There are a couple dangers associated with RE books (or any kind of investing books, seminars, whatever) that I would like to bring up.
First of all, the danger of fixated on a single method. For example: Only buy houses for 20% below market value. Only buy bank owned properties. The three rules of RE are: Location, location, location.
One of the things that made me gravitate to the RDPD and Trump books is that they emphatically do not encourage this kind of thinking. They are all about: do your homework. Crunch the numbers. Study. Observe. Adapt. Never stop learning. The market changes, you make mistakes, but you keep on truckin’.
There is no magic method in the real estate market. If you think there is, you might cause it to totally explode and cause all kinds of ugly for the economy. Just sayin’.
So read and learn everything you can, and know what you’re doing before you do it. That includes reading ‘How I Made 5 Million in 3 Weeks With Only $27.50’ (if you can find it in the library). It probably will give you a couple of good ideas.
The second danger is, reading too much.
In the beginning I mean. Eventually you have to act. You’re never going to know it all, never going to be 100% sure that you’re making all the right decisions. It’s a complicated business. And I suspect that there comes a point of diminishing returns where having too much information is paralyzing.
The fact is, I know I’m going to make mistakes this first time. But that’s ok – no matter how much I read, I’ll learn more from my first purchase. Then I’ll read a few more books, things will start to make more sense b/c I can compare it with my experience, yadda yadda.. Kinda like a lot of things in life. You have to take risks.
Any thoughts, O fearless readers?