About a year ago, I published a handful of blog posts about how to build your own real estate website.
These blog posts have been a fairly big hit over the past year, and I think they were instrumental in helping “web design novices” take the first step toward establishing their presence on the internet.
Even as helpful as those tutorials may have been, I still get the occasional email or comment from new investors who still need more help connecting the dots. For one reason or another, the process of creating a real estate website still isn’t quite as easy as it should be. I have to admit, even though I was able to bridge some of the gaps for people who were just getting started, I wasn’t able to make it quite as easy as I wanted it to be.
To be honest, I understand why some people are still getting lost in the process. Tools like WordPress and Bluehost may have simplified the process to some extent, but it’s still not as idiot-proof as it should be. After all – we’re real estate people, not web designers… so why hasn’t anyone made this process easy enough for “normal people” like you and me?? [click to continue…]
As most entrepreneurs know, there are a lot of little challenges to overcome when starting a new business. If you’re serious about taking the right steps in the beginning, one of the first things you’ll want to get squared away is the legal formation of your business entity.
Most of the real estate investors I know (including myself) own their properties in the name of an LLC (aka – Limited Liability Company) and there are a few reasons why:
- An LLC can protect your personal assets from business-related lawsuits.
- An LLC has tax advantages that allow for “pass-through taxation” (whereas most other corporations are double-taxed).
- An LLC offers instant credibility with many of your customers.
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Part of the dream of home ownership is the endless possibilities.
During your years of renting, your creative intuition was held back. You couldn’t paint your apartment interior green or do what you really wanted to with your front yard. As a homeowner, you now have nearly unlimited freedom to change everything from the home’s floor plan to the finishes and fixtures on your cabinets and counters.
So if you’ve just got to have that slate flooring or fashionable new carpet, you can remodel to your heart’s content. But beware – not all home improvements are created equal… [click to continue…]
I just sold a property last week for $20,000.
This was the same property I bought about a year ago for $4,587.57 (plus a few hundred bucks in closing costs).
With an ROI of approximately 300%, it was a pretty decent deal. Certainly on the better side of ordinary, but nothing I hadn’t seen before.
A lot of people would look at an ROI of 300% and think, “Wow, that’s amazing” (and I suppose it is), but for the business model I work with, it’s not uncommon to double, triple or even quadruple investment dollars like this (I’m not bragging – that’s just how it works).
But even beyond the numbers and logistics of how this deal got done, there was one thing that made this transaction particularly exciting.
Rather than writing the IRS a massive pay check (to reward them for all the nothing they did to help out), I decided not to take the usual punishment for my success. Instead, I chose to keep 100% of my money and I did it all with the full blessing of the U.S. Government.
Granted – it did require a few extra steps along the way, but with a little bit of education and a neat little tool called a “Self-Directed Roth IRA”, it wasn’t hard to pull off – and I’m going to show you exactly how it works. [click to continue…]
As the readership of this blog has grown, I’ve heard skeptical comments from time to time about what I claim to do in my real estate business.
I actually understand the skepticism - I really do.
The first time I heard about the concept of buying properties for a fraction of market value and then reselling them (sometimes very quickly), without making any improvements, for several times the initial investment… I can remember being a little skeptical too.
I actually find it annoying when people say that the key to real estate is to simply “buy low, sell high” (usually with a smug look on their face), as if they just single-handedly solved all the world’s problems.
It’s not that the words aren’t true (because they obviously are). It’s that they manage to ignore about 99.99% of what it actually takes to succeed as a real estate investor. There is so much more to the story! This business requires a very specific and strategic approach, some major leaps of faith, a great deal of mental energy, an incredible amount of stamina, persistence and even a little bit of luck. [click to continue…]