The great one had some excellent advice for anyone who was striving to achieve more. I’ve included two of those in this article below.

1. Focus on the Fundamentals
The great one once said, “The highest compliment that you can pay me is to say that I work hard every day, that I never dog it.” He was an absolute master with the puck, and one of the things that made him so great was his focus on the fundamental of the game.

Real estate investing is not so much different from the game of hockey. The great ones focus in on the fundamentals of their game, and never get away from those fundamentals.

I’ve noticed that when I get away from the basic things that make you money in real estate investing, my bottom line suffers because of it. The basis of real estate investing is having a deal to work with. One of the most basic principles in real estate investing is that you make your money when you buy properties. You get paid when you sell the property.

That makes the offers you make very important. When I get away from doing marketing to generate leads so that I can make offers, I don’t make money. It’s that simple.

Lately, I’ve had a lot of the cash I typically roll from deal to the next tied up in rehabs and properties ready to be fixed. In the past, I would have just stopped making offers until I had my projects finished up, but they up and down is not healthy for my business.

2. Make Offers Especially When the Timing is Bad
The great one also once said, “You miss 100% of the shots you never take.” True, so true. I’ve learned to discipline myself to go out and make offers regardless of my cash situation.

It’s actually a healthy habit to develop because the lower my cash reserves are at the moment, the harder I push sellers to give me very favorable financing terms. In fact, I’m doing a purchase on a 6-unit property right now in which includes:

1. Most of the financing from a zero-interest loan I’m getting from the seller,
2. Taking over a loan subject to the seller’s existing financing, and
3. Taking out another loan to pay for repairs and a small down payment to the seller.

I think you call that a hat trick.

But these proposed regulations HUD is considering putting in place are absolutely ridiculous. 

When I first read them, I thought it was a hoax. 

Here are some comments about the proposed regulations made by Owen Irvine, economics professor at Michigan State University.  Owens does research at the Federal reserve bank in Boston.

” I am a Professor of Economics with a Ph.D from MIT with specializations in Urban Economics and Banking. There are serious omissions in these regulations. One third of Americans live in rental housing. Most cities have thousands of small landlords who own less than 5 houses or duplexes. The market for these rental houses and small apartment buildings is currently severely hurt by the lack of any bank or Fannie Mae mortgages for these types of dwellings. The only way to sell them is with owner financing as part of the terms of the sale. THERE NEEDS TO BE AN EXCEPTION IN THE LICENSING REQUIREMENTS THAT EXEMPTS FROM LICENSING OWNERS OF RENTAL PROPERTIES SELLING THEIR PROPERTIES. In truth, no cash is involved in these deals. They do not pose any risks for the financial system. Landlords who buy run-down houses and older mobile homes and fix them up and resell them also have no other source of financing. Generally their retail buyers will not qualify for a mortgage.

Without seller financing, landlords will not purchase these older houses and mobile homes, which will lead to them being abandoned by their sellers causing further decline in the American Housing stock and neighborhoods. Please provide an exception for licensing these fixer-upper landlords also. HUD needs to understand that the poor depend on rental housing markets and be sensitive to them.”

HUD is attempting to require that ANYONE who provides seller financing have a mortgage broker’s license. 

That isn’t providing consumer protection.  All such a move would do is further weaken an already weak housing market. 

What ever happened to free enterprise?  Is free enterprise a thing of the past?

Have these regulators completely lost their minds? 

I have a better idea for some new needed legislation.  Let’s make it illegal to concoct stupid laws that no more help this country and it’s inhabitants than a blindfold helps a race car driver.