August 20, 2010
Real Estate Investing | Are You Trapped In The Circle Of Fear?
The circle of fear is the result of an economic breakdown that is rampaging through our country today. We should face the fact that money or a lack of it can make or break a family, ruin a marriage and tear apart a happy home. Here I will address some of the issues we face today. How to look at them differently and maybe improve the quality of our lives. But first we must escape the circle of fear.
We all understand that money is the guiding force behind peace, prosperity and happiness. Whether that is the way it should be or not is irrelevant, that is life as we know it. One of the issues we face is the shrinking of the dollar . Another is the loss of job security, the fear of changing careers after many years in the same field. All of these and many more reasons have brought about worry, imaginary fear, anxiety and several stressful situations which have made our lives very uncomfortable.
In times when the economy is bad there are still many opportunities for the smart investor to make money. So if the dollar is weak and it takes more to live on then the simple solution is to make more. Smart investing is the way not only to debt relief, but also to financial freedom. Right now with foreclosures at an all time high, I believe real estate investing is the key to the freedom we seek. The flood gates of opportunity have blown wide open for the smart investor to become independently wealthy. With little or no experience and only a little drive and fortitude the time for riches in now.
The first thing to do is to think like an investor. Get out of the frame of mind that says you can’t live life to a higher degree of excellence. The way a person looks at things will determine whether or not he will get into the game of life. There is comfort in fear, it locks you up in a circle that will never allow you to escape. In fact fear can become so comfortable that you will start to think of your situation in life as normal. So you must start thinking like a millionaire to become one. Then you will overcome your obstacles and never allow your obstacles to overcome you.
Real estate investing has made more millionaires then any other venture that I can think of. Then it is also possible real estate may not be for you, whether or not is irrelevant. The most important thing is to live your dream. If you can dream you may find that there is something better for you then trading hours for dollars. You may start to think clearly and have better insight and develop a new vision. Then you could discover that you are no longer trapped in the circle of fear.
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7 Comments on Real Estate Investing | Are You Trapped In The Circle Of Fear? »
May 17, 2011
lfosgate @ 7:17 pm:
It is true that there are books published which give guidance on acquiring tax liens. Anyone wishing to pursue any of the many means by which one can engage in real estate investing should begin by arming themselves with the most education available.
It is fairly easy to make errors and even costly mistakes when going into any field where you only have limited information and no experience. It is much better to have the support of someone who has done it a number of times and is willing to steer you through the process.
May 29, 2011
William H @ 9:56 pm:
You have up to 3 years (exactly) from the time you moved to sell your ex primary residence TAX FREE, assuming that you lived in it for 2 years before you moved away. Price it right and offer a higher commission to a selling agent. It works.
You don't have to manage property yourself. Get a professional manager. It's not a 1039 exchange, it's a 1031 Exchange. You don't avoid taxes forever, you just defer them.
What's wrong with paying taxes if you have a long term gain, the tax rates arent that high. Selling the property could become the biggest mistake of your life. People have made fortunes by holding property long term
July 26, 2011
KARMINA @ 12:57 am:
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August 27, 2011
Simpson G @ 8:45 pm:
Las Vegas real estate isn't going to be increasing in value anytime in the next 5-10 years. If you have the cash burning a hole in your pocket and you know that finding good tenants to rent to is going to be easy, and you don't need to see an increase in property values for a long time, then Las Vegas is great.
Real Estate can be a great investment, if you do it right. If you are going to be mortgaged up to your eyeballs without a property manager and don't know how to run the numbers correctly, it can be a complete nightmare.
Too many people forget to add in things like closing costs, mortgage interest, upkeep, utlities, HOA fees, property taxes, etc, and when they see a $10,000 return without counting all that, they get hooked. Then suddenly they don't understand why they aren't making their mortgage payments and dread that next property tax bill.
October 7, 2011
Jay S @ 11:35 am:
you can be an investor and a real estate agent. if you buy a property as investment and you are an agent, it's yours. Your company will not let you invest their money unless you work at some kind of investment company. Also, if you are poor, you do n't want to be investing your money in real estate, you will want to be investing OTHER PEOPLE's money in real estate.
Contact me if you want to find out more.
-Angela
http://www.ratraceclub.com
October 23, 2011
CommonCents @ 4:38 am:
You're stuck. The 1039 rules refer to a "like kind" exchange, which if you start with real estate, ends up in real estate. But you have options: (a) Get a management company to run the place; they usually charge about 10% of the rent. (b) Sell the duplex, and put the proceeds into vacant land via a 1039 exchange. Basically no management hassles. (c) Sell the duplex, and buy rental property close to your new digs with a 1039 exchange. Then you can manage it yourself.
November 22, 2011
satarnag @ 6:59 am:
When a property gets foreclosed on, and it's the first lien holder that is doing the foreclosing, then the second and third and fourth (etc.) will get wiped out at the foreclosure auction. What an investor will do is to buy/tie up the property from the defaulting owner and see if he can discount the first and second. The second will most likely agree to a small amount (usually 7-10 percent) because they will lose everything once the property gets foreclosed on. The first will usually accept a 20 percent hit.
Now what you quoted is that the second note holder was stating that he will own the property by buying it from the person in default and take over the first position's loan payments and make it current. Therefore, he is not interested in selling his note to the investors. The investors in that example were idiots for not controling the property first or the owner didn't want to sell. The investors were hoping to buy the second note at a discount and bid at the auction and own the property with at least 15 k equity plus whatever the homeowner had in equity.
You can buy any note by approaching the lending institution that holds the note and making an offer to buy it. You will need cash to do so.
Also, to clear up the quoted reference, you can purchase property "subject to" existing liens/loans. Taking property "subject to" means that you will take over the payments, but the old owner is still responsible for the loan(s). So if you stop paying the mortgage/trust deed, the lending institution will go after the old owner and start foreclosing on the property. Buying property "subject to" existing loans is one way where someone with no money and/or credit can get into a home and own it. The second note holder was buying the property from the defaulting owner using the "subject to" clause.
I either confused you or helped you. Either way, I just saved you hundreds of dollars in late night real estate infomercials!
E-mail me if you have any questions.
Regards