Archive for January, 2008

Woman Fired for Writing Romance Novel

Woman Fired for Writing Romance Novel

| January 31, 2008 | Reply

Here’s a great story that was posted on Donald Trump’s blog today.  It gave me a good laugh. A woman in Iowa was fired from her job at an industrial equipment manufacturing company for working on a romance novel on company time. The woman, who had a desk job, began her job in August. After […]

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Building Wealth One Property at a Time

Building Wealth One Property at a Time

| January 30, 2008 | Reply

If you currently work a full-time job and want to quit someday, buying rental property is one of the fastest ways to create income and build wealth.  Most likely, you already have experience with purchasing your own home, so buying rental property should come easy if you’re willing to give it a shot.  You can create enough income to quit your […]

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Why Your House is a Liability

Why Your House is a Liability

| January 29, 2008 | 1 Reply

Homes are the most common (and most expensive) assets purchased by Americans. By 2006, some 69 percent of Americans bought homes, up from only 44 percent in 1940. Homeownership has been — at least until the advent of the subprime mortgage crisis last summer — an easy road to amassing wealth. From 2000 to 2006, the average price […]

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Waiting for Your Diamond

Waiting for Your Diamond

| January 28, 2008 | 1 Reply

A study in The Journal of Consumer Research finds that people have more trouble choosing between bad alternatives than good ones. In one experiment, college students were asked to choose between a car with a poor warranty and one without air-conditioning. They took 26 percent longer to choose than students who were asked to pick […]

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Embracing Failure

Embracing Failure

| January 25, 2008 | 3 Replies

According to an article in the New York Times today, successful entrepreneurs say that they have learned as much from their failures as their successes.  As a firm believer in learning from mistakes, I posted part of this article below.     Failures underscore the need to take chances. The cliché is right: If you take no risks, there will […]

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A Great Time to Make Money

A Great Time to Make Money

| January 24, 2008 | Reply

As you know, real estate foreclosures are at an all-time high throughout the United States.  Facing a collapse in the subprime mortgage market that leaves cities with vacant houses and crippled budgets, the nation’s mayors are pleading for federal aid.   As a citizen I believe it’s unfortunate that many families, who we’re misled by lenders to take inappropriate […]

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Where in the Hell Are We Going?

Where in the Hell Are We Going?

| January 23, 2008 | Reply

An article in today’s New York Times announced the Federal Reserve’s decision to reduce interest rates.  The decision came after an unplanned policy meeting on Monday evening, and it reduced the Fed’s overnight lending rate by three-quarters of a percentage point, to 3.5 percent. First, I want to make it clear that I have always been a big supporter […]

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Paid Too Much? – Get Over It!

Paid Too Much? – Get Over It!

| January 22, 2008 | Reply

A front-page article in today’s New York Times reports that a home buyer in California has filed a suit in North County Superior Court, claiming damages because she paid too much for her house.  The buyer claims that the broker, in an effort to protect a commission, concealed the fact that comparable homes in the area were selling for […]

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Finding Real Estate Deals

Finding Real Estate Deals

| January 21, 2008 | Reply

Today I provide some examples of how you might go about finding some good deals: Look at bulletin boards, local papers and small independent publications.  REO stands for Real Estate Owned. Make friends with your local lenders and let them know you are the one to call when they have a foreclosure looming or in progress. […]

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Financing Investment Property

Financing Investment Property

| January 18, 2008 | 1 Reply

If you are a real estate investor, you likely know what it’s like trying to find financing for your next deal.  Depending on your financial situation, this could be easy or extremely difficult.  Especially with foreclures still running high, some banks have tightened their lending policy.  So what are the options for financing properties during […]

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