The Power of Having a Mentor

 Many people in today's society like to adopt the do and learn method on their own. They do not like to be told by others how they should do something. However, this is not necessarily the smartest or the most efficient way to getting the outcome you desire. What would be a better way then?

 
Getting a Mentor!!
 
A mentor is someone who has more experience than you do in a particular field. The people who embrace having a mentor can make all the difference of them having average success vs. outstanding success. But what can a mentor really do for you?
 
More likely than not a mentor is someone who has the level of success you are aiming for. These individuals can help you to navigate the path you are on and can assist you in identifying future road blocks before they happen. How? Because they probably have hit these same road blocks already and can draw on their experience to help you watch out for them.
 
A mentor will be there to both challenge and motivate you at the same time. When you have questions, you will have someone who can answer them right away. They may even be able to provide you shortcuts to problems, as they have perfected the method of getting past them.
 
If you don't already have a mentor, it may be a good idea to find one who is where you see yourself in the future. These are people if you make their time worth while to help you and not waste their time, they may even use you to pass on their legacy to.

Wholesaling for Quick Profit

There are many different techniques available to investors in Real Estate. A few of them can even allow you to control the properties without even owning it. That means you are making money on properties you are not even on title for.

One of these strategies can net you into the tens of thousands per month. We call this technique Wholesaling. Most people think, when they hear the term wholesale, it is about getting a retail item on sale that is close to what the retailers pay. Yes it is similar in concept. You are essentially getting an accepted offer on a house below market value. In many cases these properties from Sellers who are really motivated and the houses themselves sometimes are in need of a little TLC or possibly in need of a complete overhaul.

So how do you control these properties without owning them? With the process of wholesaling, you as the investor will go into the negotiations work out the terms of the offer to purchase with the owner. Once you have submitted an offer and it has been accepted by the Seller, you have effectively tied up that property to you for the length of time of the conditions.

From here you would need to have developed your database of investors who are looking for the type of property you have under contract. If you have an investor who would like to take over the deal, you can assign the contract over to them. Of course when you do this you will charge a fee to assign that contract. This is where you make your money as a Wholesaler. And this assignment fee can range in price depending on how much equity you get the in property on the buy and how much your investor is willing to pay for it.

With this strategy you can put in as many offers as you want on properties. As you assign them out, you will generate your income. Now this technique in not only limited to just fixer upper houses. Any type of property can be wholesaled. Basically you will be getting paid to facilitate and set up deals. So it is time to go out there and start making offers. You are not doing this business unless you are making offers.

Are you prepared for 2014?

Did you accomplish the goals you had set out in 2013? If not, WHY? Many people make New Years Resolutions that deep down they truly do not intend to keep. They may intend to "keep" them, but allow themselves to fall to their excuses to justify why they did not attain them.
 
What needs to change then? You are making goals after all, at the beginning of the year. Here are a couple of tips that can help get you started, that the successful people employ everyday.
 
It has been said that a goal is only a dream until it is written down. So step 1: Pull out a piece of paper and your pen and start actually writing down your goals. Not only should you write down the goals, you need to really think about them and ensure they are S.M.A.R.T. goals.
 
Specific
Measurable
Attainable

Relevant

Time-Bound

 

Using SMART goals is a method to determine the "How" and "when" of your goals. But it doesn't stop there. You now need to review these goals regularly to make sure you are on track. This is especially true if they are time sensitive. 
 
Now take a look at the 5 people you spend the most time with. Do they motivate and inspire you to achieve your goals?  Are they always complaining about things and suck you into that negative mindset? You want to surround yourself with people who are going to lift you up on a regular basis and give you that boost you need, not listen to you complain and add to it. Take an inventory of your friends and see where they fit.
 
Do you have a mentor? Every successful person has had a mentor to guide them. Of course you need to be careful, who you take advice from. You want to find a mentor who has been where you want to go, and has had the hurdles you are going to run into. Many people would be extremely happy to mentor you and pass on their knowledge. However, you need to ensure you do not waste their time. Successful individuals do not like sitting down with someone, only to have them do it their own way anyways. 
 
There are many other ways to help you reach your goals for 2014. Take the time on your goals before you commit fully, to ensure they are really what you want. Once you have them down on paper, sign it and do not let any excuse get in your way to achieving the satisfaction of attaining your goals!!

The Difference Between Successful and Unsuccessful Realtors

There is a key difference between those who are extremely successful in business and Real Estate to those who are unsuccessful. It all boils down to their mindset. Successful people actually think differently than most of the people in the world today.
 
So what are some of the key things you can do today, that can start to change your mindset and put you in the frame of being successful?
 
One habit you can start with, but can be hard to change, is that of changing the vocabulary you use everyday. There are many words that we use in your everyday exchanges with other people, and even yourself, that will limit our success. Many people are not even aware of how often they use these words, so it is mostly becoming aware of the words we use everyday. These words are ones that have negative connotations. Words like "can't" are extremely detrimental to success. Once you start to say you "can't do" something, you actually convince yourself it is true. Millionaires do not have the word "can't" in their vocabulary. Instead they think "HOW". This starts their mind focusing on creating solutions vs. just shutting down.
 
Another simple sounding change (yet takes a lot of practice) is changing your daily energy level. Successful individuals operate at a level of high energy everyday. High energy people are contagious and can uplift and motivate those around them. When you are operating on low energy, your mind will not necessarily get into the creative mode it needs to be in to find solutions, and it will be easier to put task off till later. So you need to find out what it is that boosts your energy from the moment you rise out of bed, and can carry you throughout your entire day.
 
Millionaires feed their brain every day. Once you finish High School or College, does not mean you are done learning. Education is an ongoing process, especially if you would like to be successful. There is always something new you can learn. There are many great books, audio tapes, and seminars you can attend that will give you the new information you need to stay up to date. There are actually many great resources on mindset itself that go into much further detail about what the most successful people do on a daily basis. Always be feeding your mind everyday!
 
Remember, it starts with you! You can either choose to be successful or you can choose not to be. It is all in your MIND!

Lease Options: As An Investment Strategy

More and more we are seeing Rent-To-Own properties popping up in the market. As the markets change and lending rules tighten, many families/individuals are getting bumped out. It is a dream that has been taught over the generations to own your own home. These people, who have been bumped out, are starting to look for creative solutions to get into home ownership.

This is where you, as investors, can help to provide them a solution to their real estate problem. Lease Options or Rent to Own can be that solution they need. Now what are the benefits from an investments standpoint doing a rent to own over a standard buy/rent/hold strategy?

There are many benefits that you can gain from a lease option. Lets first look at the typical hassles of a buy/rent/hold strategy on a single family investment property. When you own a rental property, it may not cash flow as much as you would like, or it could even have a negative cash flow. When a tenant moves out of your property, you will have to spend time with a vacant property, also effecting your monthly cash flow. Lastly, you are stuck with all of the maintenance and repair costs of the property.

With a Lease Option property, you can avoid a lot of these common issues. Your tenants are paying higher rents, because you are adding rental credit. You will have also collected an initial option deposit at the beginning the rental. Your tenants tend to stay in the property for the length of the lease, as they are aiming to purchase it at the end. This makes your vacancies next to NIL. Lastly, your tenants are responsible for taking care and maintaining the property, freeing you up for working on more deals.

As you can see, this is a great strategy to increase you cash flow, decrease your headaches as a landlord, and finally, helping others into home ownership. Good luck on your new Lease Option Strategy! 

Finding Money For Deals

It can be very exciting when you begin to learn about investing in Real Estate. It can offer you a way towards your financial goals and dreams. Then the realization for many people kicks in, "I don't have any money to invest!" This thought stops many investors in their tracks.
 
So what do they do? Some investors limit themselves to "no money down" strategies only. While others just quit completely, saying that investing is not for them.
 
This is limited thinking. In reality there is an abundance of money available for deals. If you find a great deal, but don't have the money to buy it, look for someone who does. Who do you know with money that would consider investing with you so that they can also get a good return on their money. This is called Joint Ventures. Once you realized the potential in doing Joint Ventures, money no longer is a problem for you deals.
 
It is always better to get 50% of something than 100% of nothing.

The Fear of Financing

To some, the fear associated with investing can be so powerful that it halts all progress made towards their personal financial wealth. Many have fallen into the scenario of "analysis paralysis". They keep finding a new reason why NOT to start. Even after all fo their questions have been answered they still find something else wrong with the deal, or the market, or the property, ect.
 
The only possible way to get over this state is go just dive in. You can only get comfortable if you just start at the beginning. Make your calls, send if offers, walk through properties. Only be the action of doing will you gain confidence in your ability. Buying another book or CD or even going to another seminar will not get you over you fear of investing.
 
For anyone to be successful, you must develop the attitude of becoming comfortable being uncomfortable.