How to Avoiding the shiny new object syndrome in Real Estate Investing

Ok im selfish, im writing this blog to help myself be honest when picking an investment strategy and sticking to it and you should too. I have to admit I have a weakness. For hearing the latest and greatest investment strategy then spending the time figuring out how I can execute this strategy in my area. Then next week I hear another strategy from another investor that is doing crazy business and of course forget the original strategy and now on to figuring how to Implement thy new strategy. This basically "the shiny new object syndrome" like many of us have fallen prey to. Why do we switch our strategy and chase the shiny new object ? More money, faster ROI, low money, no money, turnkey. Whatever the reason we were allured by another strategy. To maximize our ROI we each need to find a strategy that fits our lifestyle. So here are a few things that impact what strategy you can choose..

  Time - work, children, extra curricular activities etc all affect the time we have available

1. Experience - Is your career connected to real estate or construction in some way to give you an advantage in your investment career?
2. Local market - Find out what strategies other investors are using in your area. Some strategies are area-specific it won't work in all markets
3. Your funds available - Your funds available will dictate what strategy you can implement. so don't waste time or strategies that require more money than you have extreme amount of time to acquire
4. Your resources - Individuals in your family or network that have ties to real estate or construction can give you an "unfair advantage" of some sort to further your investments

I believe most of us real estate investors think that we can accomplish almost anything that we set our minds to that’s partially the reason we do this because no one else will. So when we find hear of a new strategy we think that we can its maximize potential and implement the. Than next week we read an article or hear a podcast and we think this is the greatest idea to help us further our investing career or a faster way to retirement.

The key to avoiding the Shiny new object syndrome is to pick a strategy that fits your time, experience, local market and resources then WRITE your plan down on paper along with reason why you choose this strategy or print it out then put it on a wall or your fridge. Read it to yourself every day so your remember your plan and why you choose this plan.

Since this is my blog I will discuss my strategy and why I think it is the best for myself. You should also formulate a strategy and write it down to keep you on honest and on track .Me personally I like turnkey properties because...

1. Turnkey Homes in other markets are 1/3 the price of homes in my local market (Frederick, Maryland)
2. Cash flow instantly ($250-$300 is my criteria)
3. Cash flowing Asset for my business
4. Refinance 6-12 months later to ( I will purchase a home with equity specifically for this)
   1. Invest in another home
   2. Invest in another strategy
   3. Buy my primary residence

This basically is my strategy. It allows me to invest with minimal input so I can allocate time researching other strategies, collect the monthly rent and save for another turnkey property. 

So to end like I mentioned before you need to “ pick the strategy that fits your time, experience, local market and resources then WRITE your plan down on paper along with reasons why you choose this strategy “ this will help you commit to one plan and execute more efficiently.

I hope this blog has been helpful and informative to all. Thank you believe in yourself and never stop dreaming… Thank you for reading and please share on your twitter and or Facebook pages.