INVESTING + PITFALLS
Investing can be scary, but it doesn’t have to be. I made a few mistakes early in my career as an investor that have taught me the smartest ways of doing business. Now, I’m confident that my strategy works to curate the most profit, and I have had the success to prove it. In 1987, I made the decision to invest in what was then called the Easton Building in Old Ellicott City on Main Street. With the help of 2 partners, I bought it for $90,000 with the intention of selling it quickly for $300,000. We achieved this, but ended up having to put another $100,000 into it on top of the initial $100,000 we spent on renovations. Needless to say, we barely broke even. This was a tough loss, but it taught me some of the most important lessons about investing that have guided me to great success investing since. The first lesson is knowing your why. There are many reasons why you should consider buying an investment property. My reason was my daughter, Lauren. I wanted to fund my daughter’s future college education with my investment property profit. Your reason may be to pay less in income taxes, generate wealth for retirement, be financially independent, etc. The reasons to invest are expansive, but you should have a specific reason of your own. Narrowing your goal will help you narrow your path to achieve it. Once you have your why, the second lesson is knowing who you are. Knowing who you are is crucial. The outcome of my first investment deal showed me who I was early on. I did not like being ‘the money guy,’ the one who finances the project, and I knew I wasn’t the ‘hammer guy,’ the one doing all the fixing up. My skills allow me to successfully play the part as the ‘rainmaker,’ the person who finds the deal and makes it happen. Taking ownership of your skill set is important when deciding who you want to be and what role you will best play in the investment deal. The third lesson is setting an objective. When investing, your goal should either be to 1. repair, renovate, and turn a quick sale for profit or, 2. buy and hold for more money, tax savings and appreciation. Keep in mind, it is very difficult to make quick money. I always think long term. By following these lessons as guides, I achieved my goal. I paid for my daughter’s Bucknell University college tuition using only the profits from one investment property in Columbia, MD. pitfalls to be mindful of: Don’t buy the deal - first buy the location and community. Be careful owning an ink pen! [Watch what you sign and guarantee.] Be careful of the potential liabilities - lead paint, communities, asbestos, etc. Consider local properties that you know rather than a great deal out of your state/neighborhood. Know the laws regarding leasing so you can avoid violating any laws. Partner with people you trust. Use only licensed, insured, and bonded contractors. [Uninsured contractors are a huge liability.] You do not necessarily need a property management company. Engage a REALTOR® you can trust with a spotless reputation and career history of integrity. Google any Realtor you are considering and check the Maryland Real Estate Commission judiciary case search. After you have accumulated a strong equity position in your property, consider refinancing rather than selling to avoid tax consequences. . Remember, the hardest thing to do is buy your first rental property, the easiest is to buy the second! If you want to learn how to buy your first investment property for college fund, retirement or just to build wealth, visit RealBobLucido.com. I will be glad to show you how you can become a millionaire using the same framework I myself used to become a millionaire by the age of 30! -Bob Lucido, CEO + Associate BrokerBob Lucido Team of Keller Williams Lucido Agency + Lucido Global
Simple Staging Hacks That Make a Huge Impact
It is important to understand that the way you live in your home and the way you market and sell your home are two different things. The first impression is the most important, you never get a second chance to make a first impression on buyers. Luckily, staging doesn’t have to be a large, costly project. Check out how to dramatically polish the look of your home into prime selling shape with just a few simple staging hacks. Roll out the Welcome Mat.Prospective buyers tend to linger by the front door before the real estate agent opens a home for viewing- so an enticing entrance is key. What’s the best bang for your staging buck? A new welcome mat, which can cost as little as $15. Curb appeal is just as important, if not more important, than your home’s interior when it comes to first impressions on the buyer. Mount Mirrors in Strategic Spots.Spruce up dim hallways where natural light doesn’t reach with a mirror. They add light to the space and make the area feel more spacious. Set Tables and Serving Areas.Set the scene so that buyers can picture their friends and family gathered around the table for events and holidays. This will show the buyer that the home is primed for entertaining, which is a must have on many buyer checklists. Replace/Remove Personal Pictures.You want buyers to envision how their lives will be spent living in your home, and sometimes your family photos and children's artwork can cloud this vision. Remove those personal items and replace them with artwork. The artwork will look great in listing photos and add a focal point to the space. Outfit a Bathroom with White Linens.Add some new fresh white linens to lightly stage your bathroom. Buyers tend to prefer bathrooms with an eclectic, elegant feel over themed bathrooms. White is your best bet to appease all buyers. Plus, white will make the bathroom feel extra clean, which is very important. Buyers will be turned off by a dirty bathroom. Add Pillows.By simply adding a few patterned or colorful pillows, your space becomes more put together. You’ll be surprised how much decorative pillows strategically placed on your living room couches will elevate the interior design of your space. Here are just a few of our before and after transformations from our in-house Lucido stagers who worked with our sellers at little to no cost.
10 Reasons You Need to Use a REALTOR® When Buying or Selling a Home
Buying or selling a home can be an overwhelming process to do on your own. When making one of the most significant purchases and/or sales in your lifetime, it's best to leave it to the professionals. Real estate agents can help streamline the process, take away all of your real estate related stresses, and achieve your goals quickly, easily, and for the most profit. However, It matters who you work with. And that’s where we come in. For us, real estate is about people, not transactions. When you choose your REALTOR®, you need to find someone who is passionate, trustworthy, and best suits what you are looking for. When you buy or sell with us, you get industry-leading services, strategies, tools, marketing, and technology from one of the top ranked teams with the largest real estate company in the world, Keller Williams Realty. You'll also have our team of experts to help navigate the process in the most streamlined and personalized way possible - to achieve your goals and exceed your expectations. That’s the Lucido difference. 10 REASONS YOU NEED TO USE A REALTOR® WHEN BUYING OR SELLING A HOME: 1 | EXPERIENCE - REALTORS® are seasoned experts on the real estate industry and housing market. ↪ LUCIDO DIFFERENCE: Our team has had a spotless real estate record for 46 years, we sell a home every 3 hours, and have an admirable reputation in the industry and community. 2 | KNOWLEDGE - REALTORS® have the ability to guide you through the entire process. ↪ LUCIDO DIFFERENCE: Our agents have the necessary knowledge of the housing industry and current market conditions to price your home right, which is vital to the sale of your home. 3 | STRATEGY - REALTORS® will strategize an effective plan to achieve your goals based on your specific wants and needs and the current market conditions. ↪ LUCIDO DIFFERENCE: Our proven approach for listing and selling homes, the Lucido Listing Blitz™, is designed to strategically create a sense of urgency and competition among buyers. 4 | MARKETING - REALTORS® have access to print and digital marketing tools that will maximize the exposure of your home. ↪ LUCIDO DIFFERENCE: We market and expose your home to millions of people through our extensive advertising campaigns comprised of digital, social, geo-targeting, eblast, signage, direct mail, and more.5 | STAGING - REALTORS® know the importance of staging your home to sell and will discuss these options with you. ↪ LUCIDO DIFFERENCE: We provide a professional staging consultation and professional photography to help make your home the best on the block in preparation for today’s market. 6 | SERVICES - Many REALTORS® can provide state-of-the-art staging, photography, marketing, programs, and client care services. ↪ LUCIDO DIFFERENCE: We offer a number of services including H.E.L.P. (Home Enhancement Listing Program), Guaranteed Sale (*select locations), SILVER GROUP®, Commercial, Luxury, and more. Your Lucido agent can provide more information about these services and what will work best for you.7 | RESOURCES - REALTORS® are there to help by providing a number of resources to streamline the home buying or selling process from the beginning through move-in-day. ↪ LUCIDO DIFFERENCE: We have an extensive list of vendors we often work with to help better streamline the process for you. This includes: movers, stagers, photographers, in-house marketers, lenders, etc. 8 | NETWORK - Many REALTORS® have access to a whole team of specialized professionals who can work together to best serve you. ↪ LUCIDO DIFFERENCE: When you buy or sell your home with us, you’ll have an entire team of real estate professionals working to serve and guide you through every step of the process. We have over 45 locations in the U.S. and Canada with over 300 team members. 9 | NEGOTIATIONS - Negotiation skills are a must to get the most bang for your buck in the real estate industry. REALTORS® will be well-versed and trained on how to expertly negotiate. ↪ LUCIDO DIFFERENCE: When you work with a Lucido agent, our goal is to get you the most money in your pocket with the best terms. We go to bat by fiercely negotiating to cover these bases: price, inspection, appraisal, rent-back, and peace-of-mind closing. 10 | RESULTS - Leading REALTORS® will have a proven track record to give you the confidence you need to hire them for the best results. ↪ LUCIDO DIFFERENCE: Plenty of agents will say they can help sell or find you a home, but our agents use specific strategies to represent you at the highest level, to hit a home run. In 2021, Lucido Global sold $1.2 billion and 2,886 units.
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