COACHES CORNER
Panel in Print
The Rewards of Wealth Building THINK REALTY COACHES DISCUSS THEMANY FACETS OFWEALTH CREATION INREAL ESTATE. s we near the middle of the year and the traditional end of many corporate fiscal years (June 30), we start to think about profits and losses, wealth built and wealth lost, time spent productively and time wasted. Three Think Realty coaches discuss their personal and professional perspectives on the real nature of wealth and how real estate can help you build and keep it.
LINDA LIBERATORE Courses: Buy-and-Hold Strategies, Knowing Your Lease
Wealth means different things to different people. With real estate investors, it usually means either getting the highest dollar return possible or putting a property to the best use. In my opinion, real wealth comes when you can do both because that is a sustainable business model that supports the community while making you money! Of course, when you are thinking about “best use,” that term can be subjective as well. Things get complicated, especially if you decide to take a property that was being used in one way and start using it in a different way. For example, I am presently working on a project in Kansas City, Missouri, that involves restoring an historic hotel. The hotel was a hospital in a former life, and then another investor had purchased it with the idea of putting in some offices and retail space. So, it already had a lot going on when I got involved in the project! I am planning to restore the property and make it mixed-use, with residential, retail, and office space available. I will also create some entrepreneurial-focused space to support the start- up community in this area. However, taking this building to best use will involve changing some things, which means I have some very practical things to consider, including:
and even the people around me and see not only the present, but also what the future had the potential to be. That mind- set first helped me as one of the youngest agents for Allstate, where I built a successful book of business from scratch and sold it to embark on my real estate career. Then, I used that mindset again to learn to redevelop single-family housing and later move into more of the commercial side of real estate. I was successful because I had a love of seeing things go from nothing to something. I am always looking for wealth in every form, from amazing talent to generosity with time to passionate purpose. Being able to see potential and convey that vision to others will help you build tangible and intangi- ble wealth in every aspect of your life.
SONIA BOOKER Courses: Investment Criteria, Market Research, Investment Planning,
Creative Real Estate Investment, How to Fund Real Estate Deals
Wealth is something many people have felt uncomfortable discussing in the past. The word “wealth” was historically associated with families such as Rockefeller, Buffet, and Gates. In recent years, society has expanded the term and recognized that real wealth comes to us by taking the time to determine our personal plan of growth. Today, wealth may be defined as simple as a state of gratitude and a feeling of peace and accomplishment with your personal achievements. However, it may also be defined far more practically, which many investors may prefer. When I work with real estate investors, they often focus on the wealth of information available to us in today’s high- tech environment. There is a great deal of wealth and power in knowledge, data, and information – and we carry a lot of that data around in our hands (via our cellphones and tablets) all day, every day. As an investor, that technology houses an incredible plethora of resources and tools available to us 24/7. The key to financial wealth by means of real estate lies in leveraging this data and these tools to place your real estate investing returns at their highest and best position. Of course, all this information is useless if you do not put it to work for you! It’s just like a golf club that no one ever swings. Generate financial wealth by leveraging the wealth of knowledge at your fingertips and your own personal investing experiences to build your legacy. •
BEN RAO Courses: Buying Your Investment Property, Building a Real Estate Investment Business
I have been earning my title, “The Wealth Builder,” since I was 12 years old, when I realized that I wanted to be an entrepre- neur. They didn’t call people entrepreneurs so much at that time, so I described what I wanted as “being in control of my destiny.” That thought process came from so many of the peo- ple around me: My grandfather and numerous aunts and uncles all started businesses at different points in time. I worked for them over summers and holiday breaks. That work ethic was the key to my ability to build wealth because I was able to look at my businesses, real estate deals,
• ADA requirements, • Zoning, • Municipal codes, and • Grandfathering, to name a few.
Be sure you always check into these issues before going this route, or best use could end up costing you highest dollar.
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