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Thursday , January 12, 2006
Message #1624
WEALTHY:
How to profit from the next real estate boom … starting now (Justin Ford)
HEALTHY:
Are you drinking enough water? Heres how to know for sure …
WISE: John Naisbitt on value
ALSO IN THIS ISSUE:
Does the glass make a difference in the way wine tastes? (Michael Masterson)
Double the impact of your first conversation with a prospect (Ilise Benun)
Add the word "median" to your vocabulary
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The
Attributes of People Who Have Personal Power, #3 of 12:
They know when NOT to be competitive
"While leaders understand the importance of following, they also understand that competition is not nearly as important as cooperation and sharing. Ive achieved most of my success by forcing myself to ignore my naturally competitive instincts and focus on the business. Rather than worry about how a colleague or competitor might be gaining on me, I do better when I think about improving the product or doing a better job selling it.
"An overly competitive environment can lead to unproductive behaviors, such as colleagues withholding important information, taking pot shots, and beating people down instead of improving products and sales. Cooperating, helping, innovating, and sharing can lead to a long, happy career. Remember, the good things you do in business – the help you give others, the information you share, etc. – will show you to be someone other people want to be around."
- Michael Masterson
[Ed. Note: Through January 23rd, we are excerpting highlights from Michael Mastersons new book Power and Persuasion. If you would like to learn no-B.S. secrets for commanding success in your personal and business life, based on Michaels 40 years of down-in-the-trenches business experience, you can pick up a copy here.]
"Value is what people are willing to pay for it."
- John Naisbitt
Make Investing in Real Estate One of Your Resolutions for 2006 – Even If Youre in a Bubble Market Now
By Justin Ford
Are you living – and investing – in a bubble neighborhood? Here are the telltale signs …
1. Most people in your neighborhood couldnt afford to buy their homes today.
2. You havent done anything to your house (in fact, it could use a paint job and a new roof), but its still doubled in value in three years.
3. You could almost rent a place for what you pay in property taxes.
4. Neighbors and/or fellow investors are "cashing out" of their homes and moving to a more affordable area of the country.
5. It seems like everyone you know has a real estate license.
6. Even the guy who mows your lawn says things like "You cant lose in real estate" and "Property prices never go down."
7. You get 14 offers to refinance, seven offers for credit lines, three offers from realtors to sell your home or find you your dream home … all before lunch.
8. Home equity loans are as common as credit cards among your friends.
9. All your friends know what an "interest-only" loan is (though they dont know why they probably shouldnt have one).
10. Property prices have risen much faster than income for four to five years.
11. The median (see Word to the Wise, below) selling price of a house is now five times or more the median income in your area.
12. The median-priced house now sells for 15 times or more its annual rental value.
13. Properties no longer "wash their own faces." Even with a 20% down payment, the rent doesnt cover the mortgage, management, and expenses.
14. Your real estate market now operates on the "Greater Fool" theory. Prices are no longer tied to rents or household income. If you buy a property at market today, the only way to make money is to find a buyer whos a bigger fool than you are.
If you live in a bubble neighborhood, dont despair. You can still make investing in real estate one of your resolutions for 2006 – and make substantial profits. There are two principal ways to do it.
The first way is to learn how to buy real estate in a hot market at 30% (or more) below market value. To do this, you need to find motivated sellers. Im talking about people who are facing foreclosure, burnt-out landlords, out-of-state owners, owners of rundown, vacant properties … and the killer combination: out-of-state owners of rundown, vacant properties.
Its not easy to land one of these sellers. It requires a good deal of work. But its work that can pay very, very well – far better than most MBAs earn.
And that brings me to the second – and best – way to make significant profits in real estate over the next few years: Identify the New Real Estate Boom Markets.
Tap Into the Best Value Markets in America
The New Real Estate Boom Markets are markets that have escaped the bubble so far. But theyre starting to get hot. Why are they getting hot? Because there are hundreds of thousands of property owners in the bubble markets who are tired of high taxes and insurance and want to cash in their inflated equity and move to a much more affordable place.
These "Bubble Market Refugees" will pocket hundreds of thousands of dollars when they sell. And for married couples selling their primary residence, most of that money will be in the form of tax-free capital gains.
Theyll take that tax-free loot and move to a less-crowded market, with far lower taxes, a lower cost of living, and often a better climate and a higher quality of life. They can buy a newer, bigger home on a bigger lot for half or even a quarter of what their old homes were worth. Then theyll take the cash they didnt spend and live better for less.
This is what a neighbor of mine in South Florida is doing. An investment partner of mine from California recently did it too. And Ive run into quite a few people who are coming from Arizona, Nevada, and New York to invest in the New Real Estate Boom Markets.
Characteristics of the New Boom Markets
Americas best real estate markets today are dirt-cheap compared to New York, California, South Florida, the Washington, DC area (including Virginia and Maryland), Boston, and much of New England, Seattle, Portland, the resort cities in Colorado, Las Vegas, and much of Arizona … to name just a few of todays bubble markets. But just because a market is cheap doesnt mean its heading up in value. The New Boom Markets have a lot more going for them than the fact that you can buy a lot more house, building, or land for the same buck …
Theyre usually second- or third-tier cities – but only in terms of population. They have culture, universities, long histories, and diverse economies. Theyre well known, often in mild climates or in the Sunbelt, and they tend to rate high in national quality-of-life surveys. They may have a population of about a million or less, with plenty of room for growth.
They have great fundamentals for real estate. Theyre experiencing growing population and jobs. Yet properties sell at multiples far below those of the bubble markets. In the New Boom Markets, youll find the median price of homes at three to four times the median household income. Compare that to the six-times income in Tucson and Boulder, the nine-times income in Miami and LA, and the 11-times income in Freemont.
Income properties in the New Boom Markets may sell for 10 times annual rent or less. Again, way below the ratios of 40 times annual rent in Venice, Florida – and even 49 times annual rent in San Francisco! So when you learn how to buy under market value in these markets, you can buy for nine or eight or sometimes just seven times annual rent. That means you can probably put very little or even no money down in some instances, and have the properties pay for themselves and produce a positive net cash flow.
Most importantly, the New Boom Markets are growing in popularity and properties are experiencing growing demand. Bubble Refugees are heading to these areas by the busload – literally. (I know of investment groups from other states that are just beginning to arrive and buy properties.) And the New Boom Markets on the radar of the first wave of baby boomers who will start taking early retirement in less than five years.
The long-term trend for the New Boom Markets is excellent. The prices today are steals – especially in comparison to the bubble markets.
Ive been researching and traveling to these value markets and I have begun to buy properties in one of them. One four-unit in a good area produces just over $26,000 in annual income, yet its market value is just $220,000! Thats less than nine times annual rent … and yet I was able to pick it up for $185,000 (or about seven times annual rent).
An apartment complex nearby was being sold by a bank. It has 24 units and produces $144,000 in yearly income. Its in a B area that is improving, right next to a developing "restaurant row." It was on offer for just $850,000 – less than six times annual rent. Not surprisingly, when I called to make an offer, it was already at contract. But there are still many excellent deals – residential and commercial – to be had.
[Ed. Note: Justin Ford is ETRs real estate expert and the editor of our Main Street Millionaire program. In a teleconference call on February 9th, he will reveal the five markets he believes offer the best values and the best appreciation potential in the country today. Learn more.]
Todays
Resolution
Theres still money to be made in real estate – if you know where to look. So keep "investing in real estate" on your list of New Years resolutions for 2006. The way to do it is to follow Justins recommended strategy:
"You dont have to be stuck in a bubble real estate market. Look at other markets where you have friends and family. How are properties priced there relative to median income and relative to rents? Are there a growing number of jobs and a growing population? Is it an increasingly popular area, drawing in people from other parts of the country who are cashing out of the bubble markets and coming to live like royalty for a lot less money?
"Chances are, you know at least one place that has all the earmarks of the New Boom Market. Using professional property management and perhaps working with local partners, you can invest in these places. And you can do it for a fraction of the prices youre currently seeing in your market … with much less risk (thanks to hefty rental coverage), and with far greater upside potential."
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All Marketers Are Liars
"Youre a liar. So am I. Everyones a liar."
Thats how Seth Godin explains how most of us buy and sell things. In his book All Marketers Are Liars, he says, "We tell ourselves stories because were superstitious. Stories are shortcuts we use because were too overwhelmed by data to discover all the details. The stories we tell ourselves are lies that make it far easier to live in a very complicated world. We tell stories about products, services, friends, job seekers, the New York Yankees, and sometimes even the weather."
He gives an example: Georg Riedel, the owner of Riedel Glass, perpetuates the lie that wine drunk from a Riedel glass tastes better than it would if it were drunk from an ordinary glass. Tests done in Europe and the United States confirm this preference for quality wine glasses – and even prominent wine critic Robert Parker and Wine Spectator magazine promote the "lie," according to Godin. (I do too!)
When scientific "double-blind" studies are done, Godin says, we find that "there is absolutely zero detectible difference between glasses. A $1 glass and a $20 glass deliver precisely the same impact on the wine: none."
Godin doesnt provide those scientific studies. And Im not even sure what he means by, "deliver the same impact." In fact, I think hes sloppy in his thinking about this and wrong on the facts. (I will never give up my belief in good wine glasses!)
Yet, he is making a very important point, one I make in almost every speech I give about marketing:
We dont usually buy things because we need them, we purchase things because we want them. And we want them because weve convinced ourselves (and good marketers reinforce the belief) that these things will make us feel better.
- Michael Masterson
Make Water Your Drink of Choice
"How much water do I need to drink on a daily basis?" "Is it okay to get some of my water from other drinks and food?"
Of all the questions I receive, I am surprised by how many of them are about water. And the confusion is understandable. Some sources say you should drink a gallon or more per day. Then there is one well-known doctor who believes that water consumption is overrated. He writes that he has "not had a glass of water in 20 years."
So … how much water should you be drinking?
There is no set amount. It depends on the foods and other drinks you consume, how much you weigh, and your level of activity. The best way I know to gauge your level of hydration is to pay attention to the color of your urine. Unless you are taking vitamins that change the color, your urine should be a very light yellow. If it is dark or bright yellow, it can be a sign that you are dehydrated.
In his book Your Bodys Many Cries for Water, Dr. F. Batmanghelidj presents a compelling case that chronic dehydration is a contributing factor in the many degenerative diseases plaguing our society. And its not surprising. Water is your most essential nutrient, and every system in your body depends on it.
I hope one of your main goals for 2006 is to achieve optimal health. Toward that end, promise yourself that, starting today, you will make water your drink of choice – and that you will choose spring water (from a trusted source) or tap water that has been purified to remove chlorine, fluoride, and other contaminants.
- Jon Herring
Follow Up as Soon as You Hang Up
After an initial conversation with a prospect, dont wait to start your follow up. While youre still fresh in his mind, send an e-mail message in which you:
1. Thank him for his interest in your service.
2. Express your understanding of the challenge he faces. (Use as many of the words he used as you can.)
3. Refer to an experience or project in your background that supports your claim that you are the right person to help him.
4. Provide a link to your website that he can click on to learn more about you and your service.
5. Make the next move. ("I will call you Thursday morning to make sure I have answered all your questions …")
- Ilise Benun
[Ed. Note: Ilise Benun is an expert in the art of self-promotion. Sign up for her e-mail tips from Marketing Mentor here.]
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Word
to the Wise: Median
The "median" (MEE-dee-un) is the midpoint of a series of numbers that are arranged in order of value. The word is derived from the Latin "medius" ("middle").
Example (as Justin Ford used it today): "The median selling price of a house is now five times or more the median income in your area."
Michael
Masterson
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