Welcome to the Newsletter that only YOU can access through my personal number. This is just a quick snippet of what’s going on in my life that I would love to share with you all.
1. I’m currently reading: Stillness Is The Key by Ryan Holiday.
HIGHLY recommend this book for the entrepreneurs who confuse MOVEMENT with accomplishment. As entrepreneurs we feel we need to constantly be busy and running off a never ending “to-do” list. This book puts into perspective the power of accomplishing MORE with LESS. For a follow up I recommend reading the “One Thing” by Gary Keller that focuses on this concept as well.
2. Photo from my life: Bear and Moose celebrated birthdays in July and August. Moose turned 1. Bear turned 3.
Do you have pets? I couldn’t work at home without my furry friends. Let me know if you agree.
3. Favorite quote of the week: I posted this already in our Facebook community Financial Freedom Community but it’s so important I’ll share it again here.
“A wealth of information creates a poverty of attention.”
Most entrepreneurs struggle to find success in their business because they chase ideas and distractions all day long instead of focusing on and doing the IMPORTANT work.
Success is very simple my friend. It’s just not easy.
4. Real Estate Update:
Bad news: We lost out on the 33 unit apartment. Long story short, the seller would NOT agree to a financing contingency (even though he said he would in the beginning…)
What’s a financing contingency?
We can back out of the deal if it does NOT appraise for the sale price.
You must ALWAYS ask for a financing contingency. Why? Because if the property doesn’t appraise for what your purchase price is, you have to come OUT OF POCKET on the difference.
Or, you can walk away but you will lose your EMD deposit. On a deal this size that would’ve been $50,000!
Never buy without a financing contingency.
Fortunately, due to marketing and networking we have a 12 unit apartment that passed inspection and is now moving towards appraisal. As well as a 13 unit that we have under contract.
Never be afraid to walk away from a bad deal! If you have your marketing dialed in, there will always be another one. And yes, we are still aggressively investing in real estate. I just saw estimates that appreciation this year will be around 16% for real estate.
So, if you own $1 million in real estate, your net worth will increase $160,000 this year alone JUST through appreciation. That’s the wealth building powers of real estate investing!
Don’t wait to buy real estate my friend.
Buy real estate and wait.
Hope you enjoyed this week’s Financial Freedom text-letter.
Reply back to me and let me know what resonated the most!
Tony.
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