Market crash wisdom to overcome limiting belief

[Michael Fucillo]

Hello BP!

I think most would agree on three things:

1. We can’t time market cycles

2. We are currently at the top of a market cycle which means a downturn is inevitable

3. The best investors can make money regardless of what the market is doing.

So my question is this:

For you experienced investors out there, what advice can you offer a newbie buying his/her first rental property within the next 90 days as it relates to market cycles? Looking back at the last crash what did you learn? What were you happy you did correctly (prior to 2007)?

I am asking this because it is my biggest limiting belief keeping me from getting started. However, every investor I talk to says to not wait. Your help is greatly appreciated.

[Joe Villeneuve]

First, drop the 90 days from your stated goal.  Focus on the deal...not the timeline.  Focusing on the timeline will cause you to accept a poor deal (and rationalize it as a good one) as you get closer to your 90 days...without a deal yet.  This is a sure way to have any downturn impact you in a negative way.

REI isn't a race. It's not a sprint or a marathon. It's a mathematical problem, with dollar $ign$ in front of the numbers (not percentages).