The last post was all about selling our first intentional rental (above). This post is about the 1031 exchange process and how we structured the deal for the replacement property. 1031 Recap: Quick re-cap of what a 1031 exchange is: To defer capital gains taxes and depreciation recapture, you can use what is known as … Continued
Selling our first rental property is a little more emotional than I thought it would be. I think it’s mainly because this house taught us so much and was our “confidence springboard” to getting momentum started to build our business and this business has allowed us to have the life we wanted for our family. … Continued
A lot of my posts have to do with mindset because I truly believe that success has more to do with mindset than the mechanics of what we want to excel at. I will write about what has worked mathematically but you absolutely have to believe you can accomplish your goal. This seems like a … Continued
By now, you all know how I feel about spreading negativity – I don’t like it. Wait, was that negative? I try my best to keep my state of mind positive. Lately I have good days and bad but my family is what brings me back to good. I’ve read so much negativity about people … Continued
Coronavirus Preface: This article has been edited daily since starting it. The facts may change from one day to the next but this is my opinion as of this moment – for whatever they are worth to you. A good friend asked me to write about my take on the Coronavirus and real estate. Before … Continued
This album was in the top 100 in 2000. Now you’ll hear it for the rest of the day. You’re welcome. This week’s resource: An absolute essential book for shifting your mindset. If you haven’t read it go to the library and check it out or buy it this minute on Amazon. Rich Dad Poor … Continued
Resources: I want to start with some resources. If you feel like you need some direction for your personal finances, we strongly recommend the book The Total Money Makeover by Dave Ramsey. His simple system helped us get out of debt and feel confident that we could start this real estate adventure. While he wouldn’t … Continued
My first Fire Captain, Ruben Hernandez, at Engine 24 told me “if you wait to promote until you think you are ready, you’ll never promote”. He said “You promote and learn as you go. You’ll never think you are ready. You are.” I chose to work with him because he was respected and worked at … Continued
Why you haven’t heard from us in a while: The short answer is: we got ourselves so busy reaching for our 2019 goals that we got a little too busy. We have always believed that we should take down deals as they present themselves. We also have believed that this would be a “lifestyle” business … Continued
R.O.T. Return on Time Finance books are full of acronyms. C.O.C. is Cash on Cash. I.R.R. is Internal Rate of Return. One I’ve never read, but I’m sure someone else beat me to, is R.O.T. or Return on Time—as in return on our time invested. While I write about the BRRRR technique a lot, … Continued
Is Owner Finance a Godsend or the Devil? We love rentals. If you’ve read a single word I’ve written, you know that. We like flips pretty well but we hate the taxes. Owner finance, however, has always been a problem for me. I heard stories of these “sharks” who sold houses to buyers that couldn’t … Continued
Inflation-Induced Debt Destruction So learning about real estate also means learning about economics. Micro and macro. I am sorry to tell you this if these were your least favorite subjects in school. They will probably become more interesting now that they can help you to build wealth for your family. The term “Inflation-Induced Debt … Continued
Our Zombie Deal or Sales 101 from the world’s worst salesman This is a Halloween-themed post about a Zombie deal that came back from the dead. Insert creepy sounding “oooOOOOoooo” here. But it really is. At risk of jinxing a great deal, here is a real story about a real deal we recently put under … Continued
Hard Money vs. Private Money and How They Work A friend asked me to explain the difference between Hard Money and Private Money and how to use them both. It’s a really good question as a lot of people talk about these casually but don’t break down the differences between them or the … Continued
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