Let these musings inspire you!
ICOR has a great, truly devoted community of investors, a dedicated, whip-smart staff and visionary leaders. We don’t mean to brag… but we’re pretty impressed with what we’ve built here in Colorado!
While preparing for this month’s meeting we had a chance to sit down with one of the ICOR founders to chat about the importance of accurately gauging a deal, the reason he started to invest and the power of knowledge.
Below are few summarized outtakes from the interview — we hope they inspire you, make you think and get you excited to invest.
- Investing provides freedom — the decision to invest came about so he could work for himself, generate passive income and have the freedom to do what he wants, when he wants. Sounds like a dream, right?!
- It takes time to figure it all out — there is a learning curve and it takes time (like 4-5 years) to build the right team, meet the right people and gain knowledge to be successful.
- Success will happen — expect it to be a combination of both strategy and organic growth.
- You must be nimble — be able to move within the market, especially with big market shifts. Have enough knowledge to adjust your strategy to meet the needs of the market.
- Don’t try to do it all — spend time gaining a basic understanding of all the investing options. Then figure out what you are drawn to. Become an expert in one or two areas and build your investing strategy around that.
- Diversify strategy incrementally — start with one strategy, then expand, continue to push your strategies outward as you learn. Successful investors rely more on persistence rather than luck and teamwork.
- The power is in your knowledge — the more you know, the more you study and practice… the more tools you have. The more tools in your tool belt, the more apt you are to compete with other investors.
- Speed matters — do your homework! Advanced investors can determine a deal’s value quickly. They can repair a property quickly and get it on the market fast. In order to compete, you have to have knowledge and time on your side.
- Track your numbers — the quickest way for the bottom to fall out of a deal is when you don’t have accurate numbers. Sticking to your budget, estimating the best ARV and figuring out financing is what will make you successful. Keep track of the cost of purchase, repair #s, holding costs and selling costs.
We hope you’ll join us at this month’s meeting! See you there.
October Meeting Agenda & Logistics:
6:00-7:00pm: The Investor Lab — Join us for one or all of the following:Food Served from 6:00-7:00pm
- Workshop Troubleshooting Forum
- "Hot Seat" featuring an expert in deal finding, marketing, financing
- Team & Resource Building
- Haves & Wants and Sharing Success
7:00-8:30pm: Main Meeting — Deal or No Deal Live!
8:30pm: Continued Open Networking
Tuesday, October 13th
Colorado Springs Monthly Meeting – Deal or No Deal LIVE!
Wednesday, October 14th
Denver Monthly Meeting – Deal or No Deal LIVE!
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Thursday, October 15th
Northern Colorado Monthly Meeting – Deal or No Deal LIVE!