My first entry into my coaching Journal.
Not much time this morning for analysis, but I will come back tonight hopefully if I'm not to absorbed in the material I am learning and completing assignments.
I woke up early this morning. Real estate is becoming a love affair for me. Never had this experience with a career.
I chopped up my newspaper this morning locating information on my local market. I am filing the information in a folder for my city. I am also going to subscribe to information on surrounding cities and track information on them. I want to follow them and watch how they progress. Every morning I will log on to the Internet and gather all the important headlines about my market and them file that information away. Feels good to be in the know and an expert on the market.
I've been putting in like 15 hour days on real estate. I think I am hooked. I need to start tracking this information, so I can classify myself as a real estate professional, which require about 750 hours a year in RE activities. This results in great tax benefits. Since I am spending my entire day in real estate, I am keeping every reciept that I could possible convince my tax accountant is a business deduction. I am keeping the hard copies, but also scanning them onto my computer and keeping them in a folder online. I was amazed to learn all the deductions you can take when you have a LLC. If you can justify it as a business expense, you can write it off on your taxes. Also, I heard from some experts that a good tax advisor can write off expenses going back as far as three years. This will really increase cashflow. I am going to get the Quicken Real Estate Pro Financial Software. I will just write off against my profits next year as well as the forclosure alert system. Heck if you are as confident as I am that I will turn a huge profit this next year, then buy what you need because it not only makes you more efficient and effective and makes the job more enjoyable, but it improves the bottomeline.
Heard yesterday that the market is going to be just bouncing along in a depressed state for another couple of years. The job report figures aren't as accurate as the goverment reports. The situation is much worse. I will add on another 3-5% as the actual figures with regards to unemployment as my true barometor. However, I will still use the goverment numbers because crowds follow those numbers making recovery and recession a self-fulfilling prophecy.
Watch the Commercial RE market begin to crumble. In the next year or so, I heard from some a great sorce that good deals are going to start hitting the market. Get your ducks in a row and move on the opportunity. Sorry I can't give the sorce of some of my information, but I will try to take it down for future posts. Don't hesitate on that deal you have been scoping out, close today. Look at the tallest building in your city and watch it like a hawk for some time, then call the owner with a professional attitude and ask if they would consider selling. I think that sounds exciting huh?
Brian Powell Jr.
What's money? A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do. - Bob Dylan, 1941-?
Risk! Risk anything! Care no more for the opinions of others, for those voices. Do the hardest thing on earth for you. Act for yourself. Face the truth. - Katherine Mansfield, 1888-1923