Bookkeeping may not be your idea of a pleasurable activity, but we hope to help make it a little less dreary by sharing some quick and easy ways to make it more efficient (and make your business more profitable.) (more…)
Summary: Design plays an important role in the value of a company’s products. A well-designed product that customers want is more valuable than a similar product that isn’t as desirable. Companies like Apple have used design to go from financial ruin in the early '90s to the runaway success it is today. When it comes to long-term rentals, design isn’t something most rental property owners think about. But could design add significant value to a long-term rental like design does to Apple’s products? And if so, are there any examples of design being used by investors to add significant value to their properties? Read on to find out! (more…)
Summary: Is investing in real estate good? Or is it too risky? If you’ve been thinking about investing in cashflowing rental properties but have been held back by concerns about the risk of losing your money, consider the risk of doing nothing. In this article, we go over these risks and show you why the risk of doing nothing far surpasses the risks of investing in real estate! (more…)
Summary: In previous posts, we discussed the importance of sticking to your criteria when screening (1% rule) and purchasing investment properties (cash-on-cash return). In contrast, this post covers the gray zone – what to do when a property is close to, but does not quite meet your criteria? And how do you spot hidden value to make a not-quite-perfect deal work for you? (more…)
Summary: Renting out storage space is one of the best ways to tap into hidden value and generate extra income from your rental property. Neighbor.com is a great platform for rental property owners to earn extra income by renting out any extra space they have that could serve as a storage space. (more…)
Summary: How can you use real estate investments to step up your wealth rapidly, in a matter of even just one or two years? In this post, we focus on several ways you can add and harvest value from your investment properties to step up and grow your rental portfolio quickly. This step of the Fast FIRE system isn’t called Expand the Money without reason! (more…)
Summary: Hiring a tax accountant for your real estate business can seem like a black box. Is it okay to use your regular tax accountant, or do you need someone who is focused only on real estate? When screening a real estate savvy accountant, how do you know they’re the right fit for you? In this post, we share some of the knowledge we’ve gathered from spending hours and hours speaking to different accountants about real estate taxes. We hope this gives you a better sense of what type of accountant you need to partner with for your real estate investment business. (more…)
Summary: Properties purchased as off-market deals generally offer superior returns when compared to properties listed for sale on the multiple listing service (MLS). In fact, in our current portfolio, greater than 1/3 of our properties were purchased off-market. In this post, we explore why off-market deals exist. Then we explore how to best position yourself to gain access to this prized species. (more…)
Summary: For those of you who have purchased rental properties, did you renovate the property immediately? Or did you wait to renovate it until several years later? In this post, we talk about the benefits of the Renovate Early Strategy. Renovating a property immediately after purchase can help you grow your wealth much more quickly than waiting to renovate your properties. (more…)
Summary: Most people would look at a doctor or other high-income professional and assume that they have it made. But the reality is, they are likely drowning in debt and pay insane amounts of taxes, so most don’t feel this way. So what can be done to address the economic challenges high-income professionals face? Learn how to pay zero taxes on your doctor's salary. (more…)