tricks of the trade or inside tidbits can you share with me?? The best answer is you need to develop a "toolbox".
Ok let me define the "tool box" for you and explain the three parts that make it up.
1) Grey matter tools: This is the in your head part of the tool box. It is the manner in which you think about investing, the guidelines you use to select investments as well as ALL the information you call on every time the prospect of an investment even shows its self. It is the investment filter you have developed for yourself.
It is about gathering all the info you can in order to be able to think about investing and where it can lead you.
IMPORTANT FACT: Any bookstore you go into has a billion books on Real estate investing. Buy them all...ok not all but you should have a EXTENSIVE collection of them. Why you ask??? Simply put...if you have a understanding of the information and tactics that are being read by other investors...you will actually understand the factors that they are using to buy/sell/screen potential investments. Knowing what information someone is useing to make a decision gives you and advantage.
2) Online tool box: This is one of the most over looked elements...when I say over looked I am not referring to being not utilized...but more to the fact it is not utilized to its overall potential. For example do you have one site you go to more often than not for investment information? If so why? Your answer is most likely because they have the best info I can use. This maybe the answer however, a little side note to this. Most of us get some sort of tunnel vision thinking that one or even a few sites will cover us for all the info we want...but in all honesty we normally close down other avenues of "information input" when we do this. How do we get around the "Info input" shut down???
Ok so how do you avoid Info input shut down? You have to open your tool box up to get some fresh tools.
All you do is create an another email and use it to collect eamil updates from various websites. these are going to be websits that will add you to an emailing list and send you any updates/newsletters they send out.
Once your on a email list I suggest allowing a few weeks before opting out of it. Just because it doesnt give you the "diamond in the rough" on the first email doesnt mean the newletter your getting is worthless. Newletters to look can originate from RE investment clubs, Blogs, News sites...etc
I avoid most of the "pop up" mailing lists for the simple fact that if the info they offer is any good?someone else is going to share it and it will cause enough of a buzz that you will hear about it. If that the case then go ahead and join it.
My favorite online tools/sites are the ones that cost me very little to use/buy or better yet are free to me. I love to find good resource sites. ( I admit freely I normally link them to my own) A good web tool is a great thing to find. Im not refering to another mortgage calculator...I mena that online tool your just dying to try out. When you find them...bookmark them.
3) And last but not least... actual physical, hold in your hand, tools. It can be a great "go by list". A solid flash light. anything that makes the time in the field looking at investments easier.
Thats about it. so go build your toolbox. pdate it often. Use it daily...and happy investing.
About the Author:
Doc Schmyz has been in real estate since the 90's He created a free online resource for real estate investors to get free real estate information for more of Doc's tips and tricks go to his blog: super investment geek
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