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b"At the time of this episode airing, we are celebrating Labor Day, September 3rd, 2018. Traditionally, both Memorial Day and Labor Day have marked the beginning and end of summer. But each of these holidays has more meaning than just the coming and going of road trips, water sports, and heat waves.
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\\nLabor Day marks a special time in United States history. As a nation that was founded on hard work, first agriculture then the industrial revolution, its people\\xa0 have made the United States one of the most prosperous countries ever. It's with this same work ethic that many people still have today that drives our economy and society. However, work today looks different than it did during the late 1800's when Labor Day was first celebrated. Labor Day started out as a revolt against poor, unsafe working conditions as the Industrial Revolution was taking off. It was during this time when there were few to no labor laws and very low standards for work environments. Men, women, and children alike were submitted to long hours with little pay. It was around the 1890's these problems were recognized and American workers stood up to demand better working conditions.
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\\nToday our society still has certain professions that are notorious for long working hours and tough schedules. But the labor strikes in the 1890's set the stage for much better conditions today.
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\\nSo why does all of this matter? Well for several reasons. First, as a real estate investor, you are not shy of hard work. Many people start out building their investment business as a side hustle, putting in hours outside of their day job, working nights and weekends. And for this, you hard work and dedication to helping yourself and others is recognized and applauded. Secondly, it's jobs that make our society function. Jobs indicate production, be that an assembly line worker at an automobile manufacturing plant, an accountant auditing financial statements of a Fortune 500 company, or the bank teller at your local bank managing deposits and withdraws for your bank account. Without jobs, we would just consume and not produce. This is the equivalent to swiping your credit card all the time, but never earning a paycheck to be able to pay for those things. And lastly and most importantly, jobs are what pay you as a real estate investor, rent every month. Without jobs, tenants cannot afford to pay rent, and without rent, your real estate investment will probably not fair well.
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\\nSo to those of you working, creating jobs for others, and investing so that others can have a better quality of life, congratulations. Keep it up. Our nation needs you.
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\\nWell let's get into the more nuts and bolts of this week's episode. I wanted to give our guests a break from their work this week, in respect of labor day, so today it's just you and I. If you'll recall, last week in Episode 137 with Clayton Morris, we discussed the 7 steps to your first rental property. To recap those seven steps, they were:
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\\n7 Steps to Your 1st Rental Property
\\nSet a goal. \\xa0Write that goal down and put it where you will see it every day. Reverse engineer your Freedom Number, and determine what it will take to reach that.
\\nFind a deal. Use wholesalers, turn key providers, real estate agents, or hunt for deals on your own.
\\nCalculate the Return on Investment (ROI). ROI = (Monthly Rent x 12 months x 0.6) / All in cost of property
\\nTake action! Analyze deals, make offers, and follow through with consistent action. Don't get stuck in analysis paralysis.
\\nGet a property inspection. This will help you protect your downside. You will uncover any potential problems with the property and use that information to determine if you want to purchase the property.
\\nFind a property manager
\\nRinse and repeat!
\\nToday we're going to focus on analyzing deals and how you can turn this process into a relatively easy one..."