3 Mistakes I Made In My First Year As A Multi-Family Real Estate Investor

 

My husband and I decided we wanted to get into multi-family real estate investment because we wanted to be able to have some passive cash flow, build up some equity, and leave a legacy for our kids.

We started looking and asked our real estate agent to help us.

The real estate agent that had helped us get our single-family house knew nothing about investment property. Though she tried her best, she really was completely ignorant about what we needed to look for, and alas, mostly so were we.

The commercial brokers who could have helped us were not interested in speaking to "small fries" who had no real experience in multi-family investing.

We were looking for a fourplex in Los Angeles where we live, and the prices were unbelievably high. It was really hard to find a deal where (a) we could even afford it and (b) where we'd be making any money.

I was incredibly frustrated and eventually despaired that we'd ever find anything.

Then, fate stepped in, as it often does when you're...

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Motivation Monday

"The market is more important than the property."

― Ken McElroy.

 

They say the top three rules of real estate investing are:

1. Location
2. Location
3. Location

Where you buy is more important than what you buy! A mediocre property in a strong market is going to do well. A beautiful property in a bad market is likely to lose money.

PS. Do you want more information on this? I have a Free Live Training that gives you the 7 Factors of a Money-Making Property Market. 

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4 Things You Need To Make The Best Real Estate Investment

Let me break this down for you:

1. The Right Vision: this means getting really clear on what you want your real estate investments to do for your life. Financial freedom? Tax benefits? Leave a legacy? What types of investment properties do you desire? How do you desire to work in real estate? (investor, property manager, etc.) Where would you like real estate to take you in 5, 10, 20 years?

2. The Right Team: real estate investing is not something you can do alone. That’s why we at REI goddesses believe so strongly in bringing great team members to our community. Make sure that you are surrounding yourself with people who can help answer your questions, give you tools and resources to help support you, and guide you through the highs and lows that are part of the investing process.

3. The Right Market: Is the market you want to invest in landlord and business-friendly? What is the cost of housing? Is there a high job and/or population growth? Is it a market that you’re...

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Amazon Announced its Top 20 Finalists for HQ2 and Why You Should Care

 

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:

  • A metro with more than 1 million people
  • A stable and business-friendly environment
  • Urban or suburban locations attractive to technical talent
  • An international airport within 45 minutes with direct flights to key cities
  • Close to freeways
  • High capacity connectivity (fiber optic and cellular)
  • Access to large, educated labor force
  • Attractive community and quality of life for employees
  • Access to mass transit to the new site
  • "Scale and creativity" in real estate options.

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...

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