12/23/12: Ask The Guys – Education, Vocation and Agendas

If you want great answers, you have to ask great questions. 

Think about it.  When you go to the doctor, or visit your auto-mechanic, or work with any true professional who is helping you solve a problem, they always start with asking questions.  And the better the questions, the better the diagnosis and the better the chances of applying the right solution.

When you’re trying to solve the mysteries of real estate investing, it’s no different…you have to ask great questions.  That’s why we do Ask The Guys.  it gives you a chance to hear the questions other people are asking, to jump in and ask some of your own, and to learn to discern the difference between an effective question and one that really doesn’t help at all.

So with that tee-up, here’s who’s in the studio for this edition of Ask The Guys on The Real Estate Guys™ radio show:

  • Your audacious Answer Man and host, Robert Helms
  • Your questionable co-host, Russell Gray
  • The unquestionably wisest guy in the room, the Godfather of Real Estate, Bob Helms

Since our email letter bag is always stuffed, we jump right in…

Should you pay off your personal residence BEFORE purchasing investment property?

Great question.  Of course, there’s no one-size-fits all answer.  The answer lies in your personal investment philosophy, what you have to work with, current market conditions and the highest and best use for the money.  Because your personal residence is involved, it’s not just a simply math question.  So we take some time and talk through several important considerations.

How to find a non-biased, fee based real estate investment planner?

This questions comes up a lot because virtually all financial planning is done from a stock market centered perspective.  Most “planners” are either stock brokers, insurance salesman or both.  It doesn’t make them bad, but they get paid when you buy specific financial products and services.  Ditto for real estate and mortgage brokers who may hold themselves out as “trusted advisors”.  So we talk about some ideas for those of you looking for a sounding board for your real estate investment decisions.

Where to go to get the essential education to become a professional real estate agent or broker?

Another common question.  Lots of people who want to invest are attracted to real estate as a vocation also.  There are some advantages to doing this.  You get some favorable tax treatment, you are closer to the deals, you learn the tricks of the trade, and you get into more and better strategic relationships – all very good things.  There are some disadvantages too.  We talk about both.  And probably more important, we expound on the important difference between getting the education necessary to obtain a license, versus the education necessary to make a living in the business.

How to assemble a team of out of area advisors that will be loyal to you?

Another great question!  We say all the time, “Live where you want to live, but invest where the numbers make sense.”  We also talk about the importance of building a team ahead of building your portfolio.  Sounds great, but HOW?  We discuss this in depth on this episode.

Where to start when you inherit an investment property?

Some of us are fortunate enough to have relatives who were smart enough to buy and hold on to income property.  But when the inevitable occurs and you find yourself the owner of an asset you know nothing about, it can be as bad as winning the lottery.

How can winning the lottery be bad?  The winner didn’t earn the money, so they never grew into a person capable of managing it.  That’s why most people who win the lottery end up broke again.  The same can happen with inherited real estate.

The key is education, good advisors and patient diligence.  The same kind of things it takes to be successful in anything you do.

You have questions.  We have answers…on The Real Estate Guys™ radio show!

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