Be. Do. Have.

This is one of the most powerful, life-changing concepts...you've never heard of. It's not a secret...it's just not widely known.

What in the world does "Be. Do. Have." mean?

Before I answer that, let's start with how most people operate.


Have. Do. Be.

Most people are stuck in the "Have. Do. Be." mode. (I'll bet you already noticed this combination is 180 degrees opposite of "Be. Do. Have.")

Some examples...

Example 1: When I HAVE a million dollars, I will DO things like travel anywhere I want...and, I will BE happy. Have. Do. Be.

Example 2: When I HAVE a successful real estate investing business, I will DO things like teach others financial intelligence...which will allow me to BE inspiring and helpful.

Example 3: Fill-in your own example...

The problem with the "Have. Do. Be." approach is that things are always out in the future somewhere.

And, ironically, you may never actually attain the "Have" even though it is the first one in the series...because you may never do the things you need to do to be able to have what you want to have...because you're not being who you need to be in the first place. Got that?

From our previous example, someone who's in the early stages of setting up a real estate investing business may say, "I don't have a successful business yet, so I won't be teaching others the financial intelligence things I've come across, so I won't be all that inspiring or helpful". Yuck.

And, you may never get to the successful real estate business part either.


"Man's mind, once stretched by a new idea, never regains its original dimensions." - Oliver Wendell Holmes, US author & physician (1809 - 1894)


Be. Do. Have.

Rich Dad author and Co-Founder of SalesPartners, Blair Singer, flips "Have. Do. Be." around to become "Be. Do. Have."

(Now for the answer of what "Be. Do. Have." means...and it's significance.)

"Be. Do. Have" simply asks us "Who do I have to BE...to be able to DO what I want to do...in order to HAVE what I want to have?

It's about BEing something first. Remember that.

Fill-in the blanks with your own situation(s).

From the previous example, with this approach, you can immediately begin to see yourself as BEing inspiring and helpful to others...even if you haven't been up until now...or don't have a ton of experience yet.

Then, what you can proceed to DO is begin telling others the significance of the financial intelligence related opportunities you've become aware of (like the amazing passive cash-flowing opportunities in real estate they've never heard of)...thereby helping and inspiring them to improve their own financial situations.

And, you'll be building many relationships that will likely HAVE your real estate business flourishing. (Afterall, you've exposed them to the possibilities of independent wealth. Why wouldn't they want to hook their wagon up to your powerful real estate investing locomotive?)

Be. Do. Have.

Now, you know. I hope this concept has turned a bright light on in your mind...something to guide you from now on.

Put this to work for you TODAY. And, have it part of everyday moving forward.

And, let me know how it changes your life.

@DonRoberts

PS. I'm one of the ten! How about you?

Goal: Implement a System NOT Complete a Deal

Have you ever woke up, felt totally optimistic that this was the time things change, that you were going to get that first deal done in the next 7-14 days, set out to make it happen and day 15 arrives with no deal?  I have.  It can be frustrating because you are doing the things you've been taught will work: marketing, free classifieds, putting in offers, and maybe even using Ad Words or bandit signs, and still nobody wanted to accept your offers, or take the bait you put out.

As much as we are able to control our own destiny, there are others out there who too are in control of their own.  The problem is that your free will and their free will don't always align, meaning you cannot control what other people do, think, or want.  I know that this can lead to frustration with investing whether it be wholesaling, rehabing, or whatever.  Instead perhaps the focus for those goals should be redirected.

 

One guru out there - The Maestro - always tell his students not to put a timetable on their first deal.  By doing that, you are adding increased pressure to accomplish something that is largely out of your control.  What needs to have a strict timetable is the process that goes into landing that first deal - your marketing and the things that need to be done to be successful.

 

Many things have to line up right for you to flip a house. And, much of it is out of your hands.  Sure, you can

assemble the pieces, but they must make it happen.  So,don't put a timetable on the outcome... put one on the

necessary parts to get you there.

Finding Cash Buyers

Here are some tips I picked up from Mark Walters...

One way to find Cash Buyers is to research recent sales in the area you're investing in. You may need the help of a Realtor or title company to do this.

1. Find recent sales in a 1-3 mile radius of neighborhoods you're targeting with your marketing.
2. Dig a little deeper to find which ones were purchased WITHOUT FINANCING, as these are CASH BUYERS.
3. Find contact info for these people and then contact them to see if they're interested in buying more property in the area.
4. If so find out what their criteria is and then target properties that fit what they're looking for to flip to them...Rinse and Repeat.

Here is another method:  FOR RENT properties.  Call the number on the sign or the ad and ask the owner/landlord these questions:  1) are you looking for more rental properties; 2) do you have any rental properties you would like to sell: 3) do you know anyone looking for rental properties; and 4) can I place you on my VIP Buyers list.

When you have a stable of these cash buyers you have the foundation for a THRIVING real estate business!

If you have additional thoughts or ideas, please leave them in the comment section.

Real Estate Investing - You CAN do it!

I think we all want to invest in real estate but aren't quite unsure if we have what it takes to pull it off. To tell you the truth, you really don't have to possess extraordinary skills just to make it huge in this business. In fact, most successful real estate investors started with nothing but a basic knowledge of what they are doing. But with dedication and the willingness to learn new things, they were able to get where they want to be.

It is important to get focused on where it is you are going and what it is you need to do.  I don't remember where I got this, but I wanted to pass it on if you haven't read it before. 

There is a huge difference between a real estate investor who's making meager income as he works ten hours a day and an investor who's enjoying a holiday in the Caribbean while money pours into his bank account. If you want to be the latter, here's what you should do:

1. Make a plot and use it. Investing in real estate without a excellent business plot is like going into war without a gun, which is why you need something that will guide your steps to prevent defeat. A success-oriented investor is someone who comes up with a list of goals and carries out action steps to accomplish his objectives. If you make a plot, make sure that you stick to it.
2. Develop excellent work ethics. Real estate investors spend most of their time dealing with a lot of people. If you want to be a successful investor, always be careful when doing business with buyers, sellers, contractors, and lenders. Never do something that would affect your integrity and credibility as a real estate investor.
3. Don't be worried to take risks. As the saying goes, fortune favors the bold. Don't be worried to do something out of the norm because sometimes, taking a leap of faith can yield fantastic results.
4. Follow excellent examples. Take the lead of the largest names in the real estate investing business. These people can serve as excellent role models because they have developed certain techniques and strategies that helped them survive in a highly competitive, yet rewarding industry.
5. Never stop learning. Education is what separates success from failure. Therefore, make it a habit to read instructional manuals on investing in property and study related materials because you'll be able to pick up things that can help boost your business.

Jeff Adams on "Buy It, Fix It, and Flip It"

More and more people are giving up the daily grind and aspiring to venture into the lucrative real estate market. It seems that even in a struggling economy, there is money to be made in the housing industry. Investing in real estate rehab or fixer-upper projects offers pretty much anyone the opportunity to make a substantial profit within a relatively short term. By definition, a fixer-upper is a real estate property that requires some maintenance, redecoration, reconstruction, or redesign. Doing so raises the property’s potential value and ensures a return on the initial investment.

Before tackling such a business venture, there are several elements to consider. First and foremost, an investor needs to decide on the best strategy for locating bargains with the most potential for profit. Real estate owned properties (REOs), foreclosures, auctions, or for sale by owners (FSBOs) are all options to consider. Also, working with a local area real estate agent offers much insight into the current market.

The type of financing that will be incorporated will also be a key component within this overall strategy. There are several ways to acquire financing for an investment. The sellers of the property, banks, government programs, investors, or private mortgage companies can provide funding. Also, one has to decide if partners will be involved in the transaction, who will actually be doing the rehabilitation work on the property, and whether or not the property will be listed with real estate agents.

Creating a business plan is the next course of action. This allows an investor to choose the proper alternatives that cater to each individual situation. It outlines specific objectives and also highlights both the risks and rewards of the investment. A business plan also offers a perspective and pinpoints the strengths and weaknesses of the potential purchase.

Once the business plan is in place, an investor can begin his/her journey to investment by finding target properties. A target property would generally be a single-family home in need of repair that is located in a decent neighborhood. Lower to mid-priced homes in areas which first time home buyers wish to live in are great target properties.

Looks do matter. The best looking homes are not necessarily the best options for profit. Houses that require only cosmetic repair are typically marketed nearer to their maximum retail value. Comparatively, houses that are structurally sound but need some work are ideal. They are priced cheaper and when coupled with value added rehabilitation, they become assets, which in turn offer a profit. Houses that offer causes for concern such as severe foundation settling, soil instability, plumbing problems, electrical system overhauls, extensive roof damage, or obsolete floor plans are not desirable investments.

Determining a purchase price is the next step in process. Having a realistic idea of what you are getting into is key. This price is contingent on a variety of factors. The maximum retail value of the property after repairs and renovation have been completed, comparable purchases in the neighborhood, real estate appraisers or agents familiar with the local markets all play a role. A property’s purchase price can be determined by assessing the maximum retail value of the property and subtracting purchase costs (loans, brokerage fees, closing costs), rehab costs (repairs and improvements), holding costs (interest expenses for loans, utilities, taxes accrued between the purchase and the sale of the property), sales costs, the contingency factor (any unforeseen or unanticipated expenses), and profit (the amount netted after expenses). This formula decides the maximum purchase price for the property.

After the purchase price has been established, a funding plan needs to be implemented. One can either work with private mortgage lenders or receive financing from the seller or a combination of both. An investor needs to identify potential sources of income and decide if he/she will supplement what is needed through personal savings, with other investors, or joint venture partners.

One popular choice is a renovation loan through a home equity line of credit or a mortgage. This type of loan can generally be borrowed against ninety percent of the equity the homeowner will have when the house is completed. The interest rate on a home equity loan is about the same as a mortgage but only about one hundred thousand dollars of this is tax deductible. An even better way to procure financing is with a renovation loan paired with a first mortgage. Loans can be borrowed against the house’s value after the rehabilitation and renovation work has been completed and the interest is tax deductible up to one million dollars. Almost all lenders, the Fannie Mae’s HomeStyle program, and Freddie Mac’s Home Work! product offer this type of financing.

When financing has been established, it is time to find a real estate agent in order to proceed. The expertise they offer is invaluable and they are knowledgeable of properties that are or soon will be available, price ranges, financing options, neighborhood characteristics, title issues, seller negotiations, and purchase offer submittals. In addition, they have access to multiple listing systems (MLS). These Local Association of Realtor databases are useful tools to have in the market. Considering that only about fifteen percent of the properties in the market are for sale by owner and REOs can only be accessed through an agent, working with a real estate agent is crucial.

After the initial investment has been made and the property has been purchased, a rehabilitation strategy is implemented. The ultimate goal is to enhance the marketability of the property. All structural, mechanical, and electrical systems need to be repaired in compliance with the Federal Housing Association (FHA) construction standards. High quality work by professionals is necessary to ensure the best possible renovation. Curb appeal, kitchens, and bathrooms should be paid particular attention. Monitoring the project, tracking expenditures and maintaining records, and also photo documentation of progression are essential.

Over improving a property does not necessarily offer a greater profit, but rather hinders the sale of the house. Renovations should be comparable to other homes in the area. To receive the maximum resale value of the property, rehabilitation and remodeling investments should not increase the retail value of the house by more than ten to fifteen percent above the median sale price of other homes in the local area.

When it is time to sell, a powerful marketing strategy is necessary. Finding a top selling real estate agent is imperative for maximum market exposure. The listing agreement should include monetary incentives that stress the urgency factor of the sale and protections that define liabilities for all parties involved. Keeping in close contact with the agent enables the seller to monitor the progress of the marketing plan. Buyers can also be attracted with seller financing options.

Buying, fixing, and selling a house is a huge undertaking that offers an investor a potential for a good profit within a relatively short amount of time. It involves a lot of hard work and a large time commitment. For those willing to put forth the effort and often times the elbow grease required, it is definitely an investment worth making.