The Best Real Estate Investing Advice
I just did a radio interview which is a partial transcript from that conversation. Make me aware what you think!
What is your Best Real Estate Investing Advice?
Don't stop. Never quit. Never give up. You're going to a hit a lot of extra obstacles in this business - you CANNOT let them stop you. Numerous investors get stopped by either ignorance or fear saying, "this is just too big hard" - "real estate does not work for me" - "real estate doesn't work in my area." Then they get out! Don't do that. Hire a company who can guide you through. It may be someone in your REIA, another investor, legal counsel, anyone successfully doing what you're trying to do. Do what must be done to find answers to your queries. You don't have to know everything today; you learn with time. Take the time to figure it out - try not to get stopped. - Property for Sale
Name on big obstacle.
Legislation - laws change and often investors don't know hawaii laws or say "our laws don't allow that" when actually they're unaware of the laws. The law may say you cannot do something a specific way, however you can in fact do it one other way. Again - learn, learn, know - just do not get stopped.
Best book you've read
I enjoy business books because we manage a business. If you have greater than 2 properties, there is a business and need to take care of it as such, rather than like a hobby. The advantage of business books is most business needs are similar, no matter the industry. "The EMyth" by Michael Gerber is fantastic and "Think and Grow Rich" by Napoleon Hill.
Best personal growth experience and just what you learned as a result.
My best ever personal growth experience probably originated in my worst ever life experiences. My three experiences were divorce as well as 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 that i are so so busy each day, our days are really full, but we love it because it's all productive, everything serves a purpose, it serves others, and our activity constantly moves us toward our goal. We do not have to be at our goal to relish life, just employed by it and making steps brings us tremendous joy. Don't sweat the little stuff because it in fact is all small stuff more than a life span - it really does pass as time will continue to march on. It's precious, don't waste it.
Generate income tie that into property is by pointing out that, if you decide to wait before you make an investment, I promise that in 5yrs you'll be kicking yourself for waiting. Time is indeed precious.
Best success habit you practice
To not get stopped. For that that occurs, you must have a big enough "why?" You must have a big enough need to be doing this business - plus your reason's gonna change. Starting out, our reason for marketing ebay was to provide for retirement (not to mention I wanted to get to that eventually). Eventually, as we began to have income to arrive for today, our reason had been a better lifestyle to live in and our family along with being able to give more, which feels really good. Now our reason would be to leave financial prosperity to children and grandchildren
Lowest price you've done
Our mountain house. About the time we started e-commerce, we also bought a pleasant house in our gorgeous New york 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 of a house we were hunting in spite of crazy lending regulations. When they finished golfing, uncle turned to him and agreed to fund the deal. (I was shocked and amazed he even had the money - we'd worked with him and known him for many years. If we didn't have money, how did he???) Finding private cash is easier than you'd expect - all you want do is speak about what you do...
But, the point of this story is that this was 2005-2006 before the economy tanked. We bought the home and spent about $10,000 giving it a face lift. Shortly into owning it, Jim told me we'd have to sell because it was not generating cashflow and, with our new company sucking up cash, we couldn't manage to maintain the mountain house. I used to be devastated, however... We agreed on a sales price, which I thought was high since i didn't want to sell. It sold right away. We had to set the closing date with a time when we would bought it for 366 days. By holding it more than a year, we would have only long term capital gains to cope with. We made $100,000 profit after loving it for 1 year. That was crazy huge money for all of us and we had super enjoyed the house and the mountains a lot better than free all that time. We poured every dime of profit into our investing business. This became another confirmation that real estate property is an amazing way to make huge money.