Fixer Jay’s Mom & Pop Millionaire Blog

People ask me all the time — Jay; which of your books is the best? Which one would you recommend I purchase? Then they often say something like ­my IQ is above average, so I understand and retain what I read. I’m sure your best book is enough to get me started! Friends, this is one of those rare times when I’m completely without words (which is very rare).

When I think back about all the real estate books I’ve bought – all the seminars I’ve attended serving my apprenticeship – this best book question always makes me feel like a slow learner! I needed lots of books, even though most were written by salesmen masquerading as real estate investors. Still, I was learning my craft and I was afraid I’d miss something. Books and seminars taught by real investors allowed me to become successful in a respectable period of time. Learning this business by yourself takes way to long and allows for too many costly mistakes along the way!

I’ve always been curious about these best book questioners and how they think! I sometimes wonder how they’d react if I told them; tomorrow morning, at 8:00 a.m. sharp, I’ve scheduled you for heart surgery! Your doctor is somewhat new, but he’s read an excellent heart book and he retains almost everything he reads. And, did I mention – his IQ is above average!

I will tell you from experience – if you treat real estate education any less serious than heart surgery – it will show quickly in the results you get. In fact, investors who go broke in this business – or file bankruptcy, often suffer severe anxieties and will eventually need the services of a good heart doctor before they undo the mess they’ve created themselves. Are there any more questions about my books!

Tags: Fixing For Money by FixerJay
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Don’t forget this: Fix-up specialists are not remodelers, so don’t try to be one! Like I always say, you wouldn’t be happy with the money they earn. Playing house and remodel¬ing tends to go together. Things like splitting up big rooms to gain an additional bedroom or dining room – also, making the kitchen big¬ger, expanding the bathroom or changing the hallway around seldom pays off. If you’ll stop to think about these schemes, they are gener¬ally a matter of preference of taste! More often than not, two people could never agree on rooms or configurations anyway. You’ll be money ahead if you keep things simple! Leave the house alone and simply clean it up and fix what needs fixing!

Fiddling around with the walls and room sizes can throw a house out of balance! For example: Changing a two bedroom house to three bedrooms likely means more people will live there. You might need more heat, cooling and electrical circuits. The bathroom and kitchen may be too small for larger families. Just one change could have a ripple effect. If you need more power and more heat – those things could easily cost more than any benefits you’ll gain.

Tags: Fixing For Money by FixerJay
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Besides making money, being a success¬ful landlord offers some major personal benefits. For example: You can provide an excellent quality of life for yourself and your family. You can live wherever you choose and set your own work schedule. You can spend more time with hobbies and doing the personal things that never get done when you work for someone else. Being your own boss is the envy of every W-2 wage slave.

The good news is, owning income¬ producing property and landlording is a profession that provides an equal opportunity for everyone to achieve financial independence and a quality of life second to none if you choose to participate. My good friend, Richard E., who owns and manages small apartments in San Francisco, says: “If you are comfortable with the role of owner/¬landlord and don’t allow yourself to be intimidated by the responsibility for setting out the rules by which tenants may live in your properties, you will find as many others have, that owning and operating small rental properties provides a vehicle for self-employment and self-expression that is difficult to match in our society today.”

I certainly agree with Richard: owning houses that produce cash flow every month is a great way to go once you get the hang of it. However, like anything else in life, you must pay your dues up front. Landlording is the price of admission for investors who operate income properties.

Tags: Managing Tenants and Toilets by FixerJay
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People ask me all the time — Jay; which of your books is the best? Which one would you recommend I purchase? Then they often say something like ¬my IQ is above average, so I understand and retain what I read. I’m sure your best book is enough to get me started! Friends, this is one of those rare times when I’m completely without words (which is very rare).

When I think back about all the real estate books I’ve bought – all the seminars I’ve attended serving my apprenticeship – this best book question always makes me feel like a slow learner! I needed lots of books, even though most were written by salesmen masquerading as real estate investors. Still, I was learning my craft and I was afraid I’d miss something. Books and seminars taught by real investors allowed me to become successful in a respectable period of time. Learning this business by yourself takes way to long and allows for too many costly mistakes along the way!

I’ve always been curious about these best book questioners and how they think! I sometimes wonder how they’d react if I told them; tomorrow morning, at 8:00 a.m. sharp, I’ve scheduled you for heart surgery! Your doctor is somewhat new, but he’s read an excellent heart book and he retains almost everything he reads. And, did I mention - his IQ is above average!

I will tell you from experience – if you treat real estate education any less serious than heart surgery – it will show quickly in the results you get. In fact, investors who go broke in this business – or file bankruptcy, often suffer severe anxieties and will eventually need the services of a good heart doctor before they undo the mess they’ve created themselves. Are there any more questions about my books!

Tags: Fixing For Money by FixerJay
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My decision to lease a house to my tenant – and give him an option to purchase is somewhat different than most lease/option plans – and I do it for the following reasons:

1. To increase the monthly rental income on my larger more expensive houses (25-30%).

2. To secure a good paying tenant for 3 years.

3. Rent to a tenant who thinks more like an owner and will likely take much better care of my larger, more expensive houses.

4. Provides excellent selling profit – plus interest income.

I’m looking for a renter with adequate, verifiable income who for various reasons cannot qualify to finance a home! Likely credit problems – or lack of a down payment – often both.
My lease/option plan solves the two biggest problems facing most lease/option candidates – namely coming up with a down payment, and secondly, qualifying for a new mortgage to exercise the option.
My 36 month plan offers the lessee rent credits equal to the full amount of the down payment required. After the full lease period (36 months), I offer my tenant 2 different choices to finance the option sale with me. I’ll be the banker.

Tags: Success Secrets by FixerJay
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