I believe strongly in real estate investment and making sure you build a portfolio for you and your family.  I believe in owning rental units- both commercial and residential.  Residual Income is a great route to Financial Freedom.

Here are my two cents (I found under the seat cushions) on Real Estate Investing:

• It’s all timing.  Know when to buy in and when to get out!
• Get comfortable with the fact that you will lose some.  Be okay with it.  The best deals on paper can go down the drain due to the Unexpected. As long as your portfolio gains in profitability at the end, you’re good!
• There are 3 sectors I love:  Residential Rentals-4 plexes or 12+ units, Commercial Rentals- Mixed Units and small Industrial with office attached , and Raw Land.  Understand that they don’t all transition at the same time.  For example, if residential housing is tanking it doesn’t mean raw land is doing bad.
• Choose what sector(s) you LOVE- being a good real estate investor, you must have Passion for what you do and Love what you buy.  It’s like buying shoes for women and a shiny car for guys…It’s a “High” I can’t explain.
• When people start talking about what a great market it is to do _______, stay away!  Once it’s in the media, you’re already a step behind and now competing with a huge crowd who all think they “gotta get in on it”.
• I’m a huge believe in going with my gut!  But make final decisions with your head, not your heart.  Lead with your Heart, then Plan with your Head.
  
• Know that Real Estate is no more than a box built out of sticks that sits on top of a pile of dirt.  Love it.  Embrace it.  But don’t Obsess and Attach to it.
• Know when to take your losses- cash out…start over again if you have to.
• Have a great team with you- Real Estate Attorneys, Accountants, Brokers.  Do not be afraid to “upgrade” as your portfolio grows.
• Look for a team that compliments you.  For example, I have enough Oomph for 10 people and willing to take a risk.  I intentionally build a team that are grounded, solid, and very mindful of risk management.  They keep me in check when I’m smoking too much fumes.  Now, the final decision is always mine but great to get solid feedback from the team.
• Understand tax shelter strategies.  It’s important to learn to keep the wealth as much as building it.
• Understand there are Ups and Downs in Real Estate.  Know which are your short term and long term properties.

There!  I’ve shared some basic rules on Real Estate Investing.  Of course, there are many variable, as always.  The best deals I’ve found are the ones that fall in my lap Unexpected.  Have fun!  The key is Research, Research, Research!!!

Fly high, my friend.  Fly high.

Jenn