32 Questions To Ask When Buying Apartments

I was in my office one day, when a real estate investor called me on the phone. He said, “Garry, I just had one of my tenants move out – and they took the refrigerator with them! They said it was theirs.” Uh oh.

Image of a Multifamily investment property checklist for buyers of apartments

They took the refrigerator!

I immediately called the seller, who explained that those particular tenants had previously sold their home, and so they had brought their own refrigerator with them. He had simply forgotten, and there was no mention of it in the lease.

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What is a Cap Rate? [Podcast]

What is a Cap Rate? - Beautiful business woman with question mark above the head

Walking and Talking … Cap Rates!

(Podcast Transcript)

Cap Rates. You hear about them all the time, from people who specialize in investment real estate. They’ll says things like, “That property sold for a 6 cap,” or, “We’re looking for properties priced in the 9 to 10 cap range.” Today’s Walking and Talking podcast is all about Cap Rates!

Photo Courtesy of @istockphoto.com

Today, you will learn 5 things:

  • What is a cap rate?
  • The reason why so many people are often confused about cap rates.
  • The best way to remember how to easily calculate a cap rate for any investment property.
  • The five main factors that influence cap rates.
  • Why you should beware that all cap rates are not created equal!

Hit Continue Reading and listen to the Audio:

What They All Have in Common

Image of the shoes of 3 different people, 1 of which is wearing clown shoes.

What they all have in common. This was what I wanted to know. In my first book, Walking and Talking – 57 Stories of Success and Humor in the Real Estate World of Business, I recounted stories from some of the top real estate professionals in the Midwest. After observing their careers and listening to their stories, I asked myself this: Other than their sheer success, what do all of these winners in real estate have in common? This is what I learned:

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4 Characteristics of Top Real Estate Pros …

1. They create structure in an unstructured environment.

Real estate is not your typical 9 to 5 job, where opportunities are clearly identified and day-to-day responsibilities are well-defined. It is up to the real estate professional to identify the problems and opportunities; to set a plan of action that will bring success. They are not told how to allocate their time, or which deals to pursue or ignore.

The successful ones create a great framework for activity.

The Five Elements of a Single Page Life Plan

single page life plan

It has been said, in a lot of clever ways, that people who do not care where they are going, don’t need a map. But CEO’s need a business plan, coaches need a game plan, pilots need a flight plan, and leaders need a life plan. Here are 5 things to include in yours …

Single Page Life Plan™  2013 Ballylongford Books, LLC

The Five Elements of a Single Page Life Plan™:

1. Mission or Vision Statement:
This is the overarching vision you have for your life. All other parts of your plan synchronize with this.

2. Life Categories:
Your Life Categories are the six major highways that lead a path towards your Vision Statement. These Life Categories are the most vital aspects of your life.

To see an example of a Single Page Life Plan™ that has already been created, click here:

Simple Isn’t Easy … Only Better!

Einstein often commented that unlocking the greatest mysteries of the universe would be useless unless you could make them be understandable to a young student.

math

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Don’t mistake simple for easy

It takes a lot of effort and creativity to reduce things to their most simple form.

The genius of Albert Einstein was not that he could comprehend so many of the complexities of space, time, gravity, and light. All scientists can do that. His genius was in his ability to simplify those complexities into an understandable theory of relativity.

Your Single Page Life Plan Should Not Be P.O.S.H.

Image of a white-gloved hand holding a wooden frame with the words Single Page Life Plan

The brilliance of a Single Page Life Plan© lies in its simplicity. It must never be P.O.S.H. – Perfect, Overloaded, Set in stone, or Hidden.

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Perfect

Your life plan is not the Magna Carta! It is an important document—but it’s different. Your life plan is a blueprint of how you want to live your life. It forces you to identify your goals and strategies, and it makes it easier for you to gauge results and to stay accountable. However, it is not meant to be all-inclusive or perfect.

Mark Twain once said, “Continuous improvement is better than delayed perfection.” So, don’t get mired down searching for a grand epiphany here. Just get things going in the right direction.

“I Wish I Had Smoked More Cigarettes!”

When I volunteer-speak to 7th and 8th graders, or to high school students, I make them this promise:

Cover of Seeing Past Friday Night

Nobody ever looks back on their high school years and says

“I wish I had smoked more cigarettes. I’d be up to a pack-a-day smoker by now!”

“I wish I had stayed out more often, drinking until  2:00 am in the morning.”

“I wish I had bought a bunch of drugs while in school.”

They don’t. And you won’t either.

Dodging Meteors While Creating Your Mission Statement

If you knew 10 years from now that you’d be hit by a meteorite , how would you spend those 10 years? Building an anti-meteor device, of course!

Photo of the Hoba Meteorite
Hoba Meteorite (this 60 ton meteorite, in the Otjozondjupa Region of Namibia, is the largest meteorite in a single piece, known on the earth’s surface) Courtesy iStockphoto.com

Your Mission (or Vision) Statement

Pretending that we might not live forever can be a motivation for creating a Single Page Life Plan©; for adding some intentionality to our lives. A good question to ask ourselves is this: A decade from now, how would I want somebody to describe that period of my life?  What must I focus on for this to happen?

40 Words or Less! Some Examples:

You make all of the choices when creating your life plan. It is unique to you. Your Vision Statement is the overarching purpose you see for your life. There is no right or wrong answer as long as it resonates with where you want to go. But, to create a laser-like focus, keep your Vision Statement short! 40 words or less.

For some brainstorming help, here are some examples …