This is short and sweet. A buddy of mine is a Realtor, and about a year ago, I went to his office. He had the following passage below on a piece of paper. After I read it, I immediately got a pen and wrote it down. It is very interesting...and inspiring. Enjoy!
The more I train…the quicker I get…the quicker I get….the slower they seem….the slower they seem….the easier the game…..the easier the game….the greater my threat….the greater my threat….the more attention I draw…..the more attention I draw…the tighter they play me….the tighter they play me…the more I train!
Thursday, November 13, 2008
Wednesday, August 6, 2008
Narrowed and Focused
With the mind state of an entrepreneur what must you and I do to accomplish our aspirations? Through my reading of business and self improvement books, I have noticed it is wise to be "narrowed and focused" on a specific subject and as much as possible, and to capitalize on our strengths. When Luciano Pavarotti (star opera singer) graduated from a singing school, he asked his dad, if he should be a teacher or singer, his dad said, "If you try to sit on two chairs you will fall between them, for in life you must choose one chair to sit on."
Look at legendary music bands. When they travel for concerts, they focus on what they do best and do it well. They don't concern themselves with scheduling radio interviews, making travel plans, make sure the sound system is right for the concert, they just show up...get off the bus...rock the house...and leave. Other people on their team take care of their specific roles.
According to the book Soar With Your Strengths In 1921 Dr. Louis B. Terman, a Stanford psychologist set about the study of genius by tracking 1,470 genius level children though out their life time. The study was known as 'the grand daddy of all life span research' .... according to the study, what distinguished those of spectacular achievement from those of low achievement and failure was 'prudence and forethought, willpower, perservareance and desire. They chosed among their many talents and concentrated their efforts.
Your assignment- Write down a full description of your strongest strength, characterizing the strength; were it takes place, what it feels like when you are practicing it, your greatness moment experience it. Pack in all the imagery you can, for the more vivid the description, the more likely it is that the strength will recur.
The chair I have chosen to sit on is "apartment investing." What is yours?
Look at legendary music bands. When they travel for concerts, they focus on what they do best and do it well. They don't concern themselves with scheduling radio interviews, making travel plans, make sure the sound system is right for the concert, they just show up...get off the bus...rock the house...and leave. Other people on their team take care of their specific roles.
According to the book Soar With Your Strengths In 1921 Dr. Louis B. Terman, a Stanford psychologist set about the study of genius by tracking 1,470 genius level children though out their life time. The study was known as 'the grand daddy of all life span research' .... according to the study, what distinguished those of spectacular achievement from those of low achievement and failure was 'prudence and forethought, willpower, perservareance and desire. They chosed among their many talents and concentrated their efforts.
Your assignment- Write down a full description of your strongest strength, characterizing the strength; were it takes place, what it feels like when you are practicing it, your greatness moment experience it. Pack in all the imagery you can, for the more vivid the description, the more likely it is that the strength will recur.
The chair I have chosen to sit on is "apartment investing." What is yours?
Friday, June 13, 2008
What opportunites are you missing?
If you are and business minded, this writing will inspire you.
I routinely go to my local library and check out books. I started doing this 8 months ago. I wish I would have started doing this YEARS ago! Around the same time, I started going to the library, a friend of mine gave me about 50 audio books. I have listened to them all. Some of the audio books I have listened to are from Zig Ziglar, Jim Rohn, Tony Robbins, Napolean Hill, Jack Canfield, Brian Buffini, Michael Gerber, Dr Stephen Covey…there are many more. In combination with the books I have read, I am a totally different person. If you have not I recommend that you too, go to your local library and read. But don’t read things that will “entertain” you. Read material that will give you an advantage, would increase your wisdom, strengthen your confidence, learn a skill etc. Jim Rohn says, “if you work hard on your job you will make a living, but if you work hard on your self, you will make a FORTUNE!”
With the books I read, I keep a journal. I transfer over key points of interest. Well, one of those entries in my journal is on McDonalds. When you read the story, notice how Ray Kroc started and how by accident he changed the world when he noticed an opportunity.
Ray Kroc born 1902
Was a drop out as a sophomore, played piano at several traveling bands, served as musical director of a Chicago radio station, sold real estate in Florida and paper cups in the mid-west. He quoted after the Florida boom collapsed, “I was broke…I didn’t have an over coat, a top coat or a pair of gloves. I drove into Chicago on icy streets. When I go home I was frozen stiff, disillusioned and broke.”
1937
Went into business for himself as a distributor for machines that made milk shakes. At one time 1954 discovered a restaurant in San Bernardino had 8 machines. No one else had that many. He went there noticed people standing in line clamoring for those 15-cent hamburgers. He asked why didn’t the McDonalds open another restaurant, he says “I was thinking about mixers, not hamburgers. If every McDonalds had 8 machines I would be rich. But McDonald brother shook his head and said, “See that house up there? That is home to me and I like it there. If we opened a chain I would never be home.”
Ray saw an opportunity agreed to franchise in exchange for one-half of one percent of the gross receipts. Opened first store April 15, 1955. In 1960 there were 228 McDonalds. About 100 were opened each year until 1968 when rate increased to more than 200 a year.
1961 Kroc bought control alone with the name all trademarks and copyrights from McDonalds for 2.7 million
“What opportunities are right in front of you, that you don’t recognize?”
I routinely go to my local library and check out books. I started doing this 8 months ago. I wish I would have started doing this YEARS ago! Around the same time, I started going to the library, a friend of mine gave me about 50 audio books. I have listened to them all. Some of the audio books I have listened to are from Zig Ziglar, Jim Rohn, Tony Robbins, Napolean Hill, Jack Canfield, Brian Buffini, Michael Gerber, Dr Stephen Covey…there are many more. In combination with the books I have read, I am a totally different person. If you have not I recommend that you too, go to your local library and read. But don’t read things that will “entertain” you. Read material that will give you an advantage, would increase your wisdom, strengthen your confidence, learn a skill etc. Jim Rohn says, “if you work hard on your job you will make a living, but if you work hard on your self, you will make a FORTUNE!”
With the books I read, I keep a journal. I transfer over key points of interest. Well, one of those entries in my journal is on McDonalds. When you read the story, notice how Ray Kroc started and how by accident he changed the world when he noticed an opportunity.
Ray Kroc born 1902
Was a drop out as a sophomore, played piano at several traveling bands, served as musical director of a Chicago radio station, sold real estate in Florida and paper cups in the mid-west. He quoted after the Florida boom collapsed, “I was broke…I didn’t have an over coat, a top coat or a pair of gloves. I drove into Chicago on icy streets. When I go home I was frozen stiff, disillusioned and broke.”
1937
Went into business for himself as a distributor for machines that made milk shakes. At one time 1954 discovered a restaurant in San Bernardino had 8 machines. No one else had that many. He went there noticed people standing in line clamoring for those 15-cent hamburgers. He asked why didn’t the McDonalds open another restaurant, he says “I was thinking about mixers, not hamburgers. If every McDonalds had 8 machines I would be rich. But McDonald brother shook his head and said, “See that house up there? That is home to me and I like it there. If we opened a chain I would never be home.”
Ray saw an opportunity agreed to franchise in exchange for one-half of one percent of the gross receipts. Opened first store April 15, 1955. In 1960 there were 228 McDonalds. About 100 were opened each year until 1968 when rate increased to more than 200 a year.
1961 Kroc bought control alone with the name all trademarks and copyrights from McDonalds for 2.7 million
“What opportunities are right in front of you, that you don’t recognize?”
Friday, February 29, 2008
CCIM
About a year and a half ago, I bought a commercial real estate home study program. In it I first heard about "CCIM" (which stands for Certified Commercial Investment Member). When I decided that I wanted to get in commercial real estate and to become a CCIM myself, I searched for people that had this designation in the San Francisco Bay Area. I emailed about 20 people, basically the same message about me wanting to have an informative interview. Only two people emailed me back. One was Ed Craine (Founder and President of Smith Craine Finance). From that meeting, I wanted to work for Smith Craine. Why? Well, because if I could understand the financing side of having a portfolio of apartments (which is my goal ) all that I would need next to do is educate my self on how to manage apartments. Other reasons why I choose Smith Craine is because of although we are a small firm, we have fire power. Ed is a CCIM and our VP is a CCIM. Being a CCIM is equivalent to having a PHD in commercial real estate. This week I have an experience to share regarding CCIM.
What is CCIM? What is the big deal?
Two weeks ago, I went to borders and as always I go straight for the real estate and business section. I picked up a book and read through majority of it. It was authored by a broker who is a CCIM. I had to copy what he wrote about what CCIM is and why it is special. Here is what was in the book....
To be considered one completes 240 hours graduate level courses in financial analysis, market analysis, commercial brokerage, tax planning, managing and marketing taxable assets, decision analysis and negotiations. Must pass a national exam. Of estimated 200k commercial real estate professionals approximately 6,000 are CCIM.
This week (Monday-Thursday 8:30-5. Friday 8-12 exam), I went to the 101 course (there are 3 more course to take to complete the training). All I can say is WOW. If any of you are serious/curious about commercial real estate you should take the CCIM courses. It will definitely help you.
So check out the web site and see when the next course is in your area http://www.ccim.com/
What is CCIM? What is the big deal?
Two weeks ago, I went to borders and as always I go straight for the real estate and business section. I picked up a book and read through majority of it. It was authored by a broker who is a CCIM. I had to copy what he wrote about what CCIM is and why it is special. Here is what was in the book....
To be considered one completes 240 hours graduate level courses in financial analysis, market analysis, commercial brokerage, tax planning, managing and marketing taxable assets, decision analysis and negotiations. Must pass a national exam. Of estimated 200k commercial real estate professionals approximately 6,000 are CCIM.
This week (Monday-Thursday 8:30-5. Friday 8-12 exam), I went to the 101 course (there are 3 more course to take to complete the training). All I can say is WOW. If any of you are serious/curious about commercial real estate you should take the CCIM courses. It will definitely help you.
So check out the web site and see when the next course is in your area http://www.ccim.com/
Sunday, November 18, 2007
The Bentley's of Apartments
Is the car Kia and Bentley the same? Why not, they are both cars. They both get you from point A to point B. Yeah, I know there really is no comparison because of the quality and features. This illustration is the same when it comes to looking at apartments. Apartments are categorized into "classes." They are designated as "A, B and C." This article will inform you on Class A apartments (my next article will inform you on B and C apartments).
What are Class A apartments?
These types of apartment buildings are the "cream of the crop". They have all the bells and whistles. You want it, you got it...gyms, tennis courts, baby sitting, free work shops and other activities. Sometimes, the management companies try to be more creative with their amenities to lure and keep tenants. They want to make the community a "country club."
Some of the residents could afford a home in their area, but they may not choose to do so because of the convenience of the close proximity to their job and shopping and they like the extras it provides. These properties command higher rents compared to other apartments. Typically, these huge communities have a minimum of 100 units and were built over the last 10-20 years. Since it was developed more recently compared to other apartments, construction costs are higher, rents are higher, property tax is higher and they typically have a lower cap rate (the higher the price the lower the cap rate/return/interest).
What are REITs?
These properties are typically are owned and operated by Real Estate Investment Trusts (R.E.I.T.) REITs are traded publicly on the stock market. If you are an investor and wanted to buy Class A Apartments know that these prices start at around 10 million. That is why pension/syndicates/REITs purchase these properties because they can pool in money to make big purchases (If an investor wanted to pool in their money along with others, depending on the amount of people involved "Securities Laws" come into play).
Usually class A apartments don't provide a good ROI compared to other areas in investing. It is very hard to "create value" after you buy. It's like buying the very best property in a prestige side of town. It is going to be more expensive to buy and when you sell it, the ROI will be much lower compared to finding a property, fixing it up and selling it in the same neighborhood.
According to National Multi Housing Council, here is a list of the top 50 companies that own apartments along with the number of units they have ownership interest..
(50 Largest U.S. Apartment Owners as of January 1, 2007)
The order of entry will be the ranking first, second is the company and third is the amount of individual units).
1. AIMCO 211,800
2. MMA Financial LLC 117,062
3. Equity Residential 165,716
4. Boston Capital 156,758
5. Sun America Affordable Housing Partners 145,224
6. Archstone-Smith 84,176
7. Enterprise Community Investment Inc. 82,270
8. The Richman Affordable Housing Corporation 74,517
9. United Dominion Realty Trust, Inc. 70,339
10. GE Real Estate 67,561
11. PNC Multi Family Capital 64,843
12. Camden Property Trust 63,843
13. Edward Rose Building Enterprise 53,195
14. American Management Services (dba Pinnacle) 50,514
15. Fairfield Residential LLC 50,450
16. Avalon Bay Communities Inc. 48,294
17. Black Rock Realty 48,135
18. Lincoln Property Company 46,938
19. Wachovia 46,351
20. Sentinel Real Estate Corporation 45,293
21. WNC & Associates, Inc. 44,644
22. Alliance Holdings, LLC 41,517
23. Forest City Residential Group, Inc. 41,503
24. The Michaels Development Company 41,381
25. CNC Investments Ltd. LLP 40,330
26. Mid-American Apartment Communities, Inc. 40,293
27. Morgan Stanley 40,281
28. Alliant Capital Ltd. 40,000
29. Picerne Real Estate Group 38,979
30. Home Properties, Inc. 36,954
31. Colonial Properties Trust 33,724
32. The Irvine Company Apartment Communities 32,716
33. Holiday Retirement Corp./Colson and Colson 31,222
34. UBS Realty Investors LLC
35. The Related Companies 29,477
36. Essex Property Trust, Inc. 27,570
37. BH Management Company, Inc. 27,191
38. Lindsey Management Company, Inc. 25,508
39. Kushner Companies 25,000
40. Westdale Asset Management 24,841
41. BRE Properties 24,838
42. Madison Apartment Group 24,186
43. Southern Management Corporation 23,471
44. Trammell Crow Residential 22,749
45. AMLI Residential Properties 22,276
46. Northwestern Mutual 22,196
47. Post Properties Inc. 21,745
48. Security Properties Inc. 20,071
49. Berkshire Property 20, 062
50. Milestone Management 19,759
Top REITs that own apartments (based on the same report from National Multi Housing Council)
1. AIMCO 211,800
2. Equity Residential 165,716
3. Archstone-Smith 84,176
4. United Dominion Realty 70,339
5. Camden Property Trust 63,843
6. Avalon Bay Communities 48,294
7. Mid America Apartments 40,293
8. Home Properties, Inc. 36,954
9. Colonial Properties Trust 33,724
10. Essex Property Trust, Inc. 27,570
If you wanted to get an idea of Class A apartments, go to:
www.apartments.comwww.rent.com www.mynewplace.com
Play with the sites and search for the most expensive apartments in your area. Take a look at their amenities and if possible look at their web site. You will notice the level convenience and luxury.
If you want to find out more about sales of Class A apartments visit:
www.cityfeet.comwww.globest.com
What are Class A apartments?
These types of apartment buildings are the "cream of the crop". They have all the bells and whistles. You want it, you got it...gyms, tennis courts, baby sitting, free work shops and other activities. Sometimes, the management companies try to be more creative with their amenities to lure and keep tenants. They want to make the community a "country club."
Some of the residents could afford a home in their area, but they may not choose to do so because of the convenience of the close proximity to their job and shopping and they like the extras it provides. These properties command higher rents compared to other apartments. Typically, these huge communities have a minimum of 100 units and were built over the last 10-20 years. Since it was developed more recently compared to other apartments, construction costs are higher, rents are higher, property tax is higher and they typically have a lower cap rate (the higher the price the lower the cap rate/return/interest).
What are REITs?
These properties are typically are owned and operated by Real Estate Investment Trusts (R.E.I.T.) REITs are traded publicly on the stock market. If you are an investor and wanted to buy Class A Apartments know that these prices start at around 10 million. That is why pension/syndicates/REITs purchase these properties because they can pool in money to make big purchases (If an investor wanted to pool in their money along with others, depending on the amount of people involved "Securities Laws" come into play).
Usually class A apartments don't provide a good ROI compared to other areas in investing. It is very hard to "create value" after you buy. It's like buying the very best property in a prestige side of town. It is going to be more expensive to buy and when you sell it, the ROI will be much lower compared to finding a property, fixing it up and selling it in the same neighborhood.
According to National Multi Housing Council, here is a list of the top 50 companies that own apartments along with the number of units they have ownership interest..
(50 Largest U.S. Apartment Owners as of January 1, 2007)
The order of entry will be the ranking first, second is the company and third is the amount of individual units).
1. AIMCO 211,800
2. MMA Financial LLC 117,062
3. Equity Residential 165,716
4. Boston Capital 156,758
5. Sun America Affordable Housing Partners 145,224
6. Archstone-Smith 84,176
7. Enterprise Community Investment Inc. 82,270
8. The Richman Affordable Housing Corporation 74,517
9. United Dominion Realty Trust, Inc. 70,339
10. GE Real Estate 67,561
11. PNC Multi Family Capital 64,843
12. Camden Property Trust 63,843
13. Edward Rose Building Enterprise 53,195
14. American Management Services (dba Pinnacle) 50,514
15. Fairfield Residential LLC 50,450
16. Avalon Bay Communities Inc. 48,294
17. Black Rock Realty 48,135
18. Lincoln Property Company 46,938
19. Wachovia 46,351
20. Sentinel Real Estate Corporation 45,293
21. WNC & Associates, Inc. 44,644
22. Alliance Holdings, LLC 41,517
23. Forest City Residential Group, Inc. 41,503
24. The Michaels Development Company 41,381
25. CNC Investments Ltd. LLP 40,330
26. Mid-American Apartment Communities, Inc. 40,293
27. Morgan Stanley 40,281
28. Alliant Capital Ltd. 40,000
29. Picerne Real Estate Group 38,979
30. Home Properties, Inc. 36,954
31. Colonial Properties Trust 33,724
32. The Irvine Company Apartment Communities 32,716
33. Holiday Retirement Corp./Colson and Colson 31,222
34. UBS Realty Investors LLC
35. The Related Companies 29,477
36. Essex Property Trust, Inc. 27,570
37. BH Management Company, Inc. 27,191
38. Lindsey Management Company, Inc. 25,508
39. Kushner Companies 25,000
40. Westdale Asset Management 24,841
41. BRE Properties 24,838
42. Madison Apartment Group 24,186
43. Southern Management Corporation 23,471
44. Trammell Crow Residential 22,749
45. AMLI Residential Properties 22,276
46. Northwestern Mutual 22,196
47. Post Properties Inc. 21,745
48. Security Properties Inc. 20,071
49. Berkshire Property 20, 062
50. Milestone Management 19,759
Top REITs that own apartments (based on the same report from National Multi Housing Council)
1. AIMCO 211,800
2. Equity Residential 165,716
3. Archstone-Smith 84,176
4. United Dominion Realty 70,339
5. Camden Property Trust 63,843
6. Avalon Bay Communities 48,294
7. Mid America Apartments 40,293
8. Home Properties, Inc. 36,954
9. Colonial Properties Trust 33,724
10. Essex Property Trust, Inc. 27,570
If you wanted to get an idea of Class A apartments, go to:
www.apartments.comwww.rent.com www.mynewplace.com
Play with the sites and search for the most expensive apartments in your area. Take a look at their amenities and if possible look at their web site. You will notice the level convenience and luxury.
If you want to find out more about sales of Class A apartments visit:
www.cityfeet.comwww.globest.com
Thursday, November 8, 2007
seminar I went to
The other day, I finally finished writing my two e-books. One is on using your IRA to buy real estate and the other is investing and managing apartments. Regardless of your level of investing...you will find tips that will help you. Down load your free copy today!
This past weekend I went to a cool real estate seminar from www.landtrust.net This company is the only one with this unique way of putting property in a land trust. Using their system is not a alternative, but a new way to do everything (short sales, foreclosures, Self directed IRA, seller financing, etc)
It is a very cool option for investing. This is how it works... You find a motivated seller. You ask them questions about the property to gauge their level of desire. The seller agrees to hold their equity (or at least majority of it). You the investor, explain all of the benefits of course (benefits listed below). What is cool, is that the seller doesn't have to worry about making the payments, maintenance, paying taxes and mortgages...you the investor will pass on those fees to a buyer. This is called a triple net lease...this is where the tenant pays for everything. Major franchises do this when they lease space.
The property goes into a trust something like a escrow. The trust makes all of the payments on the property. The home seller actually gets to write off taxes as well. So what the investor does is negotiate an agreed price/value for the home now, not what it could be. The home seller, will then get their remaining equity, when the investor refi- or sells the property.
So the home is in a trust. The beneficiaries of the trust is
the original seller
the investor
the resident person living in the home
By doing it this way, it eliminates liens and judgments. It is a very cool system.
With the house in the trust, the investor, pumps up the value of the home 5%. This is where the investor makes their money. So the investor advertises the home, with "no bank qualifying, little as 2 monthly payments, no credit check etc.
The buyer pays more in monthly mortgage if they would of bought the house, but they benefit, because if they don't have good credit they can get it. It is like a lease option, but it really isn't I will explain later. Plus rather than putting 20% down the traditional way they can move in.
If you did a lease option...the person moving in puts a down payment on the property. Now since they have the money in, they have equitable interest in the property. If they happen to stop paying the mortgage, you the homeowner can not evict them, you have to do a judicial foreclosure...which means money out of your pocket and they will be staying rent free. Not only that it violates the due on sale clause from the bank. Sure a lot of people do lease options, with out the bank knowing, but like driving a car with out a seat belt all it takes is one accident.
Here are the selling points.
This past weekend I went to a cool real estate seminar from www.landtrust.net This company is the only one with this unique way of putting property in a land trust. Using their system is not a alternative, but a new way to do everything (short sales, foreclosures, Self directed IRA, seller financing, etc)
It is a very cool option for investing. This is how it works... You find a motivated seller. You ask them questions about the property to gauge their level of desire. The seller agrees to hold their equity (or at least majority of it). You the investor, explain all of the benefits of course (benefits listed below). What is cool, is that the seller doesn't have to worry about making the payments, maintenance, paying taxes and mortgages...you the investor will pass on those fees to a buyer. This is called a triple net lease...this is where the tenant pays for everything. Major franchises do this when they lease space.
The property goes into a trust something like a escrow. The trust makes all of the payments on the property. The home seller actually gets to write off taxes as well. So what the investor does is negotiate an agreed price/value for the home now, not what it could be. The home seller, will then get their remaining equity, when the investor refi- or sells the property.
So the home is in a trust. The beneficiaries of the trust is
the original seller
the investor
the resident person living in the home
By doing it this way, it eliminates liens and judgments. It is a very cool system.
With the house in the trust, the investor, pumps up the value of the home 5%. This is where the investor makes their money. So the investor advertises the home, with "no bank qualifying, little as 2 monthly payments, no credit check etc.
The buyer pays more in monthly mortgage if they would of bought the house, but they benefit, because if they don't have good credit they can get it. It is like a lease option, but it really isn't I will explain later. Plus rather than putting 20% down the traditional way they can move in.
If you did a lease option...the person moving in puts a down payment on the property. Now since they have the money in, they have equitable interest in the property. If they happen to stop paying the mortgage, you the homeowner can not evict them, you have to do a judicial foreclosure...which means money out of your pocket and they will be staying rent free. Not only that it violates the due on sale clause from the bank. Sure a lot of people do lease options, with out the bank knowing, but like driving a car with out a seat belt all it takes is one accident.
Here are the selling points.
- transfer full ownership including tax benefits with out title transfer
- acquire (or sell) property of all types without cash or credit...or title transfer
- Shield any property from liens, lawsuits and judgement, including IRS liens
- trade income tax benefits for higher rents from a lease tenant
- charge much lower after tax rent while receiving more per month
- take over loan payments with out a due on sale clause
- transfer real estate with one document, with out escrow involvement
- structure equity shares safely and effectively with out Tenants In Common
- Structure lease options with out possible "equity" claims to forestall eviction
- structure all creative financing objectives safely without the threat of actions by others
- put sellers who would never trust creative financing or investors at ease
- structure partnerships without standard income tax reporting obligations
- hide real ownership from all prying eyes
- avoid reassessment and property tax increases when transferring ownerships
- avoid re conveyance (transfer) fees when transferring ownership interest
- convert realty (the property) to personalty, while still qualifying for 1031 real estate tax differed exchange exemption
- avoid "dealer status" when acquiring multiple properties
- delay taxation on capital gains when transferring ownership
- maintain complete privacy and anonymity of ownership
- avoid probate upon the death of an owner
- attain simplicity in multiple ownership (only one party need sign documents)
- structure safe and profitable leases and options with the land trust
- avoid public disclosure of acquisition and sales price
- avoid partition during a dissolution of a business partnership or a marriage
- avoid the necessity of new title insurance when ownership is transferred
- certain real estate brokerage regulations can be side stepped
- eliminate damage by spousal claims and sabotage in marital disputes
- acquire foreclosures safely and simply without bank involvement
- avoid seasoning issues and double escrows in flips and assignments
- structure simple time shares with vacation property
- handle foreclosures bailouts without equity stripping and violation of civil code regs
- make big money fast with tenant/buyers with minimal cash and poor credit
- manage out of area income property with out cost or personal involvement
- acquire grossly over encumbered and over leveraged property for big profits
- own a home for years and still qualify as a 1st time home buyer loan
- sale through lightening fast closings with out escrow or title involvement
- enhance your credit strength and leverage by not showing an income property schedule on mortgage applications
- designate your ROTH IRA as the beneficiary of your trust and earn major dollars with out ever paying any income tax.
Sunday, October 28, 2007
Tenants are customers
When you buy an apartment building realize that your tenants are your customers. Buying apartments, is similar to buying a business. It doesnt matter what product/service a business provides, all must never lose focus on their customers. Sam Walton the founder of Walmart once said "we all have one boss, the customer and they can fire us any day by chosing to shop somewhere else." What a true statement.
When it comes to marketing, there are a lot of companies who suffered because they didnt stay close to their customers. They didnt listen to their wishes. They didnt do research to see if they where delivering what fitted their desires. Looking at the car industry in the 70's America was on top. Having a big car, was the thing (at least that is what American car makers thought). With the oil embargo, and the oil shortage, small cars came here from Japan. They gave the people what they wanted and where awarded of the trends. In business it is proven that a current customer, is more likely to spend their money with you again, if you treat them right.
So how does this tie into owning/managing apartments? If you dont treat the tenants right, they will leave, damage your property or even try to sue you. If tenants, feel the management doesnt care about the property, they will not. If you decide to have a property management company oversee your investment, you should always be on top of their efforts. They alone have the single most impression on your tenants/customers.
The other day, I came across a very interesting article about a real estate investment company in San Francisco. I was amazed when I read what tenants went through. Here is the link from yelp.com
http://www.yelp.com/biz/JPWp6XoIe4VoX7M8ItCC0Q
When it comes to marketing, there are a lot of companies who suffered because they didnt stay close to their customers. They didnt listen to their wishes. They didnt do research to see if they where delivering what fitted their desires. Looking at the car industry in the 70's America was on top. Having a big car, was the thing (at least that is what American car makers thought). With the oil embargo, and the oil shortage, small cars came here from Japan. They gave the people what they wanted and where awarded of the trends. In business it is proven that a current customer, is more likely to spend their money with you again, if you treat them right.
So how does this tie into owning/managing apartments? If you dont treat the tenants right, they will leave, damage your property or even try to sue you. If tenants, feel the management doesnt care about the property, they will not. If you decide to have a property management company oversee your investment, you should always be on top of their efforts. They alone have the single most impression on your tenants/customers.
The other day, I came across a very interesting article about a real estate investment company in San Francisco. I was amazed when I read what tenants went through. Here is the link from yelp.com
http://www.yelp.com/biz/JPWp6XoIe4VoX7M8ItCC0Q
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