Financial Freedom One House At A Time
Expenses Escaped Ashley and I have been blessed to have Peter Fortunato as one of our main teachers since we got into real estate investing. When it comes to creative real estate transactions, Pete is like one of those guys that does chainsaw wood carving. He walks up to something that looks like a stump to everyone standing around, cranks up his creative chainsaw mind and begins to…
Investors make decisions a lot Most entrepreneurs have to make a lot of decisions daily. For real estate investors, those decisions can range from tenant selection to tile selection, and everything in between. Being able to make those decisions quickly and effectively plays an important role in your success. So today, I’d like to talk to you about three different methods I have learned to help make decisions…
Enough is too much Rent is due on the first and late after the fifth of the month, according to most residential leases. On the sixth, a letter of demand should be issued to any tenant who has not paid. That letter should read something like this: “Dear Mr. and Mrs. Tenant, The purpose of the letter is to let you know that we did not receive…
Rehabbing rentals It takes a different mindset to rehab a rental property than it does to remodel a flip property for resale. And the difference in landlords’ mentalities is vast. Take what I saw on a Facebook advertisement recently where a landlord was advertising their freshly-renovated house. This thing was nice. I’m talking HGTV nice. The bathroom had custom tile on the floor and the tub surrounds….
Inaction I was reading a Facebook thread today where one my friends were asking what we thought the No. 1 killer of success was. That’s easy — inaction. Inaction manifests itself in all kinds of forms. Sometimes it’s fear-based like when people are afraid to fail or even afraid to succeed. I can’t tell you how many times this very thing happened to Ashley and me when…
FOCUS like a lion Ashley and I just got back from a mastermind meeting in Dallas, Texas. It was made up of real estate investors from all over the U.S. who are seeking to build better businesses by developing their systems and processes. Ya’ll, it was phenomenal! Each investor gaves a 15-minute presentation where they told a little about themselves and their company. Next, they told the…
What is better, notes or rentals? If you’re like most investors, you have a renewed perspective on your business right now. That’s because you’ve just analyzed all your rentals, done an inventory of your cashflow and have gotten things ready to send to your CPA. We call this process our end-of-year review. During this process you’re seeing what kind of cashflow your properties actually brought in. The reason…
Believe There was recently an all-day Star Warsathone on TNT. Google says it takes at least 15 hours to watch all seven movies. I wasn’t prepared to spend 15 hours in front of the TV, but periodically, I’d switch it on to see what the Skywalkers were up to. I found one scene during “The Empire Strikes Back” very insightful for this time of year. It was…
Do your tenants meet your core values? We recently welcomed a business consultant by the name of Gary Harper into our office. Gary is with Sharper Business Solutions, and He and his wonder wife Susan, helped us with a number of things ranging from writing out a vision for our company to properly defining all of our departments. They also helped us set up an accountability chart for those…
Moving in before closing: Just say “no.” A question that often comes up in our house flipping business is whether or not we’ll allow the buyer to move into a house before closing. The buyer’s reasons for this request run the gamut. Maybe they’re selling their current home before buying ours, or maybe our closing date got extended past the first of the month and they don’t want…