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Not Creating an Exit Strategy for Your Real Estate Business (2) 14 Nov 2012 | 03:23 pm
I’ve already talked with him and verified everything in writing. He’ll borrow the money using his credit; we’ll buy the home together and rent it out as 50-50 partners. Plan D: I have included a conti...
Not Creating an Exit Strategy for Your Real Estate Business 10 Nov 2012 | 03:23 pm
It’s easier to get into real estate than to get out of it. A real estate investing business plan for most people goes like this: “I’m going to get some property, and something good is going to happen....
Thinking That Real Estate Is Risky (2) 6 Nov 2012 | 03:19 pm
The risk you take lies in not receiving and working with the proper information. You have to verify that the property really is worth $450,000 or more to get a good deal. Take time to gather comparabl...
Failing to Review Your Finances, Progress, and Overall Activity at Least Once a Week (2) 29 Oct 2012 | 02:12 pm
Now I get a report from the management company I hired and review the numbers without fail every Friday. You see, if I only reviewed the numbers every month or two, I’d lose track of what’s going on. ...
Failing to Review Your Finances, Progress, and Overall Activity at Least Once a Week 25 Oct 2012 | 03:12 pm
Most businesses get into trouble because of these problems: No cash flow. Deals are about to close, but you can’t pay the rent this month. Bad accounting. In a lucrative year, you owe the IRS $30,000 ...
Not Budgeting for Your Real Estate Education 21 Oct 2012 | 03:09 pm
You’re running a business. Whatever business you’re in, you ought to continually spend some of your revenue on education. The best ways to educate yourself about real estate include joining your local...
Letting Your Business Get Out of Your Control and Run You (2) 17 Oct 2012 | 03:03 pm
People leave a voice mail; we call them back the next business day. In my experience, there simply haven’t been any emergencies. There’s also a tendency in real estate to do everything yourself. I sug...
Letting Your Business Get Out of Your Control and Run You 13 Oct 2012 | 03:01 pm
Bookkeeping, making phone calls, and dealing with tenants and potential buyers can keep you busy and stressed out. Remember, most investors get into real estate for one big reason—freedom. The rewards...
Being Unclear Whether You Want to Sell or Rent a Property 9 Oct 2012 | 03:00 pm
Owning rental property can be the best wealth builder around, but you need to decide whether you want to sell it and make the big cash, or rent it and build wealth slowly. If you want to sell, sell it...
Being Frightened to Do Large Deals (3) 5 Oct 2012 | 02:52 pm
About two weeks after this entrepreneur died, Bill called his widow and said, “I’m Bill. I knew your late husband. I know your son. I’m very sorry to hear about what happened. I know you have some rea...
