My Story of Shiny Object Syndrome
It’s true, I’m my own case study, For years and years I went from niche to niche in Real Estate and I didn’t invest in hard assets like a house, The problem was I had shiny object syndrome, in other words, anything in real estate I wanted to try but I didn’t finish anything I started.
Around late in 2005 a friend of mine suggested that I get into real estate, which at the time I said to myself, thanks, but no thanks. I didn’t know the first thing about real estate investing.
Well, I was at the time thinking of something to invest in maybe the stock market? anything I thought could bring me some extra income, but just like real estate, I didn’t know anything about the stock market either.
My curiosity did peak around early 2006, I bought my first book on real estate investing called “The Beginners Guide To Real Estate Investing
After reading the book, I wanted to learn more, then around November 18-19 of 2006, in NYC “The Real Estate Wealth Expo” came to town and I signed up to attend, The speakers were Robert Kiyosaki, Tony Robbins and future president Donald Trump who imparted knowledge of real estate and getting motivated.
I bought a course at the expo which included a 3 day bootcamp in January 2007 ,which started my education in real estate, from that point on, I went to every seminar I could go to, I bought more courses, I attend a “Trump University” weekend seminar in Florida in 2008.
My point is that I went to all these seminars, bought education, joined my local Real Estate Investors Association, and still no investing.
All Over The Place
It started with HGTV’s Flip this house, I got hooked, I watched every week those shows and I wanted to do that, shortly after that then it was tax lien investing. and from there..
- Buy and hold
- Fix and flip
- Lease Option
- For a little while I was a property scout
- Being a Real Estate Agent
The point was nothing I started was finished, years went by the only thing I did between 2007 through 2017 was buy a couple of real estate stocks which are Reits , I saw myself a forever student, and I didn’t want to become that and never dipping my toes into brick and mortar investing, don’t discount education, we need to learn, but it’s time for implementing what we studied.
By late 2016 a friend of mine had sent me a webinar on creative financing which I knew little of, but when I saw the video I knew right there that is what I wanted to do, it hit me in the gut, this was my calling.
My First Deal
Ten years had passed between my first real estate bootcamp in 2007 to my first investment property that I finally bought in September 2017, Because of my lack of concentrating on one investment niche.
Once I started learning about creative financing that is all I read about, looked at video’s and kept tons of notes, I was ready to take the next step. I live in New York, so the prices here look like phone numbers, so to speak, so I looked elsewhere and that place was Pittsburgh Pa.
I won’t into full details, but I bought a bank owned property from a bank, paid cash and I re-sold it to a buyer on a long term lease, in other words I seller financed the property and became the bank.
The Moral of The Story
Please decide on one subject become an expert on it, then move on to the next investment vehicle, don’t be like me and have that shiny object syndrome, because you won’t finish anything and years will have passed by.
Book I recommend
The One Thing- Jay Papasan.
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