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

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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” →

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

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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

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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 Great Books to Get You Started Flipping Houses in Grand Rapids

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BookMaybe you’re an HGTV addict.  Perhaps you’ve attended a ‘teaser’ seminar, and don’t want to spend $30,000 on a training course.  Or maybe you’ve always been interested in making old houses beautiful again… whatever the case, you’re ready to flip a house in Grand Rapids!

This is great.  Fixing up house, increasing it’s value, and making the neighborhood more beautiful can be very satisfying.  However, if you’ve never done this before, the process may feel overwhelming.  There are a lot of steps to a successfully flipping a house, and it can be helpful to have some guides along the way.

Here are some great resource books to get you going.  We have read each of these, and aren’t being paid to ‘shill’ these… they are just good resources to help you on your journey.

Flip 1.  FLIP – By Rick Villani and Clay Davis

This is an excellent book, which will walk you through the entire house flipping process.  There are solid sections on finding and analyzing properties, running the project, selling strategies, and more.  Some sections are extremely detailed, while others have a wider focus.

This is a book you can read once front to back, and then refer to consistently.  It has very nice diagrams, examples, bulleted lists, and more to make it digestible.

This is a thick book, and the sheer amount of information in it can feel overwhelming.  However, don’t let that scare you!  This book is built to be comprehensive, and you don’t have to learn everything in a week.  Just take your learning (and your flips) one step at a time, and refer back to the book as necessary. Continue reading “4 Great Books to Get You Started Flipping Houses in Grand Rapids” →

4 Crucial Steps to Achieving Your Real Estate Goals in Michigan

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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

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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” →

3 Things a 4:00 AM Showing of Star Wars: The Force Awakens Taught Me About Buying Houses in Grand Rapids

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Courtesy of Lucasfilm LTD
Courtesy of Lucasfilm LTD

Two days ago, my brother called and asked me: “What are you doing at 4:00 AM on Friday?”

Me: “Um… sleeping?  Yep.  Definitely sleeping.”

Bro: “No you’re not.”

Which, is how you wind up seeing Star Wars: The Force Awakens at 4:00 AM on opening day.  And as I reflect on the experience, I realize there are a lot of lessons to be learned, and connections to buying houses in Grand Rapids.  And don’t worry… no spoilers ahead!

1.  The experience is only as good as the people you’re with.

I saw Star Wars with two of my brothers.  Because we live in different cities, we picked a central location for the movie.  This led me to set an alarm for 2:30 AM… enough time for a quick shower, a gallon of coffee, and arrival at the theater with 3 whole minutes to spare. Continue reading “3 Things a 4:00 AM Showing of Star Wars: The Force Awakens Taught Me About Buying Houses in Grand Rapids” →

7 Great Reasons to Invest in Real Estate

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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” →

4 Things to Expect from a Title Company in Grand Rapids

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PaperworkCongratulations!  It’s time to close on your house!  Whether you are buying or selling, this is an exciting time.  One of your next steps is to get the agreement to a title company.  But what does a title company do in Grand Rapids?  What should you expect, and what is with all of those fees?

1.  Title Search

First, the title company will do a thorough search of your property’s history.  They will look for the chain of ownership, and check the transactions when the house was bought or sold.  In addition, the company will make sure that all documents have the proper signatures in place.

If anything is missing, the title company will tell you about it, so you can work to remedy the problem.

They will also check for liens on the property.  These could be from back taxes, unpaid contractor bills, or a missing signature on an old document.  In Grand Rapids and Kalamazoo, these issues will need to be fixed before you can close on the house. Continue reading “4 Things to Expect from a Title Company in Grand Rapids” →

Why Should You Get a Home Inspector in Grand Rapids?

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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?” →