Protect Yourself by Doing More

Posted by on 3:06 pm in Real Estate Investing | 0 comments

            For the third time in three months, I have read a sad story from a friend or contact about how they had trusted another person to manage their investments and had put their retirement savings with a certain investment advisor, only to have the money stolen from them as part of a greater pyramid and Ponzi scheme. One of the commonalities among these three stories has been trust in just the person rather than trust in and verification of the person, investment strategy and the value of the underlying assets.             Thousands of...

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Slow Down Your Thinking

Posted by on 3:28 pm in Uncategorized | 0 comments

            Last week I shared with you a huge take-away from a recent event in which I shared the stage with David Goggins, a former Navy Seal who is an ultra-endurance athlete and inspirational speaker. David spent a great deal of time talking about making important decisions in your life. He also shared some experiences he had as a Navy Seal and as an ultra-endurance athlete when he faced critical life decisions. He shared that in those moments, you have to slow down your thinking and take a deep breath so the worry, fears, and sound of...

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Updating and Revisiting Your Insurance

Posted by on 10:00 am in Real Estate Investing | 1 comment

            In my previous post, I shared with you what happened last month when pipes burst in a vacant apartment and flooded my office below. The severity of the damage and the stress that resulted taught me some important lessons I needed to learn as a leader.             In addition to failing to fully assess the extent and severity of the situation, I had made another big mistake. I had failed to update and revisit the type and level of insurance coverages I had. The policy had just renewed 3 weeks before the loss. The renewal was a...

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I Failed, Then Learned Lessons

Posted by on 4:41 pm in Real Estate Investing | 5 comments

           Approximately three weeks ago, my law office, which rents space on the first floor of a mixed-use commercial building I own in another entity, was flooded when pipes in an overhead unit froze, broke and poured hundreds of gallons of water through the floors and ceilings from the second floor to the basement beneath my office. In the weeks since, I have learned several important lessons. Life can be like that.             The most insightful things I learned are about my shortcomings as a leader. I learned that when a crisis...

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Defalcations Are Coming

Posted by on 6:45 pm in Real Estate Investing | 1 comment

            I must confess that my mind works in some weird and mysterious ways. While driving home from a productive business meeting, my mind went over various scenarios that real estate investors shared with me as to how they are double closing certain types of real estate transactions. In reading between the lines, I suspect there is a growing number of title companies that are once again skirting some of the rules and playing fast and loose. It’s human nature that when you put enough people in front of enough money, somebody is going to...

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‘Tis the Season

Posted by on 3:53 pm in Real Estate Investing | 3 comments

            I’m writing this email shortly after a phone conversation with an investor named Dave from New Jersey. In our conversation, we discussed the processing time that occurs with many of the self-directed IRA custodians and administrators. In response to his comments, I reminded him of some important things: It’s the time of year when many people are trying to do last-minute deals which involve their self-directed IRAs. The business of the self-directed space continues to grow and expand, and that’s a great thing; however, the...

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Tax Reform – What I Really Think Is Happening

Posted by on 5:48 pm in Real Estate Investing | 2 comments

           I occasionally have the opportunity to travel to Washington, DC and represent the interests of real estate investors as they relate to doing real estate transactions. As an offshoot of that, I was in Washington, DC on the day of the very critical health care non-vote that the House of Representatives never held, which basically ended the first major attempt to reform Obamacare.             When I was there just a couple weeks ago, tax reform was the main topic. Here is my bottom-line assessment (don’t hold me to it because in...

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Start Preparing NOW!

Posted by on 5:52 pm in Real Estate Investing | 1 comment

            We are now past the deadlines for the extensions on filing business and personal tax returns. This would be a good time to get an appointment on your tax preparer’s calendar to discuss tax-reduction strategies that you can still implement for this tax year.             One of the questions you should always ask your tax professional is, “How can I better organize the data you need and get it to you to enhance or speed up the process?” That opens you up to all sorts of suggestions, criticisms and comments, but it also gives you a...

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Have You Fired Anyone Recently?

Posted by on 2:41 pm in Real Estate Investing | 3 comments

            In my previous post, I mentioned that I recently attended an all-day mastermind with real estate investors from Florida and Ohio. I shocked the room and one person in particular by asking, “How many clients have you fired in the last year?” We then moved into a discussion about the 80-20 rule (80% of your revenue often comes from 20% of your clients/customers, and 80% of your headaches often come from 20% of your clients/customers). It’s important to identify the people who are causing problems, are not congruent with the way you...

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Sharpening Your Focus

Posted by on 12:46 pm in Real Estate Investing | 1 comment

            I recently spent a full day masterminding with several other real estate investors. Individuals from Florida and Ohio were well represented in the room. A recurring theme was what I refer to as the “Bilbo Baggins phenomenon” – that little pat of butter being scraped across too much dry toast. In the real estate business, it’s easy to spread yourself too thin. One way to prevent that from occurring is to focus your activities on one or two key elements.             Many individuals, including myself, struggle with narrowing their...

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