Know Your Business: Real Estate

Once again my Big 3 commitments to become Financially Free are: Make time to become financially free, Know your business and Buy assets.  I believe that there will be real estate bargains galore in a couple of years.  The ones who are the most prepared with money set-aside will be best positioned to take advantage of these opportunities. So, this is the ideal time to focus on knowing/learning the real estate investing business.   

Update 9/16/07:

The Real Estate market is still in turmoil.  Homebuilders are having fire sales:  Hovnanian: Housing Market Has Bottomed.  Continue studying and saving.

The Three Levels of Real Estate Investor

by David Finkel

I had a great conversation with a mentorship student yesterday who shared with me how he and his wife are selling their third house (their first two houses they still own) and will net $45,000. It inspired me because I had talked with them over a year ago when they had a tenant/buyer back out of a deal, and they were at an emotional low.

Let’s face it, if you’re in real estate long enough, you will have moments of frustration and emotional lows. But the other side is so worth it. You have to look at real estate investing from the “Big Picture” perspective.

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Should You Buy a Foreclosed Property?

by Aleksandra Todorova
Published: July 21, 2006
Smart Money

LAST MONTH, 43-YEAR-OLD Daryl White and his wife Renée closed on their new home: a five-bedroom, four-bathroom 2,900 square-foot house in Valencia, Calif., a planned community 40 miles north of Los Angeles. They got quite a deal. The property was appraised at $830,000, yet they bought it for $660,000. “The house was only 10 years old, so it only needed light repair, like removing the wallpaper and painting, just some patchwork here and there,” White says.

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Better buy that house now, before interest rates go up

by Steve Sjuggerud, PhD
Editor, Daily Wealth
July 12, 2006

Most realtors in America believe that the day they’re granted their real estate license, they also become experts in predicting interest rates…

And the prediction is always the same: interest rates are headed higher. Yet nobody bothers to check their quarter-century track record. Realtors have generally been wrong for a quarter century, as this chart of 25 years of mortgage rates shows:

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