One of the most common bits of information the Real estate investors always ask each other is "What tricks of the trade or inside tidbits can you share with me??" I always answer this question with a question..."What tools do you have in your investment toolbox?"
OK...Hey Doc..what do you mean "Tool Box". Okay...let me explain it ad tell you the 3 important areas that make it up.
1)In your head tool box: This is all about how your thinking process works when it comes to investing, and more importantly how open minded you are about investing information. Are you willing to think outside the box in order to look at investment opportunities or must the investment fall within a cookie cutter method you having? In your head means you need to read books, articles, partake in discussions, and basically interact with that big grey hunk of goo that is in your skull.
It is the results of the information you have taken in about investing.
THINK ABOUT THIS: Every book store has some vast collection of books on real estate investing. You should take the time to add them to your reference library at home. Why? Because if some guru writes a book on RE investing that sits on the national booksellers ten best for 35 weeks...what do you think the chances are some one you will deal with has read that book? If you know what factors some one uses to make a decision...you have a better chance of influencing WHAT THEY DECIDE.
2)Your on-line tool box: Most investors use the web daily. Its a great information source, but most investors also have tunnel vision when they are on the web. we get stuck using a few websites that we think are the best at that will cover all our needs. WRONG answer. This causes a type of blindness I call "INFO INPUT SHUT DOWN".
How do you avoid the INFO SHUT DOWN...easy...open your tool box to get more tools/ info.
Simply put you create an email address and when you come across a site you think may be a useful reference you join up for the newsletter they email out. They send it to your "Info email account" and you can go thru the emails as you choose. I must warn you however.
Once you join an email list..no matter what stay with it for at least 6 months. (Not all great investment tidbits are sent out at first.) Email lists to get on are for: investment clubs, investment blogs, investment reference sites, etc, 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.
Other online Tool box sites are certain "E tools". These go way beyond having a mortgage calculator online. We are talking about tools that you are almost chomping at the bit to try. (I have to admit I have a few of these in my Tool box?I use them every day) When you find these tools you will just know it, find them and 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.
So there it is..the outline to your toolbox. Build one...update it often..and USE IT DAILY.
OK...Hey Doc..what do you mean "Tool Box". Okay...let me explain it ad tell you the 3 important areas that make it up.
1)In your head tool box: This is all about how your thinking process works when it comes to investing, and more importantly how open minded you are about investing information. Are you willing to think outside the box in order to look at investment opportunities or must the investment fall within a cookie cutter method you having? In your head means you need to read books, articles, partake in discussions, and basically interact with that big grey hunk of goo that is in your skull.
It is the results of the information you have taken in about investing.
THINK ABOUT THIS: Every book store has some vast collection of books on real estate investing. You should take the time to add them to your reference library at home. Why? Because if some guru writes a book on RE investing that sits on the national booksellers ten best for 35 weeks...what do you think the chances are some one you will deal with has read that book? If you know what factors some one uses to make a decision...you have a better chance of influencing WHAT THEY DECIDE.
2)Your on-line tool box: Most investors use the web daily. Its a great information source, but most investors also have tunnel vision when they are on the web. we get stuck using a few websites that we think are the best at that will cover all our needs. WRONG answer. This causes a type of blindness I call "INFO INPUT SHUT DOWN".
How do you avoid the INFO SHUT DOWN...easy...open your tool box to get more tools/ info.
Simply put you create an email address and when you come across a site you think may be a useful reference you join up for the newsletter they email out. They send it to your "Info email account" and you can go thru the emails as you choose. I must warn you however.
Once you join an email list..no matter what stay with it for at least 6 months. (Not all great investment tidbits are sent out at first.) Email lists to get on are for: investment clubs, investment blogs, investment reference sites, etc, 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.
Other online Tool box sites are certain "E tools". These go way beyond having a mortgage calculator online. We are talking about tools that you are almost chomping at the bit to try. (I have to admit I have a few of these in my Tool box?I use them every day) When you find these tools you will just know it, find them and 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.
So there it is..the outline to your toolbox. Build one...update it often..and USE IT DAILY.
About the Author:
Doc Schmyz has worked with investors all over the US and Mexico. His website shares Real estate investing information for all over the US. Find Real estate investing information by state
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