129 pages

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Terry Moore, CCIM Inc. - Terry Moore

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129 pages

English

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Obtenez un accès à la bibliothèque pour le consulter en ligne
En savoir plus

A propos
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Description

Americans want to build wealth, but few people really know how. Terry Moore shows his clients low-risk ways to invest in rental property, so they can enjoy financial security. Terry is a top apartment broker who has earned several major awards including Investment Broker of the Year and Commercial Broker of the year. Building Legacy Wealth describes the proven and repeatable processes that have helped hundreds of his clients become millionaires.

Many wise investors choose apartment investing because it can be a low-risk escalator to wealth. In Building Legacy wealth, you will learn how to decide if apartment investing is for you and where you should begin. Then you’ll discover how to buy successfully, boost your property’s value and sell so you can repeat the cycle. You’ll also learn how to use special features of the tax code to keep your wealth growing and how to make wise decisions about consolidating your gains and passing on your wealth and your values to the next generation.

Legacy ultimately matters more than wealth. Terry invites you to plan how to live a life worth imitating, while making your money multiply.

F oreword xiii

Preface xv

Introduction 1

How to Get the Most from This Book 13

Increase the Odds of Your Success 21

Wealthy Thinking 23

Emotional Intelligence 33

Understand Your Values and Priorities 47

Prepare to Invest Profitably in Apartments 55

Team Up with a Great Broker 57

Make Sure You Have a System That Will Work for You Every Time 77

Apartment Investing Realities 85

The Wealth Escalator 95

A Practical Way to Prioritize Opportunities 97

Successful Buying 109

Successful Operating 125

Renovation Budgets and Strategies 137

Successful Selling 145

1031 Exchange 161

Wealth Escalator Summary 169

Your Investment Life Trajectory 173

Prolonging Your Capital’s Growth Spurt 175

Moving On 179

Transferring Your Legacy Wealth 187

Your Investment Life Trajectory Summary 199

Conclusion 203

Appendices 209

a. Supply and Demand 211

b. Are You Ready to Invest? 213

c. Due Diligence 217

d. Loans: How Lenders Determine the Amount They’ll Lend 229

A Brief Annotated Reading List: Wisdom from My Library 235

Additional Resources 241

Acknowledgments 243

About Terry Moore, CCIM 245

Sujets

Real estate investing

Informations

Publié par	Terry Moore, CCIM Inc.
Date de parution	14 décembre 2018
Nombre de lectures	0
EAN13	9781732196926
Langue	English
Poids de l'ouvrage	2 Mo

Informations légales : prix de location à la page 0,0035€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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Building Legacy Wealth
TOP SAN DIEGO APARTMENT BROKER SHOWS
HOW TO BUILD WEALTH
AND LEAD A LIFE WORTH IMITATING
T ERRY M OORE, CCIM
Copyrighted Material
Building Legacy Wealth: Building Legacy Wealth: Top San Diego Apartment Broker Shows How to Build Wealth and Lead a Life Worth Imitating
Copyright © 2018 by Terry Moore, CCIM. All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means—electronic, mechanical, photocopying, recording or otherwise—without prior written permission from the publisher, except for the inclusion of brief quotations in a review.
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered and is believed to be correct at the time of writing. The publisher and the author make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties including without limitation warranties of fitness for a particular purpose. Since every situation is different and laws and regulations vary by jurisdiction and change from time to time, you should seek competent professional counsel before making any decision.
Published by: Legacy Wealth Press 2635 Camino del Rio S. #300 San Diego, CA 92108
ISBNs Hardcover: 978-1-7321969-0-2 Softcover: 978-1-7321969-1-9 eBook: 978-1-7321969-2-6
Printed in the United States of America
Cover and Interior design: 1106 Design
Contents
Foreword
Preface to the Revised Edition
Preface
Introduction
How to Get the Most from This Book
Increase the Odds of Your Success
Wealthy Thinking
Emotional Intelligence
Understand Your Values and Priorities
Prepare to Invest Profitably in Apartments
Team Up with a Great Broker
Make Sure You Have a System That Will Work for You Every Time
Apartment Investing Realities
The Wealth Escalator
A Practical Way to Prioritize Opportunities
Successful Buying
Successful Operating
Renovation Budgets and Strategies
Successful Selling
1031 Exchange
Wealth Escalator Summary
Your Investment Life Trajectory
Prolonging Your Capital’s Growth Spurt
Moving On
Transferring Your Legacy Wealth
Your Investment Life Trajectory Summary
Conclusion
Appendices
A. Supply and Demand
B. Are You Ready to Invest?
C. Due Diligence
D. Loans: How Lenders Determine the Amount They’ll Lend
E. New Density Bonus Law Creates Powerful, but Temporary Profit Opportunity
A Brief Annotated Reading List: Wisdom from My Library
Additional Resources
Acknowledgments
About Terry Moore, CCIM
Foreword
Y OU ARE HOLDING AN AMAZING TOOL designed to ensure your financial well-being, a path for your children, and an opportunity to make a positive impact in our basic need for housing. Congratulations on your time researching a different path to a better future.
Where was this book thirty years ago as I was starting my career in commercial real estate? The knowledge imparted here could have shortened my learning curve considerably.
Terry’s advice was pertinent 30 years ago, it’s completely relevant today, and I believe it will be for decades to come. You’ll see that as he follows a multigeneration family of investors who demonstrate the basic principles of investing and leaving a legacy for others.
Many books are available to tell you the how of investing. The technical skills are not that hard, and so authors abound. It takes an extraordinary individual to frame that knowledge in a bigger picture that will positively impact your life and the lives of those you touch. Terry Moore is uniquely qualified as that rare individual.
Terry “walks the talk.” He knows his stuff and practices it daily. But where he differentiates himself is in the generous sharing of his expertise. Terry counsels clients, sells real estate, owns and manages income property, and helps other do it. His moral compass is unerring: His client’s needs always come first.
Terry makes a positive difference in the community. Not only has he attained the CCIM (Certified Commercial Investment Member) designation, he served on the national CCIM faculty, an even rarer distinction. He has also taught for the California Association of Realtors, National University’s Real Estate MBA program, and UCSD’s Extension Program. When he represents a client, the offers he writes go to the top of the stack due to his credibility with the brokerage community and lenders. That credibility comes from decades of closing transactions in a calm, businesslike manner, encyclopedic knowledge of the market, and terrific problem solving. He has the full backing, support, and wise advice of his wife, Sandy, and he has assembled a team dedicated to his clients’ success.
My only regret in this business is the buildings I should have purchased. Terry’s wise counsel will help you avoid that regret. My life and career are better for having Terry and Sandy in it. Yours can be, too, with the sage recommendations contained within these pages.

— A NN B LOCK, CCIM
Closed more than $4 billion of income property sales and loans. Lifetime Achievement Award by San Diego County Apartment Association, Woman of Influence Real Estate Forum magazine
17-time national award winner for Chase and Washington Mutual apartment loan production.
Only Loan Advisor to train and promote more than four other people who also became national award-winning producers.
Past President of San Diego County Apartment Association
Past President of San Diego CCIM Certified Commercial Investment Member chapter
CCIM Designee of Year, San Diego County CCIM chapter
Preface to the Revised Edition
W ELCOME TO THE SILVER AGE of California apartment investing!
California’s economic environment is superior to about 40 other states. California and most of its major cities have grown faster than the rest of the nation and most other states for two generations. State housing and tax policies created a huge, pent-up demand for rental housing. It may take a decade or more for the construction industry to build enough to bring markets back into balance. From about 1980 till about 2020 the state may not have built even half as many apartments as the population needed. That supply-and-demand imbalance boosted values and made millions of California investors millionaires.
Silver age... what happened to the golden age?
You just missed it. Since I wrote this book in 2018, there have been three significant changes that affect apartment investing.
First, California imposed rent control even though voters rejected the idea three to two. Nationally one-third of renters live in rent control housing. Rent control does not create additional housing. Also, rent control also doesn’t eliminate profit, cash flow, or wealth building.
California’s rent control law restricts most rental increases to 5% plus the local cost of living. For owners of San Diego rentals in 2020 that’s effectively about a 7% increase. The maximum increase is 10% annually, regardless of the annual cost of living. The law makes an exception when the owner makes substantial improvements, which the law indicates include: Intent to obtain building permits, expectation that the work will take more than 30 days, cannot be performed with the tenant in place, and will involve major work to the plumbing and or electrical system
Second, the state government changed law to create more rental housing, taking the power of “No” away from local jurisdictions. The laws promote more density, including construction of additional dwelling units (ADUs), previously called “granny flats.” For a generation, the state told local jurisdictions to allow more housing, particularly rental housing. Local jurisdictions ignored the state. The state now forces local jurisdictions to allow ADUs.
The density bonus laws represent a five-year opportunity for rental owners and entrepreneurs. The law, which was passed in October 2019, gives homeowners and rental owners the right, by law, to add more units. The local jurisdiction has 60 days to approve the application for those units. A cottage industry has sprung up to advise owners and developers on the implications of that law. Hundreds of brokers are scrambling to maximize our clients’ benefits. Like it or not, the density bonus law won’t sunset until the end of 2025.
Third, during the COVID-19 pandemic, California, in effect, made rental owners “the lender of first resort” for renters. The state effectively barred evictions for nonpayment for several months and the implications may last for a year. Rental owners are aware that convenience store owners and gas station operators were not compelled to make interest-free loans to customers. Tenants who pay no rent from September 1, 2010 till January 30, 2021, but who pay 25% of what they owe on January 31, 2021, cannot be evicted for being late.
The California Supreme Court or federal court may rule on the interpretation and implementation of these laws. Until then a fabulous investment broker may provide guidance beyond what's obvious as of the date this edition goes to press.
You and I can’t change the trends or predict with certainty what the governor, legislature, and/or the courts will do. We decide whether we’ll invest in our areas code or move our funds to another metro or maybe another time zone.