5. Make offer: Offers and counter – offers, should be made strategically, and in, a focused manner!
Is a real estate lawyer a better choice than a title company when it comes to selling your home? You can choose any one of the two but you should first be aware of the difference between real estate lawyers and title companies. Here is some information about both the entities and whose services can benefit you most.
Real estate lawyers
Real estate lawyers specialize in laws relating to real estate and make sure that your interests as a seller are met in the transaction. These lawyers can act as escrow agents as they can hold your earnest money, down payments as well as help you with the requisite documentation. These attorneys can also help you understand the legalities involved in the sale transaction, the offer made by the buyer and your rights as a seller.
An attorney can also handle a closing in case the lender’s lawyer doesn’t do that. Every real estate lawyer has two most important responsibilities.
• To advise on the documentation process of the transaction
• To represent you at a closing
Besides these two important services, an attorney also negotiates any modifications in the purchase contract that the seller wants to incorporate. Preparing the seller’s deed, another crucial aspect, is also taken care of by the attorney. The attorney you hire will also accompany you on your meeting with the client/buyer at the time of settlement. He/she will also advise you on the tax implications involved in your home or property sale.
Title companies are insurance agencies that represent title insurance companies. Such companies insure titles to lenders and buyers by ensuring that a title is free from any encumbrance that can cause financial loss.
The title company assures the buyer that he/she can get his/her title on the home or property with no liens against it. The availability of a title on the particular home/property is made clear and vouched for by a title company. In the process, such an entity protects the rights and interests of both parties in question.
Usually, most title companies insure a closing with the help of a lawyer to fulfill certain requirements. Closings also depend on the area you are living in. Toronto natives can hire the services of a real estate lawyer for sale closings.
Keep the following things in mind when you sell your property:
Title companies can hold the down payment and close your home without additional costs. Also, there is a possibility that title companies may give you a discount on your title insurance if you had previously used their services to either refinance or buy your home or property. Lawyers can also close your home/property sale and hold your down payment but may charge an additional fee.
A lawyer can charge a higher fee to write a contract. In cases of simple transactions, this can complicate negotiations. But in most other property sale transactions, the services of a real estate lawyer can prove invaluable.
Consider the option of going ahead with a real estate agent because he helps the buyer or the seller of the property in more ways than one. Key responsibilities of a good agent make the entire process smooth, transparent, and easy for clients. However, this proposition is fraught with risk because finding a good agent is often a momentous task. This should not discourage home buyers and property sellers from hiring a good real estate agent as he alone can make things hassle-free for you. Therefore, your focus should be to look for an agent instead of searching for properties listed on various sites. Once you have roped in a verified and accredited agent to work on your behalf, the process of buying or renting or selling a home becomes much easier for you.
Local market knowledge
Equipped with local real estate market knowledge, he provides information of relevant properties available in the area. He studies the options that suit your budget and forwards the shortlisted options to you. This saves your valuable time and money. If you are interested, he shows you the properties. He is familiar with the area you would like to live in and offers accurate information about local infrastructure, school systems, water and sewer charges, public transportation and other concerns that impact your decision to rent or buy a home.
He takes care of the tedious process of negotiating the best deal for you. With skill and expertise, he knows the trends prevailing within the local property market and the competitive prices for various properties. You can bank on him to ensure the best deal and save your hard-money. His commission is also negotiable in most of the cases, depending on the level of involvement and effort put in.
He acts as your representative throughout the entire buying or selling process and therefore you need a reliable person you can fully trust in matters of right price and the suitable property features you need. He follows your instructions, works tirelessly to minimise your daily involvement in the matter of sale or purchase and seeks your presence only when it is unavoidable – to screen the best options for closing the deal.
His knowledge about local laws related to the buying and selling of property helps you avoid legal issues. It ensures a smooth deal without any potential conflicts. A legally binding contract is drawn up and he helps you with all the paperwork, referring you to the appropriate professionals for dealing with all the legal matters.
As his up to date with current trends, he nurtures contacts and the professional network to flourish his business. This enables him to be aware of a wide range of available property in the area and suggest options to clients with the help of fellow professionals. Not having an intermediary will deprive you of this big advantage. There is a limit to searching properties online or seeking references through your contacts, but if you have an agent, then there is no limit to the options he can suggest with ease. Most of his suggestions come pretty close to what you look for.
Having him on board ensures maximum exposure for your property. Years of experience built an exhaustive database of potential customers and he refers your listing or requirement to generate leads. Gives sound advice on the market value component to price it realistically so that it is sold faster. He provides a visual presentation of your property and suggestions to enhance its marketability and coordinates marketing and advertising of your property on various platforms. Besides, the previews and arranges a walk through each potential home, to show properties that match your requirements and answers all your queries at various stages of the engagement to keep you updated of the progress achieved and ensure your satisfaction.
In commercial real estate brokerage, the weekly sales meeting can be a powerful tool when it comes to building the market share momentum for the real estate business and the sales team. The meeting can be well planned to achieve positive leverage and momentum across the agency.
With most agencies today, the weekly sales meeting is a good idea to keep the agents on focus and task. That being said, an agenda is required to achieve that. Minutes should also be created from the meeting to track and measure the efforts of individuals. Good salespeople thrive on positive recognition and individual performance tracking. They understand the benefits of the process.
Weekly sales meetings should occur in the mornings before the business day commences. They should also take no longer than 1 hour so that that the team can get back to the marketplace and the daily activities required.
So the goals of the sales meeting should be to achieve the following:
- To encourage the team forward with activities in listings and commissions
- To sustain the momentum and the focus across the group in a positive way
- To track and measure the activities of individuals
- To establish positive communication between the sales team and the administration team
It should be remembered that most salespeople dislike lengthy meetings. Any top agent or broker will prefer to have a firm agenda to stick to when it comes to weekly reporting and meeting attendance. The team leader or the sales manager should control the process.
Here are some tips to help you establish a positive process of meetings for your sales team:
- The location of the weekly meeting should be varied to encourage activity and attendance. You can move the meeting between different venues and times of day. Breakfast meetings are usually quite successful, and the same can be said for lunch meetings. You will however need an agenda for the process.
- Peer group praise will always be a useful tool within a successful sales team. The team leader or the sales manager for the agency should encourage that activity. When a salesperson has achieved great success or an extraordinary deal, share that information around the group at the right time and in the right circumstances.
- Once a month allow the full sales team and the administrative team to come together as part of social drinks. The interaction between both groups will be important for the success of the agency.
- Establish a points system between members of the sales team. The points system should be varied based on a number of different criteria. In that way you will be recognising and encouraging everyone, and not just the top agents with the best deals. Look at the different achievements of the week including the best deal of the week, the best marketing campaign, the greatest numbers of inbound calls, cold calling targets, exclusive listings, and new meetings.
Top agents and brokers like efficiency. They also like to get to the point quickly and effectively. Any sales meeting should take no longer than 1 hour, minutes should be created, and agendas should be circulated prior to the next meeting. Respect the time of your top agents, and they will respect the attendance requirements at your sales meetings.
The world of real estate is going through dramatic change and I don’t mean the current market upheavals caused by the change from a Seller’s market to a Buyer’s market.
Independent of price level there will always be buying and selling of homes going on. But the way people search for and find homes is in the middle of a dramatic change. The Internet is the great equalizer but also the great differentiator.
People searching online are not aware of your achievements, everybody is equal at first. If your website does not offer the design and services people appreciate they will not stay long enough to find out. This is where you can differentiate yourself.
But design and functionality are a secondary issue to the problem of how to get found in the first place. Use the analogy of websites being online business cards. New business cards are deposited not at the top of the pile but at the very bottom. Customers are picking up business cards from the top of the pile. SEO or search engine optimization deals with efforts to move ones business cards further up the pile so that customers can find one’s site through popular search engines.
So you have a new website. So you basically just had your business cards printed but nobody knows how to find them. Or even more dramatic you don’t even know if somebody is picking up your business cards and you don’t know if your business cards are in the big pile yet.
I would define SEO as the efforts to purposefully move ones website to be placed higher on the results page in response to a search query at a range of search engines.
But there are thousands of search engines out there. True. But all but 3 are irrelevant to your optimization efforts. Google, Yahoo and MSN control about 98% of all searches performed on the Internet. Focus on the three big search engines and the rest will take care of itself.
What is there to optimize? The aim is to be found by people searching for things that you offer on your website. When people search they do this textually by querying a search term or phrase. For you to optimize your site you first have to understand for which keywords or key phrases you want to be found. As I am practicing real estate in Aspen, Colorado and appropriate search term could be “Aspen Real Estate”.
Make sure you repeat your keywords and phrases on your homepage. Make the most important key phrase a headline and type it in a bold font.
It is important to understand that search engines are automated computer systems programmed by humans to evaluate the webs content without human interference. This means that search results are based on what is called a computer algorithm. This is basically a set of instructions for the computer on how to evaluate certain criteria and translate the results into a sequence of importance. Most important website first, least important website last.
The art and science of Search Engine Optimization is to try to understand what the search engines are looking for in a good site and then giving the search engine just that. The Google search engine algorithm probably looks at hundreds of different criteria. It is so complex that not even the engineers inside Google know the whole picture. Well you might say, how should none Google employees then know what to do?
Basically the most important fundamentals of what makes a good websites are known. Google for example uses a patented mathematical concept they called “Page Rank” at the root of their systems. Links are seen as votes. The more links are pointing to one website the more important that website must be. The more important the website is that votes for another website the more weight that vote caries.
So, try to get people to link to your website. It is important to know that links from website that have the same topic as your website seem to be more important than links from website that do not fit the subject. Links from other real estate related website are more important to my website then links from websites promoting toys.
Search engines like content rich websites. The more pages with useful content the better. Blogs are a great way to accumulate great on-topic content over a period of time. This is all the more important as search engines like website that have fresh content on a regular basis.
DMOZ.org is a human compiled directory of websites. Read their instructions carefully and submit your website to a relevant category. Yahoo and Google use this directory and it helps to be listed.
Generate a site map and place the xml file on your web server. A site map is basically a long list containing all your web pages in a format that is readable by computer programs employed by search engines to browse the web. These programs are called “bots” or “spiders”. This will help the search engines to find all the pages on your website. Remember, the more web pages the search engine knows about the better for you.
Search engines cannot read certain content. Graphical content is one such thing. If your site consists of mainly pictures the search engine will not understand what your site is about and therefore will not offer it as a result of a search. Make sure your site is text rich.
Real Estate website can have pages for the different subdivisions in the area serviced. Write a blog on the property of the week. Incorporate a section of “Frequently Asked Questions”. Write about yourself and give people a bio on you. Explain the buying and selling process. Offer sales statistics. The list goes on.
Get a program Like “Advanced Web Ranking” to search the search engines for search results containing your keywords. Optimization is fun when you start to see results. But manually looking for your website in search results is labor intensive and a good job for an automated program.
Read web forums and a couple of books on SEO once you are past the basics. The field is constantly evolving and there us tons more to learn.
The good ole 'days were refreshing. You could put up a sign in your yard and get fast responses from interested potential buyers, or hire a listing agent and not worry about their commissions eating up your cash. Times have changed.
Real estate has become competitive. In some areas, it's a sellers market. In others, buyer's take the reins. No matter what though, there are many thousands more individuals in real estate now than there were back then. With investment seminars and flipping shows becoming more mainstream, the real estate pool is growing bigger on a daily basis.
But what if you are in a hurry to sell? Does that mean you are motivated? Let's take a look at what constitutes a motivated seller, and whether or not some of these seller techniques will work for your situation …
- You are facing foreclosure
Times can be tough. You may have been let go from that job and couldn't replace the income in time. The bank sent you a letter giving you notice of a Lis Pendens (the beginning of a foreclosure, also known as a preforeclosure) You are out of options, and you don't want the foreclosure to end up destroying your credit.
- You are behind on taxes
Just as before, this is an immediate situation that can destroy your credit. Taxes will get collected no matter what, so bad credit doesn't need to be added to the mix. Back-taxes will not only eat up your equity, but will also be attached to your future wages.
- You have bad tenants
You are constantly receiving complaints about the tenants in one of your properties. Police are becoming a normal sight in front of the property. Perhaps the renters are turning your intended investment into a drug house. You don't want to deal with the situation and would rather take cash out of the investment and walk away.
- You are getting divorced
Let's face it. Not many are fair in divorce proceedings. Who is keeping the house? Neither of you? So you have no choice but to sell quickly so you can avoid your soon to be ex like the plague, and get some cash for a fresh start.
- You are retiring
Whether you are a landlord who is retiring from the business, or a couple with a home that you've had for years, you just want some cash for your equity so you can move to warmer climates and bingo.
- You inherited real estate
You just inherited a house or multi unit property, but would rather have cash instead. You want a quick sale, and don't want to be bothered with upkeep.
- You are an out of state owner
You thought you could manage the investment property in California while relaxing in your home in Maine. Unfortunately, good help is hard to find and the property managers all turn out to be drunks. The grass is high and you are getting letters. It's causing more headaches than it's worth.
- You just want some extra cash
You don't have a need for the property in question and you simply want to pad your bank account.
These are all valid reasons that would make you a motivated seller. The only question I have for you in this case is … are you greedy?
A number one killer of real estate sales is an owner who has too much pride to accept that the market will not support their outlandish property valuations. The fair market value may be high, but nobody is biting. How is that quick sale going for you? The first step in selling your home quickly is acknowledging that you need to be open minded. If you can be open minded about the price of the sale, or the terms, then selling fast will be a breeze.
Where are my target buyers?
You have quite a few options. Some will take longer than others. Probably the number one way of selling quickly is seeking out a wholesaler. A wholesaler is a real estate investor who looks for discounted properties, writes an offer, then assigns the contract to one of their many cash buyers. Often, the wholesaler will have hundreds, or even thousands of investors in their contact list who are ready to buy immediately. Their investment partners have been qualified by the wholesaler with proof of funds, and will have shown the wholesaler multiple deals that they have closed in the past.
There are wholesalers that buy properties in multiple states, while other wholesalers are limited to a single state. Some of them even stick to a specific city or regional area. They are known for the use of phrases such as "we buy houses, any area, any condition". While many wholesalers stick to deeply discounted properties, others work with low equity deals where Subject2 and seller financing can be put into play. These are some of the techniques that require you to be an open-minded seller that is truly "motivated".
Another option for a quick sale is Craigslist and other classified websites. If you are going the classifieds route, you have to be prepared for the 'tire kicker' responses. There can be a lot of newbie investors, and people who are just looking that will take a lot of your time to screen out before finding a true buyer. When listing a classified ad for your home, make sure you include as many details as possible in the ad. Leaving out bedrooms, bathrooms, parking, and other features will only mean that you have to spend time discussing these things when taking the multitude of calls you will receive.
If classifieds are not your thing, you will want to find buyers through a more direct route. Go to where they hang out. There are forums such as EquityPaper, and BiggerPockets that have premium subscription options for real estate listings and other networking tools. These are forums where investors get together to discuss real estate topics daily. If you list your home in these professional member areas, or marketplaces, you can get fairly quick responses from interested buyers.
Determining property value to an investor
When listing your property, there are some things that potential buyers will want to know in addition to the standard property details. ARV (after repair value) is one of them. To find your ARV, go to Zillow, Trulia, and Redfin. On each of those websites, search for your property and write down the estimated value for each of them. Add all 3 of those values, then divide the sum by 3. The result will be your ARV.
After you have your ARV, you want to determine what the new buyer will have to put into the property in repairs. If your home is in great condition, you only need to account for simple things such as paint, appliances, and other things related to the buyer's tastes. You would multiply your square footage by $ 10 to get the total credit the buyer will want. If the property needs some updates such as flooring, new toilet, etc, then you will multiple the SF by $ 15. Broken windows, doors, etc will be $ 20. If the house is a disaster and a complete rehab, then the multiplier is $ 30. Now subtract that number from the ARV.
Whether or not the buyer is a wholesaler or a flipper, they need to make something off of the deal. This can be anywhere from $ 2,000 to $ 50,000 or more depending on the location, value, and other factors for your property. Many good wholesalers will stick to the $ 10,000 pricepoint or close to it however. So take your new ARV and subtract the buyer profit for an expectation on how much money you will be offered for the property.
Creative financing for a fast sale
Assuming that the final number from the calculations listed above was not even close to taking care of what you owe on the property, then you need to learn to be creative. Some wholesalers and flippers will still take on a property with little to no equity.
Subject 2 Financing
Subject 2 is a technique that allows the new buyers to take over your mortgage payments, and assume control over the property. Sub2 investors are looking for leverage so that they do not tie up their credit, but can obtain a rental property at the same time.
A seller may have a concern when dealing with a sub2 deal. For example, what if the buyer does not pay the mortgage and it ends up as a bad credit item for the seller? Well, there are protections that are in place for sellers during subject 2 existing financing deals.
- A single late payment can be a deal breaker. It can be made so that in this event, the buyer is in default and they lose the property back to the seller. This single possibility is reason # 1 for it being a rare scenario. Most subject 2 investors are seasoned. They have been doing it for years, and have made millions through rentals with such deals.
- Limitation clauses such as one requiring the buyer to refinance the property in their own name within a set time period reduces the risk even further. Let's say that in 2 years time, the buyer is required to refi. By then, they will have accumulated enough equity by paying down your loan for this to be a possibility through traditional lending methods. Even in the worse case, they can secure hard money after that time in order to leverage additional time to flip the property or get other financing.
Contract for deed, or lease option
If you aren't in a complete hurry for a bunch of cash, you can sell on a contract for deed, or a lease option. This will ensure that the buyer is responsible for upkeep, insurance, taxes, and everything else, while giving you a monthly income stream with little risk. With either technique, you are getting a fast sale. The best part is that you retain the deed to the home until the buyer's obligations are met. If they default, you can simply evict them and start over again with a new buyer. The best part is that you are earning interest with your equity at a rate you agreed on in the sale.
FSBO (for sale by owner) does not have to be hard. It can be quite lucritive, and amazingly fast when you learn to be open-minded and creative.
One of the numerous neighborhoods in Denver, Barnum is located within West Denver surrounded by 6th Avenue Freeway, Alameda Avenue, Perry Street and Federal Boulevard. The neighborhood area has been named after Barnum and Bailey Circus owner, PT Barnum, who in 1882 had purchased over 760 acres for winter stay and many of the streets in the area were named after popular personalities and famous people. Later it was incorporated into the Denver suburbs.
The unique architecture and buildings that were constructed in the early 19th century are still in a good condition and add to the historical heritage of the area. One of them is the community building that has a jail below it, while the firehouse was housed inside. Another attraction is the Bowman House that was constructed in 1910 and is a testimony of the bygone era.
Modern amenities and residential communities is what the town offers to all of the people staying here. The beautiful location, security of your family and easy commuting to work are the prerequisites of a good location and Barnum offers all of it.
Today it is a modern community with all of the amenities including medical facilities, school, shopping complex and entertainment options taking into consideration the local requirements. If you are moving to Denver or its suburbs, Barnum makes for the apt choice. The tree-lined and leafy streets, quaint houses standing along with new townhouses have become a sought after destination for home buyers. Whether you prefer a 100 year old mansion with its old world charm or a brand new condo with all modern amenities, Barnum offers all of the options and more for people looking to settle here.
Most of the home buyers are pensioners who wanted to retire in serene locations, families and couples looking for a place to live and work. The excellent school system and higher education opportunities are an attraction for most families. when you have to decide between your family's safety and convenience along with an affordable rent or purchase option, it always makes sense to settle a little away from the main city.
Real estate costs and prices have started increasing in the main city and suburbs while the experts are of the opinion that the market is on a rebound with escalation in prices within the next few months. For potential home buyers, checking out the available homes and the surroundings can be an interesting opportunity.
Every now and then persons trying to make up their minds where to put their money ask me if real estate ventures are more or less profitable, compared to other businesses opportunities around.
My response is always that apart from its potential for yielding significant profits, investing in real estate often confers long terms benefits.
I discuss five such advantages below:
1. You Can Refurbish (to Enhance the Value of) Real Estate
After you buy a stock, you hold it for a period of time and hopefully sell it for a profit. The success of the stock depends on company management and their corporate success, which is out of your control.
Unlike other conventional investment instruments, like stocks, for instance, whose rate of returns, depend on third parties (e.g. company management), real estate investments are directly under your control.
Even though you will not be able to control changes that may occur in demographic and economic aspects, or impact of nature induced changes, there are many other aspects that you can control, to boost the returns on your investment in it.
Examples include aspects relating to adding repairs, or improvements/enhancements to the physical property and tenants you allow to live in it.
If you do it right, the value of your investment will grow, resulting in increased wealth for you.
2. Real Estate Investing, When Done Right, is Proven to be Profitable Even During a Recession (like the one we’re in right now)
It has on several occasions, been used to effect a bail out, from financial setbacks, such as those that many have experienced during the economic downturn happening in Nigeria today.
A considerable number of clients have confided in me that due to the present economic situation, they are not sure of profitable channels to invest their money. Some of them are done with bonds and treasury bills, but are in dire need of a new investment.
We had extensive discussions, and based on my expertise as a real estate consultant, I recommended landed property investment, as the most suitable and secure alternative channel of investment.
This is because, even if all businesses crumble, land will always appreciate greatly. Then to drive my point home, I ended by sharing the following apt quote, by a former American president:
“Real estate can’t be lost, nor carried away, managed with reasonable care, it’s about the safest investment in the world” – Franklin Roosevelt.
Not surprisingly, the client chose to take my advice – and signed up: it was the obvious, common sense thing to do!
3. Real Estate Investments Are Immune to Inflation
In other words, investing your money in ownership of viable real estate can protect you from the harsh effects that inflation usually has on other conventional investments.
This is because the value of real estate generally tends to rise in positive correlation with inflationary pressures. This is why property values and rental rates go up with rising inflation.
The nature of real estate, therefore affords owners the unique advantage of being able to adjust the rates they offer, to match inflation.
Monthly rents for example can be raised to compensate for inflation – thus providing a cushion effect against inflation induced losses that other monetary investments suffer.
4. Real Estate is Uniquely for Being Universally Acceptable as Collateral, Towards Securing Funding from Banks
Today, real estate in form of either building or lands, with proper titles (i.e. Certificate of Occupancy – aka “C of O”) is the most recognized and accepted form of collateral in Nigeria – and some other parts of the world.
It has the unique feature of being able to protect the interests of both the borrower and the bank (that’s doing the lending), so that funds can be released i.e. after due verification, and terms and conditions are agreed.
This is one of the key advantages a private C of O has over the global C of O, because the former (i.e. private C of O) is what will be needed by the intending borrower, in the event of any future financial dealings with bank in Nigeria.
5. Real Estate Investing Allows Use of Other People’s Money
In other words, you can do it even if you do not have enough money. You just need to know how.
This is possible because real estate is physical property or what is called a hard asset. That is an attribute that makes it attractive to financiers i.e. people with money to invest.
This is why many times real estate products are bought with debt – unlike conventional investment products like stocks which are NOT tangible, and therefore perceived as being more risky to invest in.
So real estate investment can be done using cash or mortgage financing. In the latter case, payments can be so arranged to allow payment of low initial sums, provided by you or a willing third party.
Those payments will be happening on landed property which will continue increasing in value throughout the duration of such payments – and indeed beyond. That further inspires confidence in the minds of those financing the acquisition, that their investment is safe.
Little wonder that real estate investing has continued to prosper for so long!
[A WORD OF CAUTION] The listed benefits notwithstanding, I still tell prospective investors that due diligence is a crucial requirement for succeeding.
Whether you do everything yourself or use industry professionals like me, it is imperative that you exercise caution and arm yourself with relevant information and education.
This is something I advice my clients to do all the time, so they can make good decisions in investing.
The importance of the above cannot be overstated, especially in Lagos where quite a number of individuals, have had their fingers badly burnt, because they failed to take the needed precautions.
My purpose is to help clients avoid having such horrible experiences, by bringing my years of experience in this field to bear in serving them.
[You can read about more advantages of real estate investing, in this excellent article I found at: http://realestate4investing.com/articles/real-estate-investments/10-advantages-disadvantages-real-estate-investments ]
There are so many aspects, contingencies, scenarios, and differences, in real estate, it serves little sense, to seek, some, overly simplistic approach, but, rather, it makes more sense, to look at the bigger – picture, and proceed, with a SMART way/ method! Some of the considerations, should include: current economic state, as well as foreseeable future; consumer confidence; specific, personal needs; present finances; personal comfort zone; future financial possibilities; region/ area/ neighborhood, etc. With that in mind, this article will attempt to, briefly, consider, review, examine, and discuss, using the mnemonic approach, why this matters, and why, it is the wisest, possible approach.
1. Systems; sustainable; strengths; solutions; sense: When considering houses. it is wise, to avoid, simply, following, any emotional first – look, but, taking the time, and making the effort, to consider, all the specific house’s systems, and see, which might best serve your needs, etc! Consider, what you believe, the foreseeable future, may, offer, and select a sustainable place! Know, identify, and consider, every property’s strengths, as well as weaknesses, and determine, which one, makes the most sense, in the longer – run, and has the finest solutions, for your personal needs, etc.
2. Money; motivating; meaningful: Begin, by giving yourself, a check – up. from the neck – up, and in an introspective, objective manner, and knowing, if you can afford the up – front money, as well as the future financial responsibilities of home ownership! Your home must be personally, motivating, because, for most of us, the financial value of a house, represents our single – biggest, financial asset. Make the finest, most meaningful, personal, well – considered, decision!
3. Attitude; attention; aptitude; actions: Focus on why, and how, you can, instead of cannot! Proceed with a true, positive, can – do, attitude, and pay keen attention, the your options, etc. Learn as much, as possible, so you are prepared, and develop, the most relevant, skill – set, and aptitude. Proceed with taking personal charge of your life, and take the actions, needed and necessary!
4. Relevant; responsibility/ responsible/ responsive; realistic: Know your individual needs, and requires, and consider, your quest, in relevant terms! Take the personal responsibility, to take responsible measures, which are responsive to your present and future needs, in a realistic manner!
5. Trends; time – tested; timely; trust: Trust your little – voice, and know, which trends, are best fitted, to you! Learn the time – tested, industry – related, information, and avoid procrastinating, proceeding in a timely manner!
Be your best friend, and use a SMART approach to real estate. Are you prepared?
Barry Wilmeth’s Making Others Rich First provides a fresh take on real estate investing for both new and seasoned investors. Wilmeth, who has been investing in real estate across the United States for many years, knows that real estate investing is not solely about making yourself rich. It’s also about helping others to become wealthy by providing them with quality housing or helping them to buy their first homes, and for those who want even more, it is about helping new investors pursue their own financial dreams for success. I love Wilmeth’s attitude in this book. While some people might view real estate investing as competitive, Wilmeth believes there is plenty for everyone, and we all get more when we help each other. As he states early in the book, “We have an existential sense that our happiness depends on the happiness of others and that there is more happiness in giving than in receiving.”
Making Others Rich First is designed to help the real estate investor starting out with the basics of how to invest, but it is also designed to encourage more seasoned investors to mentor others in the real estate investment business. Each chapter has nuggets of information for both the mentor and the mentee, and while the overall structure benefits the mentee, I think mentors will find much here to give them new ideas about investing.
The book is divided into five sections, each of which has three or four chapters. Those sections are: Getting on the Road to Riches; Setting the Business Framework; Preparation, Education, and Application; Staying Motivated; and Getting a Return on Your Investment. Throughout the sections, Wilmeth shares personal stories of investments he has made, shows how to crunch the numbers to determine potential payoffs and whether an investment is worthwhile, and continually provides motivation for readers to take action.
Taking action is especially key. Wilmeth knew that no matter how many books he read or seminars he took, he would never truly learn about real estate investing until he took action by buying a property. That first action paid off in the knowledge he acquired from owning it, and today, he owns rental properties across the United States, and he also buys and sells properties on a regular basis.
Wilmeth understands that real estate investing can initially be scary, but he states:
“The fear will subside the more you do similar deals. I tell new investors over and over, ‘Don’t wait to buy real estate. Buy real estate and wait.’ Get your feet on the ground by making a real estate purchase and renting it out by using a reputable property manager. This is not a field trip. It is an internship. It is on the job training (OJT). Learning from a book or a seminar will make you think. Learning by doing will make you experienced.”
In addition, Wilmeth talks about how to find money for investing-from private investors and other sources. Once investment money is available, Wilmeth guides readers through how to do their due diligence when buying a property so they can avoid bad deals, and he also talks about how to recover if you do make a bad deal. A bad deal is not a reason to give up, but an opportunity to learn from your mistakes.
Wilmeth also takes readers through all the details of business and tax planning. He introduces them to what he calls the MBA Formula, which consists of: Monitoring Your Debits and Credits, Balancing the Books, and Analyzing the Numbers.
He also talks about the importance of following up with others. You need to respond quickly, be on the phone rather than waiting for an email response, and consistently putting yourself in front of others so they will help you find deals and you can make sales. Even if you don’t know the answers to someone’s question, just responding can lead to forming a relationship that can benefit you in the long run. All of these points are explained in detail in these pages, along with advice on networking, volunteering, marketing, and much more.
But beyond all the real estate investment details is the book’s core message-the importance of mentoring, which Wilmeth summarizes in two main points: 1) “If you are new to investing, you really should have a mentor. And if you decide not to, there will come a day when you’re going to hear me whispering, ‘I told you so,'” and 2) “If you are already a sophisticated investor, you can get more deals and expand your business by being a good mentor to others.”
Ultimately, mentoring can only be advantageous to a real estate investor. As Wilmeth states:
“Your firsthand testimony is much more powerful than a seminar, book, or attendance at an investors’ club meeting. You will come across to others as believable and as an ‘If I can do it, so can you’ role model. I believe the best way to be the real deal is to take steps to increase your wealth, share your story, and then help others get rich without charging a fee.”
Yes, you read that right-“without charging a fee.” Wilmeth describes the difference between coaches who do charge fees and true mentors, and his take on mentoring is refreshing as a result.
A lot of successful businesspeople will try to tell you how to get rich by sharing with you what they have done, but it’s rare to find someone who does it for the purpose of giving back rather than to benefit himself. Not that Wilmeth denies the personal benefits of helping others, but his sincere desire to help others get rich first is what makes this book stand out from all the other real estate books already available. Whether you’re new to real estate investing or you want to learn more through giving back, this book will open new opportunities for you.