I grew up in a family of entrepreneurs. My dad had his own plumbing business and my mom combined freelance reporting for a radio program and being an artist. The conversation around our dinner table was about business and how you can do or have anything you want with no restrictions. People develop traits and habits from their environment and
Property taxes can seem outrageous, and sometimes actually are! I certainly thought so when looking at a notice from the county awhile back on a property I had purchased. There had to be a mistake in the assessed value. It was way too high. Where did they get that number? The Realtor who assisted on the purchase told me to
I spent many years investing in real estate in south Minneapolis, buying run down–even condemned–duplexes and four-plexes. My husband at the time was the handyman, bringing these properties back to life along with a crew of subcontractors. We rented the updated and remodeled apartments through a government-subsidized housing program, Section 8. We chose this model of investing for several reasons.
Most people believe they need a large down payment to even start investing. IT’S NOT TRUE! It’s a big myth, and without any further information the majority of people stop right there. Does this sound familiar? Is this you? The truth is there are a ton of ways to finance real estate deals. There are methods that are more sophisticated
One thing I notice about successful real estate investors is they have an open mind. That’s important because deals don’t always go as planned or turn out the way you expected. If you are stuck in your thinking or wanting to find deals that fit EXACT parameters, the process becomes much more difficult. These are the people who are the
It is amazing that only 30% of Americans have a long-term financial plan that includes savings and investment goals. Aren’t you glad you are one of these people? Anyone who is investing in real estate has to know about the numbers. I’m talking about available cash, leverage, mortgage rates, and cash flow analysis, NOI, ROI and ARV, and so many
What is the difference between an investor and a landlord? A Landlord owns rental property and has a tenant live in the property and pay rent. Many landlords are accidental – inherited the property, not able to sell, lazy, etc. Whereas, an Investor is someone who has a plan, is building on it and is a sophisticated business person. An investor has the foremost
Knowing where you are going, then trusting your skills, connections and abilities to get there are the cornerstones of running a great business with confidence, and ultimately achieving wealth. So what is the critical key? You need a plan! First, where are you going? It’s like planning a trip. You decide on the destination and then figure out how to