Comments

1. jp moses | REI Tips on March 13th, 2009 at 8:36 am

   Hey, bro – a great video with some solid tips.

   One thing I respectfully disagree with is the “have a bunch of different tools in your tool chest” and see which one fits any given deal.

   This is something I think only more advanced investors should do. Newer investors should find something – one thing – and get really, really, really good at focusing on that one thing. Otherwise you run a strong risk of

   1) Feeling constantly overwhelmed
   2) Stalling in the trap of constant education but little/no action

   Personally I think you should be a specialist rather than a generalist. Specialists always outperform generalists. They may add other tactics/techniques, but only after developing proven expertise and a solid track record in one specific area.

   That’s my opinion at least. Everyone I’ve ever known in REI who I’d consider to be a superstar or high level performer has been a specialist in one thing primarily.

   Thanks for a great video though! Enjoyed hanging with you in Vegas, man!

   …jp

   jp moses | REI Tips’s last blog post..Systems Guru Brings 4 Hour Work Week, E-Myth to Real Estate Investing

2. Patrick Riddle on March 13th, 2009 at 11:44 am

   Right on JP! Great point . . .

   I wholeheartedly agree that focusing on a primary strategy/niche is extremely important for newer investors. I talk to too many people that have gone out and purchased every course under the sun on wholesaling, flipping, foreclosures, subject tos, lease options, etc. but still haven’t done their first deal.

   There’s a lot to be said to specializing and becoming excellent at one strategy. When other leads come in that don’t fit your model, those can be sent out to other investors that can pay you a wholesale/referral fee if something works out.

   After you become a seasoned investor, then, I see value in learning how to put together that next kind of deal.

   Thanks for the tip!

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