Following are 35 valuable lessons I learned in 35 years of part-time investing that I presented to a full house of 125 people at the November 19, 2019 Main Meeting of South Jersey REIA. For many of the lessons, I am also appending links to relevant articles I posted on the Part-Time Investors Blog or links to presentation summaries from our 19 lectures (22-hours) of the Smarter Investing home study course that in November 2019 is on sale with a HUGE once-per-year Black Friday discount for a limited time (use code TakeControl19 that expires soon).
Do what you enjoy the most - details in the training video How to Measure and Set Achievable Goals for Happiness & Prosperity
Money IS available for your investments- details in the training video Overcome Barriers to Your First/Next Investment Property
Avoid over-leverage no matter what, so the next inevitable downturn does not devastate you - details in the training video Leverage of OPM: The Good, the Bad and the Ugly in Real Estate Investing
Do NOT outsource tenant approval - details in the training video How to Screen, Manage and Choose the BEST Tenants
Choose tenant income level, then choose neighborhood, then choose house, then choose tenant - details in the training video How to Choose Houses for Rentals
Flipping distressed houses (buy-fix-sell) teaches you skills useful for rentals, wholesaling, lease-option, flipping - details in the training video Top 10 Essentials for Successful Flipping
You can fund one rental with one flip - details in the training video Fund A Rental With a Flip - A Case History Analysis
Most (not all) newbies fail when choosing wholesaling as their first real estate investment strategy - details in the training video Wholesaling - from the Buyer's Perspective
Diversify income sources - details in the training video Achieve Financial Freedom Through Successful Part Time Real Estate Investing
Diversify net worth portfolio - details in the training video Achieve Financial Freedom Through Successful Part Time Real Estate Investing
Never compromise on due diligence, no matter how well you know a person, paperwork, market or property - details in the training video Private Lending Is Great...Until It Isn't - 19 Things That Can Wrong When Private Lending
Precious metal pricing is unpredictable - details in my blog article Is Silver an Investment? Is Silver a Hedge?
Stock market behavior is unpredictable - additional details in my blog article The Myth of "Compounded Returns"
Do not rely on compounded return projections - additional details in my blog article The Myth of "Compounded Returns"
The better your performance of pre-tax IRA investments, the higher tax liability you create for down the road - additional details in the training video Self-Directed IRA's versus Self-Directed 401k's - Advantages, Disadvantages & Examples
Open Roth IRA or Roth 401k early and invest those funds wisely - additional details in the training video Self-Directed IRA's versus Self-Directed 401k's - Advantages, Disadvantages & Examples
Pay off highest interest debt before lower interest debt - common sense not practiced widely enough by the public
Spend less than you make, ALWAYS! - common sense not practiced widely enough by the public
Pay off credit card debt in full every month - 0% interest paid & increases credit score
Don’t take financial advice from anyone who has not achieved the goals you seek to achieve (non-accredited investors) - from the training video Self-Image Tune-Up to Improve Personal Performance
Consider investing in private equity deals only if you are an expert in the field of the deal and never with more money than you can afford to lose - from personal experience
Treat private lending as if the borrower will default, this will force you to do proper due diligence on borrower, value of collateral, title/lien position, documentation, your disciplined maximum loan to value - additional details in the training video Private Lending Is Great...Until It Isn't - 19 Things That Can Wrong When Private Lending
When investing in notes, make sure that your paperwork is perfect for every best case and worst case scenario from the note paid as agreed to the borrower defaults and you get the property back and that includes loan to value - additional details in Donna Bauer's training programs and blog
Treat EVERYONE with respect - common sense not practiced widely enough by the public
Pay contractors immediately on time but do not pay them upfront - additional details in the training video Top 10 Essentials for Successful Flipping
Know the law by reading the law and be compliant - additional details in my blog article Read Landlord-Tenant Law
You are 50% of the parties signing a 2-party agreement. Don’t let the other party steamroll you, even if they are a large corporation. - from personal experience.
You know more and care more about your business than your lawyer, accountant and financial advisor - additional details in the training video Decision Making Happiness and Lifestyle Aspects of Real Estate Investing
Hold yourself to a high standard of accountability. You will achieve higher performance and can then hold your tenants, partners and service providers to the same high standard of accountability. - from the training video How to Screen, Manage and Choose the BEST Tenants
It is not only possible to master multiple fields of expertise, it is often necessary for growth. Choose the ORDER in which you master various fields and occupations. - This is something I teach to selected coaching clients with multiple high performance skills who feel guilty about not focusing on a single occupation. I am a living example of successful mastery of multiple independent professions that I practice simultaneously, but mastered sequentially. This "permission" has changed the lives of several people who did not want to take a conventional career path and had the capabilities and motivation to lead extra fulfilling lives.
Never SPEND money on training...INVEST money in training. Training and coaching are the highest ROI activities you are likely to ever achieve, especially when facing the choice between multiple strategies that can save decades to achieve the same goal. - from the training video Achieve Financial Freedom Through Successful Part Time Real Estate Investing
Don’t fall for hype. Hype = lack of substance. Opposite of hype = statements supported by compelling undeniable data. “Trust me” = “I don’t have undeniable data to support my claim.” - common sense not practiced widely enough by the public
If your intuition tells you something is not right, it probably isn’t. If your intuition tells you something is great, perform due diligence. - from the training video Decision Making Happiness and Lifestyle Aspects of Real Estate Investing
YOU are responsible for YOUR life! A few strategic decisions determine more than half of your life performance. - from the training video How to Measure and Set Achievable Goals for Happiness & Prosperity
Happiness = what you do with your time. 4 Categories are Invest, Spend, Waste and Sleep. - from the training video Decision Making Happiness and Lifestyle Aspects of Real Estate Investing and available to public in Marc Halpern's new app, ready for testing, www.NowBeHappier.com
As a reminder, these training videos are part of Marc Halpern's Smarter Investing home study course that in November 2019 is on sale for with a HUGE once-per-year Black Friday discount for a limited time (use code TakeControl19 that expires soon).
Watch the trailer of Marc Halpern's Smarter Investing home study course.
