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Lori Greymont is featured on “Real Estate Investors Beat”

Recently, Summit Assets Group CEO, Lori Greymont, was interviewed by Real Estate Investors Beat. In this interview Lori talks about her approach to real estate and the most important lessons she has learned in over 25 years of investing and working in real estate.

Lori Investor Beat article-all

Find a mentor and take action

With over 25 years of experience under her belt, Lori Greymont started investing in real estate while she was still in college. As an accomplished investor, Lori learned how to overcome some of the struggles of being a woman in the real estate industry and hopes to help others do the same.
Name: Lori Greymont
Location:
Morgan Hill
Started investing in: 1989
Years spent investing in real estate: 25+
Estimated portfolio size: 50+ single-family homes and has bought and sold over 1500 to clients since late 2009

When did you start investing and how did you get started?
I started in college. I bought a 3 bedroom house on a HUD program with $500 down and 18% interest rate. I rented out 2 bedrooms and finished out the basement as an apartment. It was my first experience receiving cash flow and I was hooked.

As a woman in the real estate industry, what inspired you to get started?
I grew up in the shadow of a powerful business woman, my mom. She would get an idea, make a decision and just do it—from opening restaurants to buying houses with no money down.

Every few years, we would move into a “broken” house and rehab it. Then when it was finished, we would sell it and move again. I watched how she would do some research and quickly make a decision after a short amount of time and I grew up thinking that was normal until I started working with other investors.

I have come to realize that too many people get stuck in the decision stage and never move forward.

The only thing in life we never get back is time.

So what if you make a mistake? Try again. If you let time slip by and you never try, you are left with regret. I want to live my life to the fullest—that sometimes means failing, but you can never find out if success is there if you don’t try.

Do you recommend women get into property investing?
I think everyone should be in real estate investing. If you look at where most of the wealth is built, you will find it in real estate—for several reasons: it’s real, it’s insurable, it’s in demand, it appreciates in value faster than inflation as an average and it can be leveraged. You can’t do that with traditional investments like stocks so it’s safe if you invest with the fundamentals in mind.

Have you encountered any challenges that you think are unique to being a woman in real estate?
In my current business, I often work with contractors that are rehabbing my homes. I have been rehabbing since I was a teen, meaning physically doing the work. So now that I am the owner hiring the work to get done, it’s not uncommon for a contractor to offer a solution that costs more than necessary.

I will listen, then tell them how I would like them to do it and pretty much don’t leave any ambiguity that I am correct. I usually get the response of “Oh, I didn’t think of that,” or “Yes, that will work.”

I always offer my input and see if they think it would work.

Unfortunately, there are some people who have an issue with a woman directing the job. I’ve learned to part ways amicably and move on.

The hardest thing I think, as a woman, is to fire someone. We are built for relationships and people view us as “kind” so when we have to do something that ruffles that perception, it’s hard for both us and the person we are letting go. I often give people a second and third chance, but it comes down to what I want to create in my life.

If the relationship is not working for me, it most likely isn’t working for them either. So, I ask myself the following questions: What will happen if I continue this way and what will happen if I don’t continue this way? The answer gives me the strength to have the necessary conversation.

What do you love most about investing in real estate?
People. I enjoy helping people get over their fear of whatever is holding them back from making an investment. I also enjoy the hunt of the deal. I love cash flow each month off the properties. I’m also partial to single-family homes and building. It comes down to the improving or adding value for me and making a positive impact.

What is your biggest accomplishment so far?
My biggest accomplishment has been building a multi-million dollar company during the great recession and helping many other investors get into solid investments when most people were fearful. My early adopter investors are now very happy with the growth and appreciation they have seen in the past few years.

Have you made any poor investment decisions? If so, how would you have done things differently?
Of course! I always say a sign of an expert is someone who has made a mistake and stayed in the game. The saying is, ‘if you fall off the horse get back on.’ There is good value in that because you learned something in that process. Why not apply what you learned?

The biggest mistake I made was buying a 40-acre parcel of land with the expectation of appreciation. The reason it was a mistake is because land doesn’t generate income. We had a seller carry mortgage, so we had expenses, no income and decreasing value. Needless to say, we forfeited it back to the owners, causing myself and others to lose our down payment money.

The lesson to learn in this is real estate doesn’t always go up and you should buy on the fundamentals of cash flow. Anything else is a gamble.

What do you think are the most important things every investor should know?
It used to be location, location, location, but I have found that there really are 5 keys to successful investing. They are:

  1. Market timing—you need to understand where in the real estate cycle your market is.
  2. Your plan—invest for what meets your goals, don’t follow what everyone else is doing.
  3. Location—this is important in regards to picking a marketplace that has a strong economy and a neighborhood that meets your investor goals.
  4. Team—this is probably the most important component with long term holds. 90% of your success is based on how well you select and manage your tenant.
  5. Numbers—it’s critical to know what the real numbers are and to make sure they meet your goals.

What would you advise a young woman who is thinking about getting into real estate investing?

Just do it. Find a mentor and take action.

What are your investing goals for the future?
My passion this year is to help others achieve the success they desire. We continue to support investors who want to get solid passive cash flow from turnkey real estate investments through my company, Summit Assets Group.

I have created an all-women’s mastermind group, called the Impact Circle, for investors and business owners that are ready to positively impact their futures. This group brings investors together to catapult each other to success with power, passion and purpose. I’m excited about what we can do together.

Written by Investors Beat

By |March 14th, 2014|Summit Solutions Team Updates, Uncategorized|0 Comments

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By |July 23rd, 2013|Real Estate Investing, Uncategorized|0 Comments

Would You Like To Save On Your Utility, Communications, and Entertainment Services?

For some time now Summit Assets Group has been able to offer special pricing on services to tennants of properties we manage. A few of the services we offer the tenants include phone service, high speed internet, tv, home security, and energy.

We’d like to extend this savings opportunity to our loyal customers as well. Here’s how it works. We’ve created a simple worksheet you can fill out in just a few short minutes. After you complete the worksheet send the info to dan@summitassetsgroup.com or give him a call at 866-236-4908. Dan will run some numbers and let you know how much you can save.

It’s that simple! And the cool part is you can save month after month after month.

By |December 4th, 2012|Uncategorized|0 Comments

Rebuilding Communities One House At A Time – Community Share House

At the end of the recent Atlanta Buyer’s Tour, Summit Assets Group team members and tour participants donated cash resources to Community Share Ministries, a local Atlanta charity, and many volunteered on Sunday to provide much needed TLC to a community house.

Summit Assets Group donated $2000 to the charity and our partners and tour participants donated $435. In addition, Summit bought about $1200 in supplies (windows, siding, paint and supplies) for the work day on Sunday.

Here are a few pics of the team in action and the end result.

community share fun

This house definitely needs some TLC

How do I look in orange?

Looking Good!

The Super Awesome Volunteer Team!

We at Summit would like to give a heart-felt thanks to all who were able to volunteer their time, their dollars, or both. It is much appreciated!

By |September 25th, 2012|Uncategorized|0 Comments

Real Estate Cycles – Part 2 The 4 Phases of the Real Estate Cycle

In Real Estate Cycles Part 1, we covered some very important concepts about real estate cycles in general and investor emotions that sabotage your investing success. If you have not read part 1, please do so now.

In part 2, we’re going to dive into the 4 phases in a real estate cycle, and then we’re going to map the real estate investor emotion cycle from part 1 onto the real estate cycle for a revealing look at how your emotions are wreaking havoc with smart investor actions.

Let’s start with a high level look at the the 4 phases in a real estate cycle.

Phase 1 – Market bottom. Real estate is at bargain prices. Many sellers are desperate. No one wants real estate.

Phase 2 – The uptrend starts. Prices start to rise. The media reports on rising prices creating more demand,  causes prices to go even higher. As more and more people notice the rising prices, more and more people buy, driving up prices until demand slows and real estate becomes over priced.

Phase 3 – Real estate prices hit their highest point and reach a plateau.

Phase 4 – Down, down, down. Prices begin to fall. People stop buying real estate until they can find bargains and it becomes under priced.

Real Estate Cycle Phases

The 4 Phases of a Real Estate Cycle

This is the general real estate cycle that repeats itself over and over again throughout history. Now let’s take a look at this cycle with an emphasis on our emotions.

Phase 1 – Property is cheap and bargains are everywhere, prices are depressed. Home builders are going out of business, real estate agents are leaving the business. The media is completely negative.

In this phase your emotions are screaming at you not to buy, regardless of the incredible value that is available. Your emotions cause you to look in the rear view mirror at the dark stormy skies instead of looking ahead through the windshield where there are blue skies and sunshine.

As difficult as it may be to buy in this phase, this is when you can make the most profit in real estate. Your friends will think you are nuts. “Experts” will think you’re nuts. It will take objective vision, resolve and a strong will to buy at this point.

Phase 2 – Real estate prices are slowly rising along with demand. The media becomes more and more optimistic about real estate. Investors on the sidelines start jumping in. The market starts to feed upon itself, causing prices and demand to continue to rise. Soon double digit rates of appreciation are the norm.

The earlier in this phase you invest the more money you will make. If you wait until the middle of this phase for the double-digit increases, you’ve missed out on huge profits. And if you wait until late in phase 2, when everyone is talking about real estate and even the skeptics have joined the party you’re investing at a very dangerous time. Your emotions are telling you “Buy! Buy! Buy!” but your gains, if you have any, will likely be short-lived.

Greed Photo

Greed

Selling near the end of phase 2 is the ideal time to maximize existing profits, but your emotions are telling you to do the opposite. There is complete euphoria in the market and your emotions, along with everyone else, are shouting at you to keep buying.

Actions in this phase are driven by greed, an investors worst friend.

Phase 3 – In this phase prices reach a market cycle peak and flatten out. Real estate is overpriced. Everyone that is going to get in the market is already in, so there are fewer and fewer buyers. Sellers try to hold out without reducing prices until a few are forced to reluctantly lower their prices a little bit.

The buyers at this level feel like they are getting a “good deal”. Their emotions are still telling them to buy, even though value is still not there and key indicators do not signal it’s time to buy.  Little do they know what’s lurking around the corner in phase 4.

Phase 4 – In phase 4 things start to unravel and continued lack of demand causes prices to fall. This is the most dangerous time to be invested in real estate. Even though prices are starting to fall, sellers are still in denial. They hold out and think things will turn quickly around. Eventually, reality sets in and more and more sellers are forced to lower prices. Incentives from home builders and sellers becomes the norm but it’s not enough to create demand, prices continue to fall even further.

Fear Image

Fear

The greed from phase 2 is now replaced with fear. The economy is in the tank, unemployment is high, the media is extremely negative. Foreclosures increase dramatically. Sellers become desperate.

When despair is the most severe in this phase, the market finds a bottom. It is the optimum time to buy, the time when huge profits can be made, but there’s no one ringing the bell to tell us it’s the bottom. And our emotions, completely controlled by fear at this point in the cycle, are telling us we’d be crazy to buy now.

As you can see, your emotions are not your friend when it comes to investing. To be a successful real estate investor, you need to learn to control your emotions and take actions based on key indicators that foretell the current point in the real estate cycle. Fortunately, such indicators do exist, and they are very accurate.

Will you hit a home run every single time by using these indicators? There are no guarantees in investing, however, by understanding real estate cycles, investor emotion cycles, and these indicators you will give yourself the highest probability of making large gains. You’ll be in the markets at the right time to make big returns, and you’ll be out of the market during periods of large losses. This is how the smart money invests.

In Real Estate Cycles Part 3, we’ll examine the key real estate cycle indicators , what they mean, and how to use them for big profits. It’s like having your very own investing crystal ball!

We’d love to hear your thoughts on this series. Give us your feedback in the comments section below. And if you’re enjoying this series help us to spread the word and educate as many investors as possible. Just click one of the buttons below or use the handy share bar on the left side of the article. We appreciate it very much.

By |September 21st, 2012|Uncategorized|4 Comments

Real Estate Cycles Part 1: Introduction and Investor Emotions

This is the first part in a multi-part series on real estate cycles. Why do a series on real estate cycles when there are plenty out there already? There are some very common investor traits that sabotage your chances for success when it comes to investing, whether it’s real estate investing or stock market investing or any investing. We see it over and over and over again because it’s human nature. If you understand this phenomenon and use it to make smart investing decisions, you can make big returns with little risk.

Our goal with this series is to educate you about real estate cycles with an emphasis on investor traits that are sabotaging your returns. We also want you to understand real estate cycles and where we are in the current cycle so you can make informed investing decisions. We don’t want you to just take our word for it 🙂 We hope you enjoy this series. Let’s get started…

As with any type of investing, successful real estate investing requires you to look at the market objectively, not emotionally. Unfortunately, that’s easier said than done, but with a little bit of the right education and some research, you can maximize your profits and minimize your risk when investing in real estate.

If you’ve followed real estate for any length of time you know that prices rise and prices fall. If you look at the overall US real estate market, on average prices tend to rise 40-60% during uptrends, and then retreat an average of 20-30% in downtrends. The most recent cycle has been more extreme, especially in some geographic areas, and cycles tend to be more extreme in general in places like Southern California. The important fact is that there are repeatable cycles, and by understanding these cycles you can optimize your real estate cash flow and appreciation.

There is a 2nd cycle that is just as important as the real estate cycle when it comes to your returns. This cycle is much more personal. It is the investor emotion cycle. A picture is worth a thousand words in this case so take a look at the following graphic to understand the investor emotion cycle.

Real Estate Investor Emotions Cycle

Real Estate Investor Emotions Cycle

Understanding the real estate cycle and investor emotion cycle is the key to making a fortune in real estate.On the flip side, if you don’t understand these cycles and you let yourself invest emotionally, well, let’s just say it’s probably not going to end pretty.

Forget about any investing mistakes you’ve made in the past. Wipe the slate clean. With this knowledge you get a fresh start, a do over. From here on out you will be armed with information to make high returns with minimal risk.

Now let’s get back to real estate cycles. The boom and bust cycles are actually very predictable. And when you learn to buy at market cycle bottoms, this is when you can make the easiest money you will ever make in real estate. Why? Because there will be many desperate sellers who must sell, providing bargain opportunities.

Buying at market bottom is important, but it is just as important to know when to sell. Some of the most successful stock market investors have a plan for when to sell a stock before they even purchase the stock. They base their sell decisions on objective market information, not emotions. You must learn to do the same with real estate by having a plan for objectively identifying and selling at market cycle tops.

Unfortunately, your emotions will not be your friend at market tops or market bottoms. Your emotions will be telling you to buy at market tops and sell at market bottoms, exactly the opposite of what you should do. There’s nobody ringing a little bell to let you know about market tops and bottoms.

Go where the puck is headed, not where it is. – Hockey legend Wayne Gretzky

When you know how to buy in the early stages of a real estate upcycle, you reap the greatest profits with the least risk. If you wait and buy in the middle of a rising market, you can still profit but you will miss out on the huge gains and you will have more risk. As many people found out recently, buying in the late stages of a market uptrend, when your emotions are telling you “Buy! Buy! Buy!”, is the most dangerous time to invest and can wipe out any short lived gains and then some.

It can be very difficult to recover when you buy at the wrong time of the cycle. Consider the case where you purchase a $200,000 property right before a 25% decline. The value of the property drops to $150,000. For that same house to be worth the $200,000 you originally paid, it must now rise %33.

Why Real Estate Cycles Repeat

The herd mentality is one of the biggest reasons real estate prices rise and fall in predictable cycles, coupled with the recency effect. The recency effect causes us to give greater importance to things that have occurred recently than to those that have taken place in the distant past and act on the basis of the former. The recency effect causes investors to expect the most recent trend to continue forever, however unlikely that may be. The recency effect impact is the greatest at market tops, when no one wants to believe the market trend will change, and at market bottoms.

Next week we’ll continue this series by taking an in depth look at the each of the phases in a real estate cycle, with an emphasis on the things that cause you to take the wrong actions in each phase.

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Continue to part 2 of the series where we take a detailed look at the real estate cycle and how investor emotions wreak havoc with our results.

By |September 14th, 2012|Uncategorized|3 Comments