In our previous blog, we talked about the basics of what qualifies you as a real estate investor. Let’s take it up a notch. Suppose you want to be equipped with the maximum knowledge possible, and you want to acquire this knowledge fast. In other words, you want to effectively compete with grizzled real estate investors without spending too much time and making too many mistakes. Not to worry – in your real estate journey, you are likely to encounter many experts ready to unveil their secrets and let you learn by their, and not your, mistakes. However, it’s those experts who are charging a wazoo of money that I am skeptical about. Yes, I am talking about those real estate seminars that cost upward of thousands of dollars to attend and even those e-books from “gurus” with price tags over $100.
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Spring is in the air, and things are abloom. Let’s be honest though: if you are a rehabber working on renovating a property, chances are you’ve not inherited a fragrant garden full of daffodils from the previous owners. You should consider yourself lucky if your backyard has not been used as a junkyard and does not contain dead pets (yes, we had a few of those). So how do you prevent your property from sticking up as a landscaping sore thumb without breaking your budget? Even more importantly, how do you increase its curb appeal in a way that is both quick and cost-efficient? Here are several time-tested tips that will save you time and money.
You’ve heard the success stories. A guy makes $50K profit in flipping a home in PG county. Another investor builds a multi-property real estate portfolio in Frederick County and is now managing it from her retirement home in Florida. The best part is that the majority of these stories are true. Whether you are looking to supplement your income or build long-term wealth, investing in real estate is a time-proven strategy.
Real estate rehabbers are natural-born entrepreneurs. Being a rehabber is like running your own business. You must be a marketer, a salesperson, a product expert, an accountant, and a people manager. Yes, it all means that you’re a control freak who insists on being directly involved in every aspect of his or her business. If it describes you, then read on. You can now also assume direct control of your retirement planning by learning more about investing in real estate via non-recourse self-directed IRA loans.
The beauty of real estate investing is that it can make you money both in the short and the long term. If you are looking to supplement your current income, fixing and flipping properties is an ideal strategy to do so. For those with longer investment horizons, rehabbing and holding the properties as rentals offers an opportunity to build substantial equity over the years. However, there is another often-overlooked strategy that delivers incredible results. It’s investing in real estate via non-recourse IRA loans.
If you have an IRA retirement plan and interested in real estate investing, you owe to yourself to learn more about non-recourse loans and self-directed IRAs.
There are a lot of smart, successful people all around us. However, not all of them can be self-employed and run their own business. This is a unique skill. In my mind, what differentiates entrepreneurs from other folks is their ability to wear different hats effectively. Remember the saying: Jack of all trades, master of none. I hate this saying. You don’t have to be a foremost expert in a particular “trade” to succeed. Your value might lie precisely in the fact that that you know several trades well enough to explore connections between them and leverage them together for your goals.