Determining property value the right way is a skill that is helpful for any owner of real estate, but it is particularly crucial for real estate investors because if you determine a property's value incorrectly, you can make a huge investing mistake! For anyone who is, or is thinking about becoming, a real estate investor, having the ability to correctly determine property values is as vital to your success as any other skill you can acquire. And too often, real estate investors value … [Read more...]
Should Real Estate Investors Get a Real Estate License?
February 22, 2013 By 9 Comments
"Should Real Estate Investors Get a Real Estate License?" is a question that comes up quite a bit. You're about to discover where it makes sense as well as where it doesn't make sense to get your license if you are also investing in real estate. The most important fact to start with is that me, as well as most successful real estate investors in this country, are licensed real estate agents. There must be a reason why that is the case. And there is, which we will get into. But you'll … [Read more...]
Magic Real Estate Investing Formula
January 18, 2013 By 8 Comments
Would you like a magic real estate investing formula that will guarantee your success? For the past decade, I have been pondering why some real estate investors become wildly successful and while others fail miserably. Does it have to do with age, ethnicity, background or financial position? Is it due to location or market conditions? Or is it about personality and previous experience in business or investing? Since I share in the profits of my student's deals, a portion of my overall personal … [Read more...]
Creative Real Estate vs Traditional Investing
December 13, 2012 By 23 Comments
Is creative real estate right for you or should you go the traditional route? You'll discover the differences, the pros and the cons of both approaches and which one is right for you. First let's take a look at what each one looks like: With traditional real estate, an investor... Buys investment properties on the MLS. Finds deals by calling up a real estate agent. Buys foreclosures that are listed on the MLS. Buys foreclosures at the foreclosure auction sale. Buys properties … [Read more...]
Why Invest In Real Estate?
December 13, 2012 By Leave a Comment
Why Invest In Real Estate? “It’s tangible, it’s solid, it’s beautiful. It’s artistic, from my standpoint, and I just love real estate.” -Donald Trump Let me ask you a very simple, yet profound question: Why invest in real estate? Understanding the answer or answers to this question will help you along your investment career. The following are a few common answers I have received when I ask the question: Why People Invest in Real Estate Freedom: Frankly, this is why I … [Read more...]
Willow Tufano | 14 Year Old Real Estate Investor
December 6, 2012 By 2 Comments
PORT CHARLOTTE, FL - Willow Tufano became a real estate investor this year, at the tender age of 14. She partnered up with her Realtor mother Shannon and the two purchased a short sale in January 2012 for $12,000. They split the cost to purchase the property and the renovations. Once completed, they leased it out. In October 2012, they purchased a second property together for $17,500 with the same funding arrangement. Although they don't live in Port Charlotte, FL, they invest there because, … [Read more...]
The Biggest Lie You Tell Yourself
November 29, 2012 By Leave a Comment
The Biggest Lie You Tell Yourself Guess what? You’re a liar. It’s not just you. We all are. Occasionally we tell a white lie to our kids (If you don’t go to bed now Santa won’t come), our spouse (you look GREAT in that) or our friends (I’d love to go but we’re busy that night). And that’s OK. What’s not OK is to lie to yourself. And the biggest lie you tell yourself is that you don’t have time. You have the exact same number of hours in your day as some of the most … [Read more...]
How to Buy Real Estate Without Cash or Credit
November 26, 2012 By 2 Comments
The University of Central Florida's Real Estate School asked me to give a lecture on how to buy real estate without cash or credit. Say what you will about academia providing real world applicable up-to-date education, as for UCF and their real estate department, they are as real world focused and up-to-date as you'll find in higher education. Did you know that UCF is also one of the largest universities in the United States? UCF is a huge institution. So, of course, it was an honor and a … [Read more...]
Tenant Screening: Avoiding Discrimination Lawsuits
October 30, 2012 By Leave a Comment
Tenant Screening: Avoiding Discrimination Lawsuits Last week I discussed the importance of screening tenants. I noted that tenant screening was perhaps the key to being a successful landlord. This week I want to follow up on that article by discussing methods to screen your prospective tenants to avoid a discrimination lawsuit.What is discrimination? A quick Google search defines discrimination as “Recognition and understanding of the difference between one thing and another.” It … [Read more...]
Real Estate Productivity Booster
October 23, 2012 By 2 Comments
Is your real estate productivity lacking? Would you like to be more productive? After all, the most successful real estate investors in the world have the same amount of time in a day as you do. It's true. You're about to discover a very simple yet extremely powerful way to greatly increase your real estate productivity. Plus, this technique can relieve stress, reduce headaches and help you achieve your goals faster and easier. What is this real estate productivity booster? Write … [Read more...]
The Facebook Stalker: Real Estate Investors Need Thick Skin!
October 20, 2012 By Leave a Comment
The Facebook Stalker: Real Estate Investors Need Thick Skin! Facebook is one of the great tools for real estate. Networking, selling, building buyer’s lists, and even advertising if you want to spend some marketing dollars. I’m on Facebook quite a bit and it has helped contribute greatly to the building of my business. When I stop and think about it, the real estate investor’s relationship whom I do the most business with was formed thanks to Facebook.However… as is the case with … [Read more...]
Boost Your Productivity in Real Estate With These iPhone Applications
October 18, 2012 By Leave a Comment
Boost Your Productivity in Real Estate With These iPhone Applications Being accessible 24/7 may be aggravating at times, but the evolution of the cell phone into a million-use device has created a lot of productive applications. As an iPhone user I find myself constantly searching for another app to simplify the way I conduct business and my life altogether. I came up with a list of mostly free apps that I use daily to help my real estate business and while none are specifically geared … [Read more...]
Non-Conforming Uses: A Primer for Real Estate Investors
October 15, 2012 By Leave a Comment
Non-Conforming Uses: A Primer for Real Estate Investors In my previous primer on zoning, I explained how zoning creates a type of rigidity where a single zoning classification is often overlaid on a variety of land uses. This rigidity creates something called the non-conforming use. A non-conforming use is a fancy legal term that simply means the existing land use somehow does not fit in with the zoning ordinance. The non-conformity may be the use of the property, such as a commercial … [Read more...]
The Every Day Impact of $9.2 Billion Spent on Investment Property Renovations
October 10, 2012 By Leave a Comment
The Every Day Impact of $9.2 Billion Spent on Investment Property Renovations For the past few years, I have been on a mission to shape a narrative for real estate investors that at best, is not understood by the main stream media and at worst is completely ignored. I place a lot of the blame for the lack of coverage of this particular narrative on real estate investors and even investment companies like my families. For too long we have failed to tell the proper story early on and have … [Read more...]
How to Reduce Your Property Tax Assessment
October 8, 2012 By Leave a Comment
How to Reduce Your Property Tax Assessment The downturn in the real estate market has created a potentially ideal situation for anyone who holds real estate. This is because you have a good chance of reducing your property tax assessment and thus your property tax burden by appealing the value. I have saved thousands of dollars by appealing my property tax values, and you can as well.Your property taxes are based on the “fair market value.” The local tax assessor is supposed to … [Read more...]
8 Traits of Successful Real Estate Investors
October 7, 2012 By Leave a Comment
8 Traits of Successful Real Estate Investors Take a few minutes to think about the successful people around you, not only financially, but also those who embody personal success. Consider the characteristics each of them possess and how these characteristics have fueled their achievements in their given field. Over the past several years I have come in contact with quite a few real estate investors, both directly and indirectly, and have recognized many I consider to be very successful. These … [Read more...]
7 Real Estate Investing Lessons We Can Learn from Steve Jobs
October 6, 2012 By Leave a Comment
7 Real Estate Investing Lessons We Can Learn from Steve Jobs I recently read the book “Steve Jobs” by Walter Isaacson. As brilliant as Steve Jobs was, I came away from the book not with a sense of awe about the man who Steve Jobs was, but how despite his incredible success, how idiosyncratic and deeply flawed a human being he really was.Yes, he was a certifiable genius, although in some ways “certifiable” as well.Yes, we’ll never see anyone else exactly like him, although Apple’s … [Read more...]
There Are No Short Cuts In The Real Estate Investing Industry
October 5, 2012 By Leave a Comment
As a real estate entrepreneur, this is a story that I feel needs to be shared. It hits very close to home and includes some of my early missteps in building our brand. Ultimately, it is about sharing with the rest of the real estate world that in business, as in life, there are no short cuts. If we allow ourselves to get seduced by the lure of short cuts and the peddlers of promises like “I can help you” for a fee, well, I‘ll share the information and let you see how that ends.What … [Read more...]
Private Lending: Pros and Cons
October 3, 2012 By Leave a Comment
Private Lending: Pros and Cons One of my investors called me up today and told me he had decided he was ready to get into the lending business. He had already purchased a number of properties over the last year or so and was ready to diversify his real estate investing strategy. Part of his decision making process had to do with the tedious financing process he had experienced when buying a property a few months prior, but I think most of the decision had to do with a desire to branch out … [Read more...]
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Real Estate and “The Bathtub Recovery”
Real Estate and “The Bathtub Recovery” In last week’s article I talked about the importance of a ten year plan for real estate investing. In addition, I highlighted how important it is to use changes in market cycles to your advantage and the importance of adjusting your business model to suit the current and changing market cycle. Lastly, I called the reader’s attention to the fact that the market may be turning in a significant way. An outcome of the article was a reader’s … [Read more...]