Tuesday, May 31, 2016
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Wednesday, May 11, 2016
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Sunday, April 17, 2016
This is a snippet of the monthly inspiration that I receive from my Broker Dave Hess of Avery Hess Realtors. With the record low rates and income potential everyone should be taking advantage of the income opportunity that is available today.
Hey Gang,
So what's the big deal about investing anyway? Let's build a foundation to answer that question. When someone is a W-2 employee, they are taxed at the highest rates, the government takes out all sorts of deductions before the employee ever even smells the money, and the employee has no control on the timing of the receipt of the money or the payment of taxes. Darn near nothing is deductible as a pre-tax expense. And the total amount of money one can make is limited by both the number of hours in a day and how much the boss is willing to pay. Ah, but when you become a property investor, with positive cash flow, you have all of the expense deductions of a real estate agent, but you are no longer limited to the fact that there are only 24 hours in a day. Now you make money while you sleep! You have people who go to work every day so they can mail you a check once per month. You have people going to work to make you rich. And because of depreciation and other expenses, some of your cash flow is now "tax sheltered." Once you master the skills of being a positive cash flow investor, the sky is the limit to how much money you can have coming in every month.
So what's the big deal about investing anyway? Let's build a foundation to answer that question. When someone is a W-2 employee, they are taxed at the highest rates, the government takes out all sorts of deductions before the employee ever even smells the money, and the employee has no control on the timing of the receipt of the money or the payment of taxes. Darn near nothing is deductible as a pre-tax expense. And the total amount of money one can make is limited by both the number of hours in a day and how much the boss is willing to pay. Ah, but when you become a property investor, with positive cash flow, you have all of the expense deductions of a real estate agent, but you are no longer limited to the fact that there are only 24 hours in a day. Now you make money while you sleep! You have people who go to work every day so they can mail you a check once per month. You have people going to work to make you rich. And because of depreciation and other expenses, some of your cash flow is now "tax sheltered." Once you master the skills of being a positive cash flow investor, the sky is the limit to how much money you can have coming in every month.
When you hear politicians talking about the disparity between the rich and the poor, they are not talking about the difference between low paid W-2 employees and high paid W-2 employees. They are talking about RICH investors with money POURING IN MONTHLY. Money they did not have to punch a time card to get. This is not magic that is unattainable for you. With some book knowledge, a burning desire, and a plan that you commit to, you can attain it. And there are many people you that have done it who can guide you. I promise you it is possible. But it is only possible if you think it is.
Thursday, April 14, 2016
Real Estate Income Quick Formula
Quick Worksheet
for Real Estate Income Property
Purchase Price - Market Value = (Income
Potential)
Income Potential – After Repair Value (ARV)=
(Potential Income)
Potential Income/Mortgage– Avg Rental for area=
Income Potential
Above is a quick formula for analyzing Real Estate Income Property. #1 Rule is to look for a Deal. The reason why is because of the old saying "Buy low Sell high." Key point to keep in mind is that nothing is set in stone and Real Estate Investing is a risk.
Purchase Price - Market Value? = (Income Potential)
In order to "Buy low Sell high" the purchase price that you are going to buy the property should be less than the current Market Value. The percentage amount your looking for on average should be no less than 30% - 40%.
Income Potential – After Repair Value (ARV)*= (Potential Income)
To make a profit you also need room or a cushion for other expenses such as ARV (After Repair Value) which consist of the upgrades or fixes to make the property appealing to potential buyer. Whether its just cosmetics or full renovation such as knocking out a wall the cost has to be accounted for since it plays a big factor the income.
Potential Income/Mortgage*– Avg Rental for area?= Income Potential
If the property is going to be use as a Rental Property, its best to subtract the Mortgage by the Average Rentals in the area this will give you an idea of your Income Potential. Do your research, because a a rental that is not price correctly will become more of an expense than an income generator.
Friday, April 1, 2016
Thursday, March 31, 2016
How to pass the Maryland Real Estate exam the first time
Below are some helpful hints and tips on passing the exam. The MD Real Estate exam consist of 2 parts; a National Exam portion and the MD State exam portion.
Passing the National Real Estate Exam:
- The National Real Estate Exam portion is all about Vocabulary. So get some flash cards and remember those keywords and terms such as Eminent Domain, Joint Tenant and etc...
- Create different Analogies to help remember what different Vocabulary terms means, example Joint Tenant could be related to your left arm; your left arm is made up of your hand, forearm and shoulder. These different parts make up your Left arm as a whole similar to a Joint Tenant relationship where "two or more persons in each owns an undivided interest in the whole."
Passing the Maryland State Exam:
- The Maryland State Exam is a little harder due to a limited amount of questions. The key to passing this portion is study your training material as a Broker not as a Sale Person. The reason I say this is because alot of questions are related to the Broker do's and don't's as well as the Broker requirements, responsibilities and duties.
- Visit the Maryland Real Estate website www.dllr.state.md.us for current information on the laws that govern Realtors, due to the study materials not being up to date with the current market. Here is a direct link http://www.dllr.state.md.us/license/mrec/mrecteams.shtml on the Do's and Don't's for Maryland Real Estate.
Once you pass the next step is aligning yourself with a Broker which is another story all be itself. Please reach out to me call/text or email I will love to help you on choosing a Broker or answer any questions that you may have.
Monday, March 21, 2016
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