What to pay attention to, once you start...

Question

So I'm putting together a plan. I have a solid name picked out for an LLC, I'm getting a new cell phone specifically for business calls, and I'll put that on my soon-to-come business cards. I have a big plan to pick up buyers, and a bigger plan to find sellers. And then I see this in the news...

http://www.dispatch.com/content/stories/home_and_garden/2012/07/29/1-dearth-of-listings-boosting-sellers.html

My question is how much should a newbie pay attention to this kind of news? Should we read it, or give it the athlete treatment and stop reading the newspapers?

Michael Quarles · Answer

i think its important to understand what the market propaganda is. After all most buyers and sellers are so focused that not knowing what they see and hear wouldn't be prudent.

With that said the most important thing to be focused on is your drive.  Too many treat this business like a one night stand. Those who treat it like a long term relationship seem to be successful.

Don't lose focus.

Tracey Williams · Answer

Jordan , 
We will probably be in the same market, I tell you there are still lots of great deals even on the MLS. You just have to act fast when you find something that meets your criteria. 
If I have my magic wand, I'll be on contract on two houses today.  LOL

James Vermillion · Answer

There will always be articles pointing out bad news, and sometimes it is true, but that shouldn't keep you from getting started.  You need to pay attention to it, realize how it could affect you, and be prepared to adapt you plan if necessary.  One thing that has drawn me to real estate investing is the ability to succeed in various economic/market conditions, but you have to be able to make needed adjustments to find that success.

Arthur Garcia · Answer

Jordan,

It sounds like you almost ready to get started in this business - congrats on that.  My recommendation would be to just get started and "adjust while in flight".

Regarding the article, yes it is true, inventory has dried up quite a bit, especially in my market.  That doesn't mean, there are no deals, it just means you have to work on your lead generators.

From what I can tell, the folks to solely rely on the MLS for leads are getting killed right now.  Meanwhile the folks who have focused on marketing to sellers via direct mail, probate, etc. are still finding leads.

The moral of the story is to constantly test your market and adjust as needed.

just my two cents.

AG

What to pay attention to, once you start...

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