I just posted a video on our Youtube channel from a recent trip.
I was out of the country to celebrate the ultimate partnership – a wedding.
I snuck off one morning and made a quick video while I was jotting down a few notes for Monday night.
If you missed the details I sent yesterday – I’ll catch you up below.
Will I see you Monday night?
……………………………….
I’m especially excited to invite you to our upcoming WREIA October meeting, happening LIVE online on October 28th at 7PM.
We’ll be tackling one of the biggest issues facing real estate investors today: partnerships.
The wrong partnership can drain your profits and stall your progress, but there is a smarter way to work together for success.
Join us for this special online event where we’ll explore how to avoid the common pitfalls of partnerships and how to create collaborations that actually drive success.
This is your chance to reconnect, share insights, and learn from others in the WREIA community. Let’s make this a powerful return to our live meetings!
Our nationwide community of real estate investors (based in the Washington DC area) can be found at https://washingtonreianetwork.com/ – Come on in and join us!
Our nationwide community of real estate investors (based in the Washington DC area) can be found at https://washingtonreianetwork.com/ – Come on in and join us!
Our nationwide community of real estate investors (based in the Washington DC area) can be found at https://washingtonreianetwork.com/ – Come on in and join us!
In our latest visit to a rental property, we address ongoing water issues by meeting with a professional contractor for the first time. Understanding how to effectively manage water problems is crucial for maintaining the integrity and value of any property.
Key Points from the Visit:
Initial Assessment: Upon arrival, we walked through the property with the contractor, identifying areas with water accumulation and potential drainage issues.
Expert Insights: The contractor shared valuable insights on the causes of the water problems and suggested practical solutions to mitigate them.
Proposed Solutions: Discussed options including installing a French drain, improving gutter systems, and regrading the landscape to direct water away from the property.
Next Steps: Planned a follow-up visit to start the implementation of the chosen solutions and monitor their effectiveness.
Meeting with a contractor is a crucial step in addressing water issues on any property. By leveraging their expertise, we can ensure that the right solutions are implemented to protect our investment. Stay tuned for updates as we continue to work on this project.
Have you had similar experiences with property water issues? Share your stories and advice in the comments below. For more real estate tips and updates, subscribe to our YouTube channel and follow us on social media.
Improving in any field is a gradual process, and real estate is no exception. Just like learning to play the piano, success in real estate requires patience, persistence, and continuous effort.
Initial Stage:
Quick Wins: Just as new pianists quickly learn basic songs, new real estate agents might experience early successes, such as their first property sale.
“The way to get started is to quit talking and begin doing.” – Walt Disney
Intermediate Stage:
Building Skills: As pianists hit plateaus and need consistent practice to improve, real estate professionals must deepen their market knowledge and build a steady client base through continuous effort.
“Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
Advanced Stage:
Refinement: Mastery in piano involves refining techniques and learning complex pieces. Similarly, seasoned real estate investors refine their negotiation skills, stay updated with market trends, and offer superior client service.
“Don’t let the noise of others’ opinions drown out your own inner voice.” – Steve Jobs
Conclusion:
Success in real estate, much like mastering the piano, is a journey. Each stage builds on the last, and significant improvements come from sustained effort over time. Patience, dedication, and a commitment to continuous learning are key to achieving long-term success in real estate.
(View this article on Youtube in the video above or click here.)
Why Our “Summer Sprint” is a Great Strategy
Our “Summer Sprint” strategy embodies the best of both worlds: the patience of gradual improvement and the momentum of consistent action. By aiming to get better by just 1% each day over the next 90 days, we embrace a philosophy of steady, incremental progress. This approach ensures that we build strong, sustainable skills and knowledge.
Scientific Backing: The concept of continuous, incremental improvement is supported by research. The theory of “marginal gains” popularized by Sir Dave Brailsford in cycling showed that making small improvements in various aspects led to remarkable overall performance enhancements. Similarly, research by Stanford psychologist Carol Dweck highlights the importance of a “growth mindset”—the belief that abilities can be developed through dedication and hard work—which aligns with our strategy of consistent daily effort.
At the same time, by committing to take action every day, we maintain a fast-paced, proactive mindset. This daily dedication helps us capitalize on opportunities, stay ahead of the competition, and continuously push ourselves to achieve more.
Combining slow, deliberate improvement with a fast, action-oriented routine sets us up for significant, lasting success in the real estate market. Join us in the “Summer Sprint” and watch how consistent, daily efforts can transform your real estate career.
Join me and the rest of our WREIA crowd Monday night where I want to share a few of the areas we are planning to put our energy.
With just a little time, effort and focus – let’s “Build a Better Business” this summer.
2024 is starting to feel like the beginning of my career nearly 30 years ago.
We are even starting to see people ask about “assumable mortgages”. Something we as a community haven’t even talked about in a number of years.
If you are curious how they work – this families story is a great way to see them in motion. This is an uplifting story that will make your day and give you hope – especially if you are frustrated with the current market of high interest rates and low inventory.
If you are a buyer – you are probably frustrated with the lack of inventory. There are sometimes ZERO homes for sale in a neighborhood.
If you are a seller – you are probably frustrated with the high interest rates you would have to pay if you moved to a new home today.
It’s created a bit of a stalemate in the real estate market.
The story above should give you hope that with just a bit of creativity – we can get things moving again.
Whether you are a buyer or a seller, let me encourage you to keep going.
Now is a great time to grow your business. In just a few weeks summer will be coming to an end.
You can spend the next few weeks on the beach, at the pool or with some family or friends simply relaxing.
Or….. You can devote some of the next few weeks to learning and growing.
I suggest there is time for both. You can take a few days and have some fun.
But you could also devote some time to learning something new this summer.
If you haven’t heard – we have started our “Summer Sprint” at my office.
I challenged the people I work with, and even a few friends to get better over the next 90 days.
The Summer Sprint is really just a time where we all want to grow in some way, just a little bit, every day.
Join me and the rest of our WREIA crowd Monday night where I want to share a few of the areas we are planning to put our energy.
With just a little time, effort and focus – let’s “Build a Better Business” this summer.
Grab a virtual seat for Monday while you still can. (Yes, they are still free. Thanks Covid for showing some of us we can still be productive from home.)
There is a quote by Draymond Green, a professional basketball player, that is motivating me this summer.
“If you’re not getting better, you’re getting worse.”
Mr. Green has plenty of room for improvement on and off the court. He has been ejected from games, received suspensions from the NBA and even had some altercations off the court that landed him in the headlines as well.
But, he has also been an All-Star, played in the Olympics and even won the NBA defensive player of the year in 2017.
This summer I am pushing everyone in my office and on my team to start the practice of getting better every day.
That includes me.
I had a good look in the mirror and realized that I was getting a little comfortable, and I was starting to fall behind.
Over the last 3 decades I have flipped a lot of properties, rented many homes, managed a lot of properties for myself and other people, and raised a lot of money.
When I looked in the mirror earlier this year I realized I needed to make some changes – because in a word, I was getting – LAZY.
Summer offers a great time to re-organize your business as well as your personal life.
After talking with a few friends, both inside and outside of real estate, we informally agreed to push each other this summer.
If your interested in hearing more about the specifics, join me Monday night at WREIA.
To start – you will hear a little more in a video we just posted a few minutes ago:
I hope to see you Monday night for our June WREIA meeting.
Now –
Let’s take your existing skills and knowledge and convert it into extra profits for your business.
This Monday at WREIA let’s talk about making your business better.
In your day to day life you are probably walking right past opportunity because you are too laser focused on finding your next deal, or client, or project.
This Monday at WREIA let’s just call it “Making Money Monday”. I want to share 7 ways you could be making money in real estate.
Whether you are part time or full time.
Whether you are an agent or an investor.
Whether you are brand new or an old grizzled veteran.
Opportunity is out there.
Let’s take your existing skills and knowledge and convert it into extra profits for your business.
This Monday at WREIA let’s talk about making some extra income, right here in the DC area.
Please join me on Monday for the May WREIA meeting?
April was another terrific month at WREIA with our Live and virtual meetings both passing on some valuable information on our local market.
The April virtual recording is posted below, followed by a list of nine of the best REITs according to Morningstar analysts.
Here are nine of the best REITs to buy in 2024, according to Morningstar analysts:
Welltower Inc. (ticker: WELL) 2.7% Realty Income Corp. (O) 5.8% Crown Castle Inc. (CCI) 5.9% Extra Space Storage Inc. (EXR) 4.4% AvalonBay Communities Inc. (AVB) 3.8% Equity Residential Properties Trust (EQR) 4.3% SBA Communications Corp. (SBAC) 1.8% Invitation Homes Inc. (INVH) 3.2% Ventas Inc. (VTR) 4.2% Welltower Inc. (WELL)
Welltower is a health care REIT that invests in health care facilities, including senior housing, specialty care facilities and medical office buildings. The REIT is up 2.7% (including dividends) this year through April 1, the best performance of any stock on this list. Analyst Kevin Brown says Welltower is a top U.S. health care REIT and should continue to benefit from the Affordable Care Act. Brown projects the population of 80- and-older Americans will nearly double in the next decade as the baby boomer generation creates health care industry tailwinds. Morningstar has a “buy” rating and $107 fair value estimate for WELL stock, which closed at $91.99 on April 1.
Realty Income Corp. (O) Realty Income is a retail REIT that owns, develops and manages U.S. retail real estate with a focus on single-tenant buildings. It is the largest triple-net REIT in the U.S., meaning tenants pay real estate taxes, maintenance and building insurance. Realty Income has a 5.8% dividend yield and makes monthly dividend payments, making it an attractive income source. Brown says Realty Income’s retail tenants are focused in defensive segments, such as businesses that are recession-resistant and insulated from e-commerce competition. Morningstar has a “buy” rating and $76 fair value estimate for O stock, which closed at $53.46 on April 1.
Crown Castle Inc. (CCI) Crown Castle is a specialty REIT that owns and operates wireless communications towers. Crown Castle has a 5.9% dividend, the highest of any stock on this list. Analyst Matthew Dolgin says the negative headlines that plagued Crown Castle in 2023 were mostly overblown, and the company’s tower leasing business remains strong in 2024. Dolgin is optimistic the company’s new CEO has Crown Castle moving in the right direction, the company’s fiber business has already improved dramatically and Crown Castle has a healthy amount of liquidity. Morningstar has a “buy” rating and $130 fair value estimate for CCI stock, which closed at $104.26 on April 1.
Extra Space Storage Inc. (EXR) Extra Space Storage is one of the largest publicly traded self-storage REITs. Analyst Suryansh Sharma says Extra Space’s insurance business is extremely profitable, and its third-party management business is also strategically important, allowing the company to increase its data sophistication and expand its scale and geographical footprint with minimal capital investment. Sharma is bullish on the company’s strategy of investing in densely populated, high-income urban areas. He says self-storage has historically been a recession-resistant, defensive industry that could serve investors well in an unpredictable macroeconomic environment. Morningstar has a “buy” rating and $160 price target for EXR stock, which closed at $146.74 on April 1.
AvalonBay Communities Inc. (AVB) AvalonBay Communities is a multifamily residential REIT that specializes in upscale apartment communities. Brown says AvalonBay’s properties are concentrated in attractive markets that are experiencing income growth, job growth and falling homeownership rates. These characteristics coupled with a high relative cost of single- family housing and an influx of young professionals support strong apartment demand. Brown says AvalonBay has a sound strategy of regularly selling off non-core assets and using proceeds for acquisitions or development projects. He says the REIT has also created significant value from its development business. Morningstar has a “buy” rating and $213 price target for AVB stock, which closed at $181.32 on April 1.
Equity Residential Properties Trust (EQR) Equity Residential is a multifamily residential REIT that owns and operates a diversified portfolio of apartment properties. Brown says Equity Residential has a history of opportunistic asset sales and acquisitions. Equity has restructured its portfolio to focus primarily on owning and operating high-quality multifamily buildings in coastal, urban markets that have favorable demographic trends, strong rent growth opportunities and high occupancy rates. This restructuring strategy has involved divesting inland properties and expanding into high-growth core markets, such as Los Angeles, San Diego, San Francisco, Washington, D.C., New York, Boston and Seattle. Morningstar has a “buy” rating and $79 fair value estimate for EQR stock, which closed at $61.45 on April 1.
SBA Communications Corp. (SBAC) SBA Communications is a specialized REIT that owns and operates a global wireless communications tower network. The stock is down 15.3% this year, the worst performance of any stock on this list. Dolgin says SBA has put together solid numbers despite headwinds from a pullback in carrier spending. He says expiring Sprint contracts will continue to weigh on growth numbers in coming years, but SBA’s new deal with Brazilian telecom Vivo is a win. Dolgin says SBA’s tower business is extremely valuable as data use continues to grow indefinitely. Morningstar has a “buy” rating and $250 fair value estimate for SBAC stock, which closed at $213.92 on April 1.
Invitation Homes Inc. (INVH) Invitation Homes owns, operates and leases single-family U.S. homes in the starter and move-up categories. Brown says Invitation’s portfolio is geographically diversified, with about 37% of its homes in the western U.S., 31% in Florida and 22% throughout the rest of the Southeast. He says the cost of rent is lower than the cost of homeownership in many of Invitation’s markets, a dynamic that should support high occupancy rates for the foreseeable future. The company’s in-house repair and maintenance businesses also support operating margins. Morningstar has a “buy” rating and $41 fair value estimate for INVH stock, which closed at $35.07 on April 1.
Ventas Inc. (VTR)
Ventas is a health care REIT that specializes in health care facilities, including specialty care facilities, housing for seniors, medical office buildings and hospitals. Brown says Ventas has a top-tier asset portfolio that is highly exposed to top operators in attractive markets, including medical office buildings, senior housing, hospitals and life sciences. In addition, partnerships with Ardent Health Services and Wexford Science & Technology could help Ventas unlock future value in health care delivery, and Ventas should benefit from a spike in demand for senior housing in coming years. Morningstar has a “buy” rating and $70 fair value estimate
