1st Blog Ever!

So, I'm not sure if anyone is ever going to read this but I have made a commitment to write a weekly journal chronicling my real estate journey. I plan on being completely open about the challenges I face, the goals I want to accomplish, steps I am taking to succeed, and any advice that I can share with other investors in my position. 

Here goes!

Since the beginning of the new year - I have been a little slacking in terms of actively looking for properties to acquire. I have been spending more time looking at becoming a JV partner where I will be the credit partner helping some of my mentors get out of a tough spot with a hard money loan. This isn't charity as I have negotiated pretty good terms on my end, but they will still be making a profit. Essentially what happened was they went over on the rehab, got into the winter market and haven't been able to sell the house. We have 3 different exit strategies that are a sale (Part of the terms is I can reset the selling price), a lease with an option, or a rental. Based on my analysis, I will make money on all 3 options. 

The other area of focus I have been working on is networking. I have made many friendships so far in the real escape ecosystem and am extremely happy with that. While there isn't anything I am looking from that now, I know down the road that these relationships will be beneficial; either I can help them or they can help me. The nice thing about this is even if there is nothing to be gained, having people who have similar goals and aspirations is a gain in itself - remember you are the average of the 5 people you spend the most time with. I want to spend my time with people who are friendly and doing things I want to be doing successfully. 

This upcoming week I plan on starting to really buckle down any learn my market. I have had a slightly shotgun approach to where I look at opportunities but I recently heard a quote that made me really think:

"Start small and monopolize. Every startup is small at the start. Every monopoly dominates a large share of its market. Therefore, every startup should start with a very small market. Always err on the side of starting too small. The reason is simple: it's easier to dominate a small market than a large one. If you think your initial market might be too big, it almost certainly is."

That has been food for thought. I'm going to find a manageable area, know it better than anyone, and dominate it. That is my step 1 for this year. 

If you read this, I hope it helps you to see what is going on inside of my head right now. If nothing else, this has been helpful to me. If someone does read this - please do not hesitate to reach out (please include a message, I ignore requests that don't include one). I subscribe to the rising tide theory - it raises all ships. Lets raise it together.