Wednesday, September 19, 2007

Goings On

So, I'm starting to lose a little confidence in the one investor I've found so far. I realize it's pretty dumb to put all my eggs in one basket and expect him to be some miracle worker. But just the interactions I've had with him also make me feel that he's uneducated and may not really know what he's doing. For now I'm going to keep sending him leads, since he is the only person I've found to work with and I don't have that many leads anyway, but for the future I need to keep looking for other investors.

With the big half a percentage point drop in interest rates yesterday, the real estate market is sitting in an interesting position. Now would be a great time to start looking for real steals and then really buy up some property. The question is if I'm ready or not. My income at this point is dedicated to all these different funds for retirement, with other funds setup for long term growth, purchase of a car and my down payment fund. Which means I have prepared pretty poorly for what I've been predicting for a year and a half or so at this point. I should have been stockpiling some cash to use for mulitple downpayments for houses that I could then rent out for profit. This is why I need to start getting some team members together and some investor capital. The problem is the lack of experience in that as well.

I think a good plan going forward would to continue to work with investors and produce leads, but also to start gathering support and figuring out how to put together a business plan based on renting out housing and property management. Then I need to find some ways to get investor capital, produce the legal documents to form a solid LLC, and figure out the management infrastructure. This as well as find other people to get involved. My parents and family members are not very supportive of these things and would most likely prefer to do their own thing rather than listen to me or be involved to any significant degree. So that means I need to start looking for outsider help.

The other issue is time management. Can I do these things as well as a work a 40 hour work week, or would I have to quit my job. Quitting my job would throw off what I've been building towards in other avenues, as well as cut off my health insurance. Plus, qualifying for a house loan on a property with under 2 million in assessed value is based on personal credit rather than the value of the asset itself.

So I guess the bottom line comes down to where I put my faith. Do I stick to what I'm doing, with the slow value approach to wealth building that involves a large amount of sweat equity and a lot of butt kissing on the slow march up the corporate ladder, or do I take a leap and a chance and try to accelerate things. You really have to take charge to succeed when you're exposed instead of being behind someone else's corporate umbrella.

I want to take the chance. That's been my goal and my drive all this time anyway. I just need to actually put some effort into figuring out what approach to take that would be best and then start working towards it. I don't think I need to really take a big dramatic leap right away, but rather actually start making my goals a priority and make them happen instead of just playing with the ideas whenever I get bored.

Well, the next step is to do some homework.

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