Manny Khoshbin’s Contrarian PlayBook by Manny Khoshbin
2020, book #30: “One way or another, your success depends on what is happening in the economy — and the degree to which you do your research and are able to interpret your findings will be a deciding factor in your success.” — Manny Khoshbin
Finished on May 11, 2020
I read this book with a good friend of mine. It was interesting and beneficial to be able to discuss it together and share the areas of the book that most impacted us. I learned a lot about the way that the author went about building his real estate portfolio and establishing the portfolio that he presently has. It’s commonly referred to that most millionaires get their wealth from real estate so I knew that I’d want to focus on learning more at some point in time.
Do your diligence. If you have any business or finance background, I’m sure that you’ve heard this more than once. Even if you don’t have that type of background, it may be familiar to you also. When you make decisions that have large ripples, it’s more likely to do the diligence that is needed for informed decision-making. When it comes to investing, though, many people will just say, “Oh that’s too risky for me.” And do NOTHING! That’s preposterous.
“I couldn’t play it safe, that’s way too risky for me.” — Russ Diemon
Pg. 39, Common sense will tell you why being attuned to economic fluctuations is essential to anyone who wants to become (or remain) wealthy, from real estate or any other investment vehicle. One way or another, your success depends on what is happening in the economy — and the degree to which you do your research and are able to interpret your findings will be a deciding factor in your success.
If you didn’t know about this, now you do. With the Biden administration in office now, there have been some preliminary conversations about removing this part of the code. Now, I personally don’t have any real estate investments at this time but I’d rather not see what would happen if this was actually removed.
Pg. 62, the term “1031 exchange” references Section 1031 of the Internal Revenue…