Real Estate Articles

2019-01-02 Revisiting "Think & Grow Rich" plus Buyers Beware | By: Larry D. Hudson

Revisiting Think and Grow Rich (1/2/2019)
Could a book first published in before 1940, based on two decades of research conducted in the early years of the twentieth century, have anything useful to say to us today? Al Lindeman and Tim Burgess say the answer is an unqualified YES. 1937’s Think and Grow Rich, written by Napoleon Hill, still holds success secrets for everyone today, Lindeman and Burgess told attendees at Greater Dayton REIA’s first meeting of 2019. The book, they said, was based on author Hill’s study of successful businesspeople, including some of the most prominent figures of his time. It details 13 success principles that will help anyone pursue and achieve a worthwhile goal – principles that include developing the right outlook and self-talk.
“I’ve studying Think and Grow Rich for more than twenty years,” Burgess told the audience. He said he learned to treat the book as a text to be continuously and repeatedly studied, chapter by chapter. “It’s a choice: think and grow rich – or don’t think and grow broke,” Burgess said. Burgess said he has seen both sides – leaving formal education during the eighth grade, he said, he found a profound turning point in his life when his study of the book helped him achieve early and consistent success as a real estate agent in Cincinnati.
Lindeman used his study of the book to chart a new path after his 30-year corporate career suddenly ended.
Think and Grow Rich is a book that helps you succeed by teaching you how to get out of your own way,” Lindeman said.
Buyer Beware (1/2/2019)
Earlier in the evening, home inspector (and Greater Dayton REIA vendor member) Bill Warner had words to the wise for investors considering a rehab home purchase. Beyond the usual paint and flooring that some rehab properties require, some properties harbor hidden conditions that could cost a bundle. Sharing photos of hidden and not-so-hidden defects from his 2018 inspection practice, Warner demonstrated why it’s important to make sure to identify all the needed repairs in a property before you sign on the bottom line. High-dollar repairs from failing roofs to broken foundations and everything in between can change the numbers for a purchase and rehab. It’s important, Warner said, to avoid expensive surprises by finding all the needed repairs right at the start.
Key conditions to identify include water leaks in roofing, siding or foundations, wood-boring insect damage in structural wood and weakened, sagging floors and rooflines. In addition, Warner said, you need to keep a close watch on the previous owner’s inventive, amateur repairs throughout a property.
“Most investment properties will need renovation, Warner said. You do due diligence to reduce your risk.  In my experience over the years, the preventable problems have arisen when there was poor or no due diligence performed, the major or costly concerns were missed, or your emotions clouded your judgement. I see that time and time again,” he said.
How can you avoid problems in decision whether to buy a rehab property? Warner recommends hiring contractors or competent inspectors to help you get the complete picture -- and doing your best to keep your emotions from ruling your decisions.
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