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Investing isn’t restricted to buying a stock or a piece of real estate. It’s more than that. Investing is a thought process where you use money and knowledge strategically to create more money. This was perplexing for me, at first. I grew up believing that you were a slave to the dollar and money was something that ruled over you. But one of my teachers, named Gary...
Last week I talked about how repairs on rental property you own can kill your cashflow. So far this year, our rental repairs have consisted of three field lines, one roof, lots of AC calls, a water heater, a water main and a big subfloor repair. All these amounted to about $30,000 in out-of-pocket expense. Think about that number for a second. If you had $30,000 in repairs, like we...
Ashley and I just got back from the “What Box” seminar on creative deal structuring presented by Bill Cook and Pete Fortunato. It was great, but I’m not going to lie – by the time we got through with class, my brain was numb. On the car ride home, we talked about the “aha” moments we’d had. One of the things I learned was there’s a difference between deed ownership and tax...
I was recently invited to a mastermind meeting that had some pretty advanced investors in the room, one of whom was in the habit of buying tax liens – these are liens counties put against properties when homeowners don’t pay their property taxes. Counties do this so they can sell the liens at auction and recoup the funds they didn’t collect from the homeowner. This is called a tax lien...
The other day I was reading a forum discussing myths in real estate investing. One of the contributors said the phrase “it doesn’t take money to make money” is the biggest myth in real estate investing today. I disagreed with the contributor from the standpoint of personal experience; Ashley and I had no money when we started. We were broke kids, straight out of college, with a ton...