How to Win at MONOPOLY (and Then Apply Those Lessons) – Part II

Posted on by

ManIn Part I of this post, we talked about a few excellent ways to win at MONOPOLY.  In the board game universe, those strategies and ideas will serve you well, and lead you to many victories.

But what about the real world?  Sure, it might be fun to win on a cardboard square, but how can we apply these same principles to our lives?  Fortunately, the game offers many parallels, and if we learn those lessons, we can put ourselves in much better financial positions.

 1.  MONOPOLY Lesson – Buy everything you land on.
      REAL LIFE Application – Buy assets, not liabilities.

In Monopoly, buying everything you can early is a good strategy.  It provides assets you can use later, and each one can be a key piece in creating monopolies, making trades, and building wealth.

This works in the game because every purchase in the game is a money-maker.  Even the cheapest properties, with no houses added, will give you a few dollars in rent.  Real life is very different! Continue reading “How to Win at MONOPOLY (and Then Apply Those Lessons) – Part II” →

How to Win at MONOPOLY (and Then Apply Those Lessons) – Part I

Posted on by

MonopolyDo you hate Monopoly?  Do you feel like the game is all about luck?  It can be an extremely frustrating experience, especially if you’re on the losing end.

Because of our work in real estate, we get asked about this game a lot.  And as it turns out, there are plenty of tips and tricks to help you win.  On top of that, there are a ton of real-life lessons we can pull from this 80 year old game.  So grab your tiny metal dog, and dig in!

 1.  Buy everything you land on.

In the beginning, everyone starts from the same square, with the same amount of money.  So, once you roll the dice for the first time, what is your best move?  BUY EVERYTHING.

If you land on it, purchase it.  This is by far the cheapest and easiest way to acquire properties, and all of them get snatched up in a hurry.  Don’t worry if you don’t have any other properties in that color, or it’s a low rent part of the board.  Each property is an asset that you can use later to build a monopoly, mortgage for cash, or trade.  And since every property makes money, you’re off to a good start.

Even you have to mortgage a property to buy a new one, it is worth it.  Those cards become very valuable!

2. If someone is selling property, buy it.

If another player doesn’t want to buy a property THEY land on, it goes to auction.  In other cases, people will want to sell a non-performing property to get some cash. If you can, buy these properties as well. Continue reading “How to Win at MONOPOLY (and Then Apply Those Lessons) – Part I” →

4 Crucial Things You Need to Check BEFORE You Buy a Lake House in Grand Rapids

Posted on by

LakeMichigan is a beautiful place, and we are blessed with abundant lakes.  While many of these are protected resources, we are fortunate to have many waterfront properties for sale.  Whether you love paddleboating in the spring, wakeboarding in the summer, or ice fishing in winter, lakefront living is great.

However, waterfront homes in West Michigan come with many extra challenges.  To keep you from being blindsided, here are four crucial things you need to check BEFORE you buy a Grand Rapids lake house.

 1.  Structure and Damage

Lake houses take a lot more abuse than inland homes.  This is due to different factors, including added moisture in the air, reduced tree protection from the elements, and more extreme temperature changes.  As a result, it can be considerably more expensive to properly maintain a lake house in Grand Rapids.

In addition, many waterfront homes were initially built as cottages.  We often see signs of rushed construction, reduced insulation, and cheaper materials throughout lake houses.  Because of this, they can become run down faster than average.

Whenever possible, get an inspector who has experience with this type of home.  They are quicker to identify waterfront-specific problems, and can often recommend contractors with experience in fixing them. Continue reading “4 Crucial Things You Need to Check BEFORE You Buy a Lake House in Grand Rapids” →

5 Negotiation Tips (to Avoid Getting Bullied) when Buying or Selling a House in Grand Rapids

Posted on by

Negotiate
If you’re getting ready to buy or sell a house, it’s easy to get stressed about the upcoming price negotiations. How do you handle offers? Counter-offers? Requests for repairs? It can seem pretty daunting.

However, the negotiations don’t have to be stressful. After all, both parties ultimately want a successful sale! While entire books have been written on bargaining, let’s hit a few high points to make sure you don’t get bullied at the closing table.

 1.  Prepare in advance.

Most people think of negotiations as high-pressure moments, where power plays, shrewd moves, and witty one-liners win the day.  While this looks great on TV, most of the work happens long before you submit an offer. Continue reading “5 Negotiation Tips (to Avoid Getting Bullied) when Buying or Selling a House in Grand Rapids” →

4 Crucial Steps to Achieving Your Real Estate Goals in Michigan

Posted on by

StairsDo you have a real estate goal for the coming year?  Perhaps you want to move into a nicer apartment, or transition into a new house.  Maybe you would like to start investing in rentals, or undertake a renovation that you’ve been waiting on for years.  Whatever the case, you need a solid plan!

So, whether you’re in Grand Rapids, Kalamazoo, or another part of Michigan, here are 5 crucial steps to help you reach your real estate goals.

1.  Decide What You Will Achieve

This is the crucial first step.  What do you want?  Be as specific as possible.  What will you achieve, and when do you want to accomplish it?  What are you willing to give in return?

Choose a single goal.  If you split your attention between multiple objectives, it is easy to lose focus; you may end up falling short on all of them.  Reaching what you want is hard work, and if you are able to have a laser-like focus on your end game, you are much more likely to achieve it.

The Latin root of the word decide is decidere, which meant “to cut off all other options.”  Choose a goal that is important to you, and DO NOT STOP working for it, no matter what.

There is great power in this type of decision! Continue reading “4 Crucial Steps to Achieving Your Real Estate Goals in Michigan” →

5 Key Preparations for First Time Home Buyers in Grand Rapids

Posted on by

ClockHappy New Year!  We hope this is a great time for you, and wonderful things happen for you and your loved ones.  If you’re hoping to buy your first home in West Michigan in the coming months, this may be an especially exciting year.

But what is the best way to prepare for your new home purchase?  If you’re looking to buy a house in Grand Rapids or Kalamazoo, there are several great moves you can make to get yourself ready.

1.  Get a Grip on your Finances

No matter how you’re planning to buy your new home, understanding your finances is a great first step.  First, review your assets.  What do you have in your checking account?  Savings?  Do you have any stocks, mutual funds. etcetera?   Knowing exactly what you have to work with is important.

Understanding your monthly cash flow is also crucial.  Houses come with a lot of extra surprises, from leaky pipes to roof repairs.  Once you no longer have a landlord, all of those little fixes will fall on your shoulders.  Are you saving some money each month for unexpected expenses? Continue reading “5 Key Preparations for First Time Home Buyers in Grand Rapids” →

7 Great Reasons to Invest in Real Estate

Posted on by

WindowWhen you’re building for your financial future, you have a ton of choices about what to do with your money.  You can invest in the stock market, help build businesses, purchase commodities, or bury treasure chests in your backyard.  The options seem endless!

We would like to make a case for real estate.  While every option has its advantages and disadvantages, there are a TON of reasons to seriously consider investing in land, buildings, and homes.  Here are a few of our favorites.

 1.  Flexibility

First, there are many, many ways to invest in real estate.  Most people think they can choose to either A) flip houses (thanks HGTV!) or B) become a landlord.  While these are popular, and potentially profitable, options, your choices don’t end there. Continue reading “7 Great Reasons to Invest in Real Estate” →

Why Should You Get a Home Inspector in Grand Rapids?

Posted on by

InspectionHome inspections are one of the most crucial elements of buying a home.  However, many people skip, gloss over, or rush through the process.  This can be a major mistake!

Quality home inspectors in Grand Rapids have saved us a ton of time, money, and headaches over the years.  To illustrate, this point, we wanted to share some of the good, the bad, and the ugly we’ve had with home inspections.  Learn from our mistakes and lessons, and don’t repeat them yourself!

 1.  The Good

When we were first starting to work with houses, inspections seemed like a big cost and hassle. They cost anywhere from $200-$500, and most of the time didn’t reveal anything major.

One day, we came across a nice looking house in a good neighborhood.  It needed some updating, but other than that, the place seemed fine.  Our first instinct was to skip the inspection entirely, and save money in the process. Continue reading “Why Should You Get a Home Inspector in Grand Rapids?” →

4 Tips to Sell Your House Fast During a Michigan Winter

Posted on by

WinterWinter is finally here.

After a very nice, pleasant autumn in Grand Rapids (and Michigan overall), the snow has arrived.  Hopefully, you’re looking forward to sledding, cocoa, and holiday time with family.

However, if you’re trying to sell your house fast, this can be a stressful time.  After all, who buys a house in a Michigan winter?

Fear not.  There ARE fewer buyers in the winter months, but also fewer sellers.  So if you need to get your home sold quickly, you can still get good results.  What are the keys to a successful home sale in the winter?

 1.  Access and Ease

When potential buyers visit a house for sale, they want to see a comfortable place.  They want to feel safe in the area, and to choose a place they can call home. Continue reading “4 Tips to Sell Your House Fast During a Michigan Winter” →

6 Things to Remember as You Dig for Condos for Sale in Grand Rapids MI

Posted on by

CondoCondominiums can be a great choice.  They often come with a lower purchase price, less maintenance, and added facility perks.  But those great advantages come with a few twists.  As you search for condos for sale in Grand Rapids MI, keep these tips in mind.

1.  The Basics

First, what is a condominium, really?  It is a living space that you own.  As a result, YOU get the appreciation and the tax benefits, in addition to getting to decorate exactly how you want to.

However, a condo is unique, because you share common areas with the other owners.  Depending on the unit, you may share parking areas, roofs, walkways, pools, and more.  This creates some unique benefits and challenges.

In addition, many typical maintenance tasks are handled by the association.  Roof repair, lawn mowing, snow plowing, water heater fixes, and exterior paint are will typically be covered in condos for sale in Grand Rapids MI. Continue reading “6 Things to Remember as You Dig for Condos for Sale in Grand Rapids MI” →