Advice Online

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)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.

Simply put..it is the mental list you use when you start thinking about investing. the “what’s, where’s and how much’s”.

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.

The E-tool box: Your online tool box. What websites are you useing online over and over. Most real estate investors only use a few sites. I have found this can lead to a sort of tunnel vision or what I call “INFO INPUT SHUT DOWN”.

The answer is very easy it’s called the opt in newsletter/update. Here is how it works.

Just go to the free email server of your choice…create a new email address that you will use to collect email updates/newsletters from various websites. then go thru them at your leasure.

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.

The most inportant sites to me are the ones that make the investing game easier. sites that offer me something for free or VERY little cost out of my pocket. Some websites have tools that you just cant wait to try out. (I will admit I have a few sites I visit daily just to play around on and try out the tools they offer) When you find them you will know it…once agian 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.

Build your tool box and USE IT.