Recap: Industry Leaders Shared Valuable Insight with myEQUITY Online Community this Year

By Elsie Dudukovich0 Comments
 
2014 was the year for industry experts to share their wisdom with the myEQUITY community.  While we plan for a new year of enlightening education, let’s take a look at some of the highlights from our Ask the Expert Q&A sessions! (If you’re an Equity Trust client, you can follow the links below for the entire transcript of each session.)

Jay Conner – July 24, 2014
Community member question: “In the current real estate client, are there certain types of properties that are easier to make a profit with, such as town houses, single family homes, or even apartment buildings?”

Conner’s response: “I’ve been buying and selling and investing for 12 years now.  In the current market, my focus is single family homes.  Single family homes are more in demand, generally speaking, than town houses, and you can get in and out of a single family home deal much quicker than an apartment building. (Again, generally speaking) Plus, the risk is much smaller in single family homes than apartment buildings – especially if the apartment complex needs to be “turned around” from a losing project to a profitable on by renovations, etc.”

Lee Philips – July 31, 2014
Community member question: “Based on your experience, what are the biggest regrets people have with dealing with financial/legal aspects of a personal crisis?”

Philips’ response: “The biggest regrets are always the ‘I could have done more to prevent the problem’ or ‘I wish I had done more asset protection.’ You have to prepare to the legal problems in advance.  It can make a huge difference in the outcome if you have prepared in advance.  Unfortunately, you never know when the problem will arise.  The wills, trusts, entities, etc, all have to be done in advance.  The other major point is that things have to be in writing.  Write down your agreements, contracts, etc.”

Shaun McCloskey – August 14, 2014
Community member question: “What do you think is the most underused strategy among new real estate investors?”

McCloskey’s response: “Truthfully, the most underused strategy is implementation.
The most successful real estate investors I know HANDS DOWN have something called ‘speed of implementation.’  They don’t think about how to do something for 6 months before doing it. They do, and figure out as they go.

"They also know that they don’t know what they are doing initially.  They do it anyway.

"A good friend of mine says the secret to his success is that he learned a long time ago to just jump out of the airplane and build the parachute on the way down.  Pretty crazy, but he’s my most successful student and made $4.6 million dollars his very first year doing short sales and pre-foreclosure real estate investing.
Another friend of mine has a great saying that I love as well.  He says DONE is the new perfect.”

Larry Goins – August 21, 2014
Community member question: “What are some of the biggest mistakes you see people making when it comes to investing in real estate?”

Goins’ response: “The biggest mistake that comes to mind is being passive when doing a rehab.  I have learned that you make money when you buy and lose it on the rehab.  Seriously, you can lose a lot of money if you don’t manage the rehab well.  So always have a good contract in place and don’t let your contractor ahead of you in draws.”

Jason Palliser - August 28, 2014
Community member question: “What trends do you see emerging in real estate and investing?  What are some things I can do to be in a better position to take advantage of opportunities? ”

Palliser’s response: “Lending is loosening up a little bit, which is nice.  To be in a position to take advantage of opportunities, I would make sure to ‘exactly how fast’ you can close when a deal presents itself and let your whole real estate team know.

"Know how many deals you think you could/want to do at once and let your team know.  Once you have this in place, you need to be the first to strike when properties that fit your area pop up.  Speed kills competition.”

If you’re a client, you can log into myEQUITY and view the full transcripts from these experts’ Q&A sessions as well as gain valuable insight from fellow clients. Log in and get started!