Let’s Go…Time to Invest!
Frequently I am annoyed with myself for having waited so long to jump into real estate investing. But, as many of you know, I like to research things before I make my move. It is so much easier for me to know YOUR next step than MINE. So I thought I’d share my journey and maybe some of you are in the same boat or can help get me get off the dime.
Tackling this topic in a post is like trying to fit Chris’ basketball in my purse…it just ain’t gonna happen. (yes, I’m living & breathing basketball right now!) So, I am going to share snippets of my experiences in these posts. Once I’ve completed a bit more homework, I’ll create a Page on my site of Investing Resources for you. For now, here’s a few consistent themes I’m hearing:
Invest for the Long Term. This may sound obvious, but still people may think long term but act on short term. Guess what happens… I realize that the experienced flippers among us may feel differently but obviously I can’t speak for them. The ROI figures are probably not going to “pencil” unless you go out of the area – and then there’s the management. This has always been the message but some investors out there took a diversion from common sense in recent past. Speculation is too risky for my blood!
Create your Team. Lawyer – Accountant – Financial Planner – Realtor(r) – Lender. The more this group can communicate with each other on your behalf the better. I know several professionals in this arena but you each need to create your own team. Locally, I know John Parsons for accounting/tax/financial planning. If he handles his clients anything close to how he handles his team of young basketball athletes, they/we will be winners.
Develop a network of investment resources around the country. I’ve got some good contacts for you – these guys are are doing it now…I’m planning on learning their strategies and formulas for success. Can you afford the time or money to fly out of state every time you want to check out an area or property? I certainly can’t. My Investing Resources information will not be a random “link” fest. The links I provide here will be from sources whom I believe will add value for my readers.
Jeff Brown helps investors and also writes a blog called Bawld Guy Talking. Thanks to my friends and mentors at Domus Consulting, I am going to meet Jeff and hear about his philosophy on February 2, 2008. According to Domus’ Kevin, he’s helpful to most stages of investor. “He seems to particularly like to take seasoned investors who’ve made questionable decisions and help them turn around.” His main theme is “Purposeful Planning” for retirement income. He’s flying into town and invited guests can hear him speak in Palo Alto. Contact me if you have questions about this. (note: I have Jeff’s “Know where you are” List, will post to a page soon.)
Sam Benson is a local Contra Costa County Realtor(r) and writes RealEstate 680. I’ve gotten to know Sam through our Homescopes network. Sam says there are opportunities in Contra Costa and West Solano counties. Also, be careful with investor software… “They can be a little over the top and may make promises that the market does not deliver.”
Trevor Mauch seems like the kind of guy I’d like my daughter to meet. (She’s too busy to read my blog so I think I’m safe here…) Trevor doesn’t know me but we’ve become email penpals and he has given me some good tips. His site, The REI Brain, is full of information and tells you where to start. If he ever gets down to SF, I will let you know.
How do you picture your retirement?