Summary of Sam Liebman's Harvard Can't Teach What You Learn from the Streets
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#1 There are few, if any, institutions that offer a formal real estate education. However, there are many who offer a marketplace polluted with worthless motivation preacher-teachers whose focus is on peddling their misleading books, tapes, and seminars.
#2 If you buy into this ridiculous philosophy, you're disrespecting the process of learning real and worthwhile knowledge. And worst of all, you're fooling yourself. Sophisticated and advanced concepts and knowledge take years to master: no pain, no gain.
#3 Street knowledge is the type of knowledge that successful professionals use. It is more than common sense, and it can only be learned through personal experience. You must learn to think outside the box to become a successful entrepreneur.
#4 When you are working for someone else, you are learning at their expense. When you're in your own business, you are learning at your own expense or, if you have investors, at their expense as well.
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Summary of Sam Liebman's Harvard Can't Teach What You Learn from the Streets - IRB Media
Insights on Sam Liebman's Harvard Can't Teach What You Learn from the Streets
Contents
Insights from Chapter 1
Insights from Chapter 2
Insights from Chapter 3
Insights from Chapter 4
Insights from Chapter 5
Insights from Chapter 6
Insights from Chapter 7
Insights from Chapter 8
Insights from Chapter 9
Insights from Chapter 10
Insights from Chapter 1
#1
There are few, if any, institutions that offer a formal real estate education. However, there are many who offer a marketplace polluted with worthless motivation preacher-teachers whose focus is on peddling their misleading books, tapes, and seminars.
#2
If you buy into this ridiculous philosophy, you're disrespecting the process of learning real and worthwhile knowledge. And worst of all, you're fooling yourself. Sophisticated and advanced concepts and knowledge take years to master: no pain, no gain.
#3
Street knowledge is the type of knowledge that successful professionals use. It is more than common sense, and it can only be learned through personal experience. You must learn to think outside the box to become a successful entrepreneur.
#4
When you are working for someone else, you are learning at their expense. When you're in your own business, you are learning at your own expense or, if you have investors, at their expense as well.
#5
Fear, no matter how small, can cause motivation to cease instantly. You must learn to confront and overcome any fears you have, and never let them stop you from learning.
#6
Having no skin in the game is the opposite of being motivated to do something. When you put your money on the line, you are more willing to take risks and fear.
#7
To overcome fear, you must be prepared for any situation that may occur. This means knowing your stuff! Very few people would have the courage or stupidity to start driving after reading a book or listening to tapes on how to do so.
#8
There are three types of people in the pool: those who dip their foot in, those who wait a minute, then dip their other foot in, and those who jump in headfirst without hesitation.
#9
This book will provide you with the basic knowledge needed to enter the world of real estate investing. You will learn how to use street smarts to get where you want to go, preferably by the shortest route. You will also learn how to become an opportunist capable of coming up with alternative solutions in difficult situations.
#10
To overcome your fears, you must become prepared for any situation that may occur. You must know your stuff! Motivation will halt once an element of fear enters the picture. If the fear isn’t apparent, you must make it surface and address it head on.
Insights from Chapter 2
#1
To fully understand how and why a property increases in value, you must understand fundamental arithmetic computations and concepts.
#2
Understanding the components that make up a rent roll is important when investing in multifamily properties. The rent roll is a list of all the unit numbers, types of units, unit sizes, names of the tenants, lease move-in dates, start and termination dates, and other charges.
#3
Increasing rents and operating expenses by 3 percent annually from year to year, while holding on to the property, increases the property's net operating income by $24,121.
#4
Cap rate increases cause a compounding effect on the annual base rent increases each year