"when your life flashes before your eyes, make sure you have something good to watch"
Oct 2, 2016
Self reflection
It is the beginning of October and the weather is starting to get cooler. It is amazing how quickly time passes, often without us realizing it. And the more I do this blog, the more happy I am that I started it those months ago. These reflections have not only given me a way to track where I have been but it also allows me to have a goal of where to head to.
So far I have written 27 articles, far more than I would have ever expected. I have yet to miss a self reflection, good or bad. This past week I continued my inertia of working out for 3 days and also analyzed 10 properties, a few properties had good potential. Thus far I have looked at 39 properties, just short of half way. I also started getting pre-approvals for loans to figure out where I stand for when I am ready to put down an offer. This coming week I want to workout for 3 days, analyze at least 11 properties (to bring my total to 50), and start 1 more pre-approvals process. I will also look into finding a real estate team via a meet up or bigger pockets.
My brother has also given me a challenge. He wants me to document my thought process for buying stocks. So I will jot down why I bought a stock and then look back on it in the future to see if I was correct. This should be a fun and simple exercise but it may help open my eyes to things I had not considered before.
Still plenty of learning ahead, let's make life worth watching.
When you say you analyze a property is it a property within a certain mile radius of where you live? Do you actually take a look at the physical location? If someone can get financed for a property (first and maybe easiest hurdle), the hardest part is screening tenants, unless you plan to flip it, and maintaining the property can be costly. I would much prefer to be in the flip it category because becoming a slumlord is an easy trap to fall into. Anyway, you seem to have the energy and enthusiasm for all this, and I hope it pays off. I'll be interested in hearing about your stock picks. I used to buy stock for my granddaughters when they were little but I couldn't manage all the paperwork so I switched to savings bonds. I guess stock purchases are mainly online now, but it is still a lot of reading. A good use of time though.
ReplyDeleteI am currently doing it for properties within 30 minute drive of where I live. I know for certain that whatever place I get, I will not be fully prepared and will likely need to micromanage the property early on meaning that if it was too far away, I would not be able to manage it too well. I currently look at them online and assess their value as a rental. Flipping a property is fine but you would need to be prepared in the event that the property does not sell quickly. It is a possibility, but not likely my primary source for real estate income. Most of my stocks are bought online, and the only paper work is a tax statement at the end of the year. It's all pretty seamless now.
ReplyDeleteWell, I hope that works out. Probably in the area you live a property would not stay unrented for very long. There was an interesting quotation in the twitter feed today: "Success comes before work only in the dictionary".
ReplyDeleteWell, I hope that works out. Probably in the area you live a property would not stay unrented for very long. There was an interesting quotation in the twitter feed today: "Success comes before work only in the dictionary".
ReplyDelete