This a strategy session! We’ll look at how things can take an unexpected turn, how to minimize the potential for things to go wrong, and what to do to keep your cool when they do.
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This week’s podcast episode is designed to help new real estate investors understand how to find money for their projects, and how to prepare to get your deals funded. If you’ve been trying to get your first project under your belt, or maybe even your 20th deal, this is the episode you’ve been waiting for.
Trusts are my favorite real estate investing tool, with many reasons to use them. Once you begin using Trusts in your real estate investing business, you’ll have ‘aha’ moments fairly often.
Like life before your spouse or children, once you ‘get’ the Trust concept, you can’t ever imagine your life without them. Even you kids will be glad you started using them!
For me, Trust is a simple idea: Do The Right Thing. Some people might find it tough to always do the right thing… especially when money is involved! For Real Estate Investors, the building and maintaining of Trust must be as consistent as the rising of the sun… Each and every day.
Do it right all the time and you’ve got people begging to do business with you. Screw up even a little, and you’ll spend more time and energy trying to rebuild Trust, or paying for it in other ways. This isn’t only about Real Estate Investing – this goes for every relationship you have.
Last weekend, I had a great conversation about investments with some friends. They finally realized that there is a big distinction between assets & investments. While they’d never thought about those differences before, it occurred to me that most people haven’t thought about them either. I’m always surprised when somebody justifies a purchase with the term, “It’s an investment”.
“Oh, I buy expensive watches. They’ll be worth more in 20 years” a new friend said to me. “Buy a classic car – it’ll hold it’s value” was something I’ve heard before. Or, “I’m buying and holding on to great musical equipment like microphones, because good gear is always going to be good gear” was another comment. These bright, clever, and driven people claimed that all were good investments. But they hadn’t thought about it from the correct vantage point. If they had, they’d see apples and oranges…