Operating During the Great Credit Crunch
- WEALTHY: 4 guidelines for connecting with the right investor (Justin Ford)
- HEALTHY: An unusual way to satisfy your sweet tooth (Kelley Herring)
- WISE: Albert Einstein on opportunity
ALSO IN THIS ISSUE:
- More channels equals more money (Suzanne Richardson)
- A writing lesson from William Safire
- It’s Good to Know… about the explosion thermometer
- Add “sesquipedalian” to your vocabulary
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“In the middle of every difficulty lies opportunity”
Albert Einstein
Become One of the Few Qualified Buyers Operating During the Great Credit Crunch
By Justin Ford
One of my banks cut me a nice check the other day. It was a refinance loan for $412,500 on a property I had bought for $397,500 a little more than a year ago. This during the worst credit crisis in 75 years.
The check will help me accomplish a number of goals at once, and boost my investments far beyond this one 14-unit building.
First, it decreases my interest rate (fixed, of course) and still allows the property to cash flow comfortably.
Second, it enables me to return a little more than half of my equity investors’ capital in short order. Meanwhile, they’ll still have valuable stakes in a cash-flow apartment building in an improving neighborhood that has operated at 97 percent economic occupancy for over a year now. (It was at 12 percent occupancy and in need of rehab when I bought it.)
Third, as I give back, I expect to receive. I expect that most, if not all, of my investors will reinvest that money – and more – with me since I am preparing a real estate opportunity fund to take advantage of the huge discounts now becoming available on cash-flow properties in promising areas.
Fourth, it is part of a track record that banks increasingly scrutinize. They can see I have a history of taking non-performing assets and turning them into money makers, creating value in the process. And that’s important for banks, because – despite all the doom and gloom you hear – they desperately want to lend money.
That’s right. Even in today’s environment – in fact, especially in today’s environment – banks want to lend money.
Become the Borrower of First Resort
Banks can’t keep their doors open if they do not lend money. Yes, they are now becoming choosier than ever. But if you happen to be an investor and borrower with a good track record, your options today are better than at any time in a generation. You may be one of the few buyers willing to buy deeply discounted cash-flow properties (while others are paralyzed with fear)… one of the few with the cash to do it… and one of the few who has the actual backing of banks and other lenders to be able to close the deal.
So how do you put yourself in this position?
It’s fairly simple. You partner with people who have that kind of track record.
Star Investors Want to Work With You
To find those people, just keep your eyes open for potential opportunities to work with someone who has already spent years successfully doing what you’re trying to do.
Some years ago, for example, when I was just getting my real estate investment business off the ground, I contacted the owner of a lakefront house – a retired developer who had made a fortune in real estate in Pennsylvania. The house had belonged to the famous lawyer F. Lee Bailey, and now the new owner was about to demolish it. I told him that I would take the house away for nothing – that I would move it off the property and save him the cost of demolition. He was open to the idea, but I wasn’t able to pull it off. It turned out that the water was too shallow for the barge and the private community had too many tight spots to take the house out by land.
Still, a valuable connection had been made.
Not long after that, the son started developing real estate in South Florida with his father’s guidance – and this opened up another opportunity for me. They were interested in having me act as a scout for them on some of their larger deals in exchange for equity.
This is just one of several such possibilities that I’ve come across in my career… the chance to earn and learn alongside experienced and serious real estate investors and build my own track record and portfolio with their help.
You can do the same thing – no matter how old you are, no matter your level of experience, your credit or cash situation. And when you do, you’ll be part of a team that has the financial wherewithal to act… and get the financing… to close deals in this opportunity-laden real estate market.
Here are a few guidelines for connecting with the right investor:
1. Identify the type of deals you want to do (small residential, apartment houses, commercial, etc.). Then look in the property tax records, sorting by name, and see if you can find owners of multiple properties. Especially if they’ve owned for a while (more than just a few years), these are potential partners.
2. Go to the right meetings for your type of property. Go to real estate investor groups for residential. Go to industry meetings or groups like your local Building owners and Managers Association (BOMA) if you’re interested in larger commercial deals.
3. Network with bankers, mortgage brokers, real estate lawyers, and title agents. They know who is closing the deals in today’s difficult market. A good word from them may help start a very profitable mutual relationship.
4. Advertise in the residential real estate section of the paper with an ad as simple as this: “Cash-flow homes, 30% below market value. Call xxx xxx xxxx.” Then have a packet of information to e-mail to people who respond, with the emphasis on working with qualified investors only, with proven track records and financial resources. If you’re interested in commercial deals, do the same thing. Just swap the words “commercial properties” for “homes” and put the ad in the commercial real estate section. You can also test various types of ads on heavily trafficked websites like CraigsList.
Another excellent alternative is to build up your bank of private lenders. But, private investors are as cautious with their money as banks are. And in today’s environment, if you don’t have much experience, that may be tough sledding. You’re more likely to be successful by developing the right strategic partnership with an experienced investor – a relationship that will help you become part of a rare qualified buying team during one of the best buyer’s markets in decades.
[Ed. Note: Real estate money-making opportunities still abound - even in today's market. In fact, one real estate niche allows you to siphon cash out of lucrative crack in the system. Secure your seat on the "money train" to financial freedom right here.
Once you discover how to find the best real estate deals in the best markets, you can make an absolute fortune - for yourself and your investors. Real estate expert Justin Ford can show you exactly how to do that, no matter what condition your local market is in.]
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ETR Insider Report: Should You Fire All Your Copywriters?
MaryEllen and Charlie got into an argument the other day. Now don’t get the wrong idea – no fists were flying. And, in fact, their discussion can help you become a better marketer. It could even win you some new customers… and more money for your bottom line.
Here’s the back story: We wanted to send a note to some of our customers. They’d purchased a product, and we wanted to let them know about some great new add-ons they weren’t aware of.
“Great!” Charlie said. “I’ll write a letter explaining the bonus material.”
“No way,” said MaryEllen. “We should send them a video instead.”
You see, Charlie – in addition to being ETR’s Associate Publisher – is our top copywriter. And as a copywriter, he KNOWS the power of good copy.
But MaryEllen is a diehard multi-channel marketer. And she’s got years of experience proving that the more ways you can “touch” your readers and customers, the better.
“Listen,” MaryEllen said, “There are tons of reasons for us to send them a video.
“For one thing, it’s a personal connection. They’ll get to see my face and hear me telling them exactly what they’re getting.
“For another thing, it’s different. We’ve already sent these customers regular letters. We don’t send out videos all the time. It’s unexpected. So even the people who have too much e-mail to get through might click ‘play.’ Which means they’ll get information they might have missed otherwise.
“Not to mention, Charlie, you’re in the middle of writing a big sales promotion. And filming a quick video will save you time… and allow you to concentrate on other important copy.”
MaryEllen’s sound reasoning won Charlie over. And 10 minutes later, a friendly, informative video was all ready to go.
Should you fire all your copywriters and rely solely on video? Of course not. Great copy is irreplaceable. But every marketer should branch out into multiple ways of reaching their target audience. That means using e-mail sales letters, video, banner ads, television ads, and much more. You’ll reach more people. And you’ll reach them more often. So whenever they’re ready to buy, you’ll be right in front of them.
[Ed. Note: The more marketing channels you use, the more money you stand to make. But before you jump into any new form of marketing, you should know a little about it. You can get the details behind channels like Internet marketing, television, magazines, and much more in the brand-new book MaryEllen Tribby co-wrote with Michael Masterson. The book doesn't come out until October 28 - but you can learn more about it and the power of multi-channel marketing at www.ChangingtheChannelBook.com. And keep reading ETR for details on when the book "drops" for real.]
Worth Quoting: William Safire’s Rules for Writing
- Do not put statements in the negative form.
- Remember to never split an infinitive.
- It is incumbent on one to avoid archaisms.
- The passive voice should never be used.
- Proofread care-fully to see if you words out.
- If you reread your work, you can find on rereading a great deal of repetition can be avoided by rereading and editing.
- Never use a long word when a diminutive one will do.
- Unqualified superlatives are the worst of all.
- A writer must not shift your point of view.
- If any word is improper at the end of a sentence, a linking verb is.
- Don’t overuse exclamation marks!!
- Avoid trendy locutions that sound flaky.
- Never, ever use repetitive redundancies.
- Place pronouns as close as possible, especially in long sentences, as of 10 or more words, to their antecedents.
- Writing carefully, dangling participles must be avoided.
- Take the bull by the hand and avoid mixing metaphors.
- Everyone should be careful to use a singular pronoun with singular nouns in their writing.
- Always pick on the correct idiom.
- The adverb always follows the verb.
- Last but not least, avoid cliches like the plague.
(Source: The New York Times)
A Safer Sweetener You’ll Go Nuts For
You probably know that guarding your health means sugar and artificial sweeteners are out. But thanks to safe, all-natural sweeteners – including erythritol, stevia, and agave nectar you can satisfy your sweet tooth without sabotaging your health.
And today, I have another one for you to try. Coconut sugar.
Made from the evaporated sap of the coconut flower, coconut sugar tastes much like brown sugar. But unlike sugar’s 60-65 score on the glycemic index, coconut sugar ranks a low 35. What’s more, coconut sugar is denser in minerals, including potassium and magnesium.
Because coconut sugar does, in fact, contain “sugars,” the best way to use it is in combination with erythritol or stevia. It produces a wonderful caramel-like flavor that you can add to healthy home-baked goodies.
[Ed. Note: Sugar, high-fructose corn syrup, Splenda, aspartame... So many sweeteners are bad for you, it's nice to know you can still appease your sweet tooth with healthy alternatives. Nutrition expert Kelley Herring has created a delicious chocolate cake that's entirely sugar-free. Get your slice here.
For more advice on the best foods to eat - and those you should avoid - as well as how you can apply the latest health breakthroughs to your own life, sign up for ETR's natural health newsletter. Get your free roadmap to feeling better and living longer right here.]
It’s Good to Know: The Explosion Thermometer
The National Physics Laboratory has developed a thermometer that’s nothing like the one your mom used to take your temperature. It can withstand not only the extreme heat of a fireball, but also harsh conditions like intense wind and pressure.
The thermometer will be used to reveal the chemical and physical reactions that occur during the detonation and expansion phases of an explosion. This information is intended to help scientists understand the processes involved in the Big Bang theory of the creation of the universe.
[Source: npl.co.uk ]
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Word to the Wise: Sesquipedalian
“Sesquipedalian” (ses-kwuh-puh-DAYL-yun) – from the Latin for “a foot and a half long” – refers to the practice of using overly long words when smaller words would do.
Example (as used by William C. Martin in The Atlantic): “They walk and speak with disdain for common folk, and never miss a chance to belittle the crowd in sesquipedalian put-downs.”
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Copyright ETR, LLC, 2008
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