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...
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].
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