Archive for February, 2010
Don’t Let This Once-in-a-Lifetime Opportunity Pass You By
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We are currently experiencing a very unique situation that we may not see again in our lifetime. I’m talking about the tremendous opportunity in real estate resulting from the tidal wave of residential foreclosures over the past 2-3 years. Because of recent price declines, many see real estate as very risky right now. Understandably so, people are just plain scared to jump in. But let me tell you – this crisis will eventually run its course and the opportunity to pick up great deals will also run its course. This opportunity is temporary.
Real Estate has always been one of the best ways to create wealth. The riskiest time for any investment is at the top of any cycle. Wouldn’t you agree with me that we are no longer at the top? I wish I could call the bottom – no body can – but I see 7 reasons why now may be the time to seriously consider getting in or increasing your holdings.
1. The fluff is gone. Back in the late 90’s Alan Greenspan spoke of “irrational exuberance” when referring to the speculative build up around the internet boom. Well that’s exactly what we had from 2001 – 2006 in real estate. Well that froth is now gone – and along with it the speculative and even fraudulent (in some cases) activities that ran up prices.
2. Prices have flattened and/or dropped in just about all markets. Prices for home in all price ranges are at unbelievable levels now. It’s a good time to pick up value.
3. Government Programs. Say what you will and think what you think about our over-reaching government but you can’t deny that government initiatives are making an impact on home sales. First time home buyers made up better than 50% of all homes sold in 2009 thanks to the home buying tax credits. Congress extended the deadline once already. Don’t be surprised if they do that again. I’d bet on it.
4. Mortgage interest rates are at all time lows. I remember thinking back in my 20’s how “lucky” my parents were to have a mortgage rate of 4.5%. At that time rates were 14-15%. Well that time is here again. Low interest rates will continue to spur buying where prices will eventually steady.
5. As people are forced out of their homes due to foreclosures - they all need a place to live. They have to rent from someone – so why not from you? Rents are bound to climb and this can generate very high rates of return for you if you pick up a property at a good price and at a low interest rate.
6. Simple supply and demand. The population is growing and they all need a place to live. God isn’t making anymore land.
7. The National Association of Realtors (NAR) predicts there will be 5 million home sales in 2010. They estimate nearly half – or 2.5 million will be foreclosures or either short sales. It’s a great time to pick up great value.
So what are you waiting on? I believe we’re right smack dab in the middle of “The Perfect Storm” for real estate investors. It’s time to get off of the fence and profit from what I believe is the opportunity of a lifetime.
5 Success Tips To Achieving All Your Goals
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Planning and establishing objectives is a good first step in getting started on any project. Then it’s time to act. Many people struggle just getting started. But let’s say that you are successful in getting things off the ground, often its easy to get distracted and lose focus along the way.
What do you do when you come across barriers that hinder your progress? I’m going to share with you 5 tips that are critical for your success.
1. Keep On Keeping On – Have you ever failed at anything? I know I have. You feel devastated, like there’s no tomorrow, ready to just give up. However, I’ve learned over the years that it’s at such times as these that doors actually start to open.
Failing is not bad… if you learn from it. Actually success is a poor teacher, we learn more about ourselves when we fail. People are often so afraid of failing that they never do anything worthwhile – they play it safe. Sometimes, the greatest risk you can take is to play it safe. So go out and try something new. “Since the way we learn is by making mistakes, the greatest risk of all is to wait too long to begin making those mistakes.” Robert Kiyosaki.
2. Be a Decision Maker – Successful people are decisive people. When opportunities come your way, evaluate them carefully, make a decision, and then take appropriate action. Realize that indecision wastes time that could be spent on more productive tasks. You can avoid unnecessary risks by implementing your decisions gradually. Don’t attempt to make every decision at the beginning. Each action is contingent upon the success of the one that preceded it. “When I’ve heard all I need to make a decision, I don’t take a vote. I make a decision.” Ronald Reagan.
3. Develop a Good Attitude – While having a good attitude may not guarantee your success, your odds are much greater than with a bad one. No one controls your attitude unless you voluntary surrender it. Others may do something to influence it but you control it.
Ask your self this question. “If I had a friend who talked to me like I sometimes talk to myself, would I continue to hang around with that person?“ Decide if you’re going to get bitter or better. Either focus on the good and deal with the bad, or vice versa. Do yourself a favor, be an optimist. Believe you me, life will me more enjoyable.
4. Make Good Use of Your Spare Time – What are doing with your spare time? I remember someone saying that it’s what you do in your spare time determines your future.
Are you…
• Watching TV or reading?
• Napping or developing a skill?
• Talking to your friends or studying marketing?
We all have 24 hours in a day — how wealthy you become depends on how you spend those 24 hours. It all comes down to the choices we make every single day. In fact, you shouldn’t let one day go by without making sure you are taking at least one proactive step towards reaching your dream. It’s so easy to just do what you “feel” like doing. The next time you are looking for something to “kill time”, ask yourself, “is this helping me more forward or is it just causing me to just run in place.”
Turn your spare time into money time. Most people live off out their primary income source. It’s what you do in your spare time that will mainly determine how you spend your retirement. It’s O.K. to goof off when you were a kid. What are you doing now?
5. Don’t Overlook Small Details - There is an old expression that says, “If you take care of the little things, the big things will take care of themselves.“ It’s another way of saying that every job is composed of many small details, any one of which, if overlooked, can create big problems later.
If you have trouble dealing with annoying details- set aside a time during your work cycle (daily, weekly, or monthly) to deal with such unpleasant tasks. Prepare yourself mentally to deal with those tasks, and you may find that you dispense with them quickly and efficiently. You may even find that the job wasn’t nearly as unpleasant as you expected it to be.
There you have it. Heed this advice and just watch the difference it’ll make in your life.