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real estate investing, real estate side hustle, side hustle

Get your SH*T together…a 12 step plan!

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As more people reach out to me seeking advice about dipping their toes into the rental real estate investment waters, it occurs to me that most people don’t have their SH*T together enough to get started.  They don’t have a plan, they don’t have their financial affairs organized, they don’t have their team assembled, they don’t know what kinds of properties they want–that’s right, they don’t have their poop in a group.  And, while I am happy to help out, no amount of my advice is going to do you any good if you don’t get your crap figured out first.

By crap I mean your finances, your goals, your team and your strategy for real estate investing.  Here’s a 12 step plan that will definitely help you get your SH*T together and get you moving in the right direction: Continue reading “Get your SH*T together…a 12 step plan!”

real estate investing, real estate side hustle

Interested or Committed?

In the process of real estate investing, I often talk to acquaintances who indicate they would like to do the same thing, but have not yet made the leap.  It’s easy to see that they really are envious of the work that we have done to acquire our $3M rental property side hustle.  While this may (or may not…depending on your personal perspective) sound like a lot of property, consider that it has taken us over 11 years to acquire this portfolio and required that we jump off the ‘interested’ wagon and become ‘committed’ to the process.

But, more importantly, the purpose of this post is to talk about the difference between being ‘interested’ vs. being ‘committed’.  The way I see it, many of those acquaintances who I talk to are merely ‘interested’, but they have not yet made the leap to ‘committed’.  What’s the difference?  Continue reading “Interested or Committed?”

real estate investing

5 Creative Financing Ideas

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A common response I hear from others when I talk about my real estate investments is, “I wish I was doing what you are doing.”  Many have shared with me that they have an ‘interest’ in getting started, but they are not yet ‘committed’ and haven’t made the jump into the game.  While it’s up to each individual to decide their commitment level, their resources and how/where/when they’ll begin their real estate investments, creative financing for that first deal can be the difference maker for you between just being interested and actually getting started!

Here are 5 Creative Financing Ideas that I have personally used: Continue reading “5 Creative Financing Ideas”

real estate investing

5 Reasons to LOVE Mobile Home Parks

 

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Most people overlook mobile home parks as an investment vehicle due to negative perceptions about the kinds of people that might live there or what they represent (poor, dirty, untrustworthy, etc).  If you look at the picture above, many might find it unappealing, be turned off and not consider the park’s potential as a great investment.  From an investor’s standpoint, we have found that there are many reasons to LOVE mobile home parks.  Here are 5 of them: Continue reading “5 Reasons to LOVE Mobile Home Parks”

real estate investing

Our first investment house

Leading up to 2007, my wife and I had often made trips to visit her family in South Dakota.  On these trips I would talk with her brothers (both entrepreneurs) and notice how robust the economy in their town always seemed to be.  While it’s a small town (pop of less than 20,000), it has a sizable university, several large employers, seemingly stable home prices (that amazingly hadn’t gotten caught up in the bubble of the early 2000’s).  On the downside though, when we looked around town we could never seem to get access to the multi unit properties that I had begun dreaming of—clearly, an 8-plex was superior to a single family, right?  Continue reading “Our first investment house”

real estate investing

Why investment real estate?

 

When I was growing up my parents got burned on a rental house (like, the tenant who was renting their house literally tried to burn it down…we don’t really know what he was thinking…) and that seemed to set the stage for them for the majority of their adult lives and for me as a kid that rental real estate was more of a pain than it was worth.  They never really expressed much interest in owning rentals when I was growing up and have only dabbled in it a little bit since then.  However, we lived in an old (old for our area was something from the late 1800’s, early 1900’s) house that my Dad must have gotten dirt cheap, because I remember doing sheet rock, replacing floors, fixing plumbing, watching my Dad from a distance while he fixed the electrical issues without frying himself, lots of painting and so on.  I think over the course of my childhood, my brother and I must have helped Dad touch every square inch of that house and we learned how to use most of the tools needed to handle regular, small DIY projects.  After they got burned on that first rental and sold it, I don’t recall my parents buying another house besides the one we grew up in until my brother and I graduated college.  Even with the house they bought for our after-college years, they hedged their bets, since they really bought that house for my brother and me to live in while we got our post-college lives figured out.  If I recall, they only charged us $75 or $80 per month rent, so it wasn’t like they were doing it because it was a great investment for them, but with us as ‘tenants’, they weren’t likely to experience the tenants from hell either. Continue reading “Why investment real estate?”