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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The Forging Process

Posted by on 2:19 pm in Uncategorized | 0 comments

            Perhaps the title of this email got your attention because of all the recent concerns about ID theft, data compromise and forgery, and the billions of pieces of information floating in cyber space and on the dark web that can be used by criminals to steal someone’s identity and wealth. That’s not what I’m referring to. As I’m writing this, my mind is going back to times when I’ve been inside factories watching large pieces of metal being heated until they are red hot and then being smashed repeatedly to reshape them into something...

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What’s Your Policy?

Posted by on 1:42 pm in Uncategorized | 0 comments

            In a recent housing court case, the judge reviewed evidence submitted by my client as to the defendant-tenant’s payment history. Upon reviewing those well-kept records, the judge noticed that my client (prior to retaining me) had permitted a pattern of accepting rent due on the 1st of the month as late as the 15th or even the 20th of the month. The landlord then tried to move for eviction without providing the tenant any written instruction or corrective information reminding the tenant that rent is due on the 1st of the month,...

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Fundamental Background Check Technique

Posted by on 1:17 pm in Real Estate Investing | 0 comments

           In my previous email, I told you about being in court representing a relatively new landlord evicting a problem tenant. How did I know they were a problem tenant? When I agreed to represent the landlord, one of the first things my staff did was a quick online check of the local court dockets. With a little typing of names and the click of a few buttons, we could see the rather lengthy legal history these particular tenants had. Five to ten minutes of that type of quick research would have saved my new clients numerous hours of...

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Free Paperwork

Posted by on 2:16 pm in Real Estate Investing | 0 comments

            Yesterday I was in court representing an inexperienced landlord who had rented a property to a problem tenant. The challenge we ran into in court was that the husband and wife landlords had used online legal resources to put together a combination real estate lease with option to buy. Because of the way they packaged it all in one document and the various clauses they inserted in it, the judge took a recess so he could spend time reading the entire lengthy document. When he returned to the bench, he said he didn’t know if the...

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What Are You Full Of?

Posted by on 1:09 pm in Real Estate Investing | 3 comments

            Every real estate investor, entrepreneur, business owner – in fact, every person – is full of something. What you are full of determines what you cannot contain. For example, if you are full of enthusiasm and gratitude, you can’t be full of entitlement and cynicism.             As you are developing your real estate investing playbook, ask yourself this question: What am I full of? The answer will determine what type of deals, if any, you will be doing. If you’re full of a sense of entitlement and have bought into the myth that...

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Black Swans

Posted by on 2:56 pm in Real Estate Investing | 0 comments

            The economic crisis in 2007 through 2009 that was spawned by the housing market collapse has been referred to as a “black swan” event, an occurrence that deviates beyond what is normally expected of a situation and is extremely difficult to predict. Every real estate investor must have a black swan emergency procedures manual as part of his or her playbook.             One of my friends who owns and operates a very successful business in Houston, Texas had their business tested to the limit. Their emergency business continuity...

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Remember the Main Goal

Posted by on 4:52 pm in Real Estate Investing | 3 comments

            I was talking with a friend and fellow investor from another state who was asking some pretty detailed questions regarding entity reorganization. As we worked through the questions and the situation, I had to remind this investor what the main goal of her entity was, which is also the main goal of real estate investing: acquiring assets that generate cash flow and/or grow in value. When you are assembling your playbook as a real estate investor, please remember that the main goal of being a real estate investor is acquiring...

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