All Forum Posts by: Ron Averill

Keep moving forward. The experience you gain along the way will eventually pay off. 

When I develop names for a new company, I start with an internet domain registration site to check if the .com version(s) my potential names are available. If the .com name is available, then it is unlikely that another company is using that name. If it is not available, then I start iterating or changing the name until I find one for which the .com name is available. I always want to own the .com registration for my company name so that I can protect the name and develop a web site in the future. 

I haven't heard much about bamboo in a while. Is it out of style now? 

I like your strategy of buying a duplex and living in one side. I wish I had done this when I was younger, and I think it is a great approach to getting started in REI.

Since you are new to real estate, let your real estate agent guide you through the process this time. The seller pays the agent's commission, so it costs you nothing to make full use of your agent's expertise. 

Be patient and wait for the right deal to come along. It may seem like it will never happen, but it will.

@Lisa Doud  Why do you suggest to stay away from the big name insurance companies?

@Jason Miller  Regarding your Aurora property, have you allowed your focus or niche to broaden as a result of the lost opportunity? 

I sometimes wonder if a narrow niche is healthy or short-sighted. I started off with a narrow focus, but find myself opening up to different types of opportunities as I become more comfortable with the REI business.

@Neil Schoepp and @Mike H. Thanks for the good advice. 

The coolest thing about BP is that I can gain years of experience in one afternoon.

@Arnie Guida  Why did you pass on the 8plex? If the same opportunity became available today, how would you know to move forward?

@Neil Schoepp  and @Dawn Anastasi   I guess the theme is that you have to make decisions based on what you know at the time, and accounting for all the factors that you can. If you execute your game plan and things don't work out, then no regrets. 

The more experience I gain, the easier it is to look at it this way. But I am still new enough to REI that I wonder if I will regret not buying a property because of something that seems like a big deal to me now, but that might seem trivial when I am a little more experienced. It might be a few thousand dollars, as in Neil's example, or something else like under market rent. One person's challenge is another person's opportunity. Experience and wisdom are needed to turn one into the other.

@Joe Villeneuve You make an excellent point about deals being good or bad depending on the investor's goals and current situation. I just returned from a lunch meeting with a realtor regarding a property. The property fits nicely into my niche, but we are too far apart on price. I am confident he can eventually find a buyer at his price. It is just not an ideal opportunity for me.

@Bill Gulley Sorry to dredge up bad memories. Those are good lessons for the rest of us, though. Thanks.