Key Characteristics of a Successful Real Estate Investor
John Larson and the Real Estate Cowboys talk passive income real estate investing.
Hear new episodes every Sunday morning at 8 a.m. The Cowboys talk about the keys to begin a successful real estate investor. How many keys do you already know?!
Keep the #CowboyCoffee hot while listening to John, and the Cowboys talk about how to #BeACowboy and earn passive income in real estate.
Keith Weinhold: Hey, this is Keith Weinhold from the Get Rich Education podcast. You are listening to my friend John Larson and the Real Estate Cowboys. Don’t quit your daydream.
Robert Helms: Hey everybody, it’s Robert Helms, host of the Real Estate Guys radio show, and you are listening to the Real Estate Cowboys.
Announcer: Have you thought about becoming financially free through real estate investing, but don’t have the time or knowledge to get started? Welcome to the Real Estate Cowboys podcast. Each week we discuss passive income investment opportunities in the red hot Texas market. John Larson and the Real Estate Cowboys will show you how to leverage their team to build wealth in real estate through passive investment opportunities. And now here’s John.
John Larson: Welcome to the Real Estate Cowboys podcast. This is your host John Larson. This week we are going to be talking about key characteristics of a successful real estate investor. And I came up with a few different characteristics here that I think really play a large part in the success or the failure of a real estate investor. And what I see with successful real estate investors is number one, a passion for it, right? Anything that you do in life, uh, you have to be passionate about it or you’re just not going to be very successful at it. And so, you know, real estate’s always been a large passion of mine. I love real estate. I actually just got out of a closing for a house that we just sold for 41.5 million out here in Dallas. I designed that entire house from the ground up and I met the buyers, they’re a young couple with three kids. And you know, honestly when I met the buyers, I thought to myself, that’s exactly the type of buyer that I was building this house for. The guy kind of reminded me of myself. Uh, his wife was ecstatic about buying the house. She loved the house. They couldn’t wait to move in and they said their kids love it as well. And everything I did with the house, I kind of had that type of buyer in mind. And I think anytime you’re designing a house, you need to kind of pick a specific, uh, you know, who, what do you, who do you think that this, this property is going to attract? You know, with your design. Sometimes when you go into a house and you put too much, uh, you try and make it too broad. You think like, oh, let’s play it safe. Let’s make it appealing for everybody. You know, that house could sit on the market for a little while. But if you go in with a mindset, you know, you look at the neighborhood, the area, what type of people are moving into these areas. And then when you do your design, maybe you do a little bit of a little more trendy type of design because you’re trying to attract maybe a younger home buyer. And I’ve just, I know in the past, every house I’ve remodeled, every house that I’ve built, um, I always kind of had a vision of what my buyer would look like and I would design the house, uh, based on that. And so it worked. And so I was very, very happy to sell that house. $1.5 million houses in Dallas don’t sell very quickly, uh, took a little bit to get that one under contract, but I’m just happy that the right buyers found the house and they’re excited to move in and we’ve got another deal and made a little bit of money.
So it all worked out. A passion for real estate is very, very important. And I’m going to reference something that Steve Jobs said. He said people with passion can change the world for the better. And he understood that passion is needed in order to sustain interest over the rough patches, right through the boring bits, through the, you know, the tedious times where you’re going through and doing real estate investing. It’s not all of these fun and games, right? It’s great to be at the closing table and sell a house, make some money. But the journey that it takes to get to that point can be kind of excruciating. You know, you’ve been trying to find deals, uh, in a hot market and we’ve been in a very hot market the past going on a decade. So it has been really, really tough to find good deals. And so that in itself can be very trying and can probably get very frustrating after a certain period of time because you know, you’re putting in offers, putting in offers, putting in offers and you’re getting shot down.
And that can be very, very discouraging. But that’s where your passion needs to come in and you know, kind of persevere, make you persevere through things like that. You know, I would just say without passion, people tend to give up for sure. And so think about any other time that you’ve been doing anything, if there was no passion with it, if you didn’t really care about something, then when things get tough, it’s easier to walk away. Passion is really the fuel that drives action and persistence. And you know, like I said, real estate investing isn’t always easy, but those who are really successful at it have an underlying passion to continue looking for ways to make it work. And that’s me in a nutshell. You know, I can’t say every real estate deal I’ve ever done; very house that I’ve ever flipped has worked out the way that I thought it would. Um, but it didn’t get me down, you know, um, it just made me more excited to do the next deal, right? But I’ve had deals that I made a lot, a lot of money, you know, and were hugely successful. And sometimes the ones that you thought weren’t going to make the most end up working out the best, you know, it’s crazy. You know, there’s some of the home run deals that I’ve had, I broke even on, you know, and there’s even been deals in the past where we’ve lost money. You know, market changes, uh, you know, especially this past year with the interest rates going up. It really cooled the, uh, the buying pattern that we saw in the Dallas area. And all over the country, you know, rising interest rates usually slow down the buying pattern, you know, more and more buyers are kind of taken a back seat and waiting to see if the rates go down or whatever it may be. But definitely seen a little bit of a slow down, you know, so you can’t let that stuff get you down, you know? So I just say if you have a passion for it, for anything, just keep it, keep going.
Another thing I wanted to point out is you need to have the ability to detach emotionally. Um, real estate is really a funny thing. A lot of people fall in love with a particular property. They find a dream home and do everything in their power to acquire it even when the economics of it are not in their favor, right? Sometimes people will, even though they can’t really afford that monthly payment, but they love the house, they go for it. Same thing goes, you know, if you want to buy an investment property or you might have always dreamed of owning a property in a particular street in a certain neighborhood, that’s not how successful real estate investors go about it. You know, you need to set your emotions aside and look at the investment as just that. It’s just a vehicle to get you a return, a specific return that you’re looking for. It’s a vehicle that helps you reach your goals, right? And you need to make your decision based on hard data. And so this is a very, very essential thing when it comes to the characteristics of successful real estate investors. You need to be able to put your emotions aside and understand, like I said, that even though this property might not be the prettiest tone, uh, if it rents for the right amount and your net return based on what you’re purchasing this property falls in line with your goals of the type of return that you’re looking for in real estate. Then you, that’s when you need to put your emotions aside and you need to make the deal, right?
But obviously, vet it out, make sure that it’s in a good neighborhood. I think neighborhood and location is far more important than the actual, you know, cosmetics of the property, right? We all want a nice property, we want it to look nice, but you know, if there’s, you don’t like the shutters or you know, you don’t like it because it’s a siding and not brick. At the end of the day, it’s are you buying it at fair market value? Is it in a neighborhood that’s safe, low crime, right? So when it goes vacant, you’re not worried about people and they’re breaking in, ruining things, vandalizing, stealing things. Is it going to attract good tenants consistently and does it hit that number that you’re looking for as far as a benchmark for a good investment? Right? Does it get you that return? And if it does, then that is a solid vehicle, you know that you should invest in, right? At the end of the day, you have to look at it, like I said, as an investment vehicle, a widget, so to speak. Because when you look at it too much as would I live there? That can really, really affect your decision making and you could really talk yourself out of some good investment opportunities if you look at it like that.
The third thing, I want to bring up is integrity, and so no matter what you may have read or heard about, the most successful people in real estate and how they operate? Integrity always wins out. It’s true. People want to deal with people with integrity, right? Because there’s a lot of people in the real estate business that operate without integrity or they’re just trying to make a buck. They don’t have their clients’ best interests at heart or the investor’s best interests at heart.
Those are the people you want to avoid and eventually, they’re going to fail because that’s going to catch up with them. Your reputation is really everything in real estate, so you don’t want to be that guy, you know, that just puts in offers, puts it offers, puts in offers, and then backs out during your option period all the time. If you’re going to put in an offer, you know, you gotta be pretty sure that you want to move forward with the deal because all that’s going to do is just put, put a bad reputation out there. And then when people see your offer come in, words going to start getting around, aw, this guy’s gonna end up backing out, don’t even accept his deal, you know? So you really, really have to be careful with that. You know, the way that you talk to people, the way that you handle disputes, the way you pay your bills, do you pay your bills on time, it all impacts how successful you can be in real estate and really any other endeavor.
So, you know, think about it, if you’re always late paying bills, contractors are going to get frustrated with you, they’re not going to want to work for you. And then there’s also a good chance that they might try to rip you off. So you gotta be really, really careful of how you speak with contractors, how you speak with people in the industry, how you speak with other agents and pay on time. It’s very, very important because otherwise, it’s just going to have a bad, bad rep. Put a bad reputation out there in the industry that you know you don’t pay your bills, you don’t pay on time, and then you’re not going to get contractors that are going to want to work for you. Good contractors, okay? You know, I would say that people want to do business with people that they can trust, respect and rely on. So be that kind of person and you’re going to have a better chance of succeeding. You’ll be a lot more likely to get funding, support, and cooperation from others when you need it, if you operate with integrity, I will say that.
Another thing would be having a team mentality, understanding that it’s not just just you that are making everything work when it comes to acquisitions. You have to have good wholesalers, good real estate agents that are working with you that you can trust that you know they operate with integrity. So when they tell you, Hey John, I think this is a good deal. You know, hey, the foundation needs a little bit of a repair, but you know, not trying to hide anything from you, right? Just being honest and upfront. That can really make your job a lot more efficient, right?
Because if you can trust other people, agents, and wholesalers that you’ve worked with before and performed with before and done business with before, they’re going to want to keep your business, too. So they’re not going to try and mask things with the property just to get it sold. They’re going, to be honest and upfront with you. And then when it comes to your contractors, it’s the same thing. Hey, stop by and buy the guy’s lunch once in a while, you know, stuff like that goes a long way to earning these guys’ respect. And then, you know, when it comes to renovating your property, they’re not going to cut corners. You know, they’re going, to be honest and upfront with you. They’re going to get the job done in a timely manner. Because I will say that, you know, if you upset your contractors, you’ll see your job starts getting slower and slower and slower.
And with real estate investing and flipping houses, it’s all about timing as well. You know, if you buy a house in February and you plan on having it on the market in May or June, you know it’s really going to come to the, to the rehab crew to get it over the goal line to where you can then list it. And then your listing agent or broker, or whoever you’re using to sell the house, you obviously want to have a good relationship with them as well and take care of them, you know, so they work hard for you. They do open houses, they’re there, they try and get you the best price possible for the house and they work hard, you know, so it’s all about what you put out into the universe. And if you’re putting out good things, you’ll get it back. So having a team mentality is definitely important.
And I would say that most successful people in real estate are supported by teams of people who can provide certain skill sets. Not everybody’s great at everything, right? We’re all really good at some things. You know, a lot of us are excellent at one particular thing, but it really takes some, it takes a family, a village, a team to, to get these houses from point A to point B and make some money at them. Very, very important. I would say that, you know, when it comes to the team, you’re going to need a team behind you to give you honest quotes on renovations, honest repairs, um, and getting the repairs done, like I said, efficiently. Uh, you’re going to need a good property management team to handle tenants. Trust me, you’re not going to want to do that and, and you’re going to need a team to find economically viable properties, right? Like I said, agents and wholesalers on the front end. And the team mentality means that you couldn’t do it alone, right? You gotta put that ego aside, but you also want to know, hey, at the end of the day, being a nice guy can get you so far. You also have to deliver on payment and things like that and take care of your guys, like I said. And so you know, if you fairly compensate your team that assists you in reaching your goals, you’re going to see that you’re going to build a really, really solid, loyal team and you’re going to be able to do more deals. You’ll see, watch. Um, you put a really good team together and you take care of them, they’ll take care of you and you’ll find that you’re making more money on your deals and you’re doing a lot more frequency of deals or it’s going to increase as well because you actually buy, you put a contract in and buy these houses. You don’t think that that real estate agent or that wholesaler is going to be emailing you every time they have a good, new, good opportunity, right? You want deals to come to you. You don’t want to have to go out and search all the time. But the only way you’re going to get deals to come to you is to build a good reputation in the industry or in the market that you’re operating in. And with the other professionals that are operating in the market as well. Take it from me.
So we’re going to take a quick commercial break. When we come back, we’re going to talk about a couple more things that are good characteristics of a successful real estate investors. We’ll be right back.
And welcome back to the Real Estate Cowboys podcast. This is John Larson. This week we’re talking about key characteristics of successful real estate investors. We just got through the first four characteristics that I pointed out. One is a passion for real estate. One is an ability to detach emotionally. Uh, operating with integrity is a very big one and having a team mentality.
So from there, the next characteristic I would say is an understanding of economics is definitely important. You know you’ll need to understand how money works to make it in the business. Real estate investing, knowing how to manage your money is definitely a key ingredient in understanding economics. I would say the most successful real estate investors know when to invest and when to save on top of everything else. You’ll also need to know how to calculate return on investment, cash flow, potential cap rate, and trust me plenty more. Even if you just decided to go into private money lending, which is another program that we offer, you’ll still need to know the difference between a good interest rate of double digits and a modest single-digit return that you might get from a CD investment.
So this is all very, very important. I think that timing is a very important when it comes to investing in real estate, there’s good times to invest. There’s, there’s bad times to invest. Uh, we’ve all seen that, right? You know, it’s just being able to ride those waves is when you’re going to really make the most money when it comes to real estate investing, investing on that upward trend, um, or even when the market’s kind of at a plateau state where it’s gotten high but it’s not really going down. It’s kind of just stay in there. That still will tell you that there’s a lot of interest in real estate and still a lot of buyers out there. When it starts to dip down, that’s where you might want to take a backseat, wait and see approach, uh, when it comes to single family homes specifically because the market really dictates what you can sell the property at, right? Not the cap rate. Uh, whereas commercial properties and markets like Dallas and you know, other thriving markets across America, uh, Atlanta, just growing markets where there’s a lot of job growth, I think there’s always going to be a good opportunity for commercial properties because they’re traded on cap rate and not so much what the market dictates, what the market value is. Now, market leasing will fluctuate to where, you know, that might drive down the value of your property if you can’t lease it out. But in states and in markets like the state of Texas, Dallas, specifically Houston, Austin, and then over in Georgia, Atlanta, uh, the Carolinas, you hear about North Carolina, there’s a lot of businesses moving into those areas, which means they’re bringing in people, which means it needs space. So I don’t really see a price per square foot in terms of leasing commercial space going down in those areas. So it can always be a good opportunity to invest in commercial. Um, I, as we know, the barrier to entry is a little bit higher with commercial as opposed to single-family homes and you don’t get the attractive financing that you do with single family homes, like 80% loan to value. Um, so that’s why you have to be a little bit more cautious with those single-family market. Um, and you really have to watch that and make sure that you’re not buying a bunch of houses when prices are going down because then you’re just going to just really turn yourself upside down and you’re not going to have a good experience investing in real estate. And then probably wanting to quit and go do something else. But if you do it the right way, you buy at the right time, the right pattern, you’re going to have a really good experience and you can make a lot of money investing in real estate, so.
Timing; very, very important. So that just means that you’re going to want to watch the news, you know, read publications, read reports, market reports, just keep your eye on the buying pattern that’s out there in any of the markets that you’re investing in. It’s very, very important to make sure that you’re buying at the right time. And uh, you know, obviously being able to know, uh, what, how to calculate a return on investment and cash flow, potential cap rate, um, you know, what is cap backs; knowing the terms that’s important, knowing how to analyze a good deal is very, very important. So I would put that right up there with, you know, operating with integrity. If you can understand the economics of the business and you operate with integrity, you should be very successful in real estate. And then if you add on passion and everything else we talked about you’ll be a really, a superstar.
The other thing I want to mention and that is social skills. Very, very important. If you’re an introvert, you’re going to have a tough time getting anything done in the real estate industry. You’re going to have to put yourself out there. Uh, I can’t tell you how many networking events I’ve have gone to, or I’ve met a real estate agents who get pocket listings and get good deals or met wholesalers that have access to the deals. You know, I might not meet these people if I’m not putting myself out there and meeting them face to face and having a conversation with them. And then delivering, you know, when they bring me a good deal, I execute on it and purchase that property. That’s the best way to build a relationship with somebody. They bring you a good deal and you take action. You don’t sit there and hem and haw about it because all the hemming and hawing that you’re doing someone else is going if it’s a good deal, someone else is going to come take it from you.
So I’m not saying jump into something that you don’t feel comfortable with. You want to do your due diligence, but when someone brings you a good deal, you better, as a good real estate investor, you gotta be able to make quick decisions. And so if it’s a good deal, you need to have the skills to determine if it’s a good deal fairly quickly or like I said, you’re going to miss out on that deal. Or if this person brings you a good deal and you say, ah, I don’t really like it, they’re going to be looking at you like, okay, this is one of the best deals that’s come across my desk. You don’t like it. I can already tell you’re going to be difficult to work with you. You’re looking for a unicorn out there. This type of property doesn’t exist. If you don’t like this one, I don’t know how you’re going to find something better, right, and that could be a really quick way to burn a bridge with somebody who’s got access to good properties and good opportunities. But you know of course, you’re going to interact with a variety of people when you’re dealing with real estate. You’re going to deal with contractors, you’re going to deal with agents. You can deal with lenders, you’re going to deal with wholesalers. You’re going to deal with a wide variety of people. Insurance guys, appraisers; you need to have some good social skills to really navigate through all the relationships that you’re going to be building by being a successful real estate investor, okay? You know, you’re also going to communicate with other landlords, other investors, property managers, repairmen, tenants. If you’re managing your own properties, town council members, maybe, other property owners. So you really have to sharpen your social skills. And that means simple things. You know, stuff that your father taught you and mother taught you when you were young; you’re making eye contact when you’re when you’re speaking with somebody listening, you know, don’t always be the loudest guy in the room.
Sometimes you just need, even though you know a lot, sit back. Listen, good listening skills is important and ability to negotiate is a very, very important in this business. You know, I’ve said this a lot to investors. You know, people tell you, you know, the MLS doesn’t have any good deals. If the property’s on the MLS it’s not a good deal. It’s not true. There’s tons of good opportunities on the MLS. The problem is they’re just priced a little high, right? Because the seller’s got to factor in commissions to the real estate agents, so on and so forth. But if you have a good negotiation skills, right, and you’ve done this before to where I call it hacking the MLS, that’s another episode. I don’t have time to discuss that right now. But there are ways to get properties off the MLS at the right price to where it becomes a good deal.
But you have to have a good ability to negotiate and you have to do it a couple times to then kind of build a good template, a good blueprint for how to negotiate a good deal and negotiate a good deal off the MLS, specifically. You have to be flexible. It’s not all about you. Your time needs to be flexible. You know, sometimes, hey, you know, you need to be able to go and check on your property, follow up with your contractors, make sure that they’re doing what they’re supposed to be doing, make sure that they’re installing the tile the way that you wanted it done. So on and so forth. Cause I’ve noticed in my career, I take my eyes off it for a day or two, I come back and I was like, oh no, I didn’t want the tile here. That tile needed to go here.
So you gotta be, you gotta be there, you know, and it takes time. You have to have a willingness to concede when necessary. You’re not always right. You know when you are wrong or when you know someone comes up with a better idea, you, you need to be able to concede to that person. Don’t be the know it all. Don’t be somebody that’s difficult to work with because you’re going to find out yourself, you’re going to drive people away. You’re not gonna be able to keep your good team together. Interviewing skills are important. Um, anytime that you’re interviewing a new contractor, especially when you’re interviewing a property manager to look after your properties, you know, you need to have a set of questions and a structure. When it comes to interviewing anybody that becomes a part of your team. The ability to judge character, I would say is another good skill to have because like I said, there’s a lot of shady people in the real estate business as well.
I’ve been ripped off by contractors before. I’ve been, I feel like, ripped off by real estate agents before, kind of overinflating what a property could sell for, what the after repair value could be, over-embellishing what the market’s doing in a certain area. You know, these people are salespeople, they’re trying to make deals. That’s why you need to come in with a solid amount of knowledge to combat some of these beefed up statements or some of these overzealous statements about markets or about what the prices are, or the properties are selling for. You need to do that research yourself, of course, always take other professionals’ advice into account, but at the end of the day, this is your money and it’s your decision and you need to come prepared with the right amount of knowledge. Articulation is another skill, I would say. Being able to describe what you’re going to do to a property when you’re working with your contractors.
Being able to articulate how you want the home to turn out. It’s very, very important. They don’t just know, right? You need to have the vision on how you want the house to come out. You need to be able to have the skills to deliver that information to these people so they understand what you’re looking for, right? That’s very, very important. Writing skills, important. A good sense of humor, I think goes a long way. You know, people like to work with people that they like and don’t take yourself too seriously. That’s, that’s, you know, we all make mistakes. Even the best real estate investors out there, the guys who make the most money, they make mistakes. Unforeseen things pop up, right? It doesn’t mean that they’re a bad investor. Doesn’t mean that they did something wrong, but you know, by being able to, you know, be humble and not take yourself too seriously. You’re going to see that more and more people want to gravitate around you and work with you. No one wants to work, like I said, with a know it all, or someone that takes himself too seriously, right? Want to work with humble people, caring people, knowledgeable people. And you’ll see if you put that kind of energy out into the world into this, into this real estate investment space, you’ll end up surrounding yourself with the right team, right? Like by me doing that, I now work with Keith Weinhold from Get Rich Education. We collaborate on a lot of things. The Real Estate Guys, we collaborate on a lot of things and they’re very particular about the people that they work with. They want to work with good people, humble people, and good teammates, good listeners, right? Like I said, so that is another important thing.
Social skills, very, very important in this business. And then finally, just a basic knowledge of real estate. You know, some of the most successful real estate people never went to college. That doesn’t matter. Right? You know, I started flipping houses when I was young with my family. Just kind of learning about the ins and outs of how to do it. More so doing a lot of labor. But I learned how things work. Doing that and learning how a house works, which I think is a very valuable tool and valuable information to have when you’re flipping houses. Others out there that can boast degrees from Harvard business or whatever it may be, but you don’t need to have a genius IQ to do real estate investing or have a piece of paper from the university to make a fortune in real estate. But like I said, you need to have a basic knowledge about the core principles of real estate.
You know, going to get your real estate license is a great way to learn more about real estate, learn more about the terms. Uh, it will give you a good base to start with. And then if you do have some construction experience and experience even being a laborer or flipping houses, working on houses, that will go a long way as well. So you can, when you combine that with a real estate license, that will give you a good base of knowledge, uh, to get started. You know, doing a couple of deals, right? When being a real estate agent and selling some houses, working with buyers. You’ll go through the transaction process, you’ll work with the title companies, you’ll work with the insurance companies, you’ll work with the lenders, you’ll work with buyers and sellers, you’ll work with other agents. And then you’ll start to understand how these real estate deals come together.
Because it can be very complex, okay? Especially if you’ve never done it before. And so some of the most successful investments out there involve strategic or creative concepts that they rely on for a solid foundation of real estate knowledge in order to work. And so what I would say is if you don’t already possess this key characteristic of a successful real estate investor, take your time to educate yourself before you go any further. Go take a class, go, go get your real estate license. It’s a great, great way to familiarize yourself with how it all works and who all the players are and what all the terms mean and so on and so forth.
Well, that’s what we have for this week’s episode. I’d also like to give an update on our current private money lending opportunity. We just broke escrow on the CBD equipment, the extraction equipment that we’ve been discussing. Like I said, this deal is paying a 12% annual rate of return. We’re allowing your money to accrue interest while it sits in escrow. But we already did phase one of the closing. We raised just over a million dollars, so we were able to break escrow, take that money and go put the down payment down on the equipment. So very excited about that. The equipment’s been ordered. Now we just need to raise another, it’s about $2.3 million for the rest of the money that’s going to be needed for the two machines and, uh, also some inventory and there’s some consulting fees and things like that are built in there. But we’re close and we’re now onto the second phase. So very excited about that. We’ve now raised about $10 million total since June of last year. So I’m really, really excited about the way our private money lending program is working.
So if you’re interested in learning more about that, you can go to either one of our websites, you can go to AREIUSA.com. If you’re an accredited investor, you’ll be able to get the PPM on the opportunity right from the website. Uh, we also have a marketing package that gives you basically an overall view of what we’re raising for currently and if 12% fixed sounds good for you for a year term, uh, put your information in and we will contact you and explain how to move forward. If you’re looking for more information, looking for past episodes of the Real Estate Cowboys, just looking for education before you make a decision, go to RealEstateCowboysDFW.com and there’s a ton of blogs there, past episodes that you can listen to and a lot of good information on that website as well. So thank you for tuning in this week. Sorry, I’m a little under the weather, so it might sound a little funny this week, but hopefully, I feel better next week. And like I said, thanks everyone for tuning in. I really appreciate all my listeners out there and we’ll be back next week for some more great information. And always remember, what your return on life? Have a great week, everybody.
Announcer: All opinions expressed by the host of the show are the opinions of American Real Estate Investments LLC and do not reflect the opinions of guests or sponsors. No personal or professional advice on this program should be considered an endorsement to follow a real estate financing or investment strategy. Before acting on any information, seek advice from your financial tax, mortgage or real estate advisor, as the information is not guaranteed and investment strategies have the potential for profit or loss.