Creating that Work-Life Balance so You Can Play Hard, Too

Real Estate Investors Association of Greater Cincinnati

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I got into the real estate investing business to have more free time for myself and my family and to have the financial freedom to do whatever I wanted, whenever I wanted. I wanted my life to be more worry-free. I have spent a great deal of time accomplishing that goal and I want to share some of my insights with you as a real estate entrepreneur.

When you decide to become a Real Estate Investor, make sure you structure your business in such a way that it doesn’t become overwhelming, even more so than a full-time job could be. It’s very easy to fall into that trap, especially if you work from home. You can also fall into the trap of trying to do everything yourself, and long-term, this just won’t work. Believe me when I tell you that most tasks in your business need to be delegated to others starting with your marketing.

In my case, I like to work from home and most of the functions of our business are handled offsite and by Independent Contractors.

Working from home has its advantages and challenges; the biggest challenge is that your work is always right there, calling you to finish one more thing, day, and night. But if you realize this in advance and set certain boundaries, it can make it a lot easier to avoid that pitfall.

O
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Which Bills to Pay First in Your Business

Utah Real Estate Investors Association

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“A lot of talented actors still have to pay their bills.” - Mark Wahlberg

Sometimes it seems like bills come through the door as much as customers do … And knowing which bills to pay in which specific order can be difficult. 

And just like some customers are worth more than others to your small business, some bills need quicker attention than others as well. You put things in priority order for your company every day. You should do the same for your expenses. 

We’ve got some thoughts on how to do that. 

Which bills to pay first and why

You’ve heard about keeping the lights on? It’s true. Whether your business relies on the internet, machinery, handwashing, or heating, your utility bills have to be near the top – if not always first – on your pay list.

You also need a place to work – there’s no debate if you arrive at the office one morning and find the door padlocked. Pay your rent. 

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Can’t Get Anywhere in your Business? You May Be Suffering from Entrepreneurial ADD

Central Ohio Real Estate Entrepreneurs

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The coffee shop is quiet for a change. The normal morning bustle has yielded to a lull, giving the baristas a chance to enjoy a break and catch up on some cleaning before the lunch rush.

I’m only partially aware of what’s going on around me because at the moment, I’m busy obsessing over my Ameritrade account. I’m WILLING the number to go up just a few more cents. The problem is it’s been going in the wrong direction for months.

My obsession is interrupted by my phone. It’s a call from a tenant living in one of my rentals who has a toilet that won’t stop running. She’s already told me twice and I keep forgetting about it.

With promises to stop by before the day is over, I barely hang up when I get another call, this time from an investor with a mobile home park deal that I’ve been putting off for weeks because I haven’t made time to look at the numbers and see if it’s a deal worth doing.

Meanwhile, my email pings to remind me of a wholesale deal I’ve been working on, and the seller is wondering when we’re going to close.

Just then, a commercial comes on the TV about the Read More...


How To Market More Effectively In This "New Normal"

Utah Real Estate Investors Association

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"Creativity is inventing, experimenting, growing, taking risks, breaking rules, making mistakes and having fun." -Mary Lou Cook

I'll be honest ... I hate the buzz phrase "new normal".

None of us want this present reality to remain the permanent reality.

That said, I use it because I think you understand what I mean -- the ground has shifted under our feet.

So, what will we be doing about this?

I should state from the outset: I'm not a marketing guru. But, I keep my eyes open and notice what is working!

How do you do that?

1) Share Yourself
Chances are, you're not the only person selling what
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OPM

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If you attend MAREIA meetings, you’ve probably heard me talk about OPM. Most people think of this as a term in business standing for Other People’s Money. And, by the way, it’s also the title of a good movie starring Danny DeVito as a shrewd businessman. His speech about business and capitalism near the end is something more people should hear.

However, my definition of OPM is Other People’s Mistakes and how that information can be many times more valuable than not using your own money in a deal. This month, I’m going to relate some details of a deal (almost) gone bad and tell you how you can avoid similar problems.

In this deal, I broke my own rules and it cost me thousands of dollars of profit. Here’s what happened. . .

I had an assignee for a property that I owned (I bought it as a short sale with the intent to flip it quickly). I assumed (mistake #1—never assume anything) that this would be like any other deal. My assignee and I had agreed on a price and he said he’d make the arrangements for the purchase and rehab money before we met to sign the contract.

Within a day, I received a contract from a real estate agent. It turns out that my assignee had never bought an investment property on his own and wanted the agent for protection. He had solid credit, had agreed to pay the agent’s fees and I didn’t have other buyers lined up so I signed the contract (mistakes #2+3—use your own contract and never let an agent come between yo
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NEW MAREIA Member Benefits Just Announced

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Below you will find the new MAREIA Member Benefits that were just unveiled at the annual National REIA Mid-Year Leadership Conference* in Provo Utah. In addition to the New Benefits many of the existing benefits received some major upgrades. These discounts are only available to members.

The Home Depot

Our friends at the Home Depot keep providing us with newer and better opportunities. This year it includes:

2% Semi Annual Rebate*

20% savings on paint stains and primers

Volume pricing on large orders

Dedicated national support team

Bulk pricing discounts on thousands of items

Exclusive online appliance program with free delivery and haul off

Hampton Bay kitchen and bath cabinet discount program up to 20% off

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