5 Steps to Getting Rich With Real Estate
Archives: Daily Issues
Issue #2645
- WEALTHY: Why real estate isn’t as bad as everyone would have you think (Julie Broad)
- HEALTHY: What 30 minutes can do for your fat-loss plan (Jon Benson)
- WISE: William Penn on right and wrong
ALSO IN THIS ISSUE:
- Are you bringing the wrath of Google down upon yourself? (Howie Jacobson)
- Say it ain’t so, Martha (Jason Holland)
- Good to Know… how to stop forgetting e-mail attachments
- Add “footless” to your vocabulary
Take a “Summer Vacation” With Early to Rise
And Get Your Own Running Internet Business in Just Five Days
As far as I know, there’s nothing quite like this – anytime, anywhere, anyhow…
This July, we’re going to take a small group of eager Early to Risers and work alongside them to build a fully operating Internet business – the whole shebang, from soup to nuts – in an intensive, 5-day, web business-building program better than anything we’ve ever done before.
If you’re looking for new streams of income but you don’t have a lot of time for “learning”, this is ideal for you.
You’re going to walk in with nothing – no product, no marketing skills, no technical know-how – and you’ll walk out with your own online business in 5 days. That’s our promise.
Best part? You can pick your new business from an area of interest you know and/or love. We’ll get you up and running with everything you need: domain name, running website, search engine submissions… the works.
Most importantly, you’ll wind up with an online business designed to throw off profits for years to come. And once you’ve been through this program, you can copy the plan as often as you like. The only limit to how high you can go is your own imagination… and your motivation to succeed.
Will it take some time? Of course. We’re not interested in giving you hype about overnight millions. Will it take work? Certainly. Anything of value requires effort.
But if you spend five days of your “summer vacation” with us this July, you might not have to worry about vacations at all in the future… because you’ll be well on your way to having the freedom to do as you please, where you please, whenever you please.
We’re still finalizing the details on this remarkable event. But if the idea of building your own online business in just five days – guaranteed – sounds appealing to you, please reserve Tuesday July 13 to Saturday July 18 on your calendar right now.
This is going to be an intensive, hands-on event. We’ll take every attendee by the hand and walk them through every step. Understandably, that means we’ll have to severely limit the number of people we can invite. This program will sell out.
If you’d like to get on our Hotlist – and be one of the first to get all the details of this event – just click here and I’ll put you at the head of the list
There’s absolutely no obligation, but if you are even thinking of attending, I recommend in the strongest terms that you register on the Hotlist right now Wait a few hours and it could be too late.
“Right is right, even if everyone is against it; and wrong is wrong, even if everyone is for it.”
William Penn
5 Steps to Overcoming Fear and Getting Rich With Real Estate
By Julie Broad
Thanks to low interest rates and increasing rental rates, my husband and I are enjoying more cash flow from our rental properties than ever before. Sure, our properties aren’t worth quite as much as they were last year. But they are still making us money. And because we purchased in desirable areas, we know they will increase in value over time.
And we aren’t the only ones making money with real estate today. Jeff Adams works full-time as a firefighter… but his part-time job as a real-estate investor has made him the nation’s leading expert in finding motivated sellers, hungry buyers, and private lenders. He’s made over 350 deals since 1995, just working part-time!
Marko Rubel left his corporate career a few years ago, and today, after several hundred successful transactions, his real estate holdings are estimated to be in excess of $4 to $5 million. And Dave Lindahl – who started out as a dead-broke landscaper with no real estate experience – now owns 5,136 units.
Despite massive profit opportunities in the real estate market, people are more afraid of buying property today than they were two years ago. Most think the best strategy is to wait. I regularly receive reader e-mails saying they want to overcome their fear of buying property right now – but they likely won’t. And until I read Influence: The Psychology of Persuasion
by Dr. Robert B. Cialdini, I didn’t really understand why.
Cialdini spends an entire chapter on Social Proof. He explains it as something that happens when we use the actions of others to decide what is right for us in a given situation. The more we see other people doing something, the more correct we feel that action to be – especially when we view those people as similar to ourselves. You might have heard this called “herd mentality” or “group think.”
If you are interested in buying real estate, it’s absolutely vital to understand this concept. Social proof is most powerful when we are uncertain – and right now, nobody is certain. With the media constantly talking about foreclosures, job losses, price drops, and company bankruptcies, uncertainty will continue to grow.
There aren’t many people telling positive real estate stories these days, so there isn’t much social proof to encourage anyone to buy. But as powerful as social proof may be, the truth is that often the majority is not right. And because the “herd” is currently steering clear of real estate, that means there are tremendous opportunities for people who are investing.
Isn’t it always better to be shopping for something when nobody else wants it? You get better prices, better selection, more control. All these benefits apply to the real estate market right now.
So, how do you overcome the power of social proof and the psychological pressure to do as everyone else is doing? How do you go against the crowd and find those opportunities others can’t see?
It’s simple. You follow a proven, repeatable process – and you use the same process every time you look for and buy a property.
When we were just starting out in real estate, my husband and I wasted time (and money) chasing the hottest strategy of the moment, from foreclosures to flips to no-money-down deals. But we’ve settled on a simple, easy-to-replicate, five-step method of finding and buying properties that takes emotion out of the equation.
Step 1. Set Your Goals
Where are you today as a real estate investor? Where do you want to be long-term? As I said in “The Problem With Fire,” you have to consider the time, money, and skills you have to invest in the outcome you want. Then you determine where the gaps are, and fill in.
No background in real estate? Head to the library to read up on real estate terms and trends. Looking for help with the marketing side of your business? Pick up a home-study program. No time to deal with tenants? Look into a management firm.
Once you know what you need and how to get it, you can make a plan to move from today to tomorrow.
Step 2. Research the Markets
Look for places where you can find properties that meet your investment goals. I like Justin Ford’s suggestion to look for markets that have potential for value and for growth.
This step takes some work, and this is where people often start chasing hot tips and hot markets. That’s a mistake. Do your own research. The clarity that comes with becoming knowledgeable about an area will give you the power and confidence you will need to move forward.
Step 3. Find a Property
The trick to finding a property is to let people in your “finder” network (realtors, brokers, etc.) know exactly what you are looking for. If all you say to them is “I want to buy a property,” they will either send you everything or they will send you nothing. Be specific. For example, “I am looking for a duplex or a triplex in the Pinewood neighborhood that has a motivated seller.”
Meanwhile, you need to know what other duplexes and triplexes are selling for in that area and why. If you can’t figure out WHY a property is selling for an under-market price, you likely haven’t found a good deal.
Step 4. Buy the Property
Once you hit this point, you should be in problem-solving mode. You are creating the deal here – and the best deals are negotiated when you solve a problem for the seller.
Let’s say you find a great property and the seller has already moved out or can’t afford necessary repairs. Try offering a much-lower-than-market price for a fast close. If the seller will not reduce the price, try for vendor financing with favorable terms or try to negotiate furnishings, sporting equipment, or even vehicles into the deal.
Or let’s say you find a multi-unit property that the owner is selling because he’s feeling burnt-out as a landlord. Offer to become partners with him – with you taking over managing the property in exchange for 50 percent ownership.
Once you’ve negotiated a great deal, you secure your financing, get an inspection, hire a lawyer, and complete some final due diligence to ensure that property really does meet your objectives.
Step 5. Make Money
At this stage, it’s all about maximizing your revenue. Spend a bit of time finding and placing good tenants (or hiring a quality property manager), and then monitor the bookkeeping records regularly. It only takes a few hours a month – and while you’re doing it, you will spot ways to minimize expenses and make more money as you get ready to buy your next property.
Following this simple five-step process takes the fear out of making a real estate investment. And it ensures that you’re buying property that meets your long-term goals. When you do that, there’s no reason to worry about what the media is saying or what the herd is doing.
As Michael Masterson said in his book Automatic Wealth “Here’s a promise: If you haven’t ever invested in real estate but you start this year, you’ll be glad you did. If you keep investing – buying at least one new property a year (which will be easy once you get going) – you will be a real estate multimillionaire when you retire.”
[Ed. Note: The media doom and gloom suggests that now is not a good time to get into real estate. Don't be fooled! It's the PERFECT time to scoop up real estate at bargain prices and set yourself up for massive wealth creation when the market recovers. And while you wait for the recovery, you could be putting money in your pocket every month! Real estate expert Julie Broad can show you just how to do it. Get hands-on coaching and step-by-step instruction to create your own million-dollar real estate portfolio with her new program. Get all the details here. ]
Why It Doesn’t Matter If the Markets Tumble
If you’re one of the millions of people concerned by the latest turbulence in the markets,
I’ve got some good news for you.
It doesn’t matter if the markets tumble.
One investor delights when the stock market lurches up and down. His name is Frederick James and you won’t see him on Larry King or in the Wall Street Journal.
That’s because he’s always preferred to remain part of an elite group of investors who extract their profits in the background while the masses of regular investors see their nest eggs vaporize.
But, now Frederick has decided it’s time to share the wealth. He has agreed to reveal his secrets to ETR readers. Get your special report right here.
Google’s Duplicate Content Penalty
Google doesn’t like twins much.
That is to say, Google penalizes Web pages that it deems to be near-exact copies of existing Web pages. It won’t let them appear in search results.
You can understand why. If you have a page that ranks highly for a certain keyword, “South Florida real estate,” for example, Google doesn’t want you making nine more copies of it and dominating the entire first page of search results.
So Google rewards the first page it finds with all the search engine mojo it deserves, and slaps subsequent copies with a “Duplicate Content Penalty.”
So how do you avoid this penalty? Here it is, straight from Google’s Webmaster Guidelines:
• Don’t create multiple pages, subdomains, or domains with substantially duplicate content.
• Avoid… “cookie cutter” approaches such as affiliate programs with little or no original content.
• If your site participates in an affiliate program, make sure that your site adds value. Provide unique and relevant content that gives users a reason to visit your site first.
[Ed. Note: Howie Jacobson is an expert in using Google AdWords to create monster sales for your online business. Get his complimentary AdWords ER Report "Why Most AdWords Campaigns Fail - and How to Make Yours Succeed" at www.AskHowie.com.http://www.askhowie.com
Find out how Howie increased his income five times - by accident - and how his unintentional good fortune can make YOU rich right here. ]
Protect Your Most Precious Business Asset
In business, your name is – at the most basic level – all you’ve got. So whenever you sell anything, you must make sure it is of the highest quality, it is backed up by top-notch customer service, and that you don’t just deliver on all the promises you make in your advertising… you over-deliver. When you do make a mistake (it happens), you must do everything you can, as quickly as you can, to make it right.
Which makes Martha Stewart and Kmart’s reaction to a “misdesigned” patio chair quite surprising. Turns out the chair, a kind of stationary rocker, has a flaw that can sever the fingertips of those who take a seat and rest their hands in the wrong place. Several people have been injured.
Martha has dismissed the claims as exaggerated. And Kmart has yet to recall the chair (although the version now being manufactured has been redesigned).
This is, obviously, an unacceptable response. But are you doing something similar (albeit less physically harmful to your customers) – even on a seemingly insignificant scale? Selling e-books with outdated information… Releasing goods with cheaper packaging… Cutting costs with an automated answering service instead of live customer service representatives? And when customers call you on it, do you get belligerent and defensive?
It could be something small in your eyes. But in a customer’s eyes, it could be reason enough never to come back.
[Ed. Note: Ever bought a product that didn't live up to expectations - and the manufacturer blew off your complaints? Find out how to get your money back - and then some - with ETR's Unscrew Your Life newsletter. Get it here.]
Stay Hungry
By Jon Benson
When you are in the process of shedding body fat, let yourself stay hungry a bit longer than normal. Not a “lot” longer – or you might go hypoglycemic and terrorize your family!
Just a bit longer. Say… 30 minutes.
When you are slightly hungry, you are burning fat. When you are “starving,” you are beyond that point and burning muscle. It’s a fine line you can walk that really accelerates the fat-burning process… big time.
When I’m working on shedding fat, I practice staying hungry. I fast for several hours before I exercise. It works as long as I take a bit of cream in my coffee and plenty of amino acids.
The sensation of hunger tricks the body into using more of its fat for fuel if you time it just right.
Give it a shot.
[Ed. Note: Start eating better today with help from ETR's natural health newsletter. You'll find dozens of healthy eating strategies plus delicious recipes for meals that can help you feel better and live longer. And that's not all... (read on here).
If you want to build more muscle in less time while you burn body fat, pick up nutrition and fitness counselor Jon Benson's book, 7 Minute Muscle. It's a complete system for dropping fat and building muscle that's guaranteed to work for you. Try it for 60 days and prove it to yourself.]
It’s Good to Know: Stop Forgetting E-Mail Attachments
It happens all the time. You compose a lengthy e-mail about an ongoing project, hit send… and get this reply: “I didn’t get the attachment.”
Annoying on both ends.
If you’re using Gmail, there’s a Google Lab application that will “remind” you to attach the file . But that pop-up, in itself, can be annoying. So get in the habit of doing this: Attach the file first – before you type in the recipient’s e-mail address, the subject line, or anything in the body of the message.
(Source: Everyjoe.com)
== Highly Recommended ==
Get Revenge on Wall Street’s Low-Life Sewer Rats
There’s no shame in admitting you were conned by Wall Street… you and about 300 million of your fellow Americans.
All those proper-looking men in their fancy Brooks Brothers suits and ties. So classy and dignified and respectable.
But it turns out they were little more than sleazy carnival barkers, shills with one hand shaking yours and the other reaching for your back pocket.
Finally they’re being exposed for the lowlife sewer rats they really were.
If you are rethinking your investments… and who isn’t… now there’s a better way. Come join nearly 1,000 of your fellow Early to Risers in a new society we’ve dubbed “The Liberty Street League.”
It’s the “Off Wall Street” alternative for independent thinkers looking for respectable gains even in these hard times.
Just a few dollars is all you need to get started. Here’s a quick intro…
Word to the Wise: Footless
Something that’s “footless” (FOOT-lis) – literally “without a foot” – is without support; insubstantial.
Example (as used in a Time magazine article about busy doctors): “Alvarez thinks it fairly certain that the patient is wearing herself out with footless worry.”
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
Copyright ETR, LLC, 2009
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