Real estate investing can be very lucrative, but it's not always glamorous.
Last week highlighted that fact for me with an interesting series of contrasts. On Wednesday and Thursday I went to Albuquerque to check on our apartment buildings there and to meet with our property managers. My hubby and I checked out every vacant apartment we have - many of which are in serious need of rehab. We were setting a priority list for getting the work done (starting with the units least in need of work and working our way down).
Click on this picture below to check out a little video I made showing off some of the units... good, bad and ugly.
That was the not-so-glamourous part of my week. And then on Friday I got to enjoy something very glamourous... I was interviewed on TV! I appeared on NBC Channel 24 Central Valley Today, in Fresno, California and got to speak about Real Estate Investor Goddesses and my upcoming event, Wealth Through Real...
Do you ever think "I'd love to invest in real estate, but I just don't have the money yet?" Well, it's possible you are actually sitting on tens or hundreds of thousands of dollars available for investing and you don't even know it!
That's how I was - I was pretty blown away when I found this out.
When my husband and I went to a real estate conference - the Real Estate Guys' Secrets of Successful Syndication seminar, we first learned that we had way more access to cash than we thought about - via our retirement accounts.
Most people have IRAs or 401k's in plans offered through their employers or through one of the bigger financial institutions - Fidelity, Ameritrade, Charles Schwab, etc. In these accounts is a set of options of what you can invest in - generally a somewhat limited menu of mutual funds and bonds.
I remember being very annoyed at one point because I wanted to put the bulk of my money in a low-fee...
For better or for worse, your success in real estate will be determined by who you know. Real Estate is a relationship business. Who you know and who you are working with can make all the difference in what deals you get and how much money you have access to.
You need relationships with great service providers (agents/brokers, lenders, property managers, CPAs, contractors, attorneys, etc.) and with great potential partners (deal and investment partners). Without these right relationships you either:
(a) can’t get a good cash flowing property deal at all (especially in a competitive market), or
(b) you can’t run it well if/when you do acquire it.
A lot of people think that’s not fair. It’s true, it’s not fair. Fair or not, that’s the way it is.
There is something you can do about it though…
You absolutely can get yourself some of those right relationships!
So how do you do that?...
I received such terrible news yesterday - a friend passed away from cancer just 5 months after giving birth to her son. In fact, she was diagnosed with a stage 4 cancer the day after she gave birth. It's devastating.
Between the time of her diagnosis and her passing, she shared a lot on Facebook about what she was going through and what she was feeling. One of her worries was the legacy she would leave for her son.
Are you thinking about what kind of legacy you want to leave future generations? The sooner you start building your legacy the better.
Have you considered the question, how long you want your legacy to endure?
One generation? Two generations? In perpetuity?
As we age, our legacy becomes more significant to many of us. If your goal is to leave a legacy which will last generations, consider building two types:
1) Financial Legacy
2) Knowledge Legacy
One without the other will handicap the chances of your legacy lasting...
Today, I wanted to share about how I got started in real estate investment.
I have a real estate investing goddess friend named Nicole. Her parents were very successful real estate investors. She grew up knowing all about real estate. Her parents are much older and have since retired, and now she runs their impressive real estate portfolio. She's been an investor since birth.
I, on the other hand, didn’t grow up knowing any of this. I fell into real estate investment almost by accident.
I didn’t know anything about real estate investing. I didn’t know why someone would want to do it, or that it was even an option for me.
I was taught that you work hard in school, go to the best college (and in my case law school) you can, and then get the best job you can.
I was taught to trade time for money, but get the best job you can so that you’re making the most amount of money per hour....
We get on the phone every week with the property managers from our buildings in Albuquerque. We are never quite sure what we are going to hear.
There was the call about a drive-by shooting that thankfully didn’t hit anybody, the call about the fire in one of our townhouses that was a result of a love spat gone very, very bad, the call about the 10 units (out of 51) that we were going to have to evict in one month because they hadn’t been paying rent, the call about the ex-con who threatened our property manager with a gun because he wasn’t happy about said eviction, the call about our elderly tenant who can’t pay rent because he thought a Nigerian Prince was really going to send him $10,000,000 and he sent a bank check equaling more than 2 months of his rent, and so much more.
This is what it’s like dealing with a Class C building. [If you don’t know what that is yet, keep reading] .
Even though I live in Los Angeles, I no longer invest here due to one of the most important property market considerations that I will share in a sec.
I am nonetheless always interested in knowing what's going on in real estate, especially in my own backyard, so on Saturday I went to a real estate symposium at Cal State Los Angeles about the Revitalization of Downtown Los Angeles (DTLA).
DTLA has really flourished and changed over the past 18 years from when I first moved to LA and worked Downtown to today.
Back in 2000 when I first moved to this city, Downtown was a no man's land. People would drive in to work and there would be activity in DTLA from 8 am to 6 pm or so. As soon as 6 pm hit the city would completely empty out (well except for lawyers like me working insane hours and the homeless who called those streets home).
Due in large part to the opening of the Staples Center, which hosts 4 sports teams and 300...
If you’ve been paying attention to the news, you’ve probably heard that Amazon is shopping for HQ2 - the home of their second headquarters.
In September they put out a Request for Proposals (RFP) to North American Cities searching for:
They received 238 proposals from cities vying to become Amazon’s second corporate home. The phenomenal interest was not surprising.
It’s a HUGE prize - Amazon is projecting 50,000 jobs with an average annual salary of $100,000. To do the...
Recognizing and challenging any limiting beliefs about real estate is the first step in becoming a successful real estate investor. So many investors severely limit what they accomplish or worse, they don’t even get started, because they believe one of the following myths:
A lot of potential investors I speak to say “I’d love to invest in real estate and I will as soon as I’ve got more money.” Or “I’d love to invest, but I don’t have time to find a property or be a landlord.”
People think they’re limited because they have limited resources. I thought the same thing.
My husband and I were searching for a 4-unit property to buy in Los Angeles and were stuck and unable to find the right investment because we were only thinking that we had to use our own capital, credit, or available time.
Tony Robbins says, “There’s no lack of...
Don't underestimate the importance of clarity. Clarity of vision is the first step for a goddess in real estate investing (or really anything else she desires). It's really the most magical thing for goddesses.
It's important to bust through the myths that most people believe around clarity, success, and goals. These are the myths that keep these folks stuck with the same problems year after year.
These old world myths say:
Myth 1: Make a long list of goals and make sure they’re S.M.A.R.T.
“People are remarkably bad at remembering long lists of goals. I learned this at a professional level when trying to get my high-performance coaching clients to stay on track; the longer their lists of to-dos and goals, the more overwhelmed and off-track they got. Clarity comes with simplicity.” ~ Brendon Burchard
The Goddess Way is to to simplify and get to the essence of what you want and how you want to feel. No long lists and...
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