One thing I’ve been able to do quite a bit of lately is catch up on some great blogs, but there’s also some real stinkers out there. Some of the negative/bad/bubble blogs are important for me to read because they bring up the questions I have to answer from potential investors, but there’s often an ongoing war in the comments of blogs like Sara and Sheldon’s Edmonton Real Estate Blog. (I don’t know why the weekly statistics posts attract such attention. The shortest time frame I ever look at is monthly.)
There’s always a million people with a reason why you shouldn’t do something that could have a positive impact in your life. It’s the same story for many of the things which make successful people successful. Education, giving to charity, attending church, taking action and investing in real estate.
There’s an unlimited number of statistics you can pull to try and explain why an investment might implode, or a market might be less than optimal. What you don’t see (amongst the thousands of blog posts, comments and water-cooler conversations) is just what the successful people do. They take all the options into account, then decide on a course of action and jump in. They ignore the ranting fools and do what they need to.
I bought a condo nearly at the peak of the Edmonton market, and it’s likely lost value. I’m fine with that. My business plan takes that risk into account. It positive cash-flows, so I don’t worry about the value and just cash the cheques that come in month after month. I can hold it indefinitely, and one day the tenants will have paid off the mortgage and I’ll have that property free and clear.
I choose to associate with some very successful people. I watch what they’re doing, and they’re buying. Every single time you go to a REIN meeting there’s someone who’s bought property, and often someone who bought more than a dozen doors in the past couple months.
Action is the key to success. Reading fear-riddled blogs is not.