I see the circus as a metaphor for many things, and it has certainly played an important part in my life. It's a place where people work extremely hard, are dedicated to practice so they can refine their work and learn new things, they take risks and, dare I say, they're juggling many tasks. I see what we do here as the same.
I know I am working hard to educate myself, research the market, look for opportunites and take some risks. If I miss and make a mistake, I'll step back into the ring and try it again, and if I find success, I'll take my bow and try it again. Either way, the show must go on and so will I as I find my own way as an investor.
Since purchasing Dean's book, I've spent 1-3 hours each evening looking for properties, re-reading his books and now also taking advantage of the great support this community offers. I made a promise to myself to be an active participant here as I know the members here will be (have already been) a source of great motivation and inspiration.
My husband is supportive of my real estate endeavors. To date, I've looked at property locally and in other states, but my husband isn't comfortable purchasing anything that is not close by...at least until we have more experience. So that now helps me keep my focus to a smaller targeted area. I have driven around and attended a few open houses I've found. About three weeks ago I went to five in one day just to see what was out there on the market. I was surprised to find all five houses to be well maintained and all had been updated. None would be what I would be looking for since there wasn't much that could be done to increase their value (and prices in my area are holding pretty steady), but just seeing them and doing something toward my goals was good. Plus I just LOVE seeing houses!
One stuck in my mind though, so much so that I'm going to call on it. It's listed for $379K, which in this market is fair (before the bubble burst they could have probably gotten $425 to $450K). However, this 10 year old rather large home, near the lake, does need some cosmetic work. All new carpeting, new paint, an updated kitchen (new appliances and new counter tops), and one guest bathroom needs a new sink/cabinets and a bit of tile work (it was designed as a child's bathroom and all of that needs to be changed). But that's essentially it (barring any major problems I can't see). So not knowing the situation of the owners (though they have moved out already) if I think it would be a good piece of property to own, could get it for a much better price and if I can get financing (oh, and convince my husband this is the one!) perhaps this could be my first investment property. It's exciting to just think about it. I'll keep you all updated here!
So that's it for my first journal entry. Thank you for stopping by and reading; it sure is appreciated. So until next time, as we say in the circus "see ya down the road."
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This is true for RE..."The best way to learn this business is to do this business." - John Addision, co-chief executive officer, Primerica
Aerialist's Journal - Because Life Is a Circus