Hi, everyone!
It's been a while since I've posted on here. Truth is that I was getting stumped. I was getting stumped about what to write. More importantly, I was getting stumped about what to DO.
I don't know the truly right answer, but I did something that I should have done a LONG time ago as a beginning investor. I looked up some houses on Yahoo Real Estate (you can use other sources, too), and I drove by the houses.
This forced me to take action. I needed something to get "my ball" moving again.
This forced me to look at neighborhoods.
Hopefully, I can look at some of these houses with a realtor sometime soon. However, even if that doesn't materialize, I started thinking of real estate not only as an isolated property but as being part of a neighborhood--part of the whole package.
This takes some time. Well, the research takes very little time, but driving to find the places does. I bet it will take less time as I get to know my surrounding neighborhoods better.
So you beginning investors...if you aren't already, go check the web for places to visit.
Wednesday, September 30, 2009
Saturday, September 19, 2009
Herbert Strather: The Master Real Estate Investor
Honestly, since I've been studying money making methods, including real estate, I've been fortunate enough to meet many different investors. Some of them are truly great.
You might notice my title of this post. I don't know whether Herb Strather is the best, but I know he's really good. Why am I writing about him?
Well, I saw him talk this past week, but truthfully, I see a lot of presentations. So that, alone, isn't it. Let me tell you. While he happens to capture me with his lambasting passion--you really can't help but notice it--what separates him from many others is that he removes YOUR excuses.
You see, Herb spent his childhood living in one of Detroit's "hoods." (For those of you who really know the City of Detroit, he was near Mack and Mt. Elliot.) He and his family had no money, but Herb used this to his advantage. This gave him a burning desire to find a way to escape life's prison.
Before graduating high school, he started working in a local factory. So he was making a little bit of money, but he wasn’t getting rich. However, he had the foresight to build his relationships with the bankers waiting on him. When he graduated, he borrowed the money to buy his first house and found a way to put cash in his pocket. That’s right! He got property AND cash! He had a debt to repay, but he used that cash to buy another property. Now many years later, he completed more than two billion (yes, billion) dollars in deals.
So if a poor, underprivileged black kid from inner-city Detroit can do it, what is most of the rest of our excuses?
Herb removes most, if not every, excuse not to invest successfully in real estate. Plus, he makes himself available so often at such reasonable prices. I saw him for FREE the other night. I bought a paperback and an e-book from him. Compare the price of those things to what many others charge you. (Remember: Herb did not require that we buy the book.) He is a pretty amazing resource. He has a passion for rebuilding Detroit’s dilapidated neighborhoods, and he is willing to help anyone, especially those that help revive the city. It’s an absolute shame that more people don’t utilize him.
If you get an opportunity to see Herb Strather, I suggest you run—don’t walk—to see him. In the meanwhile, check out his website: www.StratherAcademy.com.
You might notice my title of this post. I don't know whether Herb Strather is the best, but I know he's really good. Why am I writing about him?
Well, I saw him talk this past week, but truthfully, I see a lot of presentations. So that, alone, isn't it. Let me tell you. While he happens to capture me with his lambasting passion--you really can't help but notice it--what separates him from many others is that he removes YOUR excuses.
You see, Herb spent his childhood living in one of Detroit's "hoods." (For those of you who really know the City of Detroit, he was near Mack and Mt. Elliot.) He and his family had no money, but Herb used this to his advantage. This gave him a burning desire to find a way to escape life's prison.
Before graduating high school, he started working in a local factory. So he was making a little bit of money, but he wasn’t getting rich. However, he had the foresight to build his relationships with the bankers waiting on him. When he graduated, he borrowed the money to buy his first house and found a way to put cash in his pocket. That’s right! He got property AND cash! He had a debt to repay, but he used that cash to buy another property. Now many years later, he completed more than two billion (yes, billion) dollars in deals.
So if a poor, underprivileged black kid from inner-city Detroit can do it, what is most of the rest of our excuses?
Herb removes most, if not every, excuse not to invest successfully in real estate. Plus, he makes himself available so often at such reasonable prices. I saw him for FREE the other night. I bought a paperback and an e-book from him. Compare the price of those things to what many others charge you. (Remember: Herb did not require that we buy the book.) He is a pretty amazing resource. He has a passion for rebuilding Detroit’s dilapidated neighborhoods, and he is willing to help anyone, especially those that help revive the city. It’s an absolute shame that more people don’t utilize him.
If you get an opportunity to see Herb Strather, I suggest you run—don’t walk—to see him. In the meanwhile, check out his website: www.StratherAcademy.com.
Wednesday, September 16, 2009
Play The Cashflow Game
This piece of advice is coming from a beginning investor, but it seems like it makes sense, regardless of your investment experience level.
Play the Cashflow game. I'm serious!
Robert Kiyosaki, the author of Rich Dad, Poor Dad (RDPD) is an extremely polarizing figure. People seem to love this guy (almost in a cult-like fashion) or absolutely hate him. Personally, I think he has some excellent ideas, particularly the Cashflow Quadrant concept, an awesome brander, and he gives a lot of people hope. However, I acknowledge that his RDPD group seems to carry itself similarly to the way you would expect a snake oil salesman to behave, inviting a lot of resentment toward ALL of his products, services, and ideas.
The Cashflow game is very expensive, about $200.
One good thing about paying that much...I make sure I play it. To contrast, I bought Scrabble a few months ago for about $15. I've played it TWICE. At $7.50/game, did I really enjoy it as much as I would a movie?
I've played Cashflow, at least, twenty (20) times, and I will be playing it many more.
Why?
1. It's fun! It really is.
2. If you get together with Cashflow groups, you meet other people. From both the game and them, you will get ideas, not to mention contacts.
3. You can experiment with different investing styles and make mistakes--WITHOUT losing your REAL MONEY.
I've learned a lot by playing it.
I suggest that you play Cashflow with a group of people, before spending your own money on it. $200 is very expensive for a game, and if you aren't sure whether you will like it, this will allow you to "try before you buy."
Even if you do not like Robert Kiyosaki or get sick of hearing the mindless drones of people who try to quote RDPD (and they are really annoying), the game is really a good one. I've played with different people, and I've learned some things, often as a teacher of the game.
So, again, play the Cashflow game. You'll really like it. More importantly, you will learn something new each time.
Let me know if you would like any examples of things I've learned by playing.
Play the Cashflow game. I'm serious!
Robert Kiyosaki, the author of Rich Dad, Poor Dad (RDPD) is an extremely polarizing figure. People seem to love this guy (almost in a cult-like fashion) or absolutely hate him. Personally, I think he has some excellent ideas, particularly the Cashflow Quadrant concept, an awesome brander, and he gives a lot of people hope. However, I acknowledge that his RDPD group seems to carry itself similarly to the way you would expect a snake oil salesman to behave, inviting a lot of resentment toward ALL of his products, services, and ideas.
The Cashflow game is very expensive, about $200.
One good thing about paying that much...I make sure I play it. To contrast, I bought Scrabble a few months ago for about $15. I've played it TWICE. At $7.50/game, did I really enjoy it as much as I would a movie?
I've played Cashflow, at least, twenty (20) times, and I will be playing it many more.
Why?
1. It's fun! It really is.
2. If you get together with Cashflow groups, you meet other people. From both the game and them, you will get ideas, not to mention contacts.
3. You can experiment with different investing styles and make mistakes--WITHOUT losing your REAL MONEY.
I've learned a lot by playing it.
I suggest that you play Cashflow with a group of people, before spending your own money on it. $200 is very expensive for a game, and if you aren't sure whether you will like it, this will allow you to "try before you buy."
Even if you do not like Robert Kiyosaki or get sick of hearing the mindless drones of people who try to quote RDPD (and they are really annoying), the game is really a good one. I've played with different people, and I've learned some things, often as a teacher of the game.
So, again, play the Cashflow game. You'll really like it. More importantly, you will learn something new each time.
Let me know if you would like any examples of things I've learned by playing.
Saturday, September 12, 2009
Don't Understand Everything? Don't Worry!
I am writing this post from a beginner's perspective.
Have you ever gone to a talk, especially about real estate, and it seemed like you didn't understand everything?
I can't speak for anyone else, but this happens to me a lot.
Last Thursday evening, I went to the Oakland REIA. It covered real estate-releated legal updates and advice. A lot of people were saying how great this talk was, and it probably was. However, I could not take advantage of everything she was saying.
So did I waste my time? Other people may disagree, but I say, "NO!"
Why?
Because I understood about 30% of it, I was discouraged, at first. Then I realized that most of what little I understood on Thursday, I would not have understood AT ALL a year ago. Even if you don't know everything, you can learn things an managable increments, little by little. It accumulates quickly.
Plus, it gives me an opportunity to write down a couple of things to look up later. I may not understand during the talk, but I know something that I have to learn. I can learn it at my pace. Even if I don't understand it today, the next time I hear something about it, I will be in a better position to receive that same or similar info.
Lastly, I love meeting people at these events. You get a chance to learn their insights and experiences. Plus, the better people are there to encourage you. One person, in particular, just told me, "Just start." Obviously, you should do your due dilligence before making ANY investment, but it gives me hope that real estate is less complicated than my beginner's mindset might be making it.
So go to as many talks and talk to as many people in the field as you can. You might not understand everything, but you still can get something from it. More importantly, it will accelerate your learning--meaning that it puts you closer to your goal more quickly.
Have you ever gone to a talk, especially about real estate, and it seemed like you didn't understand everything?
I can't speak for anyone else, but this happens to me a lot.
Last Thursday evening, I went to the Oakland REIA. It covered real estate-releated legal updates and advice. A lot of people were saying how great this talk was, and it probably was. However, I could not take advantage of everything she was saying.
So did I waste my time? Other people may disagree, but I say, "NO!"
Why?
Because I understood about 30% of it, I was discouraged, at first. Then I realized that most of what little I understood on Thursday, I would not have understood AT ALL a year ago. Even if you don't know everything, you can learn things an managable increments, little by little. It accumulates quickly.
Plus, it gives me an opportunity to write down a couple of things to look up later. I may not understand during the talk, but I know something that I have to learn. I can learn it at my pace. Even if I don't understand it today, the next time I hear something about it, I will be in a better position to receive that same or similar info.
Lastly, I love meeting people at these events. You get a chance to learn their insights and experiences. Plus, the better people are there to encourage you. One person, in particular, just told me, "Just start." Obviously, you should do your due dilligence before making ANY investment, but it gives me hope that real estate is less complicated than my beginner's mindset might be making it.
So go to as many talks and talk to as many people in the field as you can. You might not understand everything, but you still can get something from it. More importantly, it will accelerate your learning--meaning that it puts you closer to your goal more quickly.
Wednesday, September 9, 2009
(Some of) My Goals
Hi, everyone.
I was talking with a couple of people last night who are (1) really nice people and (2) really intelligent, and they made a good point. I will try to bring real estate value to this blog, but I can and should bring other things, too.
I'm about to attend a webinar; so this has to be quick. However, I want to state a couple of my key goals.
I want to learn how to make money so that I can teach other people how to make money. Personally, I don't really care about getting a big home or driving a fancy car. I really like flexibility, but I really like helping other people. I'm a teacher by nature, and I have a degree in Math and Statistics. Now there is some use for these things. How much more use do MOST people have for making money?
Once I achieve this first small step, I have bigger plans, but I tend to be more motivated to help other people. So when I feel lazy, I'm more likely to remind myself that I'm not just cheating ME; I'm cheating other people, some of whom I've already met, others I haven't, yet. There will be many people in my future who will depend upon the knowledge that I provide them.
I look most forward to this day!
For those of you reading, if you have any suggestions how I can speed up this process, let me know.
I was talking with a couple of people last night who are (1) really nice people and (2) really intelligent, and they made a good point. I will try to bring real estate value to this blog, but I can and should bring other things, too.
I'm about to attend a webinar; so this has to be quick. However, I want to state a couple of my key goals.
I want to learn how to make money so that I can teach other people how to make money. Personally, I don't really care about getting a big home or driving a fancy car. I really like flexibility, but I really like helping other people. I'm a teacher by nature, and I have a degree in Math and Statistics. Now there is some use for these things. How much more use do MOST people have for making money?
Once I achieve this first small step, I have bigger plans, but I tend to be more motivated to help other people. So when I feel lazy, I'm more likely to remind myself that I'm not just cheating ME; I'm cheating other people, some of whom I've already met, others I haven't, yet. There will be many people in my future who will depend upon the knowledge that I provide them.
I look most forward to this day!
For those of you reading, if you have any suggestions how I can speed up this process, let me know.
Sunday, September 6, 2009
3 Reasons to Go to Local REIA's
This post is for beginners and experienced investors.
Go to your local area REIA's (Real Estate Investment Associations). As the title promises, I'll give you three (3) reasons why you should attend REIA events:
1. Relevant News: They will help keep you current. You might know nothing; you might know a lot. However, you get a chance to hear about new laws, proposals for laws, new techniques, new products, websites, helpful software, classes, etc.
2. Networking: You get a chance to meet people. You never know when you will meet someone who can lead to a buyer, seller, an eventual partner, a vendor, a new idea, or just simply a motivational comrade.
3. Keeps You Moving: An event forces you to commit to spending time developing your real estate investing. After a while, you will see some of the same people, and some of these people will ask you about your progress. There are times that you will need or want this external motivation.
I live in the Detroit Area, and there are several around here. I've been to two (2) of them:
Oakland (County) REIA...http://www.reiaofoakland.com/
Macomb (County) REIA...http://www.reiaofmacomb.com/
While nothing ever is perfect, both of these are very good. Let me know if you have any questions about either of these. Personally, I am more familiar with the Oakland REIA.
For those who are insterested, there are others in Southeast Michigan:
Wayne (Country) REIA...http://www.reiawaynecounty.org/
Genesee (County) Landlord Association...http://www.geneseelandlordassoc.org/
Detroit Real Estate Investor Network (I cannot find a website for this.)
National Real Estate Network...http://www.megaevent.com/
Let me know if you know any others.
Go to your local area REIA's (Real Estate Investment Associations). As the title promises, I'll give you three (3) reasons why you should attend REIA events:
1. Relevant News: They will help keep you current. You might know nothing; you might know a lot. However, you get a chance to hear about new laws, proposals for laws, new techniques, new products, websites, helpful software, classes, etc.
2. Networking: You get a chance to meet people. You never know when you will meet someone who can lead to a buyer, seller, an eventual partner, a vendor, a new idea, or just simply a motivational comrade.
3. Keeps You Moving: An event forces you to commit to spending time developing your real estate investing. After a while, you will see some of the same people, and some of these people will ask you about your progress. There are times that you will need or want this external motivation.
I live in the Detroit Area, and there are several around here. I've been to two (2) of them:
Oakland (County) REIA...http://www.reiaofoakland.com/
Macomb (County) REIA...http://www.reiaofmacomb.com/
While nothing ever is perfect, both of these are very good. Let me know if you have any questions about either of these. Personally, I am more familiar with the Oakland REIA.
For those who are insterested, there are others in Southeast Michigan:
Wayne (Country) REIA...http://www.reiawaynecounty.org/
Genesee (County) Landlord Association...http://www.geneseelandlordassoc.org/
Detroit Real Estate Investor Network (I cannot find a website for this.)
National Real Estate Network...http://www.megaevent.com/
Let me know if you know any others.
Saturday, September 5, 2009
Keep Communication Alive!
Hi, everyone. This is Beginning Chris, again.
This will be a quick post, but it's an important one. Why? Because it covers something so simple that anyone can do it but not many people do.
When you are fortunate enough to meet someone from whom you might buy or sell or with some you might learn or teach, make sure you get their contact info.
OK! Is that all?
NO!
Make sure that you send them a note or call them. Tell the person that you are going to do this within a certain amount of time. Personally, I will tell them I will send them an e-mail within 3 days, but if my schedule allows, internally I target 24 hour turnaround. This WILL SEPARATE you. You might want to remind them how you met. Also, write something personal to let the person know that you remember them. They aren't simply a business card getting a standard greeting.
On the flipside, if someone sends you an e-mail, acknowledge it. Answer the person's question, or let the person know you remember them. Do this quickly!
As simple as this seems, it amazes me how few people actually do this.
Meet and greet is great, but met without regret is better.
This will be a quick post, but it's an important one. Why? Because it covers something so simple that anyone can do it but not many people do.
When you are fortunate enough to meet someone from whom you might buy or sell or with some you might learn or teach, make sure you get their contact info.
OK! Is that all?
NO!
Make sure that you send them a note or call them. Tell the person that you are going to do this within a certain amount of time. Personally, I will tell them I will send them an e-mail within 3 days, but if my schedule allows, internally I target 24 hour turnaround. This WILL SEPARATE you. You might want to remind them how you met. Also, write something personal to let the person know that you remember them. They aren't simply a business card getting a standard greeting.
On the flipside, if someone sends you an e-mail, acknowledge it. Answer the person's question, or let the person know you remember them. Do this quickly!
As simple as this seems, it amazes me how few people actually do this.
Meet and greet is great, but met without regret is better.
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