Joplin Area Real Estate Investor Association


9 Habits of Highly Effective Investors

Real Estate Investors Association of Greater Cincinnati

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In my 25+ years in the real estate business, I bet I've met more than 100,000 investors at all levels of knowledge and experience. Some have become amazingly successful, while others have lost steam or experienced dramatic failures.

During this time, I've noticed that there are certain characteristics that come with real estate investing success. As a matter of fact, that I have come to believe that I can predict with fair accuracy whether a particular investor will be successful. All I have to do is find out a little about their attitudes and actions, and I'll know what their chances of becoming successful are.

Before I outline the specific characteristics that I've found in successful investors, I’d like to define what I mean by "successful investor".

A successful investor is NOT the person who owns the most properties or does the most deals, or who has the most zeros in his net worth.

A successful investor is simply a person who knows what he wants - financially, personally, and in terms of what he wants to contribute to the world - and successfully uses real estate investing as a way to get those things. For a successful real estate investor, real estate is a means to an end, not an end u
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Which Bills to Pay First in Your Business

Utah Real Estate Investors Association

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“A lot of talented actors still have to pay their bills.” - Mark Wahlberg

Sometimes it seems like bills come through the door as much as customers do … And knowing which bills to pay in which specific order can be difficult. 

And just like some customers are worth more than others to your small business, some bills need quicker attention than others as well. You put things in priority order for your company every day. You should do the same for your expenses. 

We’ve got some thoughts on how to do that. 

Which bills to pay first and why

You’ve heard about keeping the lights on? It’s true. Whether your business relies on the internet, machinery, handwashing, or heating, your utility bills have to be near the top – if not always first – on your pay list.

You also need a place to work – there’s no debate if you arrive at the office one morning and find the door padlocked. Pay your rent. 

<
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How to Write Marketing That Works

Real Estate Investors Association of Greater Cincinnati

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One of the most important aspects to a marketing campaign is to create a solid mail piece for your business: one that sellers will actually respond to.

Here are the key things to remember when you want to create effective messages:

  1. Don’t just explain what you do or what you’re offering;  “touch” your prospective seller with “the dream”, or “the solution” to their problem. You’ll want to touch the basic emotions and the needs of your seller within the body of your letter, whether that is fear, relief, greed, pride, or vanity.
  2. Keep it simple. The grammar doesn’t necessarily have to be perfect. You want to reach this person at their comfort level. Keep your letter relaxed, personal and conversational.
  3. Use simple language; don’t fill your letter with big words or technical words or “industry jargon” that your seller or your customer might not understand.
  4. Don’t make your letter hard on the prospect’s eyes: use paragraphs so that there is a specific break between thoughts and so that the letter just flows better and is more pleasing to the eye.
  5. Even though this is
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Legislative Recap Week 42

Ohio Real Estate Investors Association

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Title: Ohio's quest to regulate residential PACE lending.
Please see the attached article from Crain’s Cleveland Business on PACE loans in Ohio and where HB 646 currently stands.

Title: Landlords offered cash incentives to participate in voucher program.
Please see the attached article from The Toledo Blade regarding a new regional initiative focused on addressing Toledo’s housing crisis by enticing landlords to participate in the Housing Choice Voucher Program through a cash incentive.

Title: Columbus plans to fast-track affordable housing, help cover permit fees for small and medium-size developers.
Please see the attached article from Columbus Business First regarding comments from Columbus Mayor Andrew Ginther on the city’s plans to start fast-tracking affordable housing projects by the end of the year.

Title: Ohio's largest business organization outlines blueprint for the state's economic future.
Please see the attached article from The Statehouse News Bureau regarding a new report from the Ohio Chamber of Commerce containing several recommendations for Ohio businesses and outlining the group's policy objectives for the coming decade. A copy of the Chamber’s executive summary and the full report are also attached for your review.

The IRS’s Side Hustle Crackdown

Utah Real Estate Investors Association

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“Like mothers, taxes are often misunderstood, but seldom forgotten.” - George Bramwell

Who doesn’t love extra cash? These days, a lot of people need to work more to make it. Call them hustles, gigs, second jobs, or part-time on the side… They all amount to additional employment for a few extra bucks. 

Extra bucks for Uncle Sam, too, in the form of taxes. The government wants those dollars – and sure isn’t shy about coming after them with new rules and new powers of enforcement.

Here’s how to protect yourself. 

New tax and reporting

Almost half of working Americans – some 70 million people – report having a side hustle; tens of millions more want to get one. Lots of extra cash flying around? Not really: A lot of respondents to a recent survey said they make only a couple hundred bucks a month from a side job. 

Too bad there are 12 months in the year. <
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Can’t Get Anywhere in your Business? You May Be Suffering from Entrepreneurial ADD

Central Ohio Real Estate Entrepreneurs

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The coffee shop is quiet for a change. The normal morning bustle has yielded to a lull, giving the baristas a chance to enjoy a break and catch up on some cleaning before the lunch rush.

I’m only partially aware of what’s going on around me because at the moment, I’m busy obsessing over my Ameritrade account. I’m WILLING the number to go up just a few more cents. The problem is it’s been going in the wrong direction for months.

My obsession is interrupted by my phone. It’s a call from a tenant living in one of my rentals who has a toilet that won’t stop running. She’s already told me twice and I keep forgetting about it.

With promises to stop by before the day is over, I barely hang up when I get another call, this time from an investor with a mobile home park deal that I’ve been putting off for weeks because I haven’t made time to look at the numbers and see if it’s a deal worth doing.

Meanwhile, my email pings to remind me of a wholesale deal I’ve been working on, and the seller is wondering when we’re going to close.

Just then, a commercial comes on the TV about the Read More...


Legislative Recap Week 40

Ohio Real Estate Investors Association

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Title: New Legislation Introduced - HB 726.
We would like to make you aware of the following legislation that was introduced on October 3rd, 2022  in the Ohio House:
HB 726 – PROPERTY TAX FREEZE AUTHORIZATION (Patton, T) - To allow certain counties to authorize a property tax freeze for certain owner-occupied homes.
Attached you will find a copy of the bill for your review.

Title: Ohio meets deadline for COVID-19 rental assistance money, but slow to get money out.
Please see the article from The Columbus Dispatch regarding the deadline for Ohio to use its portion of the federal COVID-19 rental assistance money passed on the 30th of September, 2022.

Title: Ohio General Election Information - November 8, 2022.
Early voting for Ohio’s November 8th General Election will begin on October 12th, and we at Governmental Policy Group, Inc. and RH Resources would like to provide you with a few tools to help you follow the various races throughout the state.
Attached you will find a 2022 General Election Guide containing a list of candidates and statewide issues appearing on the ballot this November. This year, Ohio will be voting on several statewide and congressional candidates, all 99 Ohio House and odd-numbered Ohio Senate districts, and two statewide issues. Because of redistricting, new congressional map and state legislative maps (house of representatives districts & senate districts) will be in place for this election, and your current district numbers may have changed. To verify your district numbers, you can enter your address on the Secretary of State’s interactive map here.
Below are a few important dates/times to remember regarding the election:
~October 11: Deadline to register to vote
~October 12: Absentee voting by mail begins
>Absentee ballots may be returned by mail or personally delivered to your county board of elections. If returned in-person, absentee ballots must be received by your board of elections by 7:30 p.m. on Nov. 8th. If returned by mail, absentee ballots must be postmarked on or before Nov. 7th.
~October 12: Early in-person voting begins
~November 5: Deadline to request absentee ballot (noon)
~November 7: Mailed absentee ballots must be postmarked by this date
~November 7: Early in-person voting ends
~November 8: ELECTION DAY – Polls are open from 6:30 a.m. to 7:30 p.m.
Early in-person voting hours:
~October 12-14: 8:00 a.m. - 5:00 p.m.
~October 17-21: 8:00 a.m. - 5:00 p.m.
~October 24-28: 8:00 a.m. - 5:00 p.m.
~October 29: 8:00 a.m. - 4:00 p.m.
~October 31: 8:00 a.m. - 7:00 p.m.
~November 1-4: 8:00 a.m. - 7:00 p.m.
~November 5: 8:00 a.m. - 4:00 p.m.
~November 6: 1:00 p.m. - 5:00 p.m.
~November 7: 8:00 a.m. - 2:00 p.m.
We also encourage you to visit the Secretary of State’s website for any additional information on the election, voter registration, sample ballots, or voting in Ohio.
Please note, we at Governmental Policy Group, Inc. and RH Resources are not endorsing any one specific candidate or party in any of the races. This election guide is designed solely for your convenience, and we encourage you to share it with anyone in your organization who might find this information useful.

Title: New bill would help older homeowners with property tax increases.
Please see the article from Crain’s Cleveland Business regarding HB 726, which would allow certain counties to authorize a limited property tax freeze.

Title: Governor's Appointments for October 7, 2022.
Please see the press release here from Gov. DeWine’s office announcing that Elizabeth Sigg has been appointed to the Real Estate Appraiser Board  for a term beginning today, October 7, 2022, and ending June 30, 2025.


4 Crucial Things “They” Never Tell You

Central Ohio Real Estate Entrepreneurs

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An interesting thing happens when people become successful real estate investors: like any true convert, they start to want to proselytize. And one of the primary characteristics of any good missionary is the desire to emphasize the good and de-emphasize the downsides of one’s religion.

Have you ever noticed that most successful investors remember their early years in real estate as “not that hard”, or “scary, but doable”? Yet if you ask a new investor who’s in the midst of trying to find his first few deals, he’ll more than likely describe this time as “terrifying”, “overwhelming” or “nearly impossible”.

Remember, dear readers, that your mentors and colleagues are (for the most part) not deceiving you intentionally unless they’re trying to sell you something. It’s just that they want you to succeed as they’ve succeeded, and that, now that doing deals is second nature, they’ve honestly forgotten a lot of what it was like to struggle in the early years. You may have been guilty of this yourself: I know I’ve been. But unlike most of you, I have a forum from
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Handling Private Lender Money: Don’t Take it Lightly

Central Ohio Real Estate Entrepreneurs

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 Getting money from private lenders is surprisingly easy, once you understand how to find and talk to them, but there’s another very important aspect of private money that touches on legal issues that you need to know about. Let’s go over a few of the basics of how to handle private money right, once you get it:

1. Touching the Money.
2. Co-mingling funds.
3. When do the payments start and end?

1. Touching the Money

Sometimes when people hear the kind of interest I pay, they get so excited about loaning me money that they want to hand me a big check right on the spot. This is not the correct or legal way to handle the situation.

I know that some of you are so eager to launch this new phase of growing your business that you really want to grab that first check, but don’t do it.

Here is why: you have promised the lender that the money is secured by real estate. So, legally, you shouldn’t be in possession of unsecured money. Until there’s a deed ready to secure it against, don’t hold it, don’t put it in your bank account—don’t touch it at all. Read More...


Legislative Recap Week 38

Ohio Real Estate Investors Association

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Title: Report Breaks Down Economic Impact Of Housing Finance Agency Programs.
Please see the article below from Gongwer regarding a recent economic impact report from the Ohio Housing Finance Agency showing that the agency's efforts each year generate about $432.2 million in direct and indirect tax revenue while sustaining more than 27,000 jobs. A copy of the full report is also attached for your review.
Gongwer Article:
The Ohio Housing Finance Agency continues to be an economic generator for the state despite a tumultuous housing industry, according to a new analysis.
OHFA's new economic impact report calculated that the agency's efforts each year generate about $432.2 million in direct and indirect tax revenue while sustaining more than 27,000 jobs.
All that came as the agency and the state at large navigate the lingering impact of the COVID-19 pandemic, which has disrupted supply chains and driven up costs for homebuyers and construction firms.
"The work we're doing here at OHFA to create safe, affordable housing improves the health, education, and economic outcomes for Ohio families," Executive Director Shawn Smith said in a statement. "It also is an economic driver, supporting nearly 7,000 construction jobs, more than 4,800 health care and social assistance jobs and more than 3,000 jobs in the finance and insurance sector.
"The
report, based on data over the last five years, determined the agency is responsible for a $4.5 billion output for the state each year, translating into $1.69 in economic activity for every dollar spent on those programs.
The study also identified an added annual $2.6 billion in value added to Ohio's gross state product and $1.7 billion in labor income.
Overall, the study identified annually:
1. Direct effects of 15,002 jobs, $2.35 billion in output and $205 million in tax revenue.
2.Indirect effects of 5,166 jobs, $996 million in output and $99.6 million in tax revenue.
3.Induced effects – essentially non-related spending of related labor income – of 6,960 jobs, $1.13 billion in output and $118 million in tax revenue.
None of that, the agency suggests, accounts for the "social" value of those programs, which help retain and attract residents and skilled workers.
"Housing is also a social determinant of health," the report reads, including when it comes to lead exposure.
"Furthermore, when housing is affordable, low-income families have more money to budget for healthy food, routine doctor visits, and quality childcare, which create pathways out of poverty and reduce dependence on public assistance," the report reads.
Lawmakers in the current budget enacted a 20.7% funding increase for the agency for FY 2022, boosting support to $14.8 million. The agency also draws funding from federal sources for various programs.
That includes the nascent Homeowners Assistance Fund – a facet of the American Rescue Plan Act of 2021 – that landed the state $280.8 million. Using that funding, the agency launched the Save the Dream Ohio 2021 initiative to support homeowners struggling to pay bills, property taxes, insurance or other costs.
During Fiscal Year 2021, the agency assisted more than 6,400 households through that program, providing more than $26 million in mortgage assistance and more than $8 million in utility and other assistance.