Welcome back, As I make my way farther and farther into my thirties I see more and more younger faces coming into the understanding and business of investing in real estate for profit. Gone are the days of me being the youngest investor in my Real Estate Investor’s Club, local seminars, or other real estate related groups.
Bitter Sweet
While aging is bitter as I am starting to show more and more grey hairs, it is sweet that I have been able to sustain a very profitable and helpful career as a mobile home investor. The story below concerning my first deal inside a mobile home park is aimed for anyone who has the overwhelming concern that they are too young to be taken seriously or too young to hold value to help others.
Let’s be honest, if you look fifteen when you show up to a seller’s door people will hold preconceived notions about your experience, your desires, your knowledge, and they may often times not reflect accurately on you as a person. This post is created to acknowledge that your age has little to do with your effectiveness as an investor. If you are determined, motivated, honest, and have a desire to help sellers than you have a better shot than most to make it far in a career with real estate investments.
A First Appointment
On my way to my first seller appointment I was almost to the subject property to meet with a middle aged female seller. After a brief phone conversation I took down the seller’s asking price of $8,000 and the address. At the time I was so new I did not even think to ask if this was a mobile home; I was too excited about the price to think of such questions.
Until this point I had only practiced conversations in front of a mirror and read a handful of courses on the subject of real estate investing. To say I was nervous was a understatement. Not only was I unsure about what I was doing I also looked inexperienced, doe-eyed, pimple-faced, high-pitch voiced, and was driving a junk car. Negative thoughts whirled around my head so loud and fast it was hard to focus on steering my car straight down the street. The positive affirmations and motivational music I had blasting in my car was no help either. Sixty seconds before I was to arrive at the subject property the stress overcame me and I quickly pulled over to the side of the road to get sick from nerves.
A Fork in the Road
Once I was done purging I had a decision to make.
Quit now and run home with my tail between my legs or keep my appointment with this seller who needs help. Minutes later after cleaning myself off I arrived at the property to find a friendly seller eager to fill me in on all the details of the home and her situation. I purchased the property for $3,000, payable as $300 for 10 months. This property alone was to create over $40,000 in net profit over the next 11 years.
With the confidence of this one deal closed I went on to secure over 10 mobile home deals in the next 12 months, some homes in parks and others attached to private land.
Conclusion
In conclusion… age and experience are not the same thing. Use your ambition and drive to push yourself daily to continually be making purchase offers that help sellers sell their unwanted homes. Over the years I have utilized mentors and coaches that have lead me around costly mistakes, other mistakes I have made on my own and have licked my wounds and kept investing.
If you are younger or inexperienced remember that every seasoned investor started with no knowledge of this business and has made a lifestyle through forging their own path through some treacherous real estate terrain.
“Sellers do not care what you know when they know how much you care.”
Tuesday, December 30, 2014
Fears And Pressures While Mobile Home Investing At A Young Age
Welcome back, As I make my way farther and farther into my thirties I see more and more younger faces coming into the understanding and business of investing in real estate for profit. Gone are the days of me being the youngest investor in my Real Estate Investor’s Club, local seminars, or other real estate related groups.
Bitter Sweet
While aging is bitter as I am starting to show more and more grey hairs, it is sweet that I have been able to sustain a very profitable and helpful career as a mobile home investor. The story below concerning my first deal inside a mobile home park is aimed for anyone who has the overwhelming concern that they are too young to be taken seriously or too young to hold value to help others.
Let’s be honest, if you look fifteen when you show up to a seller’s door people will hold preconceived notions about your experience, your desires, your knowledge, and they may often times not reflect accurately on you as a person. This post is created to acknowledge that your age has little to do with your effectiveness as an investor. If you are determined, motivated, honest, and have a desire to help sellers than you have a better shot than most to make it far in a career with real estate investments.
A First Appointment
On my way to my first seller appointment I was almost to the subject property to meet with a middle aged female seller. After a brief phone conversation I took down the seller’s asking price of $8,000 and the address. At the time I was so new I did not even think to ask if this was a mobile home; I was too excited about the price to think of such questions.
Until this point I had only practiced conversations in front of a mirror and read a handful of courses on the subject of real estate investing. To say I was nervous was a understatement. Not only was I unsure about what I was doing I also looked inexperienced, doe-eyed, pimple-faced, high-pitch voiced, and was driving a junk car. Negative thoughts whirled around my head so loud and fast it was hard to focus on steering my car straight down the street. The positive affirmations and motivational music I had blasting in my car was no help either. Sixty seconds before I was to arrive at the subject property the stress overcame me and I quickly pulled over to the side of the road to get sick from nerves.
A Fork in the Road
Once I was done purging I had a decision to make.
Quit now and run home with my tail between my legs or keep my appointment with this seller who needs help. Minutes later after cleaning myself off I arrived at the property to find a friendly seller eager to fill me in on all the details of the home and her situation. I purchased the property for $3,000, payable as $300 for 10 months. This property alone was to create over $40,000 in net profit over the next 11 years.
With the confidence of this one deal closed I went on to secure over 10 mobile home deals in the next 12 months, some homes in parks and others attached to private land.
Conclusion
In conclusion… age and experience are not the same thing. Use your ambition and drive to push yourself daily to continually be making purchase offers that help sellers sell their unwanted homes. Over the years I have utilized mentors and coaches that have lead me around costly mistakes, other mistakes I have made on my own and have licked my wounds and kept investing.
If you are younger or inexperienced remember that every seasoned investor started with no knowledge of this business and has made a lifestyle through forging their own path through some treacherous real estate terrain.
Bitter Sweet
While aging is bitter as I am starting to show more and more grey hairs, it is sweet that I have been able to sustain a very profitable and helpful career as a mobile home investor. The story below concerning my first deal inside a mobile home park is aimed for anyone who has the overwhelming concern that they are too young to be taken seriously or too young to hold value to help others.
Let’s be honest, if you look fifteen when you show up to a seller’s door people will hold preconceived notions about your experience, your desires, your knowledge, and they may often times not reflect accurately on you as a person. This post is created to acknowledge that your age has little to do with your effectiveness as an investor. If you are determined, motivated, honest, and have a desire to help sellers than you have a better shot than most to make it far in a career with real estate investments.
A First Appointment
On my way to my first seller appointment I was almost to the subject property to meet with a middle aged female seller. After a brief phone conversation I took down the seller’s asking price of $8,000 and the address. At the time I was so new I did not even think to ask if this was a mobile home; I was too excited about the price to think of such questions.
Until this point I had only practiced conversations in front of a mirror and read a handful of courses on the subject of real estate investing. To say I was nervous was a understatement. Not only was I unsure about what I was doing I also looked inexperienced, doe-eyed, pimple-faced, high-pitch voiced, and was driving a junk car. Negative thoughts whirled around my head so loud and fast it was hard to focus on steering my car straight down the street. The positive affirmations and motivational music I had blasting in my car was no help either. Sixty seconds before I was to arrive at the subject property the stress overcame me and I quickly pulled over to the side of the road to get sick from nerves.
A Fork in the Road
Once I was done purging I had a decision to make.
Quit now and run home with my tail between my legs or keep my appointment with this seller who needs help. Minutes later after cleaning myself off I arrived at the property to find a friendly seller eager to fill me in on all the details of the home and her situation. I purchased the property for $3,000, payable as $300 for 10 months. This property alone was to create over $40,000 in net profit over the next 11 years.
With the confidence of this one deal closed I went on to secure over 10 mobile home deals in the next 12 months, some homes in parks and others attached to private land.
Conclusion
In conclusion… age and experience are not the same thing. Use your ambition and drive to push yourself daily to continually be making purchase offers that help sellers sell their unwanted homes. Over the years I have utilized mentors and coaches that have lead me around costly mistakes, other mistakes I have made on my own and have licked my wounds and kept investing.
If you are younger or inexperienced remember that every seasoned investor started with no knowledge of this business and has made a lifestyle through forging their own path through some treacherous real estate terrain.
Fears And Pressures While Mobile Home Investing At A Young Age
Welcome back, As I make my way farther and farther into my thirties I see more and more younger faces coming into the understanding and business of investing in real estate for profit. Gone are the days of me being the youngest investor in my Real Estate Investor’s Club, local seminars, or other real estate related groups.
Bitter Sweet
While aging is bitter as I am starting to show more and more grey hairs, it is sweet that I have been able to sustain a very profitable and helpful career as a mobile home investor. The story below concerning my first deal inside a mobile home park is aimed for anyone who has the overwhelming concern that they are too young to be taken seriously or too young to hold value to help others.
Let’s be honest, if you look fifteen when you show up to a seller’s door people will hold preconceived notions about your experience, your desires, your knowledge, and they may often times not reflect accurately on you as a person. This post is created to acknowledge that your age has little to do with your effectiveness as an investor. If you are determined, motivated, honest, and have a desire to help sellers than you have a better shot than most to make it far in a career with real estate investments.
A First Appointment
On my way to my first seller appointment I was almost to the subject property to meet with a middle aged female seller. After a brief phone conversation I took down the seller’s asking price of $8,000 and the address. At the time I was so new I did not even think to ask if this was a mobile home; I was too excited about the price to think of such questions.
Until this point I had only practiced conversations in front of a mirror and read a handful of courses on the subject of real estate investing. To say I was nervous was a understatement. Not only was I unsure about what I was doing I also looked inexperienced, doe-eyed, pimple-faced, high-pitch voiced, and was driving a junk car. Negative thoughts whirled around my head so loud and fast it was hard to focus on steering my car straight down the street. The positive affirmations and motivational music I had blasting in my car was no help either. Sixty seconds before I was to arrive at the subject property the stress overcame me and I quickly pulled over to the side of the road to get sick from nerves.
A Fork in the Road
Once I was done purging I had a decision to make.
Quit now and run home with my tail between my legs or keep my appointment with this seller who needs help. Minutes later after cleaning myself off I arrived at the property to find a friendly seller eager to fill me in on all the details of the home and her situation. I purchased the property for $3,000, payable as $300 for 10 months. This property alone was to create over $40,000 in net profit over the next 11 years.
With the confidence of this one deal closed I went on to secure over 10 mobile home deals in the next 12 months, some homes in parks and others attached to private land.
Conclusion
In conclusion… age and experience are not the same thing. Use your ambition and drive to push yourself daily to continually be making purchase offers that help sellers sell their unwanted homes. Over the years I have utilized mentors and coaches that have lead me around costly mistakes, other mistakes I have made on my own and have licked my wounds and kept investing.
If you are younger or inexperienced remember that every seasoned investor started with no knowledge of this business and has made a lifestyle through forging their own path through some treacherous real estate terrain.
“Sellers do not care what you know when they know how much you care.”
Bitter Sweet
While aging is bitter as I am starting to show more and more grey hairs, it is sweet that I have been able to sustain a very profitable and helpful career as a mobile home investor. The story below concerning my first deal inside a mobile home park is aimed for anyone who has the overwhelming concern that they are too young to be taken seriously or too young to hold value to help others.
Let’s be honest, if you look fifteen when you show up to a seller’s door people will hold preconceived notions about your experience, your desires, your knowledge, and they may often times not reflect accurately on you as a person. This post is created to acknowledge that your age has little to do with your effectiveness as an investor. If you are determined, motivated, honest, and have a desire to help sellers than you have a better shot than most to make it far in a career with real estate investments.
A First Appointment
On my way to my first seller appointment I was almost to the subject property to meet with a middle aged female seller. After a brief phone conversation I took down the seller’s asking price of $8,000 and the address. At the time I was so new I did not even think to ask if this was a mobile home; I was too excited about the price to think of such questions.
Until this point I had only practiced conversations in front of a mirror and read a handful of courses on the subject of real estate investing. To say I was nervous was a understatement. Not only was I unsure about what I was doing I also looked inexperienced, doe-eyed, pimple-faced, high-pitch voiced, and was driving a junk car. Negative thoughts whirled around my head so loud and fast it was hard to focus on steering my car straight down the street. The positive affirmations and motivational music I had blasting in my car was no help either. Sixty seconds before I was to arrive at the subject property the stress overcame me and I quickly pulled over to the side of the road to get sick from nerves.
A Fork in the Road
Once I was done purging I had a decision to make.
Quit now and run home with my tail between my legs or keep my appointment with this seller who needs help. Minutes later after cleaning myself off I arrived at the property to find a friendly seller eager to fill me in on all the details of the home and her situation. I purchased the property for $3,000, payable as $300 for 10 months. This property alone was to create over $40,000 in net profit over the next 11 years.
With the confidence of this one deal closed I went on to secure over 10 mobile home deals in the next 12 months, some homes in parks and others attached to private land.
Conclusion
In conclusion… age and experience are not the same thing. Use your ambition and drive to push yourself daily to continually be making purchase offers that help sellers sell their unwanted homes. Over the years I have utilized mentors and coaches that have lead me around costly mistakes, other mistakes I have made on my own and have licked my wounds and kept investing.
If you are younger or inexperienced remember that every seasoned investor started with no knowledge of this business and has made a lifestyle through forging their own path through some treacherous real estate terrain.
“Sellers do not care what you know when they know how much you care.”
5 Point Hard Money Loan Application Checklist
There is no doubt that when looking to make a real estate investment, choosing a hard money loan is a great option. However, many people do not get approved for the loan because they were caught off guard with the loan application requirements. To ensure a better chance of having the loan approved, check out The Hard Money Loan Application Checklist.
The Hard Money Loan Application ChecklistLocationIt has taken some time, but you have found the right investment. However, the location may not be in the best of neighborhoods. This will quickly send a red flag to your lender. The collateral for the loan is intertwined with the investment property. The lender will only give you a loan if they feel that their investment is safe. You should have pictures of your property as well as the surrounding areas to give to your lender. This will allow them some visualization into what they are loaning their money to. Having a number of comps for the properties that surround yours will be helpful as well.
Repayment PlanHow are you going to repay the loan at the end of the term? Hard money loans are for a very short time period. You are going to need a plan on how you will be repaying the loan. Whether you hope to sell the property or refinance it, your lender is going to want to know your exit strategy.
DocumentationEven though the hard money loan is all about the investment property, your lender may need other documentation. They may ask for income verification, what other assets you may have, and what your credit is like. Having all your documentation together and organized will make for an easier process.
Bring Your Game PlanThe Hard Money Lender or Private Money investor is going to want to know what your game plan is. If you are going to renovate the property, make sure you bring all quotes from any contractor that you have talked to. By specifically laying out your plan and the costs associated with the plan, your loan is more likely to be approved. If you have made investments in properties before, show your lender what you did with them. Your experience and track record will count.
Step-UpMake sure that you are ready to step-up to the plate. If your lender calls, do not wait two days to return their call. A sense of urgency is important with these lenders and they need to be reassured again and again that you really want this loan. If more documentation is requested, try to get it to them within a 24 hour window. This is not the time to lay back and wait to see what happens. If you want the loan, it’s up to you to communicate in a timely manner.
The Hard Money Loan Application ChecklistLocationIt has taken some time, but you have found the right investment. However, the location may not be in the best of neighborhoods. This will quickly send a red flag to your lender. The collateral for the loan is intertwined with the investment property. The lender will only give you a loan if they feel that their investment is safe. You should have pictures of your property as well as the surrounding areas to give to your lender. This will allow them some visualization into what they are loaning their money to. Having a number of comps for the properties that surround yours will be helpful as well.
Repayment PlanHow are you going to repay the loan at the end of the term? Hard money loans are for a very short time period. You are going to need a plan on how you will be repaying the loan. Whether you hope to sell the property or refinance it, your lender is going to want to know your exit strategy.
DocumentationEven though the hard money loan is all about the investment property, your lender may need other documentation. They may ask for income verification, what other assets you may have, and what your credit is like. Having all your documentation together and organized will make for an easier process.
Bring Your Game PlanThe Hard Money Lender or Private Money investor is going to want to know what your game plan is. If you are going to renovate the property, make sure you bring all quotes from any contractor that you have talked to. By specifically laying out your plan and the costs associated with the plan, your loan is more likely to be approved. If you have made investments in properties before, show your lender what you did with them. Your experience and track record will count.
Step-UpMake sure that you are ready to step-up to the plate. If your lender calls, do not wait two days to return their call. A sense of urgency is important with these lenders and they need to be reassured again and again that you really want this loan. If more documentation is requested, try to get it to them within a 24 hour window. This is not the time to lay back and wait to see what happens. If you want the loan, it’s up to you to communicate in a timely manner.
Setting Goals For Life & Business Success
Setting Goals - One of the themes of this real estate investing article is that I hope you’re catching on to is that there is more to being wealthy than just having money. I know plenty of rich people who are absolutely miserable. They have all the money they could ever want, but they are in terrible health, have no friends, their family despises them, they don’t have any spiritual beliefs, no hobbies, and on and on.
Just having money doesn’t make you happy; therefore, setting all of your goals around money won’t make you happy. When establishing your goals, I recommend looking at more than just financial or business goals. Here are three tips I like to use when setting goals:
Set Goals for Sacrificing.Yep, you read that right. Anytime you want to achieve something in one aspect of life, you will have to sacrifice something else. Prepare, establish, and embrace this sacrifice. For example, in order to start a part-time real estate business, you may have to sacrifice watching TV in the evenings. To improve your health, you may have to sacrifice sleeping in during the week, get up an hour early, and head to the gym. If you prepare yourself for these sacrifices and actually embrace them, then you will have an easier time sticking with your goals.
Just having money doesn’t make you happy; therefore, setting all of your goals around money won’t make you happy. When establishing your goals, I recommend looking at more than just financial or business goals. Here are three tips I like to use when setting goals:
Set Goals for Sacrificing.Yep, you read that right. Anytime you want to achieve something in one aspect of life, you will have to sacrifice something else. Prepare, establish, and embrace this sacrifice. For example, in order to start a part-time real estate business, you may have to sacrifice watching TV in the evenings. To improve your health, you may have to sacrifice sleeping in during the week, get up an hour early, and head to the gym. If you prepare yourself for these sacrifices and actually embrace them, then you will have an easier time sticking with your goals.
Monday, December 29, 2014
Seller Financed Notes – What Should You Know?
If I offered you a seller financed note on an investment property that is due to collect 100 payments of $400 a month at 8% interest would you know how much to offer? Do you know how much the note is worth?
Here are a Few Non-Calculator Items to Consider with Seller Financed Notes:The Legit Test: I am sure you know the importance of keeping good notes & records when you originate a seller financed note. It is equally as important when it comes time to purchase a note. Here’s what you should want to see: a copy of the HUD settlement statement, a copy of the cashier’s check from the purchasers down payment, and copies of monthly payment checks. It is best to ask if this information is readily available before you do any calculations on the value of the note. Doing so will give you the opportunity to put the information under the microscope.
The Property Asset: When was the most recent appraisal and inspection done on the property that the note is based on? You want to have a recent accredited appraisal that answers the question, “If I had to take the property back, would it enhance or hurt my initial investment?”
Potential Buyers: Find out as much as you can about the buyers of the property. What is their credit score? What is their job history? Most importantly, can you talk to the buyers? This last question can really tip the scales in your favor because you can use various techniques to increase your return on investment by working with the buyers. The more screening conducted to find out about who you’re working with, the more successful you’ll be.
Calculating the value of a note with Excel or a financial calculator is often the first of many steps towards purchasing your first note, yet, it’s the paperwork behind those calculations that give you the confidence to make the investment, and make it with confidence
Here are a Few Non-Calculator Items to Consider with Seller Financed Notes:The Legit Test: I am sure you know the importance of keeping good notes & records when you originate a seller financed note. It is equally as important when it comes time to purchase a note. Here’s what you should want to see: a copy of the HUD settlement statement, a copy of the cashier’s check from the purchasers down payment, and copies of monthly payment checks. It is best to ask if this information is readily available before you do any calculations on the value of the note. Doing so will give you the opportunity to put the information under the microscope.
The Property Asset: When was the most recent appraisal and inspection done on the property that the note is based on? You want to have a recent accredited appraisal that answers the question, “If I had to take the property back, would it enhance or hurt my initial investment?”
Potential Buyers: Find out as much as you can about the buyers of the property. What is their credit score? What is their job history? Most importantly, can you talk to the buyers? This last question can really tip the scales in your favor because you can use various techniques to increase your return on investment by working with the buyers. The more screening conducted to find out about who you’re working with, the more successful you’ll be.
Calculating the value of a note with Excel or a financial calculator is often the first of many steps towards purchasing your first note, yet, it’s the paperwork behind those calculations that give you the confidence to make the investment, and make it with confidence
Investors When Asked To Co-sign A Loan – Don’t!
When you co-sign a loan for someone, you are taking on risk on with no return. When lenders refuse to give a loan to someone it is because they are too much of a risk. Consider the following about co-signing or guaranteeing a loan for someone else:
When you are asked by your child to co-sign or guarantee a loan for them because they do not have the credit to get the loan, be very careful. In deciding that you will co-sign you may be taking on more than you realize. When you co-sign or guarantee a loan for someone you are taking on risk on with no return. Along with the monetary risk you may be also risking your relationship with the person you are co-signing or guaranteeing for. If the loan goes bad that relationship is often damaged, so our basic advice is to avoid co-signing or guaranteeing a loan.
When you are asked by your child to co-sign or guarantee a loan for them because they do not have the credit to get the loan, be very careful. In deciding that you will co-sign you may be taking on more than you realize. When you co-sign or guarantee a loan for someone you are taking on risk on with no return. Along with the monetary risk you may be also risking your relationship with the person you are co-signing or guaranteeing for. If the loan goes bad that relationship is often damaged, so our basic advice is to avoid co-signing or guaranteeing a loan.
How I Learned To STOP Sabotaging Myself?… And You Can Too.
Welcome back,Over the past decade investing in real estate, I’ve come to realize my strengths and weaknesses as a real estate investor — and as a human being in general. In the past I routinely found myself with the day finished, and few, if any, new calls to sellers dialed and no appointments made. This trend continued for weeks, giving me a persistent feeling that I was perpetually behind the proverbial 8-ball.
My excuses were not all over the place, but rather contained to just a few areas of my business.
My main complaints were:
Every problem has a solution. After considering my challenges, I decided to set up positive triggers to remind and encourage me to perform a specific action.
Positive trigger = A friendly reminder typically established by you. Usually premeditated and placed in a way to be unmistakable, it reminds you to do something productive. See examples below.
5 Examples of Positive TriggersBelow is a list of the biggest 5 positive triggers I have set for myself.
Disclaimer: Some of these positive triggers may not work for you based on your goals, traits, motivation, and physical abilities. Try thinking of positive triggers you can create for yourself.
1. The Oh-So-Important “To Do List”:During the daytime, I used to tend to go easy on myself if no one else was watching. I would have little guilt in throwing my feet up and reading a good self-help or business book for a few hours. However, I too live in the real world, and most of us already complain about too few hours per day. I needed a way to bring clarity to my routine and be more productive daily.
My solution: To create and write down the bulk of my daily to-do list the night prior. Once the bite-sized tasks are committed on paper, I find that the next day, these items always get checked off my list. Become a to-do list murderer! If there is an undone item on your to-do list, complete it quickly and without prejudice. Start smiling every time you cross off an item. As you think of more bite-sized tasks, add them to today’s or tomorrow’s list.
2. Set Meetings PurposefullyWaking up for work is easier for me because I know that I have to be there. If I do not go to work, I may very likely lose my income source. On the weekends, I needed a consistent and proven way for me to wake up early so that I could maximize my few days off from work.
My solution: To set my appointments with sellers in the mornings on Saturdays and possibly Sundays. In my mind, appointments with sellers equate to profit. Profit and helping sellers highly encourages me to rise up eagerly to meet with local sellers. After my weekly morning appointments, I can now stay out and continue growing my business and network.
3. Freezer MoneyIn my niche, mailing We buy houses letters to certain owners is very profitable. Even though I know mailing letters produces deals, I found myself losing steam whenever “envelope stuffing day” was here. I needed a way to make myself stuff and address envelopes — and be happy.
My solution: To keep my stationary in the freezer. Everyday after coming home in the afternoon or evening, I like to enjoy a bowl of ice cream or some other frozen dessert. To set up my positive trigger, I’ve begun keeping my current prospect list of names and addresses, preprinted letters, and a box of envelopes in my freezer. Everyday I come home, I’m forced to stuff envelopes prior to eating my reward.
4. Lights. Jump-rope, Action.I find that even 20 minutes of cardio and stretching each morning gives me energy and fire for the rest of the day. No coffee needed! The only problem is that my bed is cozy, and the snooze button is so easy to hit. I needed a way to get up, stay up, and start moving immediately.
My solution:
Step 1: Every night, I position my jump rope on my light switch to remind me to start jumping when I wake up. In my house, the living room switches are OFF when in the up position and ON when in the down position. My jump rope can be supported by the light switch when in the OFF position.
Step 2: Drink a full glass of water before bed. This old classic trick gets me up early each morning, as I stumble through the living room, only to find my jump rope waiting patiently for me.
5. Be a Nerd!For the last few months before I began working full-time investing in mobile homes, I worked 2 jobs 6 days a week. While this is not a big deal to anyone with 2 or more jobs, you can likely sympathize with the lack of time to call sellers, buyers, Realtors, lenders, brokers, community managers, etc. I needed more free time during the daytime hours to call sellers and set appointments.
My solution: Pack a lunch and call sellers from work. Here’s a story: When I was a boy, in my grade school, you were called a “nerd” if you brought your home lunch to school. This of course made me very popular carrying my ALF lunchbox and thermos. While the name calling was not appreciated, I really did like my home made lunch; I knew it was going to be delicious, and I really liked watching all the other kids have to wait in line for 7+ minutes to buy their food. We only had a 30 minute lunch, and there was no way I was going to spend 7 minutes or more in a food line.
The moral of the story is that by bringing my lunch to work, I can quickly eat, make calls, and set appointments with sellers for the coming weekend. Thirty minutes a day can add up over a month of calls.
ConclusionThis article is targeted to help you develop your own positive triggers for your business. Start to see where you are lacking and what needs improving. Then start thinking outside the box to accomplish creating your positive triggers.
Remember that your positive triggers are not miracles; positive triggers only remind you of the work needed — they don’t do the work for you. Stay motivated and know you can do this!
My excuses were not all over the place, but rather contained to just a few areas of my business.
My main complaints were:
Every problem has a solution. After considering my challenges, I decided to set up positive triggers to remind and encourage me to perform a specific action.
Positive trigger = A friendly reminder typically established by you. Usually premeditated and placed in a way to be unmistakable, it reminds you to do something productive. See examples below.
5 Examples of Positive TriggersBelow is a list of the biggest 5 positive triggers I have set for myself.
Disclaimer: Some of these positive triggers may not work for you based on your goals, traits, motivation, and physical abilities. Try thinking of positive triggers you can create for yourself.
1. The Oh-So-Important “To Do List”:During the daytime, I used to tend to go easy on myself if no one else was watching. I would have little guilt in throwing my feet up and reading a good self-help or business book for a few hours. However, I too live in the real world, and most of us already complain about too few hours per day. I needed a way to bring clarity to my routine and be more productive daily.
My solution: To create and write down the bulk of my daily to-do list the night prior. Once the bite-sized tasks are committed on paper, I find that the next day, these items always get checked off my list. Become a to-do list murderer! If there is an undone item on your to-do list, complete it quickly and without prejudice. Start smiling every time you cross off an item. As you think of more bite-sized tasks, add them to today’s or tomorrow’s list.
2. Set Meetings PurposefullyWaking up for work is easier for me because I know that I have to be there. If I do not go to work, I may very likely lose my income source. On the weekends, I needed a consistent and proven way for me to wake up early so that I could maximize my few days off from work.
My solution: To set my appointments with sellers in the mornings on Saturdays and possibly Sundays. In my mind, appointments with sellers equate to profit. Profit and helping sellers highly encourages me to rise up eagerly to meet with local sellers. After my weekly morning appointments, I can now stay out and continue growing my business and network.
3. Freezer MoneyIn my niche, mailing We buy houses letters to certain owners is very profitable. Even though I know mailing letters produces deals, I found myself losing steam whenever “envelope stuffing day” was here. I needed a way to make myself stuff and address envelopes — and be happy.
My solution: To keep my stationary in the freezer. Everyday after coming home in the afternoon or evening, I like to enjoy a bowl of ice cream or some other frozen dessert. To set up my positive trigger, I’ve begun keeping my current prospect list of names and addresses, preprinted letters, and a box of envelopes in my freezer. Everyday I come home, I’m forced to stuff envelopes prior to eating my reward.
4. Lights. Jump-rope, Action.I find that even 20 minutes of cardio and stretching each morning gives me energy and fire for the rest of the day. No coffee needed! The only problem is that my bed is cozy, and the snooze button is so easy to hit. I needed a way to get up, stay up, and start moving immediately.
My solution:
Step 1: Every night, I position my jump rope on my light switch to remind me to start jumping when I wake up. In my house, the living room switches are OFF when in the up position and ON when in the down position. My jump rope can be supported by the light switch when in the OFF position.
Step 2: Drink a full glass of water before bed. This old classic trick gets me up early each morning, as I stumble through the living room, only to find my jump rope waiting patiently for me.
5. Be a Nerd!For the last few months before I began working full-time investing in mobile homes, I worked 2 jobs 6 days a week. While this is not a big deal to anyone with 2 or more jobs, you can likely sympathize with the lack of time to call sellers, buyers, Realtors, lenders, brokers, community managers, etc. I needed more free time during the daytime hours to call sellers and set appointments.
My solution: Pack a lunch and call sellers from work. Here’s a story: When I was a boy, in my grade school, you were called a “nerd” if you brought your home lunch to school. This of course made me very popular carrying my ALF lunchbox and thermos. While the name calling was not appreciated, I really did like my home made lunch; I knew it was going to be delicious, and I really liked watching all the other kids have to wait in line for 7+ minutes to buy their food. We only had a 30 minute lunch, and there was no way I was going to spend 7 minutes or more in a food line.
The moral of the story is that by bringing my lunch to work, I can quickly eat, make calls, and set appointments with sellers for the coming weekend. Thirty minutes a day can add up over a month of calls.
ConclusionThis article is targeted to help you develop your own positive triggers for your business. Start to see where you are lacking and what needs improving. Then start thinking outside the box to accomplish creating your positive triggers.
Remember that your positive triggers are not miracles; positive triggers only remind you of the work needed — they don’t do the work for you. Stay motivated and know you can do this!
Top 10 Real Estate Books (In My Humble Opinion)
Every real estate investor should be an avid reader. Everyone, no matter how successful, can always become better at what they do and there is a ton of knowledge out there on both real estate and business that every investor should be trying to absorb.
So here are my top 10 real estate books that I would recommend to other investors.
10. Confessions of a Real Estate Entrepreneur – James A. Randel
I have never done commercial real estate, but this book certainly made we want to give it a try. Randel gives a lot of very sound advice on a whole host of various commercial investments. If one is looking to get into commercial real estate, there is no better place to start.
9. Investing in Real Estate with Lease Options and “Subject-To” Deals – Wendy Patton
Lease options and subject-to’s are a good way to get into real estate, especially if you don’t like owning property or don’t have a lot of money to start with. Wendy Patton gives a good description of these methods to buy (or more accurately, control) and flip real estate.
8. Multi-Family Millions – Dave Lindahl
Dave Lindahl is definitely the quintessential multi-family real estate investment guru. Here he gives a very helpful guide on how to find, negotiate, structure and manage the acquisition of a large multi-family property. If that is the direction you want to take your real estate business, this is where to look.
7. The Pre-Foreclosure Property Investor’s Kit - Thomas Lucier
While it is a dry book, foreclosures are very possibly the best source of good leads in real estate investment and this is a very valuable resource on that front.
6. How to Buy Real Estate for At Least 20% Below Market – John T. Reed
John T. Reed give a good rundown on finding, negotiating and analyzing real estate deals, and does so with a no nonsense approach.
5. The Art of the Deal – Donald Trump
This is more of an autobiography, but it’s a helpful or perhaps inspiring one. Donald Trump drops the annoying act for a bit to describe some of the massive real estate development projects he has undertaken, many of which are quite fascinating and illustrative.
4. Flip - Rick Villani and Clay Davis
Flip is the best book I have seen exclusively on flipping real estate. The example stories are a bit boring, but the rest is pure gold. It is a step by step process of everything you need to do to find, buy, rehab and sell properties for a profit.
3. The Landlord’s Survival Guide – Jeffrey Taylor
I believe the best road to wealth lies in ownership. Unfortunately, ownership requires property management, which is a sorely neglected subject. Jeffrey Taylor is easily the most innovative property manager I have come across and his methods for tenant retention, leasing, raising rents and screening are a precious resource to landlords everywhere.
2. How I Turned $1000 into Five Million in Real Estate in My Spare Time – William Nickerson
This is simply a classic on real estate investing. William Nickerson gives a very thorough and detailed overview of what you need to know to get started in real estate. This is the third version of this book, the first version was only one million and the second to three million.
1. The Millionaire Real Estate Investor – Gary Keller
The Millionaire Real Estate Investor is the first book I would give to anyone who wants to become a real estate investor, and that includes both flippers and holders. In my opinion, it is the best place to start for any beginner and a good reference for any pro.
So here are my top 10 real estate books that I would recommend to other investors.
10. Confessions of a Real Estate Entrepreneur – James A. Randel
I have never done commercial real estate, but this book certainly made we want to give it a try. Randel gives a lot of very sound advice on a whole host of various commercial investments. If one is looking to get into commercial real estate, there is no better place to start.
9. Investing in Real Estate with Lease Options and “Subject-To” Deals – Wendy Patton
Lease options and subject-to’s are a good way to get into real estate, especially if you don’t like owning property or don’t have a lot of money to start with. Wendy Patton gives a good description of these methods to buy (or more accurately, control) and flip real estate.
8. Multi-Family Millions – Dave Lindahl
Dave Lindahl is definitely the quintessential multi-family real estate investment guru. Here he gives a very helpful guide on how to find, negotiate, structure and manage the acquisition of a large multi-family property. If that is the direction you want to take your real estate business, this is where to look.
7. The Pre-Foreclosure Property Investor’s Kit - Thomas Lucier
While it is a dry book, foreclosures are very possibly the best source of good leads in real estate investment and this is a very valuable resource on that front.
6. How to Buy Real Estate for At Least 20% Below Market – John T. Reed
John T. Reed give a good rundown on finding, negotiating and analyzing real estate deals, and does so with a no nonsense approach.
5. The Art of the Deal – Donald Trump
This is more of an autobiography, but it’s a helpful or perhaps inspiring one. Donald Trump drops the annoying act for a bit to describe some of the massive real estate development projects he has undertaken, many of which are quite fascinating and illustrative.
4. Flip - Rick Villani and Clay Davis
Flip is the best book I have seen exclusively on flipping real estate. The example stories are a bit boring, but the rest is pure gold. It is a step by step process of everything you need to do to find, buy, rehab and sell properties for a profit.
3. The Landlord’s Survival Guide – Jeffrey Taylor
I believe the best road to wealth lies in ownership. Unfortunately, ownership requires property management, which is a sorely neglected subject. Jeffrey Taylor is easily the most innovative property manager I have come across and his methods for tenant retention, leasing, raising rents and screening are a precious resource to landlords everywhere.
2. How I Turned $1000 into Five Million in Real Estate in My Spare Time – William Nickerson
This is simply a classic on real estate investing. William Nickerson gives a very thorough and detailed overview of what you need to know to get started in real estate. This is the third version of this book, the first version was only one million and the second to three million.
1. The Millionaire Real Estate Investor – Gary Keller
The Millionaire Real Estate Investor is the first book I would give to anyone who wants to become a real estate investor, and that includes both flippers and holders. In my opinion, it is the best place to start for any beginner and a good reference for any pro.
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