Well, I used to be, but I haven’t totally figured out my current situation since my Rocket Man died in March. I’m up to my chin in paperwork trying get things transferred to my name. I’ve been thinking I need to create a cautionary post for other women, as I had planned for this day for decades, but some things still took me by surprise.
Thanks for the appreciative post. My community philanthropy is actually very practical, as I believe it inspires me to be more productive If I was working just for personal gain I wouldn’t be nearly as motivated.
I have been at it a while too and decided about 4 years ago to go the Dave Ramsey route and unwind all my debt and begin investing with cash alone and very little debt. I quit working with banks when they got tight and began buying with cash. My portfolio shrank by 80% but really… It didnt shrink since my banker owned it and all I did was manage an empire of real estate for him. Now days I have a fraction of the business without the risk and dont have to be in bed with a banker. I can use cash basis accounting and dont have to worry about money as much now that the risk of over leverage isnt there. Everyone has a different appetite for risk. I still borrow but its not so much from banks as it is from sellers that really want to sell. Taking things subject 2 allows you to structure deals with less risk. I like Ron Legrands formula since the risk is greatly reduced he says not to sign up for debt. I know the tools in my box are reduced when I dont use bankers money. The flip side is I can sleep at night knowing the banker cant change the rules on me and pull a rug out from under me. When I first started in real estate I was more aggressive since I had very little to lose besides my credit.
Re: Structuring Purchase Investment Property - Posted by Chris in FL
Posted by Chris in FL on June 21, 2011 at 10:24:26:
Agreed! I am not posting here for the general public. I am posting here for people interested in doing what we are doing and/or have done. Help them follow in our footsteps - learn from our successes, and our mistakes. That is why I highly recommend books like “The Richest Man In Babylon”, and “Rich Dad, Poor Dad”. First, you have to acquire the right mindset, then the techniques/tools of the trade. T. Harv Eker says it with the expression, you can have all the right tools, but they won’t help you any if there is a giant leak in your toolbox.