Avoiding Shiny Object Syndrome

[Mark Taylor]

Hello BP community, I've now listened to 40 different podcasts and have kept mostly true to my buy and hold strategy, but there are so many other great strategies that could help me generate income. What questions did you ask to help you solidify your real estate investing plan? How do you keep on track with your plan? How do you avoid the shiny object syndrome? Thanks, Mark Taylor of Bountiful, Davis County, Utah

[Jay Orlauski]

That's a tough one - I guess you just have to know what you want to do and stick with it - at the same time - when opportunities present themselves, you want to be in a position to take advantage of them. I have been doing buy and hold for 15 years now -  but am very interested in learning some new "shiny" ways to invest. It can be a little overwhelming when there are so many choices - but one way I look at it is like this - I feel like have the buy and thing down pretty good - so I could move on to another type of transaction and give it a shot and learn how to work it. I would not look at it so much as shiny object syndrome , but more of " adding tools to my belt" situation.  Take a look at some of the strategies that capture your interest and start studying it until you are ready to implement it - there is nothing that says that you can't use multiple strategies as part of your business plan - I just wrote a new business plan for the year and it includes buy and hold as well as fix and flips to generate income through multiple streams. But I am not adding more than that to it ( though we may wholesale from time to time) This way we can stay focused  - maybe next year I will implement another strategy and expand the business even further - I  am breaking free of my comfort zone and hope that within a few years our business will have the ability to take advantage many different types of deals.