Posted by SimonBS on June 05, 2001 at 01:30:28:
Thanks for the encouragement R*S!!! LOL!!!
What’s the worst that can happen? - Posted by Charles Williams
Posted by Charles Williams on June 03, 2001 at 19:17:39:
I’m just curious to see some of the potential pitfalls of investing, and how to avoid them.
Thank you for your time and consideration,
Charles
I agree… - Posted by HR
Posted by HR on June 05, 2001 at 04:22:20:
with the others. The irony, Charles, is that the biggest pitfall is NOT to do anything.
What do I mean by that?
It’s a fact: 95% of the people in the richest nation ever on our planet die broke. You and I will be in that 95% unless we do something different. It’s not a matter of investing or not investing; it’s a matter of investing in re or something else. I like re over other business and other investment vehicles because the returns are better, faster, and under more of my control.
The worst that can happen as a re investor? You lose your capital, your enthusiasm, and you decide to get out of the game. Most of this, though, can be controlled by mastering a niche and working it profitably, continually.
You asked the wrong question. There are two better questions: 1) What’s the best that can happen? Answer: mastery of a business the provides enormous wealth and satisfaction within a reasonable period of time. 2) Is re for you, and, if so, what area do you want to concentrate on mastering first?
Good luck. Don’t let the fears stop you.
HR
Re: What’s the worst that can happen? - Posted by Ronald * Starr
Posted by Ronald * Starr on June 04, 2001 at 19:27:27:
Charles Williams----------
How about getting killed? I remember two real estate investors who were killed.
One was fixing up a house in a somewhat rough area in Oakland, CA about 15 years ago. He heard a loud argument on the sidewalk outside and went out and intervened. He was killed.
One was a foreclosure investor in Sacramento maybe 15-20 years ago. He refused to “chill the bidding at sales” and his body was found floating in a lake. So I have been told, anyway.
Watch out when you are up high. A fall can be hurtful.
I agree that the most common loss is doing nothing. Nothing gets you nothing.
Now, on the other hand, most of my friends are real estate millionaires. So there is the prospect of something good happening also.
Good InvestingRon Starr*
Re: What’s the worst that can happen? - Posted by Chuck
Posted by Chuck on June 04, 2001 at 01:08:36:
Here’s a few:
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See Ed Copp’s (OH) comments!!!
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You can waste your hard earned money on a bunch of RE investing courses only to find that it isn’t nearly as easy as the Guru’s lead you to believe. -or- realizing that RE investing isn’t for everyone after your a few grand lighter…
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Getting beaten bloody by “just jumping in” as many advise,…before building a solid minimum foundation of knowledge.
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Following the popular advice of being a jack of all trades. errr,…not focusing your efforts in the beginning and paying the price of frustration.
How to avoid:
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See Ed Copp’s (OH) comments!!!
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Research what course(s) you want to buy and ask opinions on this board and put the info in action!..and avoid the $3,500-$6,000 boot camps and coaching fees!..some say “spend, what’s the big deal, if the info makes you $100K.” True, but in the begining it’s a bad habit to develop. You can end up becoming a seminar collector. (you can get alot of good info from this site and/or a local RE investment club etc…)
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Study ask a ton of questions on this board etc., and “be anxious for nothing.”
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Don’t jump around. When you find your area of interest, work that area and close a deal.
Also realize that there will always be risk in life and RE investing is no different.
Good Investing!
Re: What’s the worst that can happen? - Posted by Carey_PA
Posted by Carey_PA on June 03, 2001 at 21:43:40:
In my opinion the worst that could happen is NOT doing anything and never getting to where you want to be in life!
Knowledge… knowledge… - Posted by David Alexander
Posted by David Alexander on June 03, 2001 at 21:19:59:
and More knowledge.
And if you dont want to take the time to acquire it yourself, then listen to those who have been before you.
All business requires you look, think and ask questions before you leap.
This board is a great tool for that. You get 1,000’s if not millions of years of experience from it… Use it… it will save you some Expensive seminars in the real world.
Learn to do your due diligence, thoroughly, and if you don’t like doing it then hire it done.
I hear folks complain about expensive seminars and courses… but you get to learn real info from others before you need it… which is better than the street where the lessons can be hard and costly.
Just had a friend that violated a rule… Never, ever put out any money unless the folks move out. He reinstated a foreclosure and now the folks have a hotshot attorney who advised them to file bankruptcy.
Now he’s out the money, will have to spend more while the folks live off him for FREE.
I have reccommended to him before to listen to this board, have lunch with other Investors etc.
He would have learned this RULE before it happened and could have avoided it.
So… If you do your due diligence and listen to others that have gone before, be sure to realize you cant know everything and never will, then you will go far… and most of all will be able to grab some OBSCENE profits in this game we call RE INVESTING.
Good Luck, hope to see you here a long time.
David Alexander
Re: What’s the worst that can happen? - Posted by phil fernandez
Posted by phil fernandez on June 03, 2001 at 21:02:24:
Charles,
Usually bad things happen to real estate investors when they don’t do their due diligence. We as investors should be in control of the deal from start to finish.
From the start I’m talking about knowing your local market. What properties sell for. Also know the demographics of your area. Learn where and who to market to. And before you start on a particular deal, know your exit strategy.
So I’d say that not doing your homework would get you into the most trouble in a real estate deal.
Re: What’s the worst that can happen? - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on June 03, 2001 at 19:43:58:
A massive personal bankruptcy and I.R.S. judgements that can not be extinguished by bankruptcy.
Do your homework, and don’t go there.