As motivated investors, we should focus and act on our strengths. Here are mine:
-I follow and interact on BP
-I started this journey in my 20s
-I have a wife who actively participates (and she's smart)
-I have a good paying job (for now) that helps me save
What is your number one competitive advantage?!
-Definitely interacting on here
-Being able to strike up and hold a convo with all walks of life
@Gregory Schwartz Sounds like you have some awesome strengths! Congrats! My strength is building teams and raising capital! Putting the right people into place to run like a well oiled machine is essential on larger MF deals. Best of luck to you and happy investing!
As motivated investors, we should also focus on shoring up our weaknesses and making sure we are less vulnerable today than we were yesterday. Very little digital ink goes toward emphasizing this idea here on Bigger Pockets, it seems.
@Jim K. I couldn’t agree with you more. I find that I worry too much about gaps in my investigation plan and all to often forget that I have a lot going for me. And I feel like most people have something that gives them an advantage over the competition. BP is propbaly the biggest advantage we all have in common. Thanks @Joshua Dorkin
- Being willing and able to go against the crowd
- Creating my own niches, that noone else is doing
- Able to think on several levels in regards to benefits of buying a particular property (price is low, no competition, because neighborhood isn't hyped yet, getting good positive cashflow, several developments happening in the next few years and thus great appreciation, assembling pieces, so that they'll be even more attractive to developers etc)
Use W2 job to save money. Buy local, self manage, develop relationships - electrician, plumber, roofer, GC, painter, floor guy, tree trimmer, attorney, accountant, whole seller, realtor, insurance agent, etc. Do the simple stuff your self - hang fixtures, landscape, hang blinds, replace door hardware, etc. Pay people to do what your are not good at. Know your neighborhoods and what good deals look like. Monitor deal sources - auction.com, homepath, HUD, local newspaper foreclosures. One LLC, one checking account, one umbrella policy, one spreadsheet. Buy with leverage in a buyers market and with cash in a sellers market. Cherry pick great residents. Use month to month leases and automated rent collection. Begin eviction sooner vs later. Leave that W2 job and work when you want to work and play when you want to play. Life is good.
Competitive edge -
Offering cash for good deals.
Buying below market value, distressed properties prior to hitting the market. This requires considerable homework and networking.
Prepared to find markets that are just starting to rise and having all my ducks lined up ready to fire when suitable property comes along
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