Reading Time: 21 minutes
If you want to succeed as a real estate investor, you need to know how to find motivated sellers.
That’s not just my opinion, that’s a fact.
When I first started pursuing my real estate investing career, I wasted a TON of time trying to find these people the wrong way (at one point, I was almost convinced it was impossible). There finally came a point when I was just about ready to throw in the towel – and that’s when I discovered the power of direct mail marketing.
But it wasn’t just ANY direct mail marketing that did the trick. There were some very specific steps that simply had to be followed – and if I didn’t put the time and effort into doing it right, I’d end up throwing a lot of money right out the window.
Moving through the process wasn’t always fast, convenient or cheap – but when I took my time and carefully went through the right motions, the floodgates opened WIDE and I was inundated with more opportunities than I could handle. [click to continue…]
Reading Time: 6 minutes
Today, February 1, 2016 – I’m writing to you as a self-employed man.
For those of you who don’t know – I’ve been working in the commercial banking industry for nearly a decade now, and from time to time I’ve gotten inquiries from readers asking, “Why are you still working a full-time job?”
I always thought it was a fair question. After all, if I’m doing reasonably well with a business like land investing – honestly… why the heck would I waste my time with a day job??
First off – I wouldn’t say I’ve “needed” the income from my job for a while now (if I had been desperate to quit earlier, I’m sure I could have made it fly), but as my part-time real estate gig has ramped up over the years, I started seeing my job as less of a “necessity” and more as a “security blanket”. It might sound weird – but I took great comfort in the way it provided me with a predictable pay check and health insurance benefits regardless of how my businesses were doing.
As time progressed, I started realizing that my predictable pay check was becoming more of an obstacle than anything. I had always been trained to look at life through the lens of an employee (and all the limitations that come with that perspective), and it was surprisingly difficult to UNLEARN that kind of mentality. [click to continue…]
Reading Time: 3 minutes
Most investors don’t like to brag about their losses, they focus solely on the upside… but in the world of taxes and real estate – a penny saved is a penny earned.
Investing in real estate brings some incredible tax benefits, and savvy real estate investors understand that losses can actually put some serious cash in your pocket in the long run.
The key to maximizing the benefit of your real estate investment to increase cash flow while lowering your taxable income. Your AGI (Adjusted Gross Income) is the final number the IRS recognizes as the amount of income on which you need to pay taxes. It starts out with your wage income and then allows you to take out a few deductions before you are left with your final AGI. These deductions are essential to lowering your AGI and rental properties provide some serious deductions that you wouldn’t otherwise be able to deduct from your final taxable income. The deductions that will provide the best bang for your buck are active participant, depreciation and interest expense. [click to continue…]
Reading Time: 1 minutes
Over the past few years, I’ve discovered an endless treasure trove of inspiration, wisdom and education on YouTube.
Every now and then, I stumble across a clip that rocks my world and helps me see things from a new perspective. Whenever I find these gems, I’ve made a habit of bookmarking them for such a time as this.
Today I want to share with you 15 of the most powerful, inspiring and important YouTube videos I’ve come across over the past few years. These have all played a role in shaping my personal and entrepreneurial endeavors – and with any luck, they just might be able to help you along the way too. [click to continue…]
Reading Time: 11 minutes
About a month ago, I got an email from a retired procurement forester.
This guy had been following the blog for quite some time, and he wanted to let me know about a land value proposition I had never mentioned before. Within the first few minutes of our conversation – I realized this guy was onto something big.
He started by telling me about the property he lives on – a 35 acre lakefront lot, which cost him nothing. In fact, he got PAID $5,000 to take ownership.
How did he pull this off? The answer was simple. [click to continue…]