Take It Down

Take it down quite simply means buy it. Remember, that is the ultimate goal of all of these exercises to find real estate that will provide you the benefit you want and then buy it. There are actually six steps to the take-it-down cycle 1. Find it. Clearly establish what you are looking for and then enlist the help of professionals (real estate agents) to help you find properties. You can spend your time looking as well, but you'll find that you spend an inordinate amount of time in this one...

Do You Need Money To Buy Real Estate

Yes, you will need money to buy real estate. The question is whether it needs to be your money. That's where financing comes into play. In general, though, you'll need to either provide money for a down payment, have time to design a creative real estate financing deal, or have excellent credit scores that will make a lender feel secure. If you don't have great credit and you don't have time to develop a creative real estate investment, then you will need to find...

Does The Deal Of The Decade Come Along About Once A Week

Apart from our subconscious beliefs about money, there is another aspect that can help us become great real estate investors, and that is our belief that great deals really exist. If you believe that deals that sound too good to be true are always scams, then you may never be burnt, but you will also never participate in a great deal. Now we are not saying that you should jump in, boots and all, on any deal just because it sounds good. As always, do your due diligence. However, if you eliminate...

Jump Start Your Wealth

Diane introduced the Jump Start method of tax-advantaged wealth-building in Loopholes of the Rich How the Rich Legally Make More Money and Pay Less Tax (2004, Wiley). (See Figure 4.1.) This method takes advantage of the three major components of favorable tax laws. These are (1) your business, (2) your real estate investments, and (3) your home. Did you notice that two of the three sources of tax loopholes come from real estate And, if your business buys the building it is in, you've got yet...

Repairs

If there's a problem with the pro-forma, it will be in one of two areas rentals or repairs. Have a property inspector check the property prior to purchase as part of your due diligence. The few hundreds of dollars that the inspector will cost up to 1,000 or more if it is a large multiunit project could very well save you many times that amount. There are generally two parts to the repair cost 1 deferred maintenance that previous owners didn't handle and 2 ongoing maintenance costs. Your...

Listen

It's your responsibility to find good team members, discuss your plan, and answer their requests for information. Then, the most valuable habit you can form is to simply listen to their advice. Here are some of the things we were recently told by highly qualified advisors who all have personal experience in their own real estate investing. Elaine Harshbarger, a real estate agent, has been investing in real estate personally for over five years. Her advice for the first-time real estate investor...