Real Estate Opportunities - Jane Garvey
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Jane Garvey was initially a college professor. She is now a real estate investor, publisher of Creative Investor newsletter, author of several books on real estate and President of the Chicago Creative Investors Association, Chicago, and a former Bob Allen Club Member. Jane is wife and partner of the late Marc Goodfriend, a guru on real estate. Jane is a practical woman with no egotistic feelings. Jane is reliable and is herself into innumerable real estate buying and selling. Jane has immense knowledge on real estate. The number of members in real estate clubs is ever on the increase. Jane’s own organization Chicago Creative Investors Association has around 1400 members now. Jane Garvey started out with just a few members in 1983.
There is a lot of competition in real estate now. Earlier, few people had the knowledge or inclination to take risks in the real estate industry. Now, there are many amateurs in the market with their numbers increasing daily. Jane Garvey also organizes classes through the Chicago Creative Investors Association detailing all the ins and outs of real estate investing. Besides, association also provides networking opportunities to members and nonmembers since 1983. Other than that, Jane also gives free advice and conducts workshops, which are a hit with many people. Such extensive spreading of knowledge is making it increasingly difficult even to locate lucrative deals. People follow Jane Garvey’s advice and flock to particular areas, making it congested. This is also a problem for many longtime investors, as they cannot locate properties in their vicinity itself.
In recent times, people prefer investing in the real estate business rather than in stocks. Real estate does not record sharp fluctuations as stock equities do. Jane Garvey asserts that different people have different investment strategies; some are part-timers while some are full-time investors. Some people take risks and enter into real estate deals within the first workshop. Some other people do so after some time. Some others do not enter into any dealings even after a year of attending Jane Garvey’s workshops. Cash returns in the first year of real estate investment ranges between five to ten percent while a cash buyer could receive as much as twenty percent. Hence, real estate investments are a slow and sure process of becoming rich. These investments do not provide any shortcuts to huge riches.
It is not always that newcomers to the real estate business push up prices of the deals. Certain tax laws also allow you to retain properties for long periods. Section 1031 of the federal tax code allows for deferred payment of capital gains taxes. Hence, you can dabble in similar properties for some time without paying taxes. This also pushes up the cost of real estate.
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