Episode Date: August 1, 2024

Welcome to The Backyard Millionaire, where we believe in creating wealth right where you are with what you've got.

Tune in for insights and strategies to help you achieve financial freedom.

Segment: Living in America Explore the essence of the American dream and how it ties into building wealth locally.

Next Week: Join us as Ben Adams from 4T% Ranch discusses the challenges he's facing with property taxes in the Kenai Peninsula Borough and the urgent need for tax reform. It's time to take action—no more just talking!

Investors Don’t:

• Pull up the plant by the root to see if it’s growing
• React to mass panic or mass advice
• Focus on the next 12 months, but rather the next 12 years
• Quibble over the small stuff—remember the big picture
• Focus solely on price—terms matter most
• Run on wishes rather than results
• Skimp on counsel and good advice—pay experts for their expertise

Long-Term Thinking:

• Embrace the Chinese philosophy of planning for the next 100 years.
• Avoid short-term focus; aim for generational success.
• Measure and aim for increasing cash flow while maintaining value and ensuring appreciation.
• Never skip routine maintenance to safeguard long-term profits.

Creating Wealth in Your Backyard:

• Invest in real estate where you are with what you've got.
• This is not a get-rich-quick scheme but a pathway to secure financial freedom.
• Own and control four homes in your own backyard to retire a millionaire with consistent cash flow.
• Invest locally for secure and real returns.

Market Update:

• National home prices dropped 4.9%, with NYC down 2.6% and New Orleans a mere 0.9%.
• In Homer, Alaska, the average price is down 2%.
• Kenai Soldotna down 2%, while Anchorage is up 9%.

Ask Chris:

• Email your questions to ilovehomeralaska.com
• This week’s question: If you don't have enough money for a down payment, is it wise to take on a partner?
• Ensure both partners bring something valuable to the table, maintain balance, and have a clear partnership agreement.

Understanding As-Built Surveys:

• An as-built survey shows all above-ground improvements on your property.
• It's crucial for identifying any encroachments and may be required by banks, title companies, or buyers.
• Cost: $600 - $1,000.

Alaska Letters:

• Reflecting on the importance of this podcast - a Fictional Town in Alaska called HOPE... and their letters to the editor!

Closing Costs:

• Everything is negotiable in real estate.
• Customary splits of closing costs vary by region, but can be a strategic tool in competitive markets.

Tune in to gain valuable insights and take the next step towards becoming a Backyard Millionaire!