056 Listener Questions and Answers

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This week on the CashFlowGuys Podcast Tyler Sheff answers questions sent in from our listeners.  We appreciate you taking the time to ask questions and love to provide more value to our listeners by answering them on the show in order for everyone listening to benefit from the answers.

A bit of housekeeping:  I am happy to announce “Coffee with The CashFlowGuys” is my new live video program available via the Zoom video platform.  I will be hosting this live event on Friday Mornings at 9am eastern time.  You can register for free access at

CashFlowGuys.com/Coffee

Many of our listeners have expressed an interest in coaching however have limited funds to hire a coach at this time.  Because of this need; I am now offering access to a mentoring club I am part of which can be accessed at CashFlowGuys.com/Mentor

The group is made up of five mentors who can help you stay gain basic skills and practices as well as keep you focused on learning and self improvement.  Additionally, the mentors can help you via daily video calls where you can ask questions live and receive answers on things you need to know.  Note, this is not a “group coaching” platform, however is still a powerful resource to help you get started.  The cost is a nominal $97.00 per month.

This week’s first question is from Jerome:

I am getting started and have found that there are multiple things, life, that get in the way to getting started in real estate investing.

 

My Response:

First, I need you think about what you will lose if you don’t take the steps to manage your time in order to accomplish your goals.  Episode 53 discusses the book “The One Thing” and should help you get more focused and block your time efficiently.  By allowing “life to get in the way” you are failing yourself and your family…sorry to be harsh, but I don’t want to hear someday that you never got started, and that you are 70 and still punching a clock somewhere.  I am here to help you on work through this issue.

These things aside, I've been looking more for owner carry financing and lease purchase option opportunities in TN and FL where my wife and I are from, respectively. When I look at the properties available and running my numbers on potential properties the cash flow isn't as enticing as say my friends investments in a market that I currently live in. How do I know what the average ROI for a specific marketplace is or do I just look at the numbers and stick with what I “feel” is the percentage I want to invest in, no less than **%?

 

My Response:

Try not to compare what you are doing to that of your friends.  I would imagine their investor identity is not exactly the same as yours.  In addition to that; I bet you are running numbers based on “what’s for sale” a/k/a “buying off the shelf”.  This means you are running numbers based on retail prices.

To get a good handle on what the marketplace is offering consider building your network and talk to more people.  Building a database is a critical part of the process.  Also, talk to an experience property manager in your area who has a good handle on the marketplace.

One thought that may help you is to focus on finding problems, not properties.  By this I mean, that properties that have issues or property owners that have issues are often more inclined to be open to creative acquisition strategies or reduced purchase prices.

My best advice is for you to think, plan and dream bigger than you might currently be.  Starting slow is fine, fear is understandable, however if you take bigger bites you will be glad you did later.

 

From Jose

Good evening guys, I recently started listening to your podcast and have really enjoyed your insights and points of views it is truly refreshing and what I've been looking for. I've always been interested in Real Estate investing but didn't know how to get started, I've read several books but they have not really appealed to me because they all included some form of slum lording. I do have a full time job but I also have a lot of free time and I would really appreciate it if you could point me in the right direction, what books should I be reading? I'd really like to start researching. Thanks in advance for your help and for your great podcast. Jose

 

Jose begin with the following books:

Rich Dad Poor Dad by Robert Kiyosaki

CashFlow Quadrant by Robert Kiyosaki

The ABC's of Real Estate Investing by Ken McElroy

The Advanced Guide to Real Estate Investing by Ken McElroy

Equity Happens from Robert Helms and Russ Grey

Building Wealth One House at a Time John Schaub (Updated Edition)

When you finish these books, go to CashFlowGuys.com/AskTyler and lets help you develop a strategy that fits your needs to help get you started.

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