10 Quotes About Real Estate Investing
These 10 thought provoking quotes may stir up some inspiration for the real estate investors out there:
- “The first principle is that you must not fool yourself and you are the easiest person to fool.” —Richard P. Feynman
- “There’s so much disagreement about investing, and it’s because nobody knows.” —Robert J. Shiller
- “Worry is not a sickness but a sign of health—if you are not worried, you are not risking enough.” —The Zurich Axioms: The rules of risk and reward used by generations of Swiss bankers
- “Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.” —Paul Samuelson
- “Be fearful when others are greedy. Be greedy when others are fearful.” —Warren Buffett
- “… I point out that many of the more successful entrepreneurs seem to be suffering from a mild form of Asperger’s where it’s like you’re missing the imitation, socialization gene.” —Peter Thiel
- “As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you’re a financial genius.” —Ron Chernow
- “In poker, the bulk of what goes on is watching. An experienced player will choose to play only about 20% of the hands they are dealt, forfeiting the other 80% of the hands before even getting past the first round of betting. That means about 80% of the time is spent just watching other people play.” —Annie Duke
- “Human behavior cannot be predicted. Distrust anyone who claims to know the future, however dimly.” —The Zurich Axioms
- “Going through chemo is like investing money in a retirement account. You feel the hit right now, but later in life, you get to reap the benefits—by still being alive.” —Regina Brett
How To Use Skip Tracing
Nasar Elarabi gives us a full explanation of how to use skip tracing to find your next real estate deal here. Skip tracing can specifically be used to track homeowners that may not be occupying the homes they own.
Skip tracing is a basic, but very effective concept to find property owners. The whole idea behind it is to get an alternate address for abandoned or vacant property owners whom you are having trouble finding.
For example, one option is to use the NCOA (National Change of Address) to attempt to track down the owner's new living address and pull a phone number for the new address. You may also want to use a skip trace service. Here are a few examples of online skip tracing tools popular with real estate investors:
Ultimately, skip tracing allows you in on the deals that nobody else is putting in the effort to find.
13 Insider Tips To Take Your Real Estate Game To Another Level
Below, 13 members of Forbes Real Estate Council offer their best tips on how developers and investors can keep a close eye on fluctuating markets and how they can determine when is the best time to act in response to trends they notice.
- Talk to Experts
- Check Rental and Homeownership Reports
- Watch Demand Drivers and Know Market Supply
- Stick to the Plan... Always Stick to the Plan
- Know the Fundamentals
- Focus on Population Growth vs. Fluctuating Markets
- Get Detailed Area Information
- Stay as Close to the Action as Possible
- Keep a Pulse on the News and Social Media
- Know Your Data, Static Data and Trends Included
- Always Watch Inventory and Recent Sales
- Stay Focused and Do Your Homework
- Know the Strengths of Your Investment Strategy
CAA Legal Q&A
Question: When not renewing a one-year lease, do I have to give the tenants a reason for not extending their lease?
Answer: California law does not require landlords to give their tenants a reason why they are not renewing the lease, unless the property is situated in a “just cause” rent controlled jurisdiction.
Question: How can you enforce the pool rules where someone continuously leaves underage children in the pool area?
Answer: This is a safety issue and you should be able to address it. However, it needs to be handled carefully in order to avoid potential claims of discrimination based on familial status. If you encounter this type of situation, we recommend that you get specific legal advice from one of the attorneys in our fair housing practice group.
Question: New tenants moved in last month. The wife now wants me to take her name off the lease because she is moving out and getting a divorce. They agreed to a one-year lease. What can I do?
Answer: You are not legally required to release the wife from liability under the lease. If you do, and the husband is unable to pay or declares bankruptcy, you would not be able to pursue your losses from the wife.