the-abcs-of-real-estate-investing-ken LifeFeeling

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second example, they will probably not respond at all because they don’t know how.There’s nothing there for them to sink their teeth into. Few if any opportunities will come toyou; instead, you’ll be forced to find opportunities yourself. And given the vagueness of thegoal, you have a lot of work ahead of you.Communicating a goal effectively puts you in the driver’s seat. In the first goal example,you’re in charge. In the second goal example, if any real estate agents respond to you, theywill be showing you the properties that are in their interest to sell, not necessarily in yourbest interest to buy. That’s a dangerous position.You’ll know whether or not your goals are concrete by listening to what you say.Should you find yourself saying phrases like, “If you hear of anything, let me know…or“Tell me if you see anything that looks good…then you need to define your goal further.Those phrases are telltale signs of vagueness.PLAN AND SET MILESTONESOnce you have your clear, measurable goal defined, you’ll also want to lay out the pathyou plan to take to achieve it. That means drafting a plan and setting milestones so youknow when you’ve achieved important steps along the way.There are fundamental milestones that relate to personal behaviors and financialfreedom. What behaviors should we change or eliminate?Behavioral Change To-Do ListTaking the same route to work every day.Hour-long lunches.Watching TV every night.By changing these three simple behaviors you are setting milestones that help youachieve your goal. Taking a different route to work gives you new scenery and helps youlearn about the market and the properties within it. It helps you understand traffic patternsand gives you new perspective on new areas. Using half your lunch hour to eat frees up theother half to make phone calls, meet with your team, and even visit properties. And in caseyou’re a numbers person, a half-hour per weekday adds up to ten hours per month! Finally,eliminating TV, or at least reducing your viewing time, frees up countless hours in theevenings to work on your business. Look at your own behaviors and modify them toachieve your goals.How much money do you need to make to be financially free and what are you going todo to make it happen?Financial Freedom To-Do ListAdd up your personal expenses.Determine what you can reduce, eliminate, or do without.Figure out how many properties you need to buy to cover the total.
Over the years I’ve established a system that I use every time. It’s the system you’lldiscover in this book. You should also communicate milestones clearly to your network ofbusiness partners, and everyone you meet. You never know who will be the one to revealthe perfect property opportunity to you, so the more detail you can provide up front thebetter.Business To-Do ListFind your team.Evaluate the market.Find a great property.Assign a valuation to the property.Establish a property plan.Develop a budget.Manage the property.Use the chart to help you map out your goals. Be honest with yourself and write in thosethings that you really plan to accomplish.PERSEVERE AND DRIVE THROUGH ALL OBSTACLESIf you’ve ever been part of anything entrepreneurial or even if you ever built somethingfrom scratch, then you know endeavors such as these take twice as long as you think,require twice as much work, and cost a lot more than you expected. Those are facts of life,so I am never surprised when they prove to be true. Every project brings with it obstacles.Things that make work work, if you want to look at it that way. Or, things that keep workinteresting. I prefer the latter.In Portland, the acquisition of our waterfront building is destined to be a greatinvestment. It’s right on the Willamette River, and as I mentioned earlier, part of thebuilding is built on the pier. There are waterfront views and the entire project is over 300units. There’s nothing else like it in the whole city. Sounds like a dream come true. Wellmany would have viewed the dream more like a nightmare from the start. From problemsstemming from years of deferred maintenance to battling numerous structural inadequacies,you name it and we encountered it. We could have let these obstacles and dozens of othersstop us a hundred times from closing on this deal. But we knew in our hearts this propertywas worth the effort. It was worth driving through every one of these obstacles.We foundsolutions and invested the money necessary to bring this amazing project to its full potential.When it comes to property investing,the saying “where there’s a will,there’s a way” has never beenmore meaningful.
Page 1 and 2: RICH £4 DAD• OVIM'.KSFOREWORDBYR
Page 3 and 4: This publication is designed to pro
Page 5 and 6: ContentsForeword Learn from an Expe
Page 7 and 8: Chapter One: The Myths and the Magi
Page 9 and 10: Myth #2: You Need to Start Small-Bi
Page 11 and 12: Take any ten-acre piece of land. Le
Page 13 and 14: have on your team. And you’ll fin
Page 15 and 16: I admit when I was just starting ou
Page 17 and 18: One real estate investor I know has
Page 19: MAKE YOURSELF ACCOUNTABLE TO SOMEBO
Page 23 and 24: Chapter Three: It Takes a TeamWho w
Page 25 and 26: Whichever route you choose—to emp
Page 27 and 28: • Accountant. Your accountant wil
Page 29 and 30: Level One ResearchLevel One Researc
Page 31 and 32: Level Three ResearchWhen we returne
Page 33 and 34: that, the rest becomes easy. And th
Page 35 and 36: was before a boom in rental propert
Page 37 and 38: for the emergence of neighboring Li
Page 39 and 40: After reading this chapter, you sho
Page 41 and 42: find what fits my parameters. You m
Page 43 and 44: LOOK AROUNDBefore you seriously tar
Page 45 and 46: you? Well you won’t be surprised
Page 47 and 48: Tell me a littlebit about youand yo
Page 49 and 50: Chapter Seven: Is It Really a Diamo
Page 51 and 52: Step 1: Verify Property IncomeEven
Page 53 and 54: 6Numberof UnitsTotedToted Rent/Type
Page 55 and 56: Before we leave the topic of income
Page 57 and 58: Per UnitSeller Pro Prior Year OurFo
Page 59 and 60: IncomeSeller Prior Year OurPro Form
Page 61 and 62: Step 5: Calculate the Loan Payment
Page 63 and 64: Now it is time to convince the sell
Page 65 and 66: engineering reports, or any recent
Page 67 and 68: Chapter Nine: Due Diligence: The Ea
Page 69 and 70: Government Agency ReviewsPurpose :
Page 71 and 72:
Regardless of whether I find hidden
Page 73 and 74:
The Property Plan Adding ValueIt wo
Page 75 and 76:
all our investigation, we discovere
Page 77 and 78:
OTHER INCOME OPPORTUNITIESMost prop
Page 79 and 80:
PROPERTY TAXESThere are two kinds o
Page 81 and 82:
• High maintenance expenses requi
Page 83 and 84:
Property Manager Job DescriptionReg
Page 85 and 86:
MAINTENANCEIt’s the property mana
Page 87 and 88:
that is very responsive. On emergen
Page 89 and 90:
What this amusing story communicate
Page 91 and 92:
windows, carport damage from moving
Page 93 and 94:
high as 20 percent. Regardless of t
Page 95 and 96:
What to Do with Your MoneyIf you do
Page 97 and 98:
References and ResourcesFor additio
Page 99:
Best-Selling Books in the Rich Dad
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