Author Archive
Has the Train of Wealth Pulled Out of the Station and You Are Left on the Platform with Fear?
Posted on September 7, 2016 byThere I was standing on the side lines in one of the hottest housing markets scratching my head as to whether I should buy and get in the game. I was new to the real estate game. I had been buying for a few years. I had limited access to money. The year was 1991. I was wondering what I should do to get more money (that still has not changed I need access to more cash). I was wondering what I needed to do to get the great deals. I did not think about learning new tricks to buy houses. Then again there weren’t any seminars or real estate investment groups I could attend. So I missed it. Do I regret it? I got an important learning lesson. The lesson was easy to understand and hard to implement. I needed to get more people involved in my investing business. I put an ad in the newspaper. “I am looking for a few good partners who are looking to take advantage of this incredible market. People who are willing to take calculated risk to get a reward of money. Those individuals who want to earn wonderful rates of return on their money while enjoying a hands off approach have an opportunity to hit it big in this real estate market.”
The market is hot right now. There was a recent article in the Atlanta Journal Constitution that stated Atlanta was the hottest flipping market in the country. The bad news is a newspaper reporter picks up on the market when the market tends to be at the peak. I have wholesaled more houses this year. I have done more flipping this year than in past years. I wrote an article in 2012 that said the market had turned in Atlanta. So where are you? Read More→
Celebrating Financial Independence Day
Posted on August 1, 2016 byWhen we think of the Fourth of July we think about fireworks, grilling, and being with friends and family in celebration. I am a very big pyrotechnics fan, I always have a supply of fireworks for any occasion. If there is any excuse to launch a mortar or rockets, then I am very excited. Yes, I have gotten my share of injuries. I still have my eyes and fingers. The injuries healed. This is just like getting involved in real estate. You must know the risk and rewards when you buy and sell real property.
When I am picking out the right explosives to use in a celebration I have certain criteria. The mortars have to have color and reports. I also have rules in real estate. I have certain types of houses which I will buy and others I will pass on. I will pass on certain areas. I need to know what is the profit/reward ratio. The process I use has four simple rules. The first rule is to know what you are buying. Are you buying a house, commercial property, apartments, or storage units? How big? Get it inspected so you know what you are getting yourself into. Read More→
Properly Analyzing Potential Property Purchases
Posted on July 11, 2016 byWhen I was going through a divorce I had no idea what to do. I was negotiating blind. I did not know what would be an equitable split. I had nowhere to look to find the answers either. The divorce attorney was not much help because they were more interested in keeping the chaos going rather than moving toward clarity. There were many variables including alimony, child support, the marital house, insurance coverage for the children, Custody rights, retirement benefits, the value on her business and mine, saving account, Christmas ornaments and the photos/ videos tapes of the family.
The way I was able to get a handle on the divorce was to set my priorities. What was most important to me? This has been covered before at the beginning of the year in the blog of setting goals. So I won’t go into it here. The next biggest thing was the evaluation of the assets. One thing that I could not put a value on was the relationship I have with my daughters.
Sounds like the same thing in real estate where there are many variables and there are a few things you cannot put a price on. So let’s make it simple to understand. Follow the money! That’s the difference between divorce and real estate. Divorce is more than the money. Real estate is about money and returns and providing service with value. If you disagree, then call me. I need to talk to you! Read More→
Become the Expert – Invest in Your Future!
Posted on June 6, 2016 byOk so you want to learn everything you can about a certain subject. Become an expert. It takes around 10,000 hours to become an expert. If you worked at it 40 hours per week you would get there in 5 years. If you do it part time, while you are working to put a few pennies together, then it will take 30 years. The choice is yours.
Becoming a realtor, mortgage broker, contractor, attorney, appraiser, and loan servicing company all require a learning curve. How long do you have before you are at a loss of income? The person who goes to College postpones their earning power for a period of time. They will command more money than a High School educated person. The interesting fact is the person who works straight out of High School will earn more gross money until the 20th year out of High School. After that the College educated person will earn 2 times more over their life time. One interesting idea to ponder is what do the people without the College education do with that money and if they invested it they would have more net worth at the age of 65 through compounding. Because the High school graduate only has life experience and does not think about investment, nor have the educational background on economics, they tend to fail financially. Understand that if that is you, then you are under more pressure to succeed than someone who went to College. Read More→
What do Fishing and Real Estate Have in Common?
Posted on May 2, 2016 byOne day I wanted to go fishing to a new spot. I knew where it was but had no clue as to how to get there from where I was at the time. I could have used a GPS if I had the address. I could use technology but Google maps needs to know the general area where I wanted to go. Another option, I could just ride out in the general direction and hope to see something I recognized. I could go old school and get a folded map. My time is money so I needed to go out there and get the fishing done, have my fun and relax. Then get back in time to meet my coaching clients for a discussion of how to create inventory fast, efficiently (low effort high return), and effectively (cost effectively). I needed the most direct route to get to the fishing spot with no time to loose, which maximizes my efforts and gets to the sweet honey fishing hole fast. I chose the old tried and true method. It would get me there. The good news was the map was only 12 years old.
Well the fishing was great and the method of maximizing the fun worked. You are asking yourself “why do I care about your fishing”? Because fishing is similar to creating inventory! You must do the right presentation to get the fish to be interested in what you have to offer and catch the fish or land the deal. So if you are offering cash to the seller, they might be interested unless they have a big tax liability, have done a loan modification, and have 2 years before they can sell. If you offer fair market price in cash the owner will definitely be interested (however you will not be able to sell it or turn a profit). I use artificial bait when I fish (creative financing). I also do catch and release (wholesale). It takes a certain magic to look like the real thing, smell like the real thing, and get the fish to strike (close the opportunity and get paid)! Read More→
Managing Risk
Posted on April 4, 2016 bySo you did not win the 1.5 billion dollar lottery. Now what are you going to do to pay the bills, Christmas expenses, college tuition, medical expenses, health care insurance, car payment etc.?
Yes I played the lottery to the extent that if I lost I would not jeopardize my wealth. I would not experience a hardship even if I didn’t win the 1.5 billion dollar lottery. (You know that sounds great when you say it) I’m sure there is at least one reader of this article who spent $2,500 dollars on tickets for the lottery. I hope this wasn’t your rent money! I play a game of chance when I travel. Will the plane crash? This game of chance happens when I am riding in the tram to pick up my car. I count the number of people and calculate in my head, what is the percentage chance I will be the first person to get off the bus? I know that there is at least one person who will beat those odds just like the lottery. (You have to buy a ticket to win).
So we take risks everyday in life. However, too much risk can lead to failure or even death. SO let’s get a solid plan for your success in real estate. Let’s not gamble but manage risk! Let’s talk about your goals and what do you need. Do you need money short term or money long term? Happiness short term or happiness long term? Excellent health short term or excellent health long term? Being spiritual and doing the right thing every time? Being able to sleep at night comfortably? Read More→
The Solid Seven Secret: Creating Goals That Work
Posted on March 6, 2016 byYour career in real estate is like a marriage. If you let it get boring, you’re going to make mistakes. If you don’t build it on a solid foundation, it will fall apart. In both cases, you might just lose a lot of money!
So how do you keep things new in real estate? You challenge yourself to be inspired; you stay eager to learn new things.
Do I follow my own advice? YES. Recently I took two real estate courses, and I am renewed. I am excited! These classes will help my success, and I want to share the information with you so that you can be inspired too.
In fact, in my weekly groups, I work with people like you who want to succeed. I can help you by sharing what I have learned in classes and from experience. Read More→
The Addiction of Success!
Posted on January 31, 2016 byOver the holidays I had a few great learning lessons. I volunteer for several different causes. The one I chose, was a half-way house for recovering addicts. I have learned from that experience that it takes on average 6 times or 6 attempts to become clean. Now this is an average. There are some individuals who will get clean in a much shorter time because they have super “WHY” and have the right relationships which will support them in their life’s journey. So I started to look at my own life and the struggles I have learning and implementing new systems in my own business. Why do I go to the seminars and training which I buy, spending thousands of dollars on my education? The day after the seminar I do nothing. I never implement the great knowledge and systems the gurus has provided. I don’t even open the book ever again. Does this sound familiar? Read More→
3 Rules For Success
Posted on January 4, 2016 byAs this year comes to an end, I am reflecting on what went right and what areas in my life do I need to focus on, to make some improvements to reach my highest level of success?
Part of having a very successful business, involves 3 basic principles; purpose, attitude and action. Let’s look at these 3 basic principles. The good news is the chances of us getting it right is because the change is within us and we don’t need to depend on anyone else for this success. Did you hear me! The bad news is the change is within us, which means we have to take responsibility and action to get it right.
Number 1 – What is your Purpose?
When we have an outrageous WHY, the opportunity for success goes up dramatically.
SO ask yourselves…. why do you think real estate is the right vehicle for you? What problems can this vehicle help to solve in your life? How is this new wealth vehicle different from the current work you are doing? This is not a get rich quick scheme. Read More→
Will You Sink or Swim?
Posted on December 7, 2015 byThis is your life. You have decided that real estate investing is something you want to do. But…
Are you sinking or swimming?
Right now, I am teaching a 58 year old friend to swim. I can see his fear. He is thinking, “What if I drown?” or “What if I can’t do this and I look silly?” We all have fears about uncertainties; fear is natural and good—it can keep us out of trouble! But, when fear controls you, when it stops and paralyzes you, when it keeps you from success, it is a problem.
Remember: There is no such thing as a dead end.
Your fears can be conquered easily through calculated action and baby steps.
How is your business like learning to swim? Like my friend, you probably have fear. Maybe you fear loss of financial security or not being able to know a bad deal from a great deal. Maybe you fear failure, or you fear what people will think if you make bad decisions. Maybe you even fear success. The problem is that fear will wear you out and kill your drive. Just like the swimmer, you need to know when to swim and when to float. You need to learn to trust the system and yourself. Read More→
The Tortoise vs. the Hare – Persistency and Consistency Wins the Real Estate Wealth Race
Posted on November 9, 2015 byOver the past six months I have discussed excuses on why people are failing in the real estate business. I had discussed the excuse of lack of money, the excuse of lack of time, the excuse of lack of leads, the excuse of lack of a system, and last month I did a piece on accountability partners. Each one of these segments has been designed to eliminate the distractions and excuses for individuals that are desiring to get involved in real estate and are not accomplishing anything. This month I want to discuss how persistence and consistency will get you to your financial goals faster.
I go to the gym on a regular basis. There are individuals in the gym every time I am there, and I typically go 5 times a week. I have noticed that those individuals who are dedicated to their weight training and eating right have absolutely incredible bodies. The individuals, who come inconsistently, do not have the same success. For example take the individual who comes in on Monday and because it’s a Monday decides that they are only going to do a short exercise routine. That same individual on Friday decides that “hey it’s Friday and I will just do a light day”. That same individual comes in and spends 20 min. talking to everybody and socializing. That individual is not making head way on their exercise routine, maintaining their weight, and eating right. There are individuals who say that they are doing all of the right things, however their actions speak louder than words. These “quasi health nuts” are consumed by distractions and excuses. Read More→
System for Success
Posted on October 20, 2015 byWhat will you do when things don’t go as planned? Will you flounder, or will you be able to put into motion a clear set of actions? In other words,
Do you have a System for Success?
Recently, a colleague of mine had two contractors burn him on a job. It should have been a quick fix, three days maximum, light work… paint, cleaning, and light bulbs. But neither contractor had a system to get the job done right, and he did not have a system to fire contractors and still come in on budget. The upshot is that, without a system, you risk losing time and money.
Often, when things don’t go as planned (and this can be often!), we have fear. We become paralyzed, perhaps we focus on the negative. To be successful, we need a plan that keeps us from feeling this way because what we want is success.
What does a good system give you? Read More→
