Reading and Thinking

Warren Buffett once said: "I insist on a lot of time being spent, almost every day, to just sit and think. That is very uncommon in business. I read and think. So I do more reading and thinking, and make fewer impulse decisions than most people in business."

Oh, how I wish those words had been taken up in an earlier life, when the daily addiction of deal-making was the first and foremost consideration.

It is my pleasure to share, on occasion, real estate investment and development books and articles from authors I know, have dealt with, and trust.

The first offering is a manual authored by my mentor Virgil Opfer with Dan Harrison, titled "100 Equity Marketing Formulas," which is always kept by my desk. Each formula has a one-page explanation that opens the mind to solution-based ideas: using non-cash equities to create cash and cash flow, partnerships, down payments, financing, leasing, options, and using created mortgages and notes to acquire, sell, and structure.

One note for Canadian readers: where the text says "notes" and "deeds of trust," read "promissory notes" and "mortgages." Except for a very few ideas specific to the United States, most of these formulas apply readily in Canada as well.

And remember, these concepts apply to every real estate and personal asset class, from a single family lot to a multi-million-dollar portfolio.

Read, think, and enjoy.