"Why don't more people get into real estate Note investing?"
"Why don't more people get into real estate Note investing?"
I get asked this question a lot. To which I answer:
1. It isn't easy and it takes time.
2. It requires really strong and trusting relationships, which (you guessed it) take time to create and nurture.
3. It requires massive attention to detail.
4. It's hard to scale.
Reasons 1, 2, and 4 can be developed and worked on over time by just about anyone. Reason #3 is a different animal.
People who have a natural attention to detail are neurotic. They just are. I am! It serves me and other effective Note buyers very well in the workplace. The question is: is it trainable? Can someone increase their attention to detail, and I believe the answer is definitely yes.
One of the best rules I follow on a daily basis as a Note investor is "trust, but verify."
Trust, but verify is an old Russian proverb that became well known when President Ronald Reagan used it during nuclear disarmament discussions with the Soviet Union.
For me, when talking with lawyers, clients, county or city officials...I trust what they tell me is accurate, and then I verify. Sometimes I verify directly with the person I'm speaking with: "How do you know that's true?" Or: "Are you certain?"
"Certain" seems to be a more powerful and thought-provoking word than "sure."
Dig in, get dirty with details, and let me know if you have any questions.