REAL ESTATE JOURNAL
FALL 2024
2. Embracing Mistakes: A Path to Growth and Innovation in Real Estate Investing 3. NREIA Legislative Update
The Power of Smart Research in Real Estate
8. Using a 1031 Exchange for
Transferrable Development Rights
4. Generational Perspectives 5. The Reason We Invest 6. $96k Profit From One Investment:
14. The Infinite Banking Concept: A Game-Changer for Real Estate Investors Through Private Money Lending
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RE Journal
Member Spotlight By Scot Aubrey
Vol. 9 Issue 4
Brain Games for Housing Providers
H Mike and Maby Johnston
M
aby and Mike Johnston have lived in South Florida most of their lives and currently reside in Boca Raton. They have raised two daughters and are now blessed with three beautiful grandsons. Being empty-nesters allows them to travel and invest all over Florida. Mike and Maby have extensive backgrounds in both residential and commercial real estate. Maby has managed over 100 large commercial properties throughout South Florida and Michael was a wholesale lender with the largest privately held mortgage company in the U.S. In the last five years they have bought and sold several properties themselves as well as helped over 250 people buy, sell and invest as well in South Florida. They are active members and mentors of BPM REIA in South Florida.
ave you ever looked at your life as a housing provider, considered your property portfolio, and questioned why things just aren’t working out in your favor? If you’ve been doing this for any period of time, the answer is a resounding yes. If you haven’t, well at least you have that to look forward to. Here’s the great thing, you can blame it on your brain, specifically what scientists call cognitive dissonance. Similar to the person who wants to be fit and healthy but refuses to eat less, eat well or exercise, landlords who are struggling in the current market have to be willing to make some changes in order to find their success. Here are a few things to consider if you feel stuck in your current situation as a housing provider:
Reassess Your Goals When you buy a property, you better have some goals or reasons behind the purchase, otherwise what’s the point. Are you buying to create an additional revenue stream? Or to create a long-term
over time and due to other circumstances in your life. No matter where you are in your ownership journey, I suggest sitting down annually and creating or modifying your goal list so it aligns with your cur-
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Your Biggest Reward By M. Jane Garvey
A
rational investment of our time, money, and resources requires that in part we ask, “what’s in it for me?” Some of the rewards are the ability to improve our community and help others. It is also critical that some of our rewards be financial as well. If they aren’t, we will quickly find ourselves in unsound investments. In real estate the naïve, uneducated investor may quickly be driven out of the business by making “rookie” mistakes. I have met many beginning housing providers who think “how hard can this be?” or, “I can do better than that slumlord who is renting out the campus dump I lived in.” or, “I found a place that I can get 10% off and it only needs a little work.” And on, and on. Everyone thinks they know better and can do better than the people who make a living doing this. We need to be able to make money. In a free market, we can make money by doing the right things, keeping the Continiued on Page12
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appreciating asset? Do you just want someone to cover the mortgage or do you want to have positive cashflow every month? Are you hoping to house a longterm tenant who treats your property like their own, or are you happy having a short-term rental with a new occupant every few days or weeks? Goals change
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