Tips for Starting Over and Rebooting Your Life
The idea of having a balanced life is actually more idealistic than it is practical. I've found that it is healthier to attempt to lead a counterbalanced life where the issue isn't that you got out of balance, but how long you stay there. Implicit in the label is an acceptance that, at times, your life will be out of balance. And, frankly, for Millionaire Real Estate Agents, life can seesaw quite dramatically from balance to imbalance, so it is very important to acknowledge this so you can then deal with it. The ruling factor of living a counterbalanced life is to allow imbalance when key goals are at stake, but not to dwell in that state for too long. Why Because when you allow yourself to live in imbalance for too long, you cannot maintain your energy, and you risk burnout. up for the big moment, but maintaining that level ultimately comes from living your life in the most self-actualizing, personally fulfilling way. You'll be counterbalancing between or among all the vital areas of...
Ask yourself What are your core values What beliefs and principles guide your life What would you hold dear even if it proved to be a competitive disadvantage in the marketplace Even if the marketplace or business climate changed, what aspects of how you work are nonnegotiable
You are trying to become a professional real estate investor. And you can easily do this if you prepare yourself, just as an athlete prepares for a big event. Since taking over your first property (or any property) is a big event in your life, you should be ready for it.
Please, whatever you do, do not be swayed from your dreams by the naysayers who tell you that what you are proposing cannot be done. If I had listened to all of the naysayers throughout my life, I would probably be living in a cardboard box under an overpass in Bugtussle, New Hampshire. But luckily for me, I was too dumb at the time to know that my ideas would not work. As far as I am concerned, one of the very worst things that any person can do is to make financial and business decisions based solely on the advice of ignorant people who have never accomplished anything worthwhile in their entire adult lives Yet, that is exactly what happens thousands of times a day all across America. Bright, ambitious people full of pep and vinegar listen to overly skeptical cynics, who repeatedly tell them that it cannot be done, and then they, too, believe that it cannot be done and end up doing nothing. So please do yourself a huge favor and stop listening to the world-class skeptics in your...
There is an amazing principle in life that when fully understood will probably change your life forever. It's called the Pareto Principle or the 80 20 Rule. This universal truth was originally discovered by the Italian economist Vilfredo Pareto in 1906 when he noted that 80 percent of the farmland in Italy was owned by 20 percent of the population. Pareto, also an avid gardener, subsequently noticed that 20 percent of the peapods in his garden yielded 80 percent of his harvest. This was all the validation he needed to launch an intensive study into this amazingly consistent theory that states that 80 percent of our results will come from 20 percent of our actions. I personally believe the 80 20 Rule is the best kept, most underutilized achievement formula in business. Richard Koch, in his groundbreaking book The 80 20 Principle, describes this rule as the prin
Ignore the negative thinkers in your life who say Never borrow money the interest will kill you. Not so when you're in the real estate business Everyone in real estate borrows money for business uses in their real estate activities. And never forget THE INTEREST YOU PAY ON REAL ESTATE INVESTMENTS IS PROVABLE AND TAX-DEDUCTIBLE BY THE BUSINESS
They get their check at close and move happily on to their new life in New Jersey. What is the best possible outcome for the buyers, the Browns They pay a fair price and get a home that meets their needs. All material facts about the property are disclosed to them before they buy. What's the best possible outcome for you In addition to that nice commission check, the Johnsons and the Browns are both so impressed by your consummate professionalism, hard work, creative problem solving ability, and integrity that they say nice things about you to all their friends and associates and vow that in the future they would never work with anyone but you. Don't become so involved in fighting the agency alligators that you forget that your primary job is to tidy up the swamp.
I If you can't find common ground and the relationship doesn't feel right, walk away from the opportunity. I think you should walk away from a bad client match at least one time to see how it feels to take control of your life and career. Sadly, most agents are too scared to do this. Instead they plow ahead through a nightmarish situation with toxic clients.
One of the advantages of having a friend like Mel is that I get to find out where the next growth areas are going to be. Being a land developer, he is operating three-to-ten years out into the future. Not only do his developments expand the city, Mel and his high-profile team are responsible for bringing new life back into downtown urban areas.
Acknowledgment An acknowledgment is a way of proving that the person who signs a deed signed it voluntarily and is, in fact, who he says he is (or who she says she is). An acknowledgment normally is witnessed and attested to by a notary public, before whom you produce evidence of your identity and indicate that you're signing the deed of your own free will.
So, we recommend that you go to your bank, withdraw 1,000 cash, and carry it around on your person for a month or so. Go on, give it a try. The stranger and scarier it seems to you, perhaps the more you need to do this exercise. But the results could well change your life. People who have tried this report that for perhaps the first time in their lives, they felt as if they were in control of their money.
No matter how much you dislike negotiating you should consider that a little discomfort may result in a savings of thousands of dollars. Unless you won the lottery you can probably use the savings for something important in your life. When buying or selling a piece of property you should remember the rule, It can't hurt to ask. By using this as your motto you can considerably benefit.
jjOTf A few years ago, my father sold the family home I grew up in. My mother had died six months earlier, and he wanted to start a new life. Fortunately, I didn't represent him in the sale, but he did call to discuss an offer he'd received. We talked for 45 minutes one night while I was driving through mountain passes on my way to a speaking engagement in Vail, Colorado. (By the way, I would never talk with anyone but my dad for 45 minutes about a contract.) He was such a typical seller His big issue was the sales price I asked him the question I often pose to get to the core of what's affecting a sale negotiation Dad, is the reason you want this price for the house based on your ego, or do you really need the money The silence on the other end of the phone was my answer. Of course, I knew he didn't need the 20,000 he was so emotional about. From that point, he was able to find common ground with the buyer and get the home sold.
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In fact, if you were looking to retire or move on to some other endeavor, turning your 200,000 job into a 100,000 per year passive income source is a wonderful way to attain the freedom to make those choices. In other words, turning your real estate sales business practice into a business that generates passive income to you is one way to move from your work life into your life work.
Yogi Berra is given credit for this wise bit of advice There will be times in your life when you will come to a fork in the road. Take it. That's pretty much what you will face if you become a member of the real estate profession. There is solid evidence that we're approaching some dramatic forks in the road. You will need to make choices and take action. Of course, had Yogi elaborated, I'm certain he would have counseled trying to get as much information as possible as to where those roads might lead you. My goal in this chapter is to help you to identify some of the major challenges facing the profession so that you will be able to make choices that result in the most satisfying and rewarding career for you.
It's hard to persuade people to go stumbling in the dark in the hope of discovering something valuable. The grab bag theory of success doesn't sound too appealing when your life is on the line. It's especially tough when you've been groping in the dark for weeks with little to show for it.
If you don't, you'll be hard pressed to squeeze in personal time after scheduling everything else. Decide what the most important personal activities in your life are and block them out before you allow any other obligations onto your calendar. Set aside a date night with your spouse or partner. Block time for working out, quiet time, prayer time, personal development time, and family time. If your daughter has soccer games on Tuesday and Thursday evenings, put those in your schedule. If someone wants to see you during those times, tell them you're booked with previous appointments.
TIP Architecture to a shopping center developer is like store design to a retailer Keep it interesting because when the
So whether you are considering investing in a shopping center, looking to develop a new one, or lease a space for your business, find a center that fits the bill when it comes to this very important second ingredient great real estate. You will make your life exponentially easier if you do.
Here's what's so interesting about this. You've already moved up a level just from reading this book You can never go back. If you approached these pages with the conviction that the solutions you want and need were all within these pages, you received the greatest possible value. You had an intention and a definitive mission this book was going to make a difference in your life. If, on the other hand, you read this book passively without any upfront goal, you also benefited but likely not to the same degree.
When will you learn to trust yourself When will you come to the realization that your answers are just as good, if not better, than those of anyone else When will you stop passing the buck for your life and assume control When will you stop making excuses and start making progress When will you allow negative feedback to roll off you like water off a duck When will you learn to trust yourself Because just as soon as you decide to take charge, to stop being dependent, to be the master of your own destiny, you will begin to notice a new power, a new energy come into your life. It may not happen overnight, but you'll begin to notice a new aliveness overtake you. You will be more creative, happier, more confident, more at peace. People will notice it. Instead of a quite desperation, you'll exude a quiet power.
Those risks are troubling, to be sure. But there is a bigger risk we should also mention the risk that, after you spend years of your life amassing a fortune in real estate, you are going to lose it all because of some unfortunate event that is largely beyond your control. We are talking about the kind of disasters that insurance cannot protect you against.
If you're still working for someone else, the day you quit your job could be one of the most exciting days of your life. But be prepared. Some people recommend that you put that step off as long as possible. After all, they say you have benefits and the security of a paycheck. I say be reasonable and sensible, but as soon as you have reached financial independence, quit your job and go to work making money full-time. Receiving benefits through a job is the most expensive way you can get them, because you're spending your time helping someone else become rich rather than building your own fortune. And the only paycheck that is truly secure is the one you create for yourself. When you're wealthy, will your life be perfect I doubt it. You'll still have problems misunderstandings with your spouse and your kids testing their limits and your patience. You may have to cope with your own or your loved ones' health issues. Mechanical things still break down, people let you down, and it'll rain...
I was reading my Bible, and it dawned on me that it's just like planting a seed in the ground. If you plant corn, you're not going to get apples. You're going to get corn. And whatever you plant in your life, you're going to get back. I began to realize that I'd been planting bad attitudes, and the fruit I was getting back proved it.
Such a country exists It is New Zealand. What if you went there for two weeks and didn't find an investment property that met your criteria Would that have been two weeks of your life utterly wasted Of course not Hopefully, you would have had some fun, learned a bit, met some interesting people, and gained some knowledge in property that will make your next scouting trip to New Zealand or anywhere else more likely to succeed. And such a trip, being part of your business as an investor, would be tax-deductible.
Refer to Chapter 16 to take back control of your time. Set working hours, manage your days, schedule personal and family time each day and week, and commit to vacations that allow you to restore your energy and enthusiasm. Remember, real estate isn't your life. Rather it's what you do to fund your life.
Given the fact that the vast majority of states require some kind of coursework before you can get your real estate license, most of you probably will have completed a number of hours of real estates classes before taking the exam. You never will know the material better than you do right when you finish the courses. And you're likely to forget the specifics that you need from material soon after your coursework is completed, especially if you must take an exam to complete the course. One of the most creative things you'll ever do in your life is come up with a laundry list of excuses for putting off taking the state exam. Don't
Okay I grant you staying calm before a test always is easier said than done. But let your nerves work for you rather than against you. Get just anxious enough to motivate you to study, do the practice exams in this book, and review the material you didn't do well on in class and practice questions. At some point, you'll begin to feel comfortable enough with the information that you'll begin to relax. Keep in mind that you probably have accomplished much harder things in your life, that you're being tested on real estate issues and not rocket science, and that you can always take the test over if you don't pass.
TIP If you do not have enough money for an investment, remind yourself that if you do not solve that problem, you will have money problems all your life. My rich dad said, If you can solve the problem of not having money, you will have more money for life. Henry Ford said, Thinking is the hardest work there is. That's why so few people engage in it.
I learned to use creative visualization. I saw my success. I pictured my life getting much better. The more I made those pictures happen, the more I created a new life for myself. lane highway enabling the business to leap forward at a rapid pace with no need for massive restructuring or major reinventing. Thinking first can have these kinds of effects in your life and your business. It is that powerful.
After the open house, you sit down with the seller and you go over these sheets. You show the seller, Here's what the brokers are telling us this house should sell for. So, let's say we have a house listed for 299K, and two brokers say it will sell for 299 and five say the high 290s and 20 say 280s and a few 278s. So the bottom line is that most of the agents are telling you the house will sell in the high 280s. You can now say to Mr. and Mrs. Seller that the price they decided to go with is a little bit higher than most of the agents in the area believe it is actually going to sell for. So, either we can leave the price the way it is and hope we'll get the activity or we can adjust the price so we can make sure we'll get the activity that we need to get it sold so you can move on with your life.
The prospective tenants have not been a part of your life experience and therefore won't identify with it. They won't see all the charm that you do. To them you have an eclectically decorated apartment filled with junk, and they will move on to the next prospect. The same rules apply if you bought a fixer-upper or handyman's special that you are going to repair and lease for rental income. Don't overimprove the prop
Hopefully you can see then that the PVIF is simply the reciprocal of the FVIF, or 1 FVIF. This means that both the compounding of FV calculations and the discounting of PV calculations are based on the same compound interest concept. In fact, all six equations that will change your life are based on the same compound interest basis.
At the very outset of any deal consideration, one needs to engage in some serious introspection. Is this deal (job, purchase, career, etc.) what you really want or need Does your self image allow you to be passionate about the basic endeavor you are considering Does the deal with its projected result produce the kind of monetary and emotional return you are looking for Does doing the deal involve a sacrifice of time and or require relocation, thereby effectively preventing you from pursuing more important life goals such as good and involved parenting, active and healthy lifestyle choices, team sports activity, church or civic leadership, continued or advanced formal education, personal relationships, or living in a safe and attractive home environment. In other words, if doing the deal, no matter how successful, will make your life or your family's life miserable, then keep moving. It's not for you.
In this chapter, we discuss in detail the lease agreement and its contents. We start by discussing the general legal background of the lease agreement and then proceed to a specific discussion of the contents. Thus, at the conclusion of the chapter, you should understand that what is important is not finding the perfect lease, but rather understanding the nature and content of your lease agreement and how it fulfills your specific needs as a landlord. I hope that you will also understand that the true purpose of a lease is not to act as a sword against the tenant, but as a document whose essential requisite is to clarify the terms of the agreement for both parties in order to avoid disputes later on. First, let us explore the legal background of the lease agreement.
Apartments with new life as condominiums____ Gas stations now operating as retail outlets (Seven-Elevens). . . . Old homes converted to office space. . . . What was once farm acreage is now a sprawling urban shopping center. These properties are examples of adaptive use of both land and buildings brought about by a locale's growth and change.
Slogans are easily remembered and help you stand out from the crowd. You use a slogan as a way to help people remember you and the fact that you are in real estate. A slogan can tie into your identity for instance, it could rhyme with your name or it can talk about the types of homes you specialize in, the kind of service you deliver, etc. Here are some examples from my Power Agents
To avoid this trap, know yourself, your finances, and your capabilities. To succeed in real estate (as well as in any other endeavor), honestly inventory your likes and dislikes, strengths and weaknesses. Make sure your properties, tenants, and neighborhoods match up well with who you are and how you want to live your life. Otherwise you, too, can easily get frustrated, careless, and burned out.
When you organize your life and your mind that voice in your head you get very calm inside and you get more productive outside. surprise. The more you are aware of the power of your surroundings to affect your life, the sooner you can address it and become the chief architect of your own environment. By being the chief architect, you reduce the risk of becoming a victim of it. As chief architect, there are two important design issues you must deal with your physical environment and your people environment. One of the key elements to reach your full potential is your physical environment and how well it matches up to, supports, and focuses you in your endless pursuit of productivity. It is surprising how many people choose to tolerate a poor physical environment rather than take a little time or money and fix it. In truth, your physical environment is much easier to alter than your people environment, so don't forget who the architect of your life is...
For all its applications and complexities, when you boil Einstein's E mc2 down to the basics, all it says is that everything is energy. Everything is energy, even our physical bodies. After some reflection, I've come to the point of view that what you do with your life and how you do it either adds energy to or subtracts energy from your life. The energy you have at your disposal the fuel for your life is determined by the choices you make. Estate Agent Energy Plan (Figure 1) outlined in the next section. This section basically describes five kinds of energy in your life and how to get them. Second, I'd ask you to consider the power of learning-based living. In the end, having the energy necessary for Big Goals and sustained achievement is, for us, about two essential habits the habit of launching your day with energy and the habit of constant renewal through learning.
After you have spent years of your life making a fortune in real estate, it is troubling to think that very little of it will go to your spouse or heirs after you die. But we do hear stories just like that, and sad to say, they usually affect small-time real estate investors, not the big players, who usually have knowledgeable lawyers who have helped them plan their estates wisely. Most often, it is the small investor who owns three or
How do you decide to invest is up to you. You can buy before, at, or after the auction. You can hold, rent, sell, or flip a property as you see fit. You can invest part time or full time. You can invest only once in your life, or as a steady diet. You can save money buying your first home. You can buy residential properties, like single family homes or condos, you can buy commercial properties like office buildings or retail centers, you can buy raw land, even drilling rights. in foreclosure.
The final equation of the six equations that will change your life (has it started to happen yet ) is the calculation of the payment to amortize. The payment to amortize is the payment needed to repay a debt over a certain period of time at a certain rate of interest. You have probably used the payment to amortize whether it was a car loan repayment, a student loan repayment, or a mortgage loan repayment. The variables in this calculation are the loan amount, or present value, the interest rate, and the repayment period, usually in numbers of months. This chapter addresses what some finance books refer to as six functions of a dollar, or what I like to call six equations that will change your life. The six equations, or calculations, allow you to calculate the future value of a lump sum, the present value of a lump sum, the future value of an annuity, the present value of an annuity, a sinking fund payment, and finally the payment to amortize.
The fundamental principle guiding any hiring decision you ever make is this Always strive to hire talent. We say someone is talent when she is a superb match for the criteria you have established for a particular position. By this we mean her natural abilities, skills, experience, and aspirations all line up around the job description and give them every reason to succeed at a very high level. This allows you to judge people against clear criteria instead of judging them as people. A candidate is therefore either a great fit or not a fit for the job, rather than being a good or bad person. It may sound like splitting hairs, but it probably represents a significant shift in your paradigm. When you surround yourself with talent, your life will never be the same. Hiring a truly talented person can take your business further than an entire busload of less talented ones. Here's how you'll know when you've hired talent
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