The Millionaire Real Estate Investor Quotes

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The Millionaire Real Estate Investor The Millionaire Real Estate Investor by Gary Keller
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“Most people think buying is investing, but they’re wrong. Buying doesn’t make you an investor any more than buying groceries makes you a chef.”
Gary Keller, The Millionaire Real Estate Investor
“All great achievements are the result of sustained focus over time—all of them.”
Gary Keller, The Millionaire Real Estate Investor
“Generally, real estate is cyclical. You have to buy in a way that lets you afford the cycles. And you have to know where you are in the cycle.” Charles”
Gary Keller, The Millionaire Real Estate Investor
“Deals aren’t found. Opportunities are found. Deals are made.” In”
Gary Keller, The Millionaire Real Estate Investor
“know value, find opportunity, and make deals. 7.”
Gary Keller, The Millionaire Real Estate Investor
“The third D is deferrable. Tax law allows you to use IRAs and 1031 exchanges to buy and sell investment real estate while deferring the tax hit to a more advantageous time. IRA funds can be invested in real estate, and as long as any profits from rental income or property sales remain in the IRA, those profits are tax-deferred. The 1031 exchanges give you a choice at the moment of sale either to realize the gain and pay taxes on it or to reinvest that gain in another property and defer the taxes. And when you choose to reinvest, the transaction is treated as if you simply exchanged equity in one property for equity in another. The government has established these tax-deferring vehicles as a way for investors to reinvest real estate profits without having to pay the taxes until later. Millionaire Real Estate Investors believe that taxes deferred until tomorrow are always better than taxes paid today. As a result, they make use of these programs to preserve their profits as they go, giving them more to reinvest and accelerating the growth of their real estate portfolios. U.S.”
Gary Keller, The Millionaire Real Estate Investor
“In the end it’s the tax-deferred 1031 exchange that gets massive use by Millionaire Real Estate Investors. This program in the IRS tax code allows you to sell and buy properties without having to declare capital gains or pay those taxes. It’s a very straightforward procedure, but it takes some planning. First, you need to hire a 1031 Qualified Intermediary before you close on the sale of one of your properties. That person will act as your guide and escrow agent as you move through the sale of one property and the purchase of the next. After the sale of your “relinquished property” you have 45 days to identify the “replacement property” and a total of 180 days to close on that second property. You want to be looking for the replacement property before or during the marketing of the property you are selling. If you find a good opportunity, you can enter into a contract with a right to assign clause if your first property does not sell or with a 1031 clause in the purchase agreement if it does. Many people have the mistaken notion that you are exchanging your property with someone else: You take theirs, and they take yours. In some cases that can be done, but it is neither the purpose nor the requirement of a 1031 exchange. A 1031 exchange is designed for you to “exchange” one property in your portfolio (sell it) and replace it with another one that you wish to buy. It allows you to keep purchasing larger, more expensive properties without having to pay capital gains taxes on the ones you sell. This is a wonderful way to keep your money working for you.”
Gary Keller, The Millionaire Real Estate Investor
“Because they study it all the time, they think they are investing—but they’re not. Figure”
Gary Keller, The Millionaire Real Estate Investor
“As one would expect, the Devil’s tools are all ominous, but oddly, the highest-priced item in his arsenal is an extremely worn and harmless-looking wedge. When asked why it is so expensive, the Devil slowly smiles and replies, “To be totally candid, this may be my most powerful weapon of all. I call it the wedge of doubt. When all my other tools fail me, I know I can always rely on doubt and discouragement to break the heart and shatter the will of man.”
Gary Keller, The Millionaire Real Estate Investor
“Successful real estate investing begins with identifying value. How do investors identify value? That’s easy. They look at real estate. They look at a lot of real estate. They look very carefully at a lot of real estate. I wish I could tell you there was a shortcut, but there’s not, and I caution you against trying to create one. When you are starting to learn the value of real estate in an area, you will need to look at a lot of real estate. And as you carefully begin to get a sense of what people are asking and what people are willing to pay, you gain a sense of market value—what’s worth what. This applies to both sales prices and rental rates. These are the two big variables in the value equation.”
Gary Keller, The Millionaire Real Estate Investor
“What turns an opportunity into a deal is that the property meets your Criteria and the seller is willing to meet your Terms.”
Gary Keller, The Millionaire Real Estate Investor
“It’s like compound interest with a turbocharger.”
Gary Keller, The Millionaire Real Estate Investor
“The truth we discovered was that you have to know values in order to recognize opportunities and have to find opportunities before you can do deals.”
Gary Keller, The Millionaire Real Estate Investor
“U.S. Appeals Court Judge Learned Hand once observed, “There are two systems of taxation in our country—one for the informed and one for the uninformed.” I agree. When it comes to taxes, there are two kinds of people: consumers and investors. One group avoids planning for taxes, and the other plans for avoiding taxes. One sees doing their taxes as a painful chore that costs them money, and the other views their tax work as a necessary task that saves them money. Consumers think of tax refunds as found money they didn’t have. Investors see tax refunds as evidence of money they overpaid. When you connect tax work to the money you save versus the money you pay, thinking about and working on your taxes cease being so painful. It’s still work, but it doesn’t have to be your work. Accountants will do it for you, because they’re the only ones who think tax work is fun. In”
Gary Keller, The Millionaire Real Estate Investor
“deductible, depreciable, and deferrable—are about reducing your taxable income. No investment does that better than real estate, which offers unprecedented tax advantages both while you own it and when you sell it. Millionaire”
Gary Keller, The Millionaire Real Estate Investor
“You can’t really make a deal until you’ve found an opportunity, and you can’t really know if it’s an opportunity until you understand value.”
Gary Keller, The Millionaire Real Estate Investor