Recent indicators clearly show home values in nearly half of the country’s largest metro areas will not reach their pre-recession peak levels again for another three years or more. The data I have been seeing using REIAComps during the first half of this year are proof the recovery is still very much in its middle stages.

Nationally, home values remain double digit percentages below their 2007 peak. Looking ahead, U.S. home values are expected to rise through the early part of 2015. Really though, It will take another 3+ years for national home values to recover their pre-recession levels, assuming a steady rate of appreciation. And this is not every where. Las Vegas will take another decade.

For those of you already connected to REIAComps, the control and feeling of confidence you have over your deals is priceless. These new statistic add power and knowledge to your tool belt. Using REIAComps to investigate the value of houses as they come to market, against other less reliable sources continues to be a no brainer. Read More→

This is one of the most powerful business lessons that I have learned. That may not be what you were expecting to read but let’s face it…its true. No one cares about you, your business, your services or you in general. The one thing that people always care about is their own problems and finding solutions to those problems. Now let’s put that into the real estate world.

Whether you are interested in commercial real estate or single family homes…people still only care about solving their own problems. They don’t care about your investment or doing business with you or what deal you may be working on. They care if you can solve a problem for them and that is the root of becoming wealthy in the real estate business. If you can master the art of creatively solving problems then the financial doors to financial freedom and cash flow will swing wide open for you. If you view real estate and the world at large as a place to serve yourself, the doors to wealth will stay firmly shut. You may be able to force your way into the business world with self-serving actions but why? Why not have all the people who have what you want just simply give it to you and say “thank you” when you take it?

Everything you want in the real estate world is likely to be owned or controlled by someone else. There is no more free land in the world waiting for you to run out and stick a flag in it. Everything is owned. Now you job is to go out and get those sellers and owners to “give” you what you want. You do this by solving problems. Here are some very common problems in the real estate world today. Read More→

It is the goal of this column to answer questions about QuickBooks and how it is used in the REI arena. Knowing how to record transactions in the proper way and have your set of books in good shape when it comes time for taxes. It is our intention to do this with you, the members, submitting questions to Karen@smallbusinessadvisor.biz, and getting answers here in this column.

Q: I am new to having my own business – just what is accounting?

A: Accounting is the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to owners, managers, and other interested parties. An accounting system is designed to accumulate data about a firm’s financial affairs, classify the data in a meaningful way, and summarize it in periodic reports called financial statements. Owners and managers obtain a lot of information from financial statements. The SBA helps to:

• establish the records and procedures that make up the accounting system
• and/or may supervise the operations of the system

Once the books are in good order they can then be passed on to the CPA to either work with the owner to suggest strategies and/or prepare taxes. Most owners and managers rely heavily on the CPA’s judgment and knowledge when making financial decisions. Read More→