Unfounded and summarized beginner checklist. And other ramblings

First month at the REI game, I say "at the game", because I feel like I am watching the professionals play and then going home in my backyard and attempting to emulate their moves.  Books, forums, blogs, sites, meetups, repeat.

Unfounded checklist:

1. Build your network (Thanks BiggerPockets!)

2. Allocate money for REI, currently in an online savings account while we research alternative interest baring liquid money storage options. We also nicknamed the account after a feline species, that way it is ready to pounce on a good deal, ours is "Green Panther".

3. Work for an amazing opportunity.  It's not enough to look, you've probably noticed that when you just look, you're really just watching others seize opportunity that they worked to achieve.  Analyze every property till you reach 1000 properties analyzed, then do another 1000 blindfolded and upside down.

Initiate more ramblings in 3...2...1:

I cringe when I think glass half-empty thoughts. But 2008 seemed to be a horrible year for most, and an amazing year for some. I am not going to say I did not benefit from the housing bubble burst.  My wife and I purchased our current home near the low point of the decline, which means yay for equity on this massive upswing!  And not that it is an elephant in the room, well maybe it is a baby elephant, but does anyone else feel that a ton of REIs came out of the 2008 dip with multiple properties added to their portfolio, launching their careers to new heights?

As you research you hear statements similar to, "it's not 2008 anymore" and "unlike 2008 you cannot just throw a rock and find a good deal".

Rather than feel defeated, I think this reinforces the other advice you hear all the time.  Strive to never make a bad deal, it is better to miss out on several amazing deals than to make one bad deal.

Perhaps we will purchase a property in 2016-17, perhaps not.  Our emotions are checked, we're building an investment team of trust and knowledge, we are ready for opportunity. 

"Luck is what happens when preparation meets opportunity." --Seneca  <-- This guy was probably the first Boy Scout of Italy :D