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The Best Real Estate Investing Advice

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I just did a radio interview which is a partial transcript from that conversation. Let me know what you think! - Property to Buy Surrey


What is your very best self Real Estate Investing Advice?

Don't stop. Never quit. Never stop trying. You're going to a hit a lot of open obstacles in this business - you CANNOT let them stop you. Countless investors get stopped by either ignorance or fear saying, "this is simply too hard" - "real estate doesn't work for me" - "real estate does not work properly in my area." Chances are they'll get out! Don't do that. Find someone who can guide you through. Maybe it's someone in your REIA, another investor, a lawyer, anyone successfully doing what you're trying to do. Do what it takes to find answers to your queries. You don't have to know everything today; you learn as time passes. Take the time to figure it out - try not to get stopped.

Name on big obstacle.

Legislation - laws change and frequently investors don't know new york state laws or say "our laws don't allow that" when actually they're blind to the laws. Regulations may say you simply can't do something a specific way, nevertheless, you can in fact do it one other way. Again - learn, discover, know - just don't get stopped.

Best book you've read

I prefer business books because we operate a business. If you have a lot more than 2 properties, you do have a business and need to treat it as such, as an alternative to like a hobby. The advantage of business books is always that most business needs are identical, no matter the industry. "The EMyth" by Michael Gerber is fantastic and "Think and Grow Rich" by Napoleon Hill.

Best personal growth experience as well as what you learned from that.

My best ever personal growth experience probably came from my worst ever activities. My three experiences were divorce and two extreme family health crises. Among the big things I learned within these was not to waste time - everyday is valuable, even the tough ones. Jim and i also are so so busy daily, our days are very full, but we like it because it's all productive, all this serves a purpose, it serves others, and our activity constantly moves us toward our goal. We don't have to be at our goal to relish life, just being employed by it and making steps brings us tremendous joy. Don't sweat the small stuff because it is really all small stuff over the life span - it really does pass as time will continue to march on. It's precious, don't waste it.

The way i tie that into real estate is by pointing out that, if you decide to wait before you make an order, I promise that in five years you'll be kicking yourself for waiting. Time is really precious.

Best success habit you practice

Failing to get stopped. For that to occur, you must have a big enough "why?" You must have a big enough need to be doing this business - and your reason's gonna change. Getting started, our reason for ecommerce was to provide for retirement (as well as I wanted to get to that as soon as possible). Eventually, as we begun to have income to arrive for today, our reason became a better lifestyle to live in and our family in addition to being able to give more, which feels excellent. Now our reason is always to leave financial prosperity to our children and grandchildren

Lowest price you've done

Our mountain house. Concerning the time we started e-commerce, we also bought a very nice house in our gorgeous North Carolina mountains. As it turns out, we merely happened to buy it with private money because Jim was golfing using a friend one day and told him about a house we were seeking in spite of crazy lending regulations. When they finished golfing, his friend turned to him and provided to fund the deal. (We had arrived shocked and amazed he even had the amount of money - we'd worked him and known him for years. If we didn't have money, how did he???) Finding private funds are easier than you'd expect - all you need to do is talk about what you do...

But, the stage that this story is that this was 2005-2006 before the economy tanked. We bought the home and spent about $10,000 creating a face lift. Shortly into owning it, Jim informed me we'd have to sell as it was not generating cash flow and, with our new company sucking up cash, we couldn't find the money to maintain the mountain house. I used to be devastated, however... We agreed on a sales price, i thought was high because I didn't want to sell. It sold presently. We had to set the closing date into a time when we would are for 366 days. By holding it more than a year, we would simply have long term capital gains to handle. We made $100,000 profit after loving it for 12 months. That was crazy huge money for people and we had super enjoyed your home and the mountains much better than free all that time. We poured every dime of profit into our investing business. This is another confirmation that real estate is an amazing method to make huge money. - Property to Buy Surrey

 

 

Posted Oct 01, 2015 at 1:19am

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