Donald Trump is probably the most famous “real estate guy” who made it big, lost it all, then made it all back bigger and better than before. What took him down you ask? In his book, The Art of the Comeback, the Donald says it was complacency and The Tax Reform Act of 1986. Remember that one? It was that wonderful piece of legislation that crashed the real estate market and wiped out the Savings & Loan industry. Oops.
Our point? Actually, there’s a few, such as how important it is to pay close attention (the opposite of complacency) to ANYTHING (including boring politics) that might affect the flow of money into any asset class – especially real estate. That’s one reason why we’ve had so many economists on over the last several months. Which brings us to the main point of this episode of The Real Estate Guys™ Radio Show, which is to address the question: What is the best way to move forward in this market based on all of the lessons of past markets?
Pulling the sleigh of broadcast excellence over the mountains and through the hills (and valleys) of the currently snow covered real estate landscape:
- Robert, the red-nosed show host, Helms
- Russell, the noseless co-host, Gray (brown was the only color left in the box and he didn’t want to wear it)
When navigating your own real estate investing sleigh through the foggy night of post-recession real estate, it’s very handy to have a shiny red nosed guide (beer consumption does serve a valuable investment purpose!). There’s nothing like experience to light the way for those just starting out. And with low prices, a growing population, low interest rates, more renters, and less new building, it sure looks like a GREAT time to get started – or for those who got lost in the last financial blizzard, re-started and pointed in the right direction.
Focusing on the right fundamentals is essential to long term success. Legendary football coach Vince Lombardi is said to have begun each year’s training camp by addressing his team of professional athletes. Lombardi would hold up a football and state the obvious, “Gentleman, this is a football.” In other words, start at the beginning and build your career on a solid foundation of fundamentals.
So whether you’re brand new or a seasoned vet looking to kick off the New Year on the right foot, listen in as we unwrap some of the lessons of markets passed and hang ornaments of wisdom on your real estate investing tree. Lots of people paid a big price for all these valuable lessons, so even though you get them for next to nothing, don’t overlook their importance.
May the New Year bring you and yours health, wealth and happiness!
The Real Estate Guys™ Radio Show podcast provides education, information and training to help investors make money with their real estate investments.