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(This article is an “OpinioFac” – Defined as: My very strong opinion. Not just an opinion but not All provable facts)
First, I think you have to understand that you can win in Real Estate regardless of what the market is currently doing. It’s similar to the stock market or playing craps in Las Vegas; You can win on either side. You can buy stocks that you think are going to rise and be more valuable and make money that way, or you can short a stock. Depending on what is currently happening in the markets, you can win if you play the right side. Similarly, if you take a trip to Las Vegas and play craps, you can play the pass or they don’t pass, depending upon how the table is going. The key is information and understanding that information. It is also what I like to call having a plan A, B, C, and sometimes even a D. It’s like hedging your bet where you are setting yourself up for the best chance to win regardless of what happens in the market.
I will give you one example of why getting into the Real Estate market right now, today, is a good thing to do. First, you have to understand that there are many different ways to win in Real Estate. I am going to try to stay on topic and not make this article 97 pages long, which I definitely could do because I love talking about real estate! So, I will just give you one way to win today and that is to be an opportunist. Putting yourself in positions to take advantage of situations as they arise. I am an extremely impatient person. You can’t be impatient in Real estate. I’m sure everyone has heard the saying that you can lose your…. let’s just say “butt” in Real Estate. Being impatient is certainly one way to accomplish that. It isn’t about how fast you build your portfolio, but about building your portfolio the correct way. How do you know what the right way is if you don’t identify your goals and have a strategy? Everybody’s goals are different. If you get into Real Estate today, unless you want to be part of the saying above, you want to work with someone who can help you identify YOUR goals and how to get there. Once you do that, you can be watching for opportunities that fit your strategy. In different markets, they may be abundant. Though in others, they may be few and far between. However, if you don’t get started, you don’t know what the goals and strategy are so you don’t know what you are looking for. You can’t be an opportunist if you don’t recognize the opportunity when it presents itself.
“Nothing is more expensive than a missed opportunity.” –H. Jackson Brown JR
There are several other things you can do to be proactive and prepare for those opportunities. Again, that may be a topic of another article but as a quick example, establishing an LLC, finding a great Realtor, having financing availability (which again I could talk for hours about) and several other things to educate yourself.
HARD TRUTH TIME:
I’m going to tell you some thing that you may not like- don’t be arrogant or stupid! You don’t know everything! Neither do I. If you have bought and sold a few houses and think that you are ready to be an investor and don’t understand the need four creating goals and strategies, or talking to someone who can be a good mentor, you are arrogant. If you spend a ridiculous amount of money to go to a one size fits all, cheerleading and exaggeration seminar and then thank you are educated and prepared for succeeding in Real Estate investing, you are stupid. You may or may not succeed (A broken clock is right twice a day) but I am all about giving yourself the best odds and chance for success. Get the clock that works so you feel confident that you know the correct time every time you look at it.
So should you get into real estate today? Absolutely! The key is to get in and get prepared. Put all the pieces together so you can jump when the right opportunity presents itself. Find a good mentor, educate yourself, create a plan and strategy with your mentor. Those are things you need to do prior to looking for an investment property to purchase, so dive in!