“Don’t wait to buy real estate. Buy real estate and wait.” -Will Rogers

Why is real estate always so popular? Well, ever heard of “alternative” investments? Usually, this means coins, gold, art, and so on. Real estate is a kind of alternative investment – and a good one, too.

For one, real estate isn’t hitched to the stock market. Wall Street’s one-off bad days (and boy are there a lot of those) often don’t faze real estate holdings.

You can also get a lot of tax breaks with real estate.

In short, real estate can be a good place to park your money. Let’s look at some options.

It’s your choice

RE investing is like the buffet at a rich cousin’s wedding: Everybody can find a favorite. It all depends on how much money and time you’ve got, your taste for risk, and how much you want to learn new w
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In our last blog, we covered being a better landlord on your buy and holds. Here we’ll discuss a few tips to make working with contractors a little easier, whether on a flip or rental.

First, set a plan before starting, and stick to it! The plan should have a good, clear outline of how you want the project to finish. This includes materials and a budget. Many newer investors either don’t set a budget or blow past it. This is a recipe for disaster.

Second, contact your entire list of possible contractors and get bids. Many investors, to save time, may only talk to one contractor or sub. Take the time to really explain what you’re looking for, provide the plan & budget you’ve set, and get several bids. It’s worth your time.

Third, take the time to compare and contrast the different bids. Make sure you are comparing apples to apples. You’ll need to understand how and where the contractor is making money. Is there a line-item fee? Is the contractor “padding” materials or labor? Does the contractor include labor & materials in one line-item? You may need to go back and get more specific information from the contractor. Take the time to do this.

Fourth, ask and learn how the contractor handles changes, whether those come from you or them. This seems to be one of the bigges
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This blog is going to cover some tips to make being a landlord a great experience. Owning rental properties means dealing with tenants. Many investors either don’t like or don’t want to deal with tenant and property issues, so they will hire a professional property management company. But if you decide to self-manage, here are some things you should understand.

First, remember asset protection. Title to your rental should be held in a well-designed, protective LLC. Not all LLCs are created the same! What you get online is not sufficient. It should be created by a competent asset protection attorney. This will protect you and your personal assets from tenant slip-and-fall lawsuits.

Second, have really good lease agreements. There are numerous free forms available. So I would recommend getting at least 3 or 4 options and read through them. See what clauses are in them and which are important to you. If you need to amend or revise one, you should work with an attorney to draft it as you may accidently do something that might hurt you.

Third, make sure you have the appropriate liability insurance. This is the one you get from your insurance agent and not t
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The real estate purchase contract (REPC) is the basis of just about every deal you do. Yet, very few investors really understand it fully. This blog will teach you some key aspects of the REPC that can make a big difference in your next deal.

The REPC is a binding contract between a buyer and seller of real property. They are the only “parties” to the contract. Your agent, title officer, lender and etc. are not bound by this document. Only the parties may sue to enforce it or for breach of it.

You’ve heard that “everything” in real estate needs to be in writing. While there are other ways to buy and sell real estate without a written document, don’t rely on those! Always put it in writing!! This means not just the REPC, but all addenda. It does NOT matter what someone promises, only what is in writing AND signed.

In the event of lawsuit, texts and emails, in certain limited circumstances, can be evidence to substantiate your position. BUT DO NOT RELY ON THIS! If you want it to happen, put it in writing and get it signed! And a title company cannot go off texts or emails to change terms of the REPC. Don’t trust other agents or investors when they say, “Yeah, I’ll sign it and get it to you.” That is meaningless and you don’t have an agreement until it’s actually signed. They can be
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"Most people give up just when they're about to achieve success." - Ross Perot

Using Sec. 1031 has long been handy as a tax-deferral tactic (aka “a 1031” or sometimes, “a Starker exchange”). It basically lets real estate investors avoid capital gains taxes when they sell property if they invest the gains into the purchase of more property. (There are many other conditions, which we’ll get to in a sec).

The 1031 has been especially good for landlords who juggle side-gig properties and who want to do their taxes a favor at the same time.

A kind of special swap

If you sell an investment property (residential or commercial), you typically must pay capital gains taxes on the profits. You can defer these taxes -- notice that I said “defer” -- by doing a special like-kind exchange under Sec. 1031 for another  property.

These exchanges are available no matter if you file taxes as an individual or as an LLC, C or S corporation, or other type -- pretty much any taxpaying owner of real propert
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As A Real Estate Investor, This Is  Where The Rubber Meets The Road

Usually, keeping track of numbers is tedious.

Check it out! What are the bene’s that make this task more attractive than the usual alternative…”Oh Geez. I’ve got a closing on Monday and I need financials.”

Your business obviously makes and spends money. The pluses and minuses add up (you hope) to being able to stay in business, and a look at the books tells you if your business is doing okay or headed for trouble.

What are your books telling YOU?

In our experience, it’s often the company’s financial system (or lack thereof) that makes the answer easy to discover or downright difficult.

Have you looked at your own business’s financial system lately? Would you know how to read between the lines to interpret what you see there?

Because a financial system for business s
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“Discussion is an exchange of knowledge; an argument an exchange of ignorance.” - Robert Quillen

No matter what industry you're in, or how far you go in your career, the ability to effectively negotiate can make the difference between success and mediocrity. You may have heard me quoted, "Be World Class At ONE Thing, Rather Than Mediocre At Everything!"

Whether it's a multimillion-dollar contract, a job offer, or a luncheon, here are some trenches-tested business negotiation skills that will bring you closer to your ideal outcome:

“Efficiency is doing things right. Effectiveness is doing the right things.” -Peter Drucker

When you go through hard times, financially, it's easy to believe that there's no light at the end of the tunnel.

But did you know that most people of great wealth were previously bankrupt at some point? (Just Google it. You'll see.)

In fact, it's often the "fire" of these times of trouble which serves to clarify things -- and get you into the place of making smart decisions, perhaps for the first time.

So, if you're feeling the financial heat right now, look out for the blessings in the midst of pain. I know it's hard -- but chances are, you're being reminded of what's REALLY important ... and often, seeing this again can be a launching pad for living the kind of life you really want to live.

How To Think About Growth
Money has no value unless you've got the time and good health to enjoy it. In fact, if you have to be p
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What Happens When The Feds Put A Tax Lien On Your Property?

The Federal Government does not play around when you owe them money.

Are there some strategies to deploy if you get caught in this fix?

With any tax debt comes an awkward and unwelcome house guest: A federal tax lien.

This tax lien exists as a matter of federal law, even if you only owe the IRS one dollar. For many people, it has no impact at all on their lives. But for a small percentage of taxpayers, it can have a massive impact.

Let’s explore what this tax lien means for you, and briefly discuss some potential solutions to dealing with it.

Before we really get started, there’s one important distinction that needs to be made. Usually, there’s no public record of a tax lien. It’s not possible for anybody to find out about it... usually.

Unfortunately, under certain conditions, especially if you owe more than $10,000, the IRS may file a written notice with the county clerk about the tax lien, putti
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Hopefully you now have a solid understanding of how title works and is transferred. When you submit your purchase contract to the title company, you’ll get the Property Report (PR) back (we discussed this in our first Keys to Title Article last month). The PR will list any problems there might be. Normally, these problems would require the sellers to fix them. But in real estate investing circles, typically the investor will at least help the sellers out in getting these resolved.

Death of an owner: If one of the titled owners (that means a person who is actually listed on county land records as an owner) has died and either there is no surviving joint tenant or the owners are tenants-in-common, then the deceased owner is not able to transfer his ownership by way of a deed. Remember, that deeds need to be signed under notary, and if the person is dead, he can’t sign. The easiest way to resolve this problem is for the deceased person’s estate to be probated. Probate is a court action where a judge can appoint a personal representative of the estate who has the legal authority to sign on behalf of the dead person.

If the deceased has a will, that does not matter. All wills must also b
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