Get Real about Success
Taking listener questions today, I answer your most burning queries. How do you keep track of rental income? When should you buy more properties, and when should you hold off and wait? Heather and I weigh when you should use leverage over cash, and how that answer might change for some of you. It was a lot of fun answering the questions that have been on your mind lately.
Focusing on national trends means you’ll miss the data from your own backyard. Heather Marchant and I talk about the difference between the national rent collection trend touted in the news with our own personal experience. Real estate, like rent collection, is all about the local trends, and we prove that to you today.
“Sometimes we play hard when we should be working hard”, says Michael Scott. Setting out to purposefully create a work culture means thinking carefully about the values your company has. But this isn’t a top-down decision. I discuss with Heather Marchant about the process our company went through to settle on our core values; a process that literally saved our business. And guess what? I didn’t get any input until the very end.
Looking for a mortgage broker by searching for the cheapest rate is not the best way to sift through your choices. Joe McBreen from Cross Country Mortgage knows how to figure out the best loan product for your investment situation. Having survived the last recession, his inside perspective on the mortgage industry will help you understand how a correspondent lender can help real estate investors in a way that other brokers cannot.
Will a slow and steady investment really beat out real estate? Heather and I take on the question of the stock market versus the real estate market as a client challenges Heather on how poorly he thinks the real estate market is doing right now.
Have you ever thought about using your IRA to buy cattle and earn “cowpital” and “bovidends”? Yeah, I know it sounds crazy, but you can do some really cool stuff with a non-recourse loan in an IRA. I talk to Mountain West IRA owner and founder Jon Galane about the stock market, the real estate market, and where the two can stampede together inside a self-directed IRA.
It’s no secret: Vacancies cost you money. Heather Marchant and I talk about all of the different strategies we’ve used over the years to creatively get and keep tenants in our apartments and houses. By approaching this problem from a math position and removing the emotion, you can reduce the common mistakes many landlords make.
Angela Thomas checks in with me today, giving me the low-down on her entrepreneurial journey. She shares how networking has helped accelerate her growth, why she reads constantly, and how breaking down tasks into small steps helps her feel less paralyzed by the work she has to do.
I know your business isn’t going to look the same tomorrow as it did two months ago. We’re in a rapidly shifting economy, but I think there could be a lot of opportunities for business leaders who are nimble enough to transition quickly to the new rules. By embracing virtual work, cutting the fat in your business expenses, and running toward marketing while everyone else is running away from it, you’re going to be able to continue making deals.
The news cycle might be a never-ending stream of negativity right now, but Heather and I can only see opportunities. If you want to come through this economic uncertainty, then you’ll want to focus on marketing, human capital, and trimming the fat in your business. Your business will be able to come out of this stronger than ever if you shift your sights on serving your customers’ needs at this very moment.
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