I was about 8 and I was psyched. I found all this free, super cool, stuff. It mattered not that I was having to climb onto the side of a dumpster to pull out these discarded treats. One particular thing I found, besides a nude statue of a couple in a romantic embrace which I gave to my super conservative mother, was a broken hamster cage. My sister had dropped my class hamster that I brought home for the weekend and…well… Let’s just say I was the last kid to take home Mr. Fluffers. Somehow, I thought that I could provide a good home for a hamster.
I had another article prepared for you today that was scheduled to launch at 7 this morning but when I awoke I saw an email from my business partner John Dixon over explaining the answer to my question yesterday I knew I had to talk to all of you about retirement. I had emailed him asking how I can capitalize on the decision for the UK to leave the EU. I have two Johns who have backgrounds in finance and understand stocks on a global level and I have to ask the one who tells me this….
Britain’s exit of the European Union is being called Brexit. The European Union is a political-economic union that now consists of 28 countries but was established after the Second World War with just a handful of countries to pool resources. The EU has authority over economic policies, immigration and trade. The European Union takes control away from the individual governments and many feel this causes inequality. What happens when these countries will share prosperity however they will share economic downturns as well; especially after the 2008 financial crisis. The one way they have been making people poor is their policies regarding trade. Big European companies will lobby and have the European Union set a higher tax, limit the amount of product imported and have strict regulations. Even if European manufacturer produces inefficient, poor quality products, you will pay more for goods imported that are the better quality and cheaper to make. The same concept is done with food. This raises inflation, people pay more and their income stays the same.
The UK chose to leave the UK in search of freedom from the control of the European Union so the middle and lower class of the country can prosper and not just the elites. Sound familiar? The elites having control. Yes I’m talking about the United States.
So how will this affect you? You might not realize but if you have retirement account such as a 401k, you have already lost money. About 2 trillion dollars were lost in the markets after this event. This has influenced markets all over the world. Your 401k is being actively managed by someone you do not know and these fund managers have put your money into foreign investments such as the UK. The United Kingdom has been the largest source of foreign direct investment. When I explain this to people, I often find their emotions run hot. They realize they have no control over their retirement and rely on hope they will have enough money by retirement and have no economic crisis along the way. They decide they don’t want to rely on hope and decide to have investments or assets they control.
My advice, Charity, keep buying real estate.
Well isn’t that lovely? I thought he was going to tell me to invest in the Euro as it will come up or let him invest in some shorts for me on the Euronext. Nope…keep buying real estate. Now, I will probably ask the other John for advice on the stock market but in the mean time I decided to remind myself why I love real estate as an investment anyway.
What do you want for your retirement? Do you want to travel the country in an RV, bask in the sun at your beach house, travel the world, or just be able to spend all the time you can with your chubby faced grandchildren? Retirement means something different for each of us but the reality is that for most of America, these are just dreams.
I know I like to pick on Millennials because I tend to think of them as being in their very early 20’s, like 20. The reality is that I only missed that marker by a couple of years. This generation includes anyone born 1980 or after. Only 27% of people in this age group have any retirement plan at all according to a 2015 survey by the Investment Company Institute. Gen Xers aren’t doing much better with only 33%.
Even if you have an IRA, who controls it? What is happening to your money right now?
You have the option of a self-directed IRA allowing you to control the investments that are in your portfolio. You have the option to diversify as much or as little as you choose with things like real estate, notes, and even gold and silver.
We know that real estate has been consistently stronger than any other investment throughout history. Here are some ways to grow your retirement portfolio through real estate.
1. Buy rental property now. I do not care if you are 26 or 62 there is never a wrong time to start this process. Just one piece of property, if you purchase it early enough, can be the majority of your income. If it is purchased a little later in life it can be a serious improvement to your income. If you place one rental property into your IRA, you will see growth in monthly revenue over the years as inflation drives up rental prices. The more you buy, the better. This of course, is different from what you are buying to create income. This property becomes the property of your IRA.
2. Sell properties with owner financing. Any properties you chose to hold in your IRA can be sold with owner financing allowing you to receive a large down payment and a monthly income from the note. This will be an accrual for you over time and can also be an actual income each month once you retire.
3. Flip in your IRA. Maybe you have a retirement plan with a considerable amount of money in it right now and you want to roll it over to a self-directed IRA. Maybe your accrued payments from rentals and notes have given you enough to start thinking bigger. You can buy and sell property in your IRA while continuing to receive the tax benefits of a retirement account. You have the option to flip a home and return your profit to the account. This allows you to grow your return in leaps and bounds.
4. Fund your deals through your IRA. Let’s say that you have rolled your retirement to your new self-directed IRA and you now have about $100,000. You can be your own private lender so that you can both make money today and save for your future. Your IRA can lend your LLC the money it needs for all or part of the acquisition and rehab cost of your flip. Your IRA, meaning you, set the interest rate. Remember, you do not want to screw your future self for a few dollars today. I recommend setting the interest rate between 8 and 12%. The Now You gets the profit from the flip; Future You gets the interest.
5. Fund the deals of others. Once you have a large enough amount to fund either the acquisition or renovation of a property you can start to earn high returns on that money by being a private lender to other investors. You can just sit back and allow your money to go to work for you. Of course, in this scenario, your profit goes to your retirement.
*If you are interested in using your IRA, home equity, or other liquid asset as being a private lender for other investors please complete a contact form. I have students who are working with me directly and would appreciate this option. I would love to speak to you in full detail about private lending.
Brevity is not my strong suit, I know. So I will try to cut it short; rather than continuing to yap I am going to leave you with this link to options for establishing a self-directed IRA.
But first, I do want to remind you that the only person who REALLY has your best interest at heart is you. Stay educated, informed, and in control.
Happy Investing My Real Estate Junkies!!
When I started this journey almost two decades ago things were a little different…okay a lot different.
I used to troll neighborhoods for vacant houses and then take the address to the actual courthouse to look up the owner. No kidding. Personally I was highly curious and my self-preservation radar was broken when I was in my early 20’s. I found myself breaking into these homes to explore.
I was pretty lucky when it came to my B&E’s to not be killed or arrested. One particular day I had broken into a dilapidated POS in the southern part of the Greater Richmond area. Getting a feel for the house so that I could look up the owner and send an offer directly.
As I enter, there is a living room kinda set up…like maybe someone possibly lives there… I keep going. There is a dog carcass. I keep going. Folks, this is how horror movies happen!!
In the hall there is a hole in the floor going straight to the basement which appeared to flooded and the water was moving. Looking back I can only figure three things to make that water move since there was no electricity for a sump pump. Snakes, rats, or the Loch Ness. I am hoping for the latter.
I go up stairs. Yes. I. Go. Upstairs. WTH???
I get up there and it reeks of iron, excrement, and hot stale air. Oh yea. It was like walking onto a Rob Zombie movie set.
Out steps a guy with his shirt wrapped around his head wearing some heavily soiled pants…looking right at me.
I politely say “I am sorry. My realtor told me that the house was vacant.” Casually turned and left.
That was not typical, fortunately. In a typical day I would call and run an ad in the local newspaper offering foreclosure relief. Print off 100 flyers and grab my trusty old map book and hit the door. As I either drove or walked the route with my flashy, fluorescent flyers posting them on mailboxes I was sure to highlight in my atlas where I already canvased. I would rush home to check my voice mail for leads.
Finding leads was a more expensive and time consuming task but once you did the closing ratio was 30 to 50% on pre-foreclosures and a flip was a fresh coat of paint and some carpet.
Now it seems that finding a house to flip, hold, or wholesale has become more and more difficult over the years. We have to get creative about how and where we are looking. Pre-foreclosures are no longer the big ticket item they used to be.
Times have changed and so have we. Finding new deals is a far more broad spectrum undertaking than it has been in the past. Here are a few of the ways I know.
1. Craigslist and other ad sites. Just like we used to run an ad in the newspaper back in the day, today we can use e-marketing to entice sellers to reach out to us. This type of lead has a great closing ratio as they sought you out.
2. Writing blinds. When most investors work with a realtor we pick a day or two a week and drive around and write 5 or 6 offers a day because we run out of time. What if I told you that Ebony (my realtor) and I make a day of wine, cheese, fruit, and deal writing. We will write as many as 100 offers in a day. How do we do this? Simple. We skip the tour. We do not look at the house first. We write blind offers.
3. Bandit signs. You have seen these guys all over. “I buy houses.” They work.
4. Social Media. Use your pals to help you find what you are looking for specifically. In between posting pics of you at the gym or stalking your ex’s page you can post “Does anyone have a house that is for sale by owner or for rent in their neighborhood? I would really appreciate the number. ” or “Is there a house near you that looks vacant needs a little TLC. Please shoot that address over to me I am looking to buy.” You can scroll, troll, and bank roll.
5. Direct mail. That’s right. Send a letter snail mail. You can buy the list of what exactly you are searching and just drop note. For example, let’s say you are looking for people who have been in their home for over 10 years. You will buy a list specifically of those people in the area which you are looking. I recommend using a hand written font to address the envelopes. You will just basically wasn’t to let them know that you want to buy their house.
Happy investing my real estate junkies!!
Remember the story of Jack and the Beanstalk? Jack’s mother asked him to sell a cow and instead he traded it for beans. His mother was furious and threw them out of the window and a giant beanstalk grew leading to the residence of a wealthy giant which Jack burgled.
Maybe Jack was an entrepreneur…or maybe a thief… I don’t really know. Had he been a real estate investor he would have had many more options than to climb the stalk, take stuff, and run. He would have negotiated a deal with the giant so that they can have a continued relationship and turned this magic beanstalk into condos with a 20% Low Income Housing Tax Credit to fund the rehab. That, my friends, is an investor mindset.
What does this have to do with wholesaling you ask? Wholesaling is the magic beans of real estate investing. With almost nothing you can make fast cash.
We have all heard the saying it takes money to make money. What if I told you that is not true? What if I told you that you can make quick in and out cash in real estate without spending anything more than a small EMD (a small deposit on the home as consideration of the contract)? Interested?
By just throwing the beans out of the window a bean stalk grew from nothing. By putting out a little marketing your business can grow.
Wholesaling is the practice of finding homes to flip or hold and selling them to other investors for a profit.
Here are 5 ways to structure a wholesale deal where everyone is a winner. You should be able to make any situation profitable if you are able to come to an agreement on the numbers.
1. Cash Assignment. Cash Assignment or Assignment of Contract is the ability to sell a contract to another buyer. You do not actually own the property at this point, just the contract. The value of the contract is yours to sell to another for whatever sum agreed upon by both parties. This is used when you have made a cash offer to a private seller.
2. LLC Assignment. An LLC Assignment or Entity Assignment is used when you have made an offer on a bank or corporate owned property. Remember you must plan for this in advance as you will be making offers in the name of an LLC that is not your primary. The purpose for this is that all REO’s (foreclosures) are not assignable. I recommend this for an investor who is planning to write a ton of blinds and take what he wants with the intent to wholesale the rest. You avoid the problem of assignment by selling not the contract but the business.
3. Owner Financing. Assignment of Owner Financing can be done two ways. First and most simply, you will have the option for assignment placed into your agreement with the seller. You will simply notify him of your decision to utilize said option and assign the agreement to the new buyer. The second technically may not fall into the realm of wholesaling as this is an in and out business but I will mention it for the sake of information. You can wrap your owner financed assignment. This means that you will continue to make the payments to your seller while taking a higher payment from your buyer. This is an Owner Financed Wrap Assignment.
4. Sub to. A Sub to Assignment or an Assignment Subject to the Existing Mortgage is when you have a contract to buy a home from a seller for which you will be paying by taking over payments on the financing that is currently in place. When you decide that you are not interested in buying this property and wish to sell it you will first need to be sure that there is an assignment clause in the agreement, there should be automatically. You will simply notify the seller that you have sold the agreement to another buyer.
5. Lease purchase. A Lease Purchase is when you enter into an agreement under a lease with equitable interest (this is the ownership of equity without the ownership of the property) that allows the purchase of the property for a set amount. A Lease Purchase Assignment allows you to convey control of and equitable interest in the property to a third party.
As you can see, no matter the situation, there is a solution. The key when making offers is being mindful of the value of the offer. You want to offer a good solid deal to your end buyer especially if your end buyer is an investor. You can turn 1000 glasses of water to wine but turn one to shit and that’s all anyone remembers. Reputation is key in this business.
Happy Investing My Real Estate Junkies!!
It is that time of year where real estate is in the air. It’s that flipping season and this flipping girl is super excited about it!!!
Mmmmm… The smell of paint and freshly cut lumber. I know that some people think of spring and summer and the smell of carnivals and corn-dogs or beaches and beer come to mind. In the heart of the investor we go straight to the selling season. I am referring to real estate of course.
If you are a novice investor, or just starting to think about it, you may not even know that there is a season and it is upon us.
If you are thinking of trying your hand at this flipping game there are a few things you should know first.
1. Timing is key. We touched on this a little above. The real estate market in most areas follows the trends of the seasons. This is even true in “single season states” like California, Florida, and Texas. That tidbit of information was surprising to me. I had assumed that season equals weather. Nope.
The reason the sales prices rise and fall based on season are based on the typical lifestyle of an American. The best time to buy a house as an investor is between December and February. Why? Nobody else is. This is called a buyers’ market. There are more sellers than buyers. People are focused on the holidays between November and January. The first couple of months of the year we are all trying to get back into the swing of normal life, not to mention our bank accounts may need a little recovery time as well.
In the spring our mindset goes back into a more normal pace so that we are able to think of things like moving. This is when we transition into a sellers’ market. More people are looking for a phenomenal home than the homes available.
The peak time to list your home for sale is in June. Why? School. If you get a house under contract in June you should be able to have it closed and move in before school starts back up.
Investor Tip: If you plan to snag some great deals on a house to flip buy in late winter, Februaryish, and hold off on listing until at least the end of March or early April. This will maximize your profit.
2. Believe the comps. Do not over estimate the value. We all have a touch of narcissism when it comes to our projects. We believe that not only are we going to make the house the best house on the block but the best house on the planet. We are putting in the latest and greatest. Since our house will be better than all of the other houses on the market, obviously, people will want to pay a little more for it.
When you look at comparable sales you need to understand that, yes, there is sometimes an outlier that sold for way more than the rest but do not expect that to be the case for your home. Go with the average value. Do not over think it or get overly excited about one good sales price.
Over estimating the value is a number one cause profit loss. If you are bidding, renovating, and making decisions with a plan on selling a home for $225,000 when the rest of the neighborhood is selling for $204,000 you are probably going to walk away pretty upset in the end.
This was a mistake I made in the beginning. I would look at the price per square foot for the top sellers and calculate my bids based on that. The good news, more offers were accepted. The bad news, I had to skimp on renovations which ultimately cost profit in the end.
3. Do not rehab to your taste. When you are flipping a house you are actually building a masterpiece canvas for the buyer to personalize. This can be tough because of huge realm of the artistic possibilities available for a home renovation. I used to find it hard to not throw in an accent color throughout the house or something.
You should be familiar with the market trends and follow them. I know brass is making a comeback. Personally, I cannot stand the way brass looks. Guess what? I am pretty sure that I will be buying a cart full of brass lights, doorknobs, and outlet covers in the next year or so.
4. Do not neglect the small details. When you are flipping a home you are creating the PERFECT home for someone. Good enough should not be in your vocabulary. If you find that you are running out of budget before the details are attended, you under estimated your repairs and can plan on making a lot less than you anticipated.
Good enough = meritocracy. Meritocracy = a failed flip.
A few general tips…
Match the carpet to the (not drapes) paint. If you are using a carpet with a brown base (beige, tan, brown), your paint should have the same base color. Do not put in tan carpet and paint the walls gray.
Do not use basic white fixtures unless you are going for the stark white bathroom look that is trending right now. Otherwise it’s advisable to spend a few extra pennies and get a light package that host the latest in metal (or wood, that has come and gone a few times). Right now the brushed nickel is heading out but is still acceptable, oiled bronze is at its peak, and lightly oiled bronze is getting hot as summer heats up.
Be sure that your exterior is as loved as your interior. Paint, landscaping, and power washing should not be ignored.
I always tell my students, treat each house like it is a mansion.
5. Staging. Staging is giving your vacant house that lived in feeling. I am talking about that super tidy, everything matches, completely unrealistic house that we see in movies. I am talking about that house that would happen if the Cleavers (you know, June, Ward, Wallie, and The Beaver), moved to 2016 Mabury.
As a minimum you will want to furnish and decorate the living areas of the house. Meaning the common areas where your family will congregate; the kitchen, living room, family room, and such.
I recommend renting furniture rather than buying it so that you can tailor it to the house. Plus you do not have to store a second house of furniture when you are not using it.
So just to recap, start writing your offers in winter with the intention of selling spring and summer. Do not expect your house to have more value than any other home. Trust the comparable sales. Renovate the home in natural, popular colors and trends, not your favorites. Pay attention to the small details and flow of your house, your buyer sure will. Give the house a lived in feeling by adding furniture and decorations.
Happy Investing My Real Estate Junkies!!
When we think of being a real estate investor these days we think of some celebrity status job where you make tons of money every day by yelling at some poor contractor and making an ugly house pretty. This is not real. This is not even real estate. That is fantasy just like Twilight or Harry Potter, which is extremely unfortunate because I would love to be a vampire wizard. #lifegoals
Almost 18 years ago, I was 21. Most of my friends were unsure what major they wanted to pursue or even if they wanted to take that extra shift slinging drinks on a Friday night. I, on the other hand, knew I did not want to go back to my telemarketing job but rather I was going to be a real estate investor. Mind you, there were no reality shows about flipping so this seemed very left field to my friends. I might as well have told them that I was in fact striving towards the goal of being an immortal, sparkly, wizard. It was an equally attainable goal in their eyes.
I was so broke that I had to borrow the $100 it took to register my business. This is the first time I thought about that in about 18 years so; Andy did I ever pay you back? I really hope so. Interest on that will be ridiculous at this point. #feelinglikeajerk
So Andy was my one friend who thought I had a shot, I think he was also my one friend with an extra hundred bucks at that time. I was determined to do this regardless of what others thought about it. I researched and tried and failed then researched some more. Failed some more. Sometimes I won and sometimes I lost. Each win fueled my passion. Each loss made me hungrier. Not just because I could not afford to eat; because I WILL NOT BE BEATEN!!!
Eventually my losses were fewer and fewer and my wins were more often with a greater return. It was not then that I knew I was born for this life. It was when I was messing up, losing money, and not listening to those who really knew how to play the game much better than I. Despite my mistakes and hubris I was always pulled back in to the thrill of the next deal. The rush of intellectual adrenaline that came from navigating a complicated deal kept me in the game even when I was losing. It still does and luckily losing doesn’t happen much anymore.
Are you cut out to be an investor? Not everyone is. I have seen many people play their hand and throw in their cards when they lose a few chips.
1. Do you value the opinion of your inner circle over your own? When I called my sister early on a Saturday morning to tell her I was going to be a real estate investor she literally laughed at me. I was young, broke, and completely void of any education that would assist me in this venture. My friends and family pointed this out to me again and again. Had I listened I have no idea what I would be doing.
You cannot lend your time to naysayers. Most people either out of ignorance or even a twinge of jealousy will tell you all the reasons why you CAN’T be an investor. “Remember when aunt Sally almost lost the house when her tenants stopped paying?” “Your dad and I lost money when we sold our last house and we fixed it up real nice.” In order to be successful you will need to be able to politely ignore the negative.
2. Are you afraid of failure? Failure is part of growth. You have a ton more resources than were available to me in 1999 so you have a better chance at less failure. You also might not be as stubborn as I and needn’t learn things the hard way. The bottom line is that flips will not always go the way you plan. Tenants will not pay you. Homes purchased with creative financing may end up with a few liens you weren’t expecting by the time you close. Hey that’s the way it goes.
Today I walked into a house that I have been flipping in one of the many historic areas of Richmond, VA and hear water running. First thought, “Great the contractors are here working!” I then notice that I am standing in a puddle of water that is cascading through the walls from three stories up. That throws a wrench in things. This is not a FAIL. It is a setback. This stuff happens and you have to be able to say “Ok, lets fix it.”
3. Do you have to have organization and order? I wake up each day thinking I am going to do A, B, and C and end up doing A, a little bit of B, M,Q, Z, and A again somehow. It usually starts out as planned but then I need to put an offer on this house that just came on the market RIGHT NOW. The contractor needs to know what granite to put in because they do not have enough of the one I want, RIGHT NOW. The tenant who bounced a check this month has called the city inspector and I need to meet them there, RIGHT NOW.
This is a right now business. The more you have going on, the more immediate attention items you will have in a day. This is how I love my days. When I worked in an office looking at the same walls, and doing everything at the same time each day I was bored. I am sure that I was an under-producer and not sure how I kept jobs as long as I did.
4. Do you hate getting large sums of money all at once? Yea. I didn’t think so.
The reality of investing does mean that you may not have a consistent pay schedule, especially at first. If you are planning to be a full time investor, you may not have any funds come in for months at a time. Sure, you made $40,000 this month but you have to know how to make that last until the next flip or Owner Financed down-payment comes in.
Basically, if you do not fit in the box of a person who is happy to trade time for money; if people saying that you CAN’T makes you NEED to prove you can, if a mistake is an opportunity….you might be a born real estate investor.
I absolutely adore my crazy, exciting, never the same thing twice, life and would not change it for the world.
Happy investing my real estate junkies!!!
A few weeks ago I was listening to the radio and I heard a commercial telling me that for free I can learn how to be a real estate investor in a two hour class. With almost two decades of investing in real estate under my belt I realize how impossible this claim actually is. I have learned what I know through a lifetime of learning. My real estate baby is old enough to vote this year and I am still picking up new things along the way. There is no way you can learn a drop of what you need to know in 2 hours; much less 2 free hours.
I ask my business partner, John, if he wants to go hear this line of shiitake mushrooms. He does, of course.
We sign up and are ready to roll with pen and notebook in hand just in case there is some good content. We leave with one thing written in the notebook, “Stop! We are going to get kicked out!” (My note to John.)
We see a video montage of people telling us how they got wealthy in like 16 seconds. Bought the course, became wealthy. Done. We are looking at each other barely able to hold in the barrage of rude comments we want to make. (Neither of us are quiet or PC).
A handsome, well dressed, young gentleman comes out and starts selling us on the ACTUAL class. We are sure that no real person is going to believe that they are a class away from wealth. Guess what? We are wrong!! People are practically trampling each other like its the last flat screen on Black Friday just to sign up.
We are listening to the excited buzz of conversation in the room and realize that there are are a lot of misconceptions about real estate investing. Here are the top five myths dispelled.
1. You will not get rich overnight. I see infomercials where people are saying “I made $100,000 on my first deal.” That is highly unlikely. I have been an active investor for many years and I have to say that the number of times I have had a payout over $50,000 in actual profit is something I can count on one hand. Rome wasn’t built in a day and neither will your empire.
I must add that it can happen if you are willing to make it happen. The sky is the limit when it comes to your earning potential. You will get back what you put in. Which brings me to….
2. This is not “easy” money. You have to get out there and bust your ass for it just like any other life goal. Do you want a PHD? You have to work hard to for years to obtain that goal. Do you want to be a professional athlete? You are not going to get there by sitting on the couch with a lap full of Chinese carryout.
Every investor I know gets up early and works late. They are making offers and writing contracts every day.
Don’t get me wrong, you will at some point have the option of working less to just sustain your lifestyle. That is after you have built your empire.
My father was ill for about a year before his passing. I was able to cut my workload down to roughly 10 hours a week not only for that year but for about a year after. I was able to just ride on the income from the property I already own. Finally the hustle bug bit me again and I was back at getting up between 4&5 AM and going non-stop until 11 or so. Why? This is what I love. The money is just a bonus, its the day to day that I can’t give up.
How was I able to take two years almost off completely? That leads right into….
3. There are multiple ways to invest in real estate. When most of us think of investing in real estate we think of owning rental properties and flipping houses. Guess what? Those are just the tip of the iceberg and not even the ones from which I have made the most. I personally only have 11 rental properties and did not flip a single house the year after my dad passed. The majority of my residual income is derived from homes for which I offer lease purchase options. I get monthly payments without the hassle of being a landlord.
Did you know there are multiple ways that you can make money in real estate you never own ? You can make money on buyers when you have no property available to them. Some investors are niche investors, meaning they find a style and stick with it. Others, like myself, love the vast possibilities of the multitudes of options available.
4. You do not need a lot of money to invest in real estate. This is a true statement. You can invest with just enough to form your LLC. You can invest in every possible style of real estate investing with almost zero dollars. In fact, once you have the dollars, I would not suggest using them.
5. You are only as good as your team. I experienced a major setback with two of the homes I am flipping back to back.One had a leak in the kitchen that damaged the new wood floor. The other had a waterfall flowing from the third floor to the first in a historic home. This created some serious damage to the plaster walls and wood floors. My general contractor, Brandon, was scheduled to go out of town this weekend. He sent his wife and her friend but he stayed behind to resolve my issues and keep us on schedule. This is an example of an amazing team member.
You will want to build a team of reliable professionals that you can count on and that count on you. I see a big mistake that beginners make is to bounce around looking for the best deal. I might have been able to save a few dollars with another contractor but would it have been worth being just another client? Had I used a guy for the first time to save a couple of bucks I am sure I would have been told that this will push my completion date back , and that is a reasonable answer.
You will want to assemble a team that includes your contractor(s), attorney, realtor, insurance agent, accountant, and lender(s). These will be the people that make the difference between being an investor and being a great investor.
When I am coaching and mentoring I work hard to instill these ideas into my clients. Knowing that the life you want is at your fingertips is invigorating, knowing that you will have to work for it is necessary. Having a full understanding of what investment options are available to you is key to building a business that invokes excitement in you. Having a team of professionals that have your back adds the sense of security you need to be able to sleep at night.
Happy investing my real estate junkies!!!
I was born an entrepreneur. I am pretty certain that I was peddling passies in the hospital when the nurses left the room.All of the other kids in the neighborhood were riding bikes and playing with dolls I was selling jewelry out of a catalogue and creating a back yard consignment shop. At 21 I became a real estate investor and fell in love. This was/is/ and always will be my passion. I have been madly in love with flipping, holding, and writing offers on real estate that seem crazy for 18 years. Ladies and gents I am willing to share the love of my life with you. Maybe its polyamory maybe its jut because I can’t shut up about it. Either way I will be sharing every mistake I ever made and the lesson that came from it. I love questions. Please ask away!!!