Just get out there... and fail?

[John D.]

Over the last month I've been submerging myself in podcasts, forums and books on real estate investing.  I already own several properties but I just recently started to consider being more deliberate about making it a real business and part of my retirement strategy.

I hear it over and over again.  "Just get out there and start doing it (investing, flipping wholesaling, etc.)".  

I'm almost 50 and have been a part of several startups, some ecommerce sites and the owner of a marketing agency.  If there's one thing I have learned in my 30 year career it's that just getting out there and doing it is not a long-term strategy.

In simplest terms, it's those without some sort of plan and comprehension of the market they are entering fail.  Most of the time they just burn out from constant flailing about without progress.

Maybe I'm being an "old fart" but I've seen a lot of failures and I too have failed when my big plan was based on sheer optimism.

A final point.  I think you always have to remember the person on the other side of the deal.  Your inexperience and optimism could put their livelihood and investments at risk if you don't know what you're doing.

I would like to know what BP members think of my unpopular observations here.  My purpose is not to be a wet blanket on the cheering section but rather learn what other think about what makes for long-term slow burns versus a flash in the pan.

Thanks