May 26, 2017
Joe Fairless

Friday Facts – Best Real Estate Investing Advice Ever Lightning Round

Learn this week’s Best Ever guest’s best ever books, real estate deals, ways to give back and biggest mistakes

Joel Sherlock from JF993: How to Build a Fund and Buy BIG Deals in Many Markets

Best Ever BookThe Saint, the Surfer, and the CEO by Robin Sharma

Best Ever Deal Joel has Done – “I would say that the first time I ever sold my renovation and bought my next flip. I thought I was a genius.”

Best Ever Way Joel Likes to Give Back – Charity work

“I sit on the board of a children’s charity in Vancouver. We have medical needs disabilities children’s camps. It’s call the Zajac Ranch. Amazing work. I love to be involved in that. Love giving back.”

Biggest Mistake Joel Has Made So Far In Real Estate – Rushed Due Diligence

“Not enough due diligence. Blinded by excitement.”

“Taking pressure from … another agent on the other side. On the surface, it’s like, ‘Hey that’s a great deal. Well you need to make your mind up quick because we have a bunch of other people looking at it. We just ripped through the due diligence really fast and it was a big house. There was a lot of value to it. It was a flip that we did. Luckily, we got our money back, but it was just a far larger project than we initially thought and a traditional due diligence period would have found that.”

Click here for the full interview and learn how to build a buying fund of over $2 million

Kevin Carroll from JF994: Investing with Your Mastermind Network, Leveraging REALTORS, and a Road Trip with Contractors

Best Ever BookRich Dad Poor Dad by Robert Kiyosaki

Best Ever Deal Kevin has Done – “Double landed a piece of land here in Idaho. Made an $80,000 commission check. That was pretty nice.”

Double landed means Kevin “represented the buyer and the seller.”

Best Ever Way Kevin Likes to Give Back – Educating others

“By writing the book [A Journey to Financial Independence] and doing podcasts like this, I really hope to show people, your listeners and people out there that this is an amazing industry that we’re in, and I think that we all have a responsibility to figure out a way to become what I like to call a “one hundred percenter”, so have your passive investments – have them pay more to you every month than you need to live. I want to teach people how to do that so that they don’t have to work anymore.”

Biggest Mistake Kevin Has Made So Far In Real Estate – Overestimating the sales price and rehab budgets

“Usually, when we make mistakes we overestimate what we can sell it for; we think we’ll sell it for 200k and it really sells for 180k. And we underestimate what the repairs are going to be – that’s probably the easiest thing to get away from you. If you have a $30,000 budget and you spend 50k – that’s obviously a problem. But it’s very easy to do, so that’s probably the hardest thing, to stay in budget.”

Click here for Kevin’s full interview and learn how to increase your business through a mastermind group and leveraging other realtors

Leonard Spoto from JF995: Defer Your Taxes with the 1031 Exchange!

Best Ever BookOlivia the Pig by Ian Falconer (reading it to his daughter!)

Best Ever Way Leonard Likes to Give Back – Donating to Charity

“We donate to a couple of really good causes that are near and dear to our heart. Hydrocephalus Foundation is one of them, and the Ronald McDonald Fund.”

Biggest Mistake Leonard Has Made So Far In Real Estate – Ineffective communication

“Not effectively communicating. You think everybody is on the same page, and this just happened to me the other day, where you think everybody is on the same page, but they’re not… So aligning everybody’s goals and making sure everybody understands the goals and making sure that you understand what you think your partners are going to be doing.”

Click here for the full interview to learn how to defer capital gains taxes

Dawn Rickagaugh from JF996: How to Buy, Hold, and Sell Seller Financed NOTES

Best Ever BookCourse in Miracles by Helen Schucman

Best Ever Deal Dawn has Done – “Buying a non-performing diverse note that was in second position for $10,000 and nine months later getting $80,000 when it paid off.”

Best Ever Way Dawn Likes to Give Back – Homes for the less fortunate and educating other investors

“Creating homes for families who are shut out of the system. They don’t have all cash, they can’t get a bank loan, but they still need stability for our communities and they need a home for the family. So that owner carry thing that I help make happen in my own backyard – that makes me feel good.”

“Also sharing information, so people get inspired to do this in their own communities and create those financial solutions just one moment pop to another.”

Biggest Mistake Dawn Has Made So Far In Real Estate – Unfounded trust

“Trusting a title company to do the right paperwork, to do it right, and then finding out they didn’t, and then I just want to hit myself.”

To mitigate the risk, “I read things. I take responsibility for all the documentation and paperwork, the due diligence. I kind of read stuff; just sort of reading things.”

Click here for the full interview and learn how to invest in notes via seller financing 

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Disclaimer: The views and opinions expressed in this blog post are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action.

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