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Overcoming the emotions of fear and greed is paramount to your real estate investing endeavors. If you play into your fear, it can cripple you from ever getting started. Or, you might get started, but at the first bump in the road call it quits. Hopefully you realize that investing requires sacrifice and resisting the impulse of instant gratification.
Real estate investing is a people business, and most people can perceive when someone is acting out of greed in their dealings. In order to be successful you will need to surround yourself with competent, good character individuals. Most people who claim to be uninterested in money also resent the fact that they have to work eight plus hours every day to make money. There is a difference between contentment a good quality and apathy a bad quality.
It is a good desire to have enough money to not only provide for your family, but to live an enriched life - however you might define it. And when you possess this desire, you can then assess your current system of generating income, and begin to identify more efficient methods of building wealth. Rich people acquire assets, while the poor and middle class acquire liabilities that they mistake for assets, i.
You must know the difference between an asset and a liability, and buy assets. Real estate is one of the best investments you can make for the following reasons:. A great property puts money in your pocket through forced appreciation and cash flow rent.
As long as you continue trading up in value, you can avoid being taxed on the gains until you liquidate. Investing in real estate can keep you from simply working harder for the benefit of others - like most jobs. Acquiring assets instead of just a bigger paycheck can empower you to escape the financial struggle of working your whole life for someone else.
The rich focus on their asset columns while everyone else focuses on their income statements. Kroc understood that the land and location of each franchise were the most significant factors of his success. Keep expenses low, reduce liabilities, and diligently build a base of income producing rental properties.
The history of taxes and the power of corporations. If money works for you, you keep the power and control it. A sound financial IQ is comprised of knowledge of the following four areas 88 :. Understanding markets: the science of supply and demand. The law: awareness of accounting corporate, state and federal regulations. Know and follow the rules to avoid unnecessary fees - and prison. A corporation can do many things that an employee cannot, like spending money on pre-tax expenses company cars, gas, travel, insurance, etc.
Protection from lawsuits. You can utilize the law to protect your assets by controlling everything, but owning nothing. As your real estate investment portfolio grows, it is in your best interest to explore the benefits of establishing an LLC limited liability corp. The rich invent money - you need courage as well as competence to get ahead in this world. For the poor, old ideas and methods, and the fear of change are their biggest liability.
Limiting your options, through a lack of financial intelligence, has the same detriment as clinging to old ideas. Analysis paralysis is like waiting for all the traffic lights to turn green for five miles before you start your trip. At some point you have to overcome come to terms with not knowing everything before you make your first move. Financial intelligence involves the ability to create as many solutions to a problem in order to create wealth.
The rich realize that their single most valuable asset is their mind. By training your mind well, taking advantage of fantastic free resources books, podcasts, articles, videos , you increase your potential to create enormous wealth through real estate investing. They are seen with your mind. Yet if you look at the way humans are designed to learn, we learn by making mistakes… Failure is part of the process of success. But failure is not only inevitable, but necessary in the process of learning and growing.
What they fail to realize is that they are missing out on many life changing opportunities. Analogous to a shopper buying a computer off the shelf. Analogous to someone who buys computer parts and builds the computer themselves. Being a creative investor allows you to create huge wins, but it requires three main skills:. Find the opportunities others missed. You must be able to see past a run down, undesired property, and perceive the underlying potential.
You must be adroit to overcome obstacles and consider all available options. Raising money : creative investors need to know how to raise capital, and attain financing through more suppliers than the bank. They know how to purchase great deals oftentimes with little to none of their own money down. So instead of faking it, they identify and work with smarter people than themselves.
Being an expert will make you very good at one specific job, but job security is never guaranteed. You want to know a little about a lot. Learning new skills not only grows you as a person, but makes you much more marketable. Investing in real estate will force you to learn many new skills, including negotiation, sales, marketing, networking, business management, leadership, entrepreneurship and much more.
If you want a lifetime of learning and the opportunity to work hard for financial independence, then real estate investing may be for you. Management of cash flow : before buying a property, you need to have an accurate understanding of its monthly cash flow. Topics include focusing your business vision, understanding your financials,and more. As you live your life you must keep your guard up. As you grow your wealth you must protect it. Being a landlord can be fun - but only if you do it right!
By: Brandon Turner , and others. Apartment building investing is the only true way to achieve financial freedom with real estate. And the best part? You just need to follow the Financial Freedom Blueprint. Financial Freedom with Real Estate Investing is your guide to the world of apartment building investing. By: Michael Blank. Keller Williams' The Millionaire Real Estate Investor is your handbook to the tried and true financial wealth-building vehicle that rewards patience and perseverance and is available to all: real estate.
You'll learn about the myths about money and investing that hold people back and how to develop the mindset of a millionaire investor; how to develop sound criteria for identifying great real-estate investment opportunities; and more.
By: Gary Keller , and others. This audiobook addresses many of the challenges facing stock market investors and the ways many investors use the stock market to achieve their financial and investing goals. The audiobook teaches the principles of the author's "four pillars of stock market income" and effectively simplifies these concepts to help investors harness their power and potential.
Stock Market Cash Flow also includes valuable discussion on where paper assets fit and don't fit in the context of Rich Dad principles. By: Andy Tanner. Robert Kiyosaki - author of the 1 personal finance book of all time - has built a legacy around simplifying complex and often-confusing subjects like money and investing. He continues to challenge conventional wisdom and asks the questions that will help listeners sift through today's information overload to uncover ways to assess what's real And use truth and facts as a foundation for taking control of their financial lives.
Multi-Family Millions offers expert advice for investors who want to make the transition from single-family homes to more profitable multi-family units. Successful real estate investor David Lindahl shows you how to find troubled properties that are ripe for quick profits, how to fix or flip those properties, and how to resell at maximum value.
With a proven step-by-step system for managing each stage of the process, this book shows you how to get started in moneymaking multi-family units - even while you work your day job. By: David Lindahl. If you've spent any time in real estate, you'll most likely find this book redundant. I was able to takeaway about a paragraph worth of material throughout the entire time I listened to it.
There are other books out there on real estate that will dive deeper into the subject matter while explaining it in simple terms so it's applicable to new entrants. The title fits the book perfectly. This is a great foundation for someone wanting to start investing in multifamily.
Its like a multi unit investing class. If you're only wanting to start small with a rental house or 2, this book is overkill. If you're going big for apt complexes and having partners etc, it's all you. Not a lot of good details.
More of a general overview of how to buy commercial real-estate. The chapter on investigating the area is pretty good, but the rest is vague. I guess you can't expect a lot of detail from a 5 hour book. Way more information.
Fantastic book with several practical steps to run your own apartment bldgs. You probably couldn't go buy an apartment immediately after reading this but you will be miles ahead of someone who has not been educated in this way. Two thumbs up! Probably, but after doing some research myself. Why or why not? No because this book is not for everyone. The title is misleading. It's supposed to teach other people how to invest in real estate, but all the stories in the book focus on how to invest in Apartment Real Estate properties, which costs millions of dollars, not something an average Joe can start investing on.
Any additional comments? Title is misleading. Should have read the reviews first. I first started listening to robert kyosaki's "unfair advantage" and he mentioned how real estate is the easiest investment to work with but I felt intimidated by not knowing all of the little details I would need to know in order to be successful. Loved it. A great listen while I drove around for work. Great to help me plan for my famil's financial freedom. I was expecting more in the buying and selling and or single unit rentals.
I like the methodoligical approach to real estate investing of this book. It is full of practical insights. The majority of the book is about how to choose a property based on all kinds of objective criteria and appraisal tools. A much smaller portion is about the managing of properties. Overall I really enjoyed the book. I know this book from Robert kiyosaki's rich dad radio show. I simply admire Robert and his advisors. I want to learn from him in real estate investment.
I will listen to this book again and again. I will also buy good other two books about real estate management and advance guide. Ken, thank you for sharing it with us. Very helpful even for me with experience. Good book. Narrator clear and precise. Thanks for the help, will be listening to it again for reference. This book will change your outlook on money and life. This book is absolutely fantastic!
It is literally as close to a done-for-you solution as you'll ever find. Follow the steps and you'll be on your way to getting rich slowly. Good book if you want to start and get a motovation on real estate. I would like to see a similar book on real estate in Europe though, since this is very much focused on US market.
I think this book is more directed towards those that want to buy apartment buildings and not houses. Because the title states "ABC's" I was expecting more for the entry level or beginner real estate investor. I felt the reader was a little to excitable and didn't really suit this book. Loved everything about it. Very easy to follow and well structured. Easy to take notes and keep track of what you're being taught.
The style of the presenter was not great. Too sing-song and the chapters tend to concatenate. Add to Cart failed. Please try again later. Add to Wish List failed. Remove from wishlist failed. Adding to library failed. Please try again. Follow podcast failed. Unfollow podcast failed. Access a growing selection of included Audible Originals, audiobooks and podcasts.
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