3 Tools All Real Estate Investors Need

I am always being asked

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) 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 the results of the information you have taken in about investing.

IMPORTANT ELEMENT. While we all know that a zillion books have been written about investing. It is important to understand that you MUST have some knowledge from that book...WHY? Because if you understand what other investors are reading?it actually makes it easier to work with them since you understand where they are getting their basic tactics and understanding from, that helps steer them to the investments THEY are making.

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???

How do you avoid the INFO SHUT DOWN...easy...open your tool box to get more tools/ info.

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.

To me most pop up ad based newsletters are a waste of time. I prefer to find the newsletters that are written by people who ACTUALLY invest. I prefer to get reviews of SEVERAL porducts/methods or tools that some one else actually uses. Those to me are the gems that I try to subscribe too.

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) Physical tools. tools we would use in the field. this can be anything from a lap top to a great flashlight for crawling under a house. (I know a ton of investors who get "EYES ON" when it comes to real estate. One of them keeps a jumpsuit in his trunk just incase he needs to dive under a house to check the foundation...by the way...the man is a millionaire several times over and is a very young 64 years old.) These are the tools we need when we need them..I am a huge fan of "dont fail me tools". Flash lights, a good go by list, circut tester, actualy mortgage calculator...etc.

Build your tool box and USE IT.

by: Doc Schmyz

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