All Forum Posts by: Devin James

This is great advice. When I first started learning about REI (4 years ago) I had these thoughts constantly. I figured "this has to get better, right?"

Eventually I realized that you really just need to look for a deal that fits your criteria. If you can find that deal, pull that trigger. The second best time to plant a tree is certainly today. It's always going to be easy to look back and wish you would've invested in year X.

@Devin James My bet is on that they close. This is under the assumption that these closing companies would like to get these done by the EOY for their annual numbers. Not really sure if they look at it that way, but it is my guess!

Good luck and way to go on creating your own destiny!

Jared

you should come to the highest&best toy drive and REI meetup today so we can meet and chat. I'll post a link here: highest&best REI meetup/mastermind

Most of the investors I know have never read a real estate book or listened to a podcast.  They are in the field sourcing opportunities, analyzing real deals, and making offers.

“If more information was the answer, then we'd all be billionaires with perfect abs.” ― Derek Sivers

True, but it's foolish to invest without a basic understanding of how to purchase and manage the investment. And I would argue purchasing is easier than managing.

Luke 14:28-30 For which one of you, when he wants to build a tower, does not first sit down and calculate the cost to see if he has enough to complete it? Otherwise, when he has laid a foundation and is not able to finish, all who observe it begin to ridicule him, saying, ‘This man began to build and was not able to finish.’

@Devin James Reading is the habit that changed my life.

Almost any time I want to learn something new I can locate a book or two or three on the subject and spend very little money to broaden my horizons.

The second habit that has helped me track my finances is that I’ve created a personal spreadsheet that I fill out at least once a month that tracks certain financial metrics I’m interested in comparing. Specifically I now track month end account balances, maintenance expenses and have a detailed list at my fingertips of the tenants that are late on their rents.

I’ve found keeping this data in a spreadsheet is more useful than trying to sift through P&Ls from QBO.

@Devin James The 1 habit that changed my life is I started prioritizing wants vs needs. 

Almost every dollar I make (active or passive) has a job when it hits my bank account. If I want to buy something I leave it in my shopping cart for days before buying it. I circle back and think about my budget. I think about how purchases affect my personal goals, our tenants, and people I buy gifts for. 

This habit is critical for real estate investors because it forces the maximum ROI out of every dollar spent. Whether it's buying the first property, remodeling, renting, or selling it slows you down and eliminates impulse decisions.