Geographic diversification should be a consideration for all investors. Although property taxes are one factor, investors should consider insurance, sales taxes, state & local income taxes, business & corporate fees & taxes, capital gains taxes, local business attitudes and much more to figure a bottom line after tax return.
Most professional books that are on my bookshelf are not what I would call recreational reading. It seems to me that a better idea would be two different categories of reading, professional and recreational book lists.
PROFESSIONAL READING LIST
- The Wall Street Journal
- John Mauldin’s weekly investment & economic newsletter, “Thoughts from the Frontline”
RECREATIONAL BOOK LIST
- The Choose Yourself Guide to Wealth by James Altucher
- The Miracle Morning, the Not-So-Obvious Secret Guaranteed to Transform Your Life Before 8AM by Hal Elrod
- Transitions, Making Sense Out of Life’s Changes by William Bridges
This post will be updated periodically.
Are you really a real estate investor?
My goals usually involve significant outcomes which are given traditional project management type dates for achievement. This is then translated into tasks for completion. The best method I have found for maximizing my time is to be focused like a laser on what I want. Then I take the very next 3 tasks to complete every day. Before you know it, you’ve got progress. The project management of holding other people accountable for their work & deadlines is formidable. It’s like herding cats in 3D. Any method I can find that I believe is a more efficient or better way to do something or get something done is worth consideration.
If you are like minded, you may want to check out my new system after it’s launched. Since we’re now in the midst of hurricane season, I hesitate to state that something will be done by a certain date when “acts of God” may be involved. That little clause in most contracts has saved many a party who was accountable to me. Last year was particularly trying because of complete changes in virtually every area of my life, with what seems in hindsight to have been dealt with by my having to do the thinking for all. Everybody is dealing with constant change. Unfortunately, because our time as humans is limited, we really do have to choose what we want out of our life. Your time is literally your life. You can’t do everything or be everything. So you have to choose the most important according to your values. Hopefully you are able to locate great teachers & mentors.
These days the prognosticators state that people don’t want to have to think about anything to make a decision. There’s too much research, thinking, understanding & acting involved for most people. Since my business is literally thinking & making decisions constantly, I have more than 30 years of investment transactions & project management to draw upon, which is why things may appear to be easy. It’s not. However, it does become like a sixth-sense ability to handle the challenges that occur. It’s expertise.
A potential way to multiply the time you have would be to add yourself to my networking lists of buyers, sellers, owners, etc. This is a very different real estate market.