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Real Estate investing involves learning the skills of Property Management when you start to build your real estate portfolio.  Sometimes it’s not fun managing rental units as I encountered today.  However, you have to run your real estate investing as a business.  If you don’t your property value will go down due to poor upkeep and you will have difficulty finding quality tenants.

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I wanted to share my experience with you that I had today with a tenant in one of my upper duplexes.

The tenant residing in the upper duplex was instructed two weeks ago to clean up the laundry room in the basement.  She had piles of clothes on the basement floor.  Along with stacks of empty laundry containers (she was instructed to put in her garbage bin a couple of weeks ago).   She also decided to move parts to a bedroom set in the basement that her brother had picked up for her a while back.

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This morning I went to check out the laundry room to see if she had cleaned it up.   She had not nor did it look like she even attempted to clean. 

Now, I have a tenant moving into the lower unit on the 15^th of May who will be using this laundry room.   (embarrassing walking on piles of dirty clothes).

The basement goes with the lower unit.  The upper unit was allowed access about one year ago under the pretense she keeps the laundry room clean.

She failed to keep her end of the bargain so today she was instructed to remove all of her personal belongings from the basement.  She did not have authority to put parts of a bedroom set and store it in the basement.

She was instructed two weeks ago to clean up the laundry room or she would lose access to it.  As the room looked today, she did not clean up her piles of clothes.  She was instructed this morning since she left the laundry room in complete disarray she is losing her privileges to it. 

Managing your rental units is always a learning experience.  I advise each one you to learn the laws in your areas of investing and invest in education classes on Property Management.  This will be the best money spent to protect yourself and your investment.

 For a small investment of $49.00 you can purchase John Dessauer’s Property Management Program.  Comes with CD’s and a work book.  John made his money investing in multi units so he knows the in’s and out’s of property management.
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Real Estate Investing - Valuing Commercial Real Estate

Cash Flow vs. Comps

As you can see, commercial and residential use two different methods for valuing property. With residential, it doesn’t matter what your tenant pays you–it simply won’t affect the value. Your rental property could be vacant, and that wouldn’t affect its worth. It would still be based on comps.

Making Millions in Multi-Units
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On the other hand, the potential of a commercial poperty can be as limitless as your imagination. Because the value is based on income, you boost the value of the real estate every time you boost the income (rent) you’re receiving from the building. By scouting for commercial properties that are either under-rented or have inferior tenants, you can find potential gold mines.

As you can see; commercial real estate is valued at the cash flow.  If an agent is telling you the property is valued at 1 million dollars, then the income has to be 1 million dollars.

If not, walk away, the property is too high and you will not be able to cover your expenses.

I currently own a small multi-unit building.  Its wonderful on cash flow and am looking into buying more multi-units. These are cash cows!

If one of my  tenants leave, the other tenants cover my expenses!!!

John Dessauer has a Great Program:  Making Millions in Multi-Units!
A workbook and 6 CD’s are included with this program.  He explains in laymans terms how to figure out the cap rate, how to figure out if this property will cash flow.  John teaches you the ins and outs of buying commercial property for a small fee. 

 (inexpensive course for $49.00 for all the pertinent information you learn!) I’m shock at the low price he is offering for this course.  I paid $150.00 for this course and it was worth it for $150.00.  Now he is offering the same course for $49.00.   The formulas alone are more than worth the cost!

Making Millions in Multi Units
Find Your Life’s Freedom’s! Take Action Now!!

Real Estate Investing – Always Educate Yourself

I joined EWI Real Estate Seminar (Master Program) over one year ago today.  As I mentioned to you earlier, I am involved heavily with training and reading.  I am always looking for the opportunity to learn because depending upon what level of real estate knowledge you are at be it in the beginner or advanced; there is always a piece of information you missed. 

When I first joined EWI Master Program, I was completely overwhelmed 2 years ago.  However, after investing in Real Estate over 3 years, I have retained much of the knowledge due to taken ACTION. 

However, as we say when we attend the Wealth Retreats, we are here to find the Gold Nugget!

Today, I found my Gold Nugget listening to Bob Proctor’s lesson on “Fortunes”.  He talked about creating your Master team, go find them and ask them.  It’s Simple!

http://store.sixminutestosuccess.com/?aid=588610

Bob Proctors video on Napoleon Hill’s book, Think and Grow Rich (about 20 minutes long)
http://store.sixminutestosuccess.com/?aid=588979

Anyway, I joined the Live 4 Week Prep- Course to the 90 day Real Estate Challenge that starts on April 27, 2009.  I am going to list my homework assignments below.  This way you can follow along and learn how to create your fortune with us.

As you can tell from the list of homework assignments below, Real Estate Investing takes motivation, time, and most of all ACTION on your part.   You must be willing to Learn and take ACTION!!

I will post the New Homework Assignments on Tuesday’s for the next 3 weeks.  This week I’m running late due to some personal family issues.

Oh, by the way, the instructor told us,

If you don’t complete this list of assignments below

Then  Don’t Bother Showing Up On Next Monday Night’s Call!   

Homework Listed Below:

1.       Adjust 1 hour per Day to Invest in Real Estate.

2.       Create an Investor’s Tool Kit.  (put all of your real estate forms in one area)

3.       Fill the tool Chest with useful Tools.  (agent’s names, phone numbers, attorneys, etc…)

4.       Learn the Art of Each Tool.  (know what each form is used form or who to call)

5.       Apply new Knowledge (Take Action!  look you can listen, read, and learn however if you don’t apply your knowledge then why are you reading this blog?)

6.       Repeat the process (cookie cutter real estate process)

Research Incentives to Buy

·         Tax Rebates

·         Tax Credits

·         Down Payment Assistance

·         Federal, State, and Local

Action Items List:

1.       Read or Listen to the “Blue Vase” Story

2.       What incentives Are Available?

3.       How Do You Qualify?

4.       Enroll in the 90 Day Real Estate Challenge

5.       Have a “WHY” – Get Excited

6.       Watch the Movie “Rocky”

7.       Read Chapter 1-4 “Road to Wealth Book” author Robert Allen

Enjoy learning!

Real Estate Investing – For landlords this is an exciting time with so many homeowners losing their homes they are moving back into rental units!  For us who own rentals it’s fabulous!

I am to say, yesterday, all I did was answer my phone on rentals that I have available.  As you can guess what my plans on today, showing rental units all day!

Great deals with tenants already in place:  No stress just collect the rent checks:

http://serene.ewimultiplestreams.com/index.php?base=featured

I will have three rental units filled by this weekend.  How Awesome it that?

From a management point of view, I tell all of my tenants.  Rent is due on the first of each month, if check is not received by 2^nd of month, eviction notice is mailed out.  I have NO time to chase rent checks down each month nor am I putting rent collection on my monthly agenda.

Be strict and firm up front and they will abide by your rules.  If not, I evict them immediately!

This is the best time to buy cash flowing real estate since there are so many properties to pick from on the market.  If you are looking for the conservative way to buy real estate; your strategy is to buy 10 single family houses; rent them out; hold them until retirement age.  Your retirement is 10 houses.  You will be able to retire without worrying about where your source of income is coming from besides social security.  In my opinion; social security is not a source of income nor should you plan on it for your income.

Great deals with tenants already in place:  No stress just collect the rent checks:

http://serene.ewimultiplestreams.com/index.php?base=featured

Real Estate Investing:  I had a gentleman who contacted me yesterday regarding the cost of Real Estate Programs.  Since I went through the program he wanted to know about my success or failures.

He was concerned about the high cost of the real estate program and was looking for verification the program is worth the high fees.

Real Estate Investing Education is expensive!  I am going back form my Master Degree and the cost is $30,000!  Yes, $30,000!  This price does include books.  Are they teaching me How to Make Quick Cash?

If you’re an advent reader of my blog daily you know I firmly believe in education, education, education.  As I stressed to this person, I am constantly investing in seminars, boot camps, books and audios. 

You have to keep investing in yourself.  Go back to your Real Estate library of books and re-read your books again and again.  You will be amazed at what information you will pick up and retain the 2^nd or 3^rd time reading the same book. 

If your taking ACTION on what your being taught.  The 2^nd or 3^rd time you read the book, you’re more knowledgeable now their several months or one year ago.  Also, you get somebody else’s idea or take on the situation.

If you learn one crucial step to successful real estate investing from my blog; please take away, Education is Key!

Real Estate Investing:

Develop a Plan

Congratulations! You have taken the first step towards achieving your goals by writing them down and by defining them. Now, you must develop a plan of action. Without implementation, your goals will not likely ever be achieved. As you develop your implementation plan, consider your available time, resources and ultimate end result that you are seeking. If you are new to real estate investing, be sure to set small stepping stone goals rather than a single, large goal to begin with. Success is generated over time by taking small, productive steps. Your implementation plan should include daily, weekly, monthly and quarterly action steps. Those action steps need to be translated into tasks and then included in your daily plan. As you progress through each day, be sure to check off each completed task or goal.

As you begin to check items off of your lists, you will begin to feel progress. However, it is not always that easy. You will have some wins and some losses along your real estate investing journey. If you end up off track from your goals, regroup and modify your tasks moving forward. Constant re-evaluation of where you are versus where you want to be is crucial for generating long term success in real estate. On the flip side, be sure to celebrate your wins! After all, you deserve it!

Remember to order Zig Ziglar’s Goal Setting audio. Its a small investment for you to learn how to write your GOALS for 2009 on real estate investing. If you don’t have a path or direction for yourself then you will help someone else achieve their dreams and goals. If this what you want? listen to 3 FREE audio’s!

Without clearly defined goals, you simply can’t achieve the success you want! In Goals, world-renowned motivator Zig Ziglar guides you through a clear, beautifully organized ’success trip.’ Along the way, you’ll learn how to recognize and set your goals. You’ll learn techniques for finding extra time you didn’t think you had and for cutting down big goals to easy-to-handle size. Now you can take advantage of this all-important opportunity to write your ‘business plan for life.’

Real Estate Investing:  Do you remember your New Year’s Resolution?  Did it involve Real Estate Investing?  Did you write your New Year’s Resolution down on a piece of paper?  How many people’s New Year’s Resolution was forgotten after the Champagne was gone?

It’s Critical to your success as a Real Estate Investor to have Goals.  If you don’t have any goals you have no road map.  Would you drive to another state without a plan?  Do you go on vacation without a plan?  Do you know what you what to accomplish for 2009?  How many Single Family homes do you want to buy in 2009?  How many audio’s are you listening to learn how to achieve your goals?

If you want to change your life then you need to do something different than you did in 2008.  Otherwise if you wake up and drive to work and watch the same Reality Shows as in 2008.  Your life will be the same by December 2009.   You will ask yourself where the year went and what did you accomplish.  These are hard questions to ask yourself, but you need to sit down and truly think about your passion and desires on Real Estate Investing.

Zig Ziglar’s Goal Setting Audio is an awesome audio program to assistant you in setting your goals on Real Estate Investing.   I heard of Zig Ziglar during my younger years however I was not ready to receive his information to make me successful.  Three years ago, I was ready.  I love listening to him.  His voice radiates with enthusiasm when he speaks.  I believe you will enjoy his Goal Setting audio’s as much as I do.  He will help you achieve your dreams even if they are buried underneath the stress of your daily lives.  Zig Ziglar will teach you how to bring your dreams back to life again.  He did for me.

You need to invest in yourself for 2009 to get what you want out of your life in 2009.  I listen to audio’s 4-5 times a week to learn new ideas or be inspired.  Click on picture below to listen to 3 free audio’s samples.  Enjoy!

Without clearly defined goals, you simply can’t achieve the success you want! In Goals, world-renowned motivator Zig Ziglar guides you through a clear, beautifully organized ’success trip.’ Along the way, you’ll learn how to recognize and set your goals. You’ll learn techniques for finding extra time you didn’t think you had and for cutting down big goals to easy-to-handle size. Now you can take advantage of this all-important opportunity to write your ‘business plan for life.’

Goal Setting is critical for your Real Estate investing success if you are truly passionate about Real Estate Investing. Education is the greatest investment in yourself! Enjoy listening to his FREE sample audio’s and be inspired to Act on your dreams! To view my blog click on http://youcanbuycashflowrealestate.com