Blog

Disaster Recovery

Posted by on 6:36 pm in Real Estate Investing | 3 comments

            As I write this email, the disaster in Texas due to hurricane Harvey continues to unfold. It is causing major devastation, the impact of which will be felt for years to come. I recently spoke to a client of mine who has over 30 years of experience in the property and casualty adjusting arena. He shared with me some important initial steps that homeowners in any sort of disaster should immediately enact.             Once there is damage to your property, you need to file a claim with your homeowner’s insurance carrier immediately....

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Seldom-Practiced Success Principle

Posted by on 6:55 pm in Uncategorized | 17 comments

            A few months ago, while having lunch in Tampa, Florida with a client and friend, we were talking about fundamental principles in our businesses. My friend shared with me how he had been working with some new real estate investors and helping them overcome some challenges they had experienced after having some good initial success in their business.             After spending a significant amount of time redesigning their marketing campaigns and many other aspects of their business, he casually mentioned, “By the way, are you guys...

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A New Search Technique

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

            Just as necessity is the mother of invention, experience is a great teacher of new tactics, particularly unpleasant experiences. Two recent situations compelled me to do online research with the office of the Secretary of State in two different states. I found that one of the more effective tools to narrow things down and better identify a problem was to search the names of the organizers and the statutory agents for the entities rather than only searching the name of the entity itself.             While searching on the Texas...

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Happy to Announce a Victory for Landlords

Posted by on 5:01 pm in Real Estate Investing | 1 comment

On Monday, August 7, 2017, the 11th District Court of Appeals in the State of Ohio unanimously issued a written decision wherein they reversed the earlier decisions affirming the finding by the Ohio Civil Rights Commission that a landlord named Helen Grybosky had committed housing discrimination. This case has gone on for nine years. Briefly summarized, an administrative law judge working for the Ohio Civil Rights Commission found that Helen Grybosky and her son Gary had discriminated regarding households with children and people with...

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If You Love Someone, Read This

Posted by on 6:08 pm in Uncategorized | 3 comments

            Last week was awkward. It was the first of several meetings with a lady who had suddenly lost her husband, and she’s looking for help and guidance. The harsh reality is that he died with no life insurance coverage in place.             That same week I had a meeting with another lady who had also lost her husband but was fortunate enough to have been the beneficiary of a large life insurance policy. Even in her case, that policy was scheduled to lapse less than 30 days from when her husband suddenly died.             I’ve seen it...

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Be Diligent

Posted by on 1:27 pm in Uncategorized | 1 comment

There is no substitute for diligence. One of my favorite verses from the book of Proverbs says, “The slothful man roasteth not that which he took in hunting: but the substance of a diligent man is precious.” (Proverbs 12:27) In a note class I was attending, a friend of mine gave an example of an investor who bought a note, and after waiting four months, he had not yet received the collateral file. The investor finally began asking questions about where the missing information was. My friend teaching the class said he responded to this new...

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The Ultimate Tool

Posted by on 1:35 pm in Real Estate Investing | 4 comments

           For everyone who is self-employed, particularly those of you who have high incomes and are disqualified from having a Roth IRA, the introduction of the Roth 401(k) was an absolute godsend. The Roth 401(k) has all the benefits and characteristics of a Roth IRA as well as all the benefits and characteristics of a 401(k). It requires employees to discipline themselves by deferring a significant portion of their pay into the 401(k).             How much you can put into a 401(k) depends upon your age, your earnings, and how much you...

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Investors, Beware!

Posted by on 1:14 pm in Real Estate Investing | 8 comments

           Rising markets do not cover all sins! I had dinner with a good friend who is a client and savvy investor. He told me he is filing a foreclosure action against a rather well-known real estate investor/teacher who borrowed from him in our northeast Ohio market. We didn’t get into the details of what was going on, but knowing that my friend has a good loan-to-value ratio (LTV) and is in first position, and the borrower signed a personal guarantee, I know my friend will come out of the foreclosure process relatively whole.            ...

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Stop the Insanity!

Posted by on 1:44 pm in Real Estate Investing | 3 comments

            Twice in one day, I had very interesting conversations with high-income, licensed professionals. Both these men (in two different professions) told me very similar stories. They are extremely good at generating almost a million dollars a year in net income, yet when you look at their overall situations, they have little or no real net worth because of taxes, insurances and lifestyle debt. In fact, one of them was actually insolvent by more than $250,000.             Driving an automobile on which you owe nearly $100,000 when you...

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One of My Heroes

Posted by on 3:40 pm in Uncategorized | 3 comments

            The late Senator William Roth of the State of Delaware is one of my heroes. This man persisted for years in trying to amend the tax code in order to create a way for average Americans to wisely invest hard-earned money so that it could grow tax-free and, under the right circumstances, be spent tax-free. Roth IRAs became available in the mid-1990s. I still remember my tax preparer’s near breathless excitement upon the introduction of Roth IRAs because it came with the one-time opportunity to convert a traditional IRA (where...

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