Investors Tool box
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…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) Mental tools: This is the part of the tool box most of us use the most. It is all about how we think about investing. Are you a outside the box type of thinker?? Or do you follow a set program to help guide you in your investment choices? It is how your brain reacts to the idea of a new investment…the mental aspects that make up the checklist in your head.
It is about gathering all the info you can in order to be able to think about investing and where it can lead you.
IMPORTANT FACT: Any bookstore you go into has a billion books on Real estate investing. Buy them all…ok not all but you should have a EXTENSIVE collection of them. Why you ask??? Simply put…if you have a understanding of the information and tactics that are being read by other investors…you will actually understand the factors that they are using to buy/sell/screen potential investments. Knowing what information someone is useing to make a decision gives you and advantage.
2) Online tool box: This is one of the most over looked elements…when I say over looked I am not referring to being not utilized…but more to the fact it is not utilized to its overall potential. For example do you have one site you go to more often than not for investment information? If so why? Your answer is most likely because they have the best info I can use. This maybe the answer however, a little side note to this. Most of us get some sort of tunnel vision thinking that one or even a few sites will cover us for all the info we want…but in all honesty we normally close down other avenues of “information input” when we do this. How do we get around the “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 ,myself, avoid most ad based emailing lists. however, that doesnt mean that all of them are a waste of time. review a few and decide for yourself if they are worth keeping.
My favorite online tools/sites are the ones that cost me very little to use/buy or better yet are free to me. I love to find good resource sites. ( I admit freely I normally link them to my own) A good web tool is a great thing to find. Im not refering to another mortgage calculator…I mena that online tool your just dying to try out. When you find them…bookmark them.
3) Actual physical tools: these are the tools you can actually touch and use when you?re making offers, inspecting property, or doing any one of the other hundreds of things that a good investor does before making an investment commitment. Most of these tools fit in a small briefcase or shoulder bag. These tools can be anything from flashlights, small inspection tools, to calculators etc. So in a nut shell that is all there is to a tool box.
So there it is..the outline to your toolbox. Build one…update it often..and USE IT DAILY.
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