I thought that my knowledge of building would be a great strength and it is but you have to know how to manage that strength.

His involvement freed me up from doing the things I wasn't very good at, so that I could focus on my strengths.

They will be able to take shots that maximize the strengths of your property.

A lot of buyers don't have the financial strength to obtain a mortgage; so, sellers and their agents get skittish.And the market is hot; so, sellers are getting all cash offers...or, at a minimum, offers from pre-approved buyers.Your DTI can be positively or negatively impacted by the positive or negative cash flow from the acquired property (rents less expenses and mortgage payment). 

I know some people get by paying for real estate with credit cards and other craziness, but most people still standing in 10 years are dealing from a position of strength: good credit, good reserves, good boundaries with others. $1500 is peanuts.

It allows you to diversify into a portfolio of homes as opposed to putting all of your proverbial eggs in one basket.Be cautious tho as over the years I have witnessed countless investors buying properties in crappy areas, for more than they are worth and being passed on to crappy property management that nickel and dimes them to death (I guess all of those 15% "awesome" paper cap rates and promises of financial freedom aren't that awesome after all...)This is not just true for real estate deals but life in general (Your "piece of paper" degree does't necessarily dictate success in your chosen profession or your business)Real life experience is different to what any "piece of paper" says.In all reality guys it takes time to build financial freedom, and the more you can diversify your risk across multiple properties in your portfolio the less risk you bear in the long run.I may not be the smartest Aussie you have ever met, however I do understand a few basic rules that I follow on every acquisition I make.Strength in numbers, cash only, patience, and discipline.Let's talk about Strength first.Price point plays a big part of "strength in numbers" as it is safer to acquire 5 homes for a total of $350,000 as opposed to one for $350,000.What happens if "that one" property goes untenanted for 5 months?

I have a very unofficial thought on how you can learn your weak areas... unofficial in that I'm just making it up but I think it's something that's worked for me...Instead of looking for your weak areas specifically, look for your strengths.

First to ask about the strength of my financing.

Always inspect every nook and cranny of a purchase, to include tenant payment history, strength of the lease, any lease violations, etc.

  ( I have a nice one right now copy of Portland business journals top 30 builders) which I made number 24 in my market.. so lead with strength..