I have been in the real estate finance business for almost 30 years. I love to do what I do and I love to teach. I think it is important to share what I know so that the world can benefit in a better way.
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My family has been in the business of investing in real estate for a few generations. I’m a Certified Investment Professional (CIP) and a Cim CIP.
That’s a pretty impressive credential, Cim. And yes, I’ve been in the business of investing in real estate for some time too. I know this because I once owned a business that was also real estate. I sold it in order to pay off debts.
It sounds kind of like your business. That is, if you sold your business because you couldnt pay off your debts… and you still had a lot of money. That is, unless you think your children were really gonna buy your business or you were planning to become a billionaire like your father.
I can see this kind of thing happening. It used to be that when I was a kid, I had my own business that was involved in real estate. When I got my own real estate business, I found myself doing a lot more investing. I even learned to invest in stocks and bonds. I used to be a stockbroker too but I really got into the investing game.
I always thought my father was a millionaire, but my mother always said she made enough money as a real estate broker to put the family up for the rest of their lives. She said she had a lot of clients who were making their money in real estate who did not really deserve it. I never figured that out until a few years ago when I got married.
This is why I always like to think about my investments as a kind of investment club. I keep all of the accounts separate so that I can keep an eye out for the mistakes I make and I can see where I’m falling short. I’ve got a good track record with these investments so I’m hoping that with my wife’s money I can do better.
I’m glad that you asked that question because I had to think about that for a second too. In real estate, you need to be really, really, really, really, really, really sure that you’re getting your money’s worth. There’s a whole lot of talk about how people are getting a “free ride” in real estate, but I can tell you that I’m not.
In real estate, a free ride is a free ride. The deal is that the lender makes you an offer, you accept it, and then the deal is closed. In real estate finance, the deal is usually a mortgage loan, which is a loan to you. The lender then gives you what they think you’re worth based on how much money they think you can make by flipping houses.