Ya'll do realize the irony of asking the question, “I know you’re in a hurry, but is there any quick advice you can give me about how to get started?”, right?

Because I get asked some version of that question at least 100 times a year, always by a newer investor hoping that there's some wisdom I can drop on them in the time it takes to get from the elevator to my car when I'm running from one event to another. Wisdom, preferably, that will make their entry into the business rapid, painless, and above all profitable.

The irony is that there IS no single answer to the question, "How do I get started?".

In order to properly get into that topic, I'd need to know about you: your goals, resources, preferences, exit strategies, needs, wants, and and and...and in no circumstance would that be "quick" advice.

If there were such a thing as "quick" advice, there would be no need for mentoring programs like Fasttrack to Financial Independence. Or, for that matter, for 4-day bootcamps, or REIA groups, or any of the other support systems to which we are all so devoted.

Without knowing anything else about you other than that you don't seem like a crazy stalker who's following me out to my car to kill me, I can only tell you, GENERALLY, some of the things successful people when they get started. I can't tell you what deal to look for (until I know what you plan to do with it) or how to get money (until I know your credit score) or what to pay (until you give me the A ... Read More…

Does this sound like you? 

• You love going to association meetings and webinars, and hanging out in online fora reading about, asking questions about, and discussing real estate.
• You own several home study courses.
• You’ve been to multiple long-form workshops, seminars, and boot camps.
• You haven’t done a deal. 

If it does, I’ve got some good news and some bad news. 

The good news is, you’re not alone: 80% of all real estate newbies are in exactly this position. The bad news is, 80% of real estate newbies will never get out of this position. 

Now, I’ve never seen an actual study that says that only 20% of people who learn about real estate will ever do anything with that knowledge, but I CAN tell you that it’s a number that’s agreed upon by people who are in a position to observe (and fret about) the phenomenon. 

Group leaders and gurus who’ve been around for a while will tell you the same thing—about 1 out of 5 people who start their real estate education will never take it out into the real world and use it to make money. 

So what do we do with this sobering statistic? 

The first thing we should do is ask, “Why”? What is it that the 20% has or is or does that the other 80% doesn’t? 

Again, there aren’t studies that I know of that explain this, but I have a theory, and it goes like this: 

There are several psychological stages that a new i ... Read More…

According to a news article by WOSU Radio (and the experience of most of our community), property values in Central Ohio are at a record high. Does that mean it's time to sell?

As with all great real estate questions, the answer is, "It depends".

If you have rentals you'd rather not own, selling soon might get you the highest price on a property you don't want anyway. If you're good at finding distressed and low priced deals, it might be an opportunity to do a 1031 exchange into a rental you'll like better in the long run.

But if you bought your rental for long-term income and wealth building, believing that the market might be topping out (we don't believe that, but we don't have a crystal ball, either) is no reason to sell. The increased value is adding to your wealth in a non-taxable manner, and even if prices drop drastically, your income probably won't.

Getting rid of properties that have turned out to be too far, too management-intensive, or too unprofitable is always a good thing, and although we might not be at the top of the market just yet, now is a good time to divest yourself of those losers. But keep the keepers: jumping in and out of the market is NOT a good way to build wealth in real estate!&ck=09ae8196-2c44-45f2-97a8-524764065b2b ... Read More…