1336: A Winning Real Estate Investing Strategy For Independent Landlords by Joseph Hogue with Retire Before Dad
This is optimal finance daily episode. Thirteen thirty six a winning real estate investing strategy for independent landlords. By joseph. Hogue with retire before dad dot com. And i'm your host and personal finance enthusiast diana mariam. This is the show where i read to you. From some of the best personal finance blogs on the planet every single day of the year were often surrounded by messages of how difficult it can be to make ends meet and build wealth sue. Thank you for spending this time with me where we can empower ourselves to t control of our finances and for more content being narrated to you for free covering personal development minimalism and more just search for optimal living daily. Wherever you get your podcast but since you're here let's get right to today's post and start optimizing your life a winning real estate investing strategy for independent landlords by joseph hoc with retire before dad dot com. I followed rb d. And his real estate journey for just under a year one article earlier this year talking through his condo investment was almost identical to a conversation. I've had with my wife about our own. real estate. Investments the post talking through a condo investment bought in two thousand six and whether it should be sold is just one of the many struggles individual real estate investors work through all the time the investment has done well and the hundred thousand dollars in has been paid for in part by renters but rpd wonders. If he's really the best use of the money. I started buying single family homes in two thousand one after getting out of the. Us marine corps. I was fortunate to get in at the beginning of the real estate boom and did well rehabbing and renting properties in my small local market. But i quickly found out that the real estate game is far from the passive income myth to investors and there's constantly new questions to tackle as an individual investor. You'll have to be your own contractor negotiator and investment analyst along with every other role in the process. I recently came across solution to all the questions. Uncertainty and building a real estate investment strategy. And it may be the best way to level the playing field for people like you and me create a group to improve your real estate. Investing strategy few assets have created as much legacy wealth as real estate. It's one of the most widely held investments has created empires and now even a us president but the real estate game seems stacked against the individual investor. Unless you've got a few million dollars in properties can hire professional management. It's tough to manage their own assets. Cash flow can be tight in those first few years. You might be able to manage tenants but can you also be your own contractor and repair person. Do you know enough about real estate law to answer your own legal questions. A few problems a year and the cost of hiring out all the different real estate service providers can eat into any cash flow and put you in the red many investors. Find their savings running low trying to keep a budding real estate empire. Growing there is a solution that can help. You spread the burden for your properties and save you money. They say there's power in numbers and it's certainly true in real estate. When i was looking to invest in a new market i started real estate. Investment group and the experience has been far different than my previous struggle. A real estate group or club is three or more people that get together to help each other manage their property. Investments i've seen groups take different forms from limited liability corporations that hold property jointly to informal clubs where the investors hold their own assets but helped their group with different roles identified critical members for your real estate investment group. I chose to put together an informal club rather than go through the incorporation process and worry about running an llc. The llc form can help to keep everyone involved in multiplayer buying power but it can also be a hassle trying to coordinate everyone's investment in owner rights. Whichever you choose there a few critical members that you'll want for your real estate investment club lawyers can be extremely expensive unless you can trade services within your group call local law firms and ask around the nearest universities. If they have a real estate law course you might not be able to find a licensed real estate attorney but you might be able to find someone with coursework in the topic. Real estate accounting can be frustrating for the numerically challenged but will end up saving you a lot of money in taxes. Find someone that understands the process around ten thirty one exchange in keeping track of your cost basis many contractors plumbers electricians also own rental properties or flip houses find someone that can help the group with a little sweat equity in exchange for other services. You'll also need someone that can help find the best deals analyze investments check around with local real estate agents for local investors. That might want to join your group. You don't necessarily need people that are professionally trained in these roles to form a successful real estate investing club. Someone good with numbers can become an accounting resource for the group with a little study into real estate accounting. Find people that are willing to learn and use monthly meetings to teach each other basic skills in each role. Make it a fair exchange for everyone in the group don't expect professionals to provide their services for free but everyone in the group should contribute spend a little time finding members that can work together. And you'll find the real estate. Investing game isn't so stacked against you. You just listened to the post titled a winning real estate investing strategy for independent landlords. Joseph hogue with retire before dad dot com. Thanks to anger for hosting this podcast. Anchor is the easiest way to make a podcast little distributor podcast for you. So can be heard everywhere. Spotify apple podcasts. Google podcasts and many more you can easily make money from your podcast to with no minimum. Listenership gives you everything you need in one place for free which you can use right from your phone or computer creation tools. Allow you to record and edit your podcast so it sounds great. Download the anchor app or go to anchor. Fm to get started. Joseph is a guess writer on retire before dad. He's a chartered financial analysts. That's efa who rates were a bunch of websites and blogs including his own peer finance one dot com in crowd. One zero one dot com. So you can check out more of his work there. I've come to the realization over time that the quality of my life is really dependent on the people i surround myself with. Joseph makes some great points here about the benefits of forming a group as a real estate investment strategy. But i'd also add that it can make the work itself a lot more fun after all. We are social creatures people coming together over. A common goal not only creates opportunity to leverage each other skill sets but it can also provide accountability and a resource for brainstorming solutions. To roadblocks i myself part of a mastermind group that meets biweekly to discuss our goals monitor our progress towards those goals and share resources for meeting them for real estate. Specifically you might wanna check out your local ria chapter which stands for real estate investors association or bigger pockets which is an online community of real estate investors. That'll do it for today. And another installment of finance daily have a happy thursday. Thank you for being with me every day and be sure to come back tomorrow for the friday. Show where your optimal life awaits.