The Easiest Money I Make Every Month!!!!

The Easiest Money I Make Every Month!!!!! Posted: 10 Mar 2008 11:37 AM CDT Alot is being said about the current real estate market, especially through the media. It seems that you can't turn on a TV, listen to the radio, or glance through a newspaper without seeing some sort of terrifying statistic about the real estate market. Now while many have their opinions, especially those who sell them for a living. I still think many people are looking past some of the true benefits about real estate investing, and long term ownership in real estate. I stubbled across a quote that was in one of the recent Income for Life monthly member newsletters and it reads as follows: " In almost any community, anywhere in the world, the richest people are almost invariably the landlords the people who own property and rent it out to others. Landlording is probably the world's second oldest profession and certainly the most lucrative. Properly managed, a good piece of income property is the closest thing you will ever find to a real live, self propelled, self generating money machine." Mike and Irene Milkin From their book titled: "How to Buy & Manage Rental Properties" This is a pretty powerful quote and I have it sitting on my desk to remind me of WHY I am a Wealth Coach and WHY real estate is my chosen path to riches. Last week I had to go and pick up a rent check from one of my tenants, they were late and I wanted to make sure that I could the check, deposit it, and send it in to the bank. One of my newer office assistants was with me, as we where out running errands together. After I ran into my tennants house and picked up the check, my assistant started asking me about the property, the location, etc. She also asked to see the check that I had just picked up. I could tell that her wheels were turning as I explainded that I had purchased the property for $352,000 about 18 months ago and was getting ready to sell it for $410,000 in six months. As I showed her the $3,050 check that I had just picked up from my tenant, I could see the light bulb go off in her head about the power of leverage that offers. She said, "Preston, you just picked up a check for more than my take home pay. You are paying me $40,000 a year and I don't even net $3,050 on a monthly basis. I have to work forty to fifty hours a week to earn my income, and you just picker up a check in about 45 minutes that is more than I take home each month. That is ridiculous, I am in the wrong business." And that she is... And that moment it also dawned on me that that is the true power of real estate, being able to not only leverage yourself time wise, but also financially. Those add to be a powerfull combination. Preston Letts Income for Life Chicago Region

Good advice amid bad news

Good advice amid bad news Posted: 29 Feb 2008 02:46 PM CST The Yahoo! finance home page today at one point listed all of the following headlines all at the same time: "Dow Drops 300 Amid economice Worries" "Consumer Spending Stalls in January" "Dollar Falls Again; Euro Zone Divided" "AIG Shares Slip on 4Q Loss" "GM Shutters 3 More Plants Due to Strike" Yet on another day full of bad news, further down on the page was an encouraging headline begging to be clicked on: "Use a Sluggish Economy to Your Advantage" Now I don't know if you're a regular visitor to Yahoo! Finance, but articles like these most often feature fluff such as "Use coupons at the grocery store," or "Don't withdraw from your 401K" or "Don't use your credit card." But today's article was refreshing. It listed six practical, useful strategies to improve your financial situation in a recession or near recession or whatever the experts are saying we're in. And guess what? The first three of the six "use-to-your-advantage" strategies were real estate-related. The three pieces of advice all pertained to the current market. 1. Call the shots when buying a house 2. Buy a distressed property 3. Borrow cheap It's ironic that the real estate slump is largely blamed for the economic issues that prompted the above bad news headlines, yet at the same time it's looked at as a way to capitalize on a sluggish economy. The author is confident in the advice because he knows what we all basically know: Real estate right now is an undervalued asset that is almost certain to appreciate. If it were a stock, it would be rated a "strong buy" in most parts of the country. Yet most of what we read or hear in the media is "Don't buy real estate!" It's borderline irresponsible. Think about this (and Rob touches on it in his post below): Who is likely to come out ahead -- the person who bought his or her home at the peak of the boom, when NOBODY was afraid to buy real estate, or the person who buys it right now, when EVERYBODY seems to be afraid? Public sentiment -- and the rah-rah of the media during the boom and it's fear-mongering during the slump -- are keeping people from making what could be the best investment of their lives. The wealthiest people in history have acted while others stood idly by, afraid. And those who act while others stand idly by during this sluggish economic time will prosper. Mike Sivula Income for Life, Cleveland http://www.myfavoriteagent.com/

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