Real Estate Investors: Beware of Haunted Houses Be careful. That distressed property you have under contract to buy may be haunted. No, it’s not time to call an exorcist, or the Ghostbusters. While the guys in the beige jumpsuits and proton packs are proficient with eradicating those little green slimy ghosts they are no match for the demons that lurk in that smoking hot foreclosure deal you just tied up. In the title insurance world these demons are known as defects, or clouds. I like to … [Read more...]
What is Driving You to Invest in Real Estate? Understanding your “Big Why”
July 17, 2012 By Leave a Comment
What is Driving You to Invest in Real Estate? Understanding your “Big Why”If you work full time and have decided to become a buy-and-hold real estate investor, you have chosen a path that is long, paved with many obstacles, and full of chances to make mistakes. That said, it is also a tremendous way to establish retirement income, secure financial stability, and eventually live financially free without the need to work for someone else.As a 10+ year veteran of buy-and-hold real estate … [Read more...]
Student Housing: And Adding Condominiums to Your Portfolio
June 18, 2012 By Leave a Comment
Student Housing: And Adding Condominiums to Your Portfolio.I found out early on that most real estate investors just aren’t interested in those types of properties. The main reasons are the HOA (Homeowner Association) fees. All of these communities have monthly fees that the homeowner pays in addition to the regular mortgage. HOA fees might include the water, garbage pickup, the master insurance policy on the main structure, or may include other things on occasion such as your heat. The fees … [Read more...]
Paying Your Contractor Up Front Is Not A Good Idea!
March 7, 2012 By Leave a Comment
Paying Your Contractor Up Front Is Not A Good Idea!Vet contractors carefully before using them on an investment property (or any property for that matter). There are simply too many fly-by-night contractors out there who will you tell you what you want to hear to get the job, but will ultimately burn you in the end. In fact, one of the reasons I really like the turn-key model is that it insulates an investor from ever dealing with contractors. (A turn-key property is purchased with the repairs … [Read more...]
Investing and Retirement Planning
March 2, 2012 By Leave a Comment
Investing and Retirement PlanningI learned very early on that many real estate veterans are big fans of note investments. It wasn’t until I had seen enough toilets, tenants and trash that I understood what they were getting at…… the consistent cash flow that comes from the note!!I want to give you another perspective to consider in your investing business, note sales. The government and financial advisers will often tell you the best way to prepare for retirement is to invest in … [Read more...]
Investors: Be Smart About Your Property Insurance
February 16, 2012 By Leave a Comment
Investors: Be Smart About Your Property InsuranceProperty Insurance is one of those nuisance expenses you always see calculated into mortgage payments and cash flow projections. It’s the second “I” in the acronym “PITI” (Principle, Interest, Taxes, Insurance), which most investors use to describe an overall monthly obligation on a property. While unexciting and usually begrudgingly paid, I would argue that property insurance is one of the most important components in a real estate … [Read more...]
Property Management: Offense, Defense and Special Teams
February 7, 2012 By Leave a Comment
Property Management: Offense, Defense and Special TeamsAmerica’s great spectator sport is front and center with the Super Bowl taking place this past Sunday. In professional football, serious resources go into the process of putting a good team on the field. Each team has three smaller teams; offense, defense and special teams. Every good property manager needs the same structure. Is your property management pro-active? Are responsibility centers clear? Who is responsible for … [Read more...]
Know The Flood Zone Before You Buy
February 2, 2012 By Leave a Comment
Know The Flood Zone Before You BuyToday I learned a valuable lesson about the accuracy (or inaccuracy) of the flood zone designation from our municipal tax database. I’ve known not to rely on the square footage or even the number of bedrooms listed in the tax assessor’s database, but I’ve always assumed that the flood zone designation was accurate. I have since learned that with FEMA constantly changing the flood hazard maps, a property that may have been designated outside of a floodplain … [Read more...]
Business Planning for the Worst Case Scenario: What Happens if You Die?
January 12, 2012 By Leave a Comment
Business Planning for the Worst Case Scenario: What Happens if You Die?Today, we’re going to address a tough topic – what if something happens to you? What happens to your business? What happen to your family?This is a huge part of planning your business. You need to plan for the worst case scenario, so that you put the proper actions in place. This is especially important when you are soliciting private money partners. I actually got this question when I approached a relationship financing … [Read more...]
Making Sure You Have a Qualified Home Inspector
November 28, 2011 By Leave a Comment
Making Sure You Have a Qualified Home InspectorReal estate investors have always found it challenging when dealing with home inspectors. A rehabber does what he considers a “bang up job” only to have the buyer present him with a list of things they want repaired. Having been in the home inspection business for 17 years, I am the first to tell you that not all home inspectors are created equally. Licensing laws in many states have helped to take care of that problem to some degree; to help … [Read more...]
Real Estate And Retirement ?
November 8, 2011 By Leave a Comment
Real Estate and Retirement ? While there are several debates raging across real estate investing forums, one that seems to attract strong opinions is the debate on whether investors should actively or passively invest in real estate. While there is no singular definition of what it means to invest in real estate, with the advent of reality T.V. and a host of Do-It-yourself shows, there seems to be an existing opinion among the masses that unless you are beating the streets, talking to … [Read more...]
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