Real Estate Investing, in Rental properties gets a lot of admiration because of, passive income. Usually there is positive cash flow in, rental properties.
Joke of the day Rental properties
A young woman, pursuing a graduate degree in art history, was going to Italy to study the country's greatest works of art.
Since there was no one to look after her grandmother while she was away, she took the old lady with her.
At the Sistine Chapel in the Vatican, she pointed to the painting on the ceiling. ‘Grandma, it took Michelangelo a full four years to get that ceiling painted.'
‘Oh my, ‘the grandmother says.
‘He and I must have the same landlord!'
A few weeks ago I interviewed my co host Trevor Evans on the topic “The path to Financial Freedom” We received such an overwhelming response to that topic that I decided to have a spin off on, Real Estate Investing. This is episode #2 in the series: Real estate investing, “Funding, Fixing and Flipping. Is Owning, rental properties, worth the headache?
As a realtor for over 17 years, investing in, rental properties, has been my space up to this point. I own several rental properties and I also manage several rental properties.
My co-host for this podcast is Trevor Evans: Speaker/Trainer for Legacy Education Alliance and Rich Dad Education. Trevor is also an Entrepreneur, Real Estate Investor. Banker and Founder of Personal Awakening Brand “Being Normal Sucks.”
I met Trevor earlier in the year when I attended a Get Motivated Seminar and signed up for a 3 day, real estate investing, seminar. I met my co host Trevor Evans at this program and let’s say his vast knowledge on the subject of, real estate investing, and, real estate, opened my mind to new opportunities.
I didn’t know what I didn’t know!
His knowledge base was extensive. I immediately enrolled in the Legacy Education Alliance, investing in real estate, training program.
Real Estate, will be a natural choice for many as an, real estate investment, vehicle. Generally, real estate, can be counted on to rise in value over a period of time. If you want short term investments, you can use short term investment vehicles like treasury bills. Other options are gold, commodities and the options market. Small investors are now also switching to Mutual funds because they offer a great deal of flexibility, and they can be cashed in at any time.
So, the best investment choice depends on your country laws as it relates to Capital Gains tax vs interest tax. In the USA and Canada, interest is taxable while you can make a lot of money tax free with capital gains.
Are you looking to invest in the south Florida market? The time is ripe for investors. Call Myrna Young at Century 21 Selling Paradise 239-542-5777 for all your Wholesale or Rehab purchases, Buy and Hold, rental properties, or Property Management services. We are licensed in real estate and property management services and can also buy or lease your home. Don’t delay, Call today 239-542-5777
“Is Owning Rental properties worth the headache?” Show notes:
What are investors doing that is causing the headache?
Not properly screening the tenant.
Most investors are stressed to put a tenant into, rental properties, because it costs to have a vacant property.
That is the underlying reason that they short the screening process or decide to take a risk with a tenant. But it costs more to have the tenant removed and evicted, so the pain of a bad tenant lingers for a long time.
Not understanding the renters mindset
A renter does not have an owners mindset to take care of a property.
The environment the rental is living in determines the mindset of the tenant. If you have a tenant in a single family home that is costing over $1500 per month. That tenant has an owner's mindset and would usually take care of the, rental property, as his own because he or she is probably an executive and is not renting because they can't afford to buy.
Know your tenant
That allows you to skip inappropriate steps.
Understanding the positive cash flow cycle
Buy only properties that need remodeling instead of renovations
Setting up warranty or replacement work directly with local scratch and dent shops
Paying a flat fee to a Property Management company
Additional resources
Some resources for Real Estate Investors: BiggerPockets: The Real Estate Investing Social Network. There are many free articles and forum threads all for free on how to get started in real estate investing.
https://www.mashvisor.com Use analytics to find lucrative traditional or Airbnb properties in a matter of minutes.
The path to, financial freedom, comes from the quality of our lives. This is, true wealth.
True wealth, does not depend on how much we accumulate, save, or spend our money.
True wealth, comes from who we are on the inside, and not by what we do, or what we have.
The first step to, financial freedom, is to make the mental shift, that your world in here, will be reflective of your world out there.
This week on Mindset Transformation radio, I interview Trevor Evans, teacher/trainer in real estate investments.
Here is a tip of the week Financial Freedom:
There are 2 types of people in regards to, wealth, one who is magnetized and full of confidence and know his potential, and the other is demagnetized and full of fear and doubt, and he tells himself I will fail, I could lose my money, people will talk about me behind my back etc. So, he does nothing. He takes no risks!
As you have probably figured out, the demagnetized man will never get very far.
I love the parable Jesus told about the man who was going on a long trip. He called his servants and entrusted his money to them while he was gone.
He gave 5 bags of silver to one, two bags of silver to another, and one bag of silver to the last.
The servant who received the five bags of silver began to invest the money and earned five more. The servant with two bags of silver also invested and earned two more; but the servant who received one bag, dug a hole in the ground and hid the master’s money.
When the master returned, he was full of praise for the two servants who invested his money and increased it; but the servant who gave him his money back with no increase he called “wicked and lazy.”
The moral of the story is the path to, financial freedom, is investing what you have to earn more. Let your money work for you. Also it show those who use well what they are given, even more will be given to them; but those who take no risks and do nothing, even what little they have will be taken away.
There are 3 honest ways to financial freedom.
The first is to work for it. The common consensus is that with a few exceptions you can never become, wealthy, working for someone else.
The second way is to inherit it. For most of us, inheritance is not a sure bet.
The third way to, financial freedom, and the most powerful way, is to invest it. Let your money work for you. Compound interest, is one of the most powerful tools in the accumulation of, wealth. Let it work for you. Do you know if you put $2000 in your 401k at 21 years old and let it grow with an annual compound interest of 10%; at age 65 it would have grown to over $1,000,000?
Nassim Taleb said, “The three most harmful addictions are heroine, carbohydrates, and a monthly salary.” But salaries, fed through cubicle farms, are worse than addiction: salaries are slavery. While starting a company may emancipate you from salary slavery, most founders are enslaved to their startups — trading family time, personal health, and happiness for late nights, long commutes, and stress. So where's this, financial freedom, in the Land of the Free?
This week on Mindset Transformation radio w/ coach Myrna and podcast, I interview Trevor Evans, Speaker/Trainer. Trevor is going to talk about the mindset of an investor, what you need to do to think like an investor and not an employee as well as some foundational tools of real estate investing.
Our sponsors for this episode are A&C Limousine service and Young Real Estate Investment services.
When in the greater Toronto area and ground transportation is needed, look no further. Contact A&C Limousine service for your luxury ground transportation. We will get you there safely and on time. Call 416-892-8336 and ask for Colin.
Are you looking to invest in the south Florida market? The time is ripe for investors. Call Young Real Estate Investment Services at 954-999-6125 for all your Sales, Rentals or Property Management services. We are licensed in real estate and property management and will buy or lease your house. Don’t delay, Call today 954-999-6125
Show notes Financial Freedom:
• Topic: What is, True Wealth: The Path to, Financial Freedom
1. Question 1: Tell us of your path to becoming a Speaker/Trainer for Legacy Education Alliance and Rich Dad Education.
2. Question 2: Before you become an investor, what mindset shifts must you overcome?
3. What I love about the Legacy training is that it focuses on understanding the market and how to use money and not just on the brick and mortar of Real Estate investing. It covers using credit card as an asset instead of a liability. So that is the first mindset shift I think we should discuss.
4. What is the second mindset shift you think is important to acquiring, wealth?
5. If someone listening to this show wants to start investing in, real estate, what advice would you give them and where should they start.
6. When I took your class, you spent the first 2 hours totally letting us wait for the information you know we all wanted to hear but you spent time teaching about Abraham Hicks vortex and frequency. Why was that important?
Wholesaling, is often marketed as a low-to-no cost way of getting into real estate investing and this can be true. A new, wholesaler, can certainly profit with a much lower initial cash outlay than a, real estate investor, who has to buy a property and rehab it.
In, wholesaling real estate, a real estate, wholesaler, contracts with a home seller, markets the home to his potential buyers, and assigns the contract to the buyer. The, wholesaler, makes a profit, which is the difference between the contracted price with the seller and the amount paid by the buyer.
What Exactly is Wholesaling Real Estate?
Wholesaling, is often marketed as a low-to-no cost way of getting into, real estate investing. However, the successful, wholesaler, has to have a firm grasp of what makes for an attractive deal – once you understand this process of , wholesaling, it becomes much easier and can be broken down into a serious of repeatable steps.
Word from our sponsors:
Are you looking to invest in the south Florida market? The time is ripe for investors. Call MyHelps Real Estate Investment Services Services LLC at 954-999-6125 for all your Sales, Rentals or Property Management services. We are licensed in real estate and property management and will buy or lease your property. Don’t delay, Call today 954-999-6125
My co-host today on this podcast is Trevor Evans.
Trevor is a Professional Speaker, Real Estate Investor, Retail Store Owner.
Speaker/Trainer for Rich Dad Education and Founder of Personal Awakening brand “Being Normal Sucks.” Trevor has also been married for 19 years and have 2 beautiful daughters ages 22 and 18.
Are you on a journey to find happiness through the doorway of wealth?
Living in financial abundance is one way to find happiness but not fulfillment.
You deserve happiness, and you CAN attain it.
The Transform Your Mind with Coach Myrna podcast has entered into collaboration with with Swami’s Brahmananda to offer my listeners guidance and the power of an entire community of happiness seekers, so you too can wake up happy.
For more information please clink the link below and start your Happiness journey
Investors ready to learn how to start, wholesaling houses, will be happy to know the process is not complicated. Here are a few simple steps to get started, real estate wholesaling:
Research your local market before getting started.
Find a realtor with off market discounted properties.
Secure a financing source that works best for you. This is usually a Hard Money Lender.
Begin searching for potential, wholesaling, properties by driving for dollars.
Decide whether to sell the contract or assign the contract.
What is a step by step plan to becoming a Real Estate Wholesaler?
Step 1: Create a Database of buyers:
Contact local Rehabbers and Contractors and ask them what kind of properties they are looking for to rehab.
You can find them at your local Chamber of Commerce or your local REIA
Ask them these questions.
1. What kind of properties are they currently rehabbing?
2. Type of properties they like to work with Eg. Single family or multi family?
3. What are they certified to work on? Eg. Are they certified to work on burn down or water damaged properties?
Step 2: Put an AD on Craigslist
Ask the following questions when you get responses to your AD
1. Is the property listed with a Realtor?
2. Are you speaking with the owner of the property?
3. Is the property in, Foreclosure, probate, bank owned, or free and clear
4. Does the property need rehab? If so what is the estimated cost of repair.
Step 3: Put together your power team which includes your Title and Escrow Agent.
If you structure your deals properly, you could use one escrow deposit for 10 properties!
In our first episode you talk about process. You said that setting up a process prevents failure.
What is the process for the real estate Wholesaler?
My friends at Connected Investors wrote this article on Getting started with, real estate Wholesaling.
Wholesaling, is often touted as the easiest entry point into the world of, investing in real estate. And financially speaking the barriers to entry are generally a lot lower, especially when compared to fix and flipping or buy and hold investing. Many experienced, professional investors have door-knocked and bandit-signed their way up the REI ladder without having more than a cell phone, gas money, and the will to WIN. read more …
• If you found this blog post inspiring, please Subscribe, Rate and Review this Podcast, then send me an email to info@myhelps.us with the subject line “podcast review” and I send you a free gift.
Free eBook: Wholesale Plan of Action Cheat Sheet
This cheat sheet was created by Connected Investors and goes into further detail on the Wholesaling steps.
To survive the, economic collapse, first thing I would say you need to do is you're going to have to acknowledge where you are financially. The beauty of an, economic, downturn is that there are more successful people created during a period of, economic collapse, than any other times. The, economic collapse 2020, is no different.
My guest today is Solomon Ali author of “The Empowered Wealth Bible” and “Economic Survival” and we're going to be talking today on “How to survive an, economic, collapse because I think we're heading to an, economic, collapse.
Introduction to How to Survive an Economic Collapse
Solomon, I'm very curious to hear your backstory, how did you become an expert on, economic, conditions?
Immediately after high school, I went into the military. I went to a predominantly white high school and my guidance counselor said I had good GPA; but they never directed me to go to college or university, so I went straight into the military. I made it to the rank of sergeant and learned how to manage people and how to build a team.
When I got out of the military and went home, I couldn't find a job, common story. So I started helping my parents clean up their rental properties. I ended up organizing the cleaning crews. We became a mobile company, cleaning up apartments, painting them, doing minor repairs so that the apartments could be ready for the next tenant to move in. I had a team of people structured like an assembly line. We had people come and do the masking of everything. We would mask off four or five apartments at one time. The next group would come in and they would clean the tubs and the toilets, and the next guy would come in and paint it. Then someone would come back and take all the masking tape off, vacuum and shampoo the carpets and we were done.
Sponsored AD
Author Betty Tucker shares the story of her life in her memoir, Don't Worry About The Mule Going Blind.
Betty Tucker came of age in Belle Glade, Florida, infamous for its poverty and violence. Her childhood was one of de-bili-ta-ting poverty, borne of racism, exploitive migrant labor, multiple rapes and other abuse, and chronic illness among her family and acquaintances … the list is long and bitter.
Betty moved to California, earned her College degree, and raised a family. Then, in 1997, she began a long and eventually successful search for the twin girls she had given up for adoption thirty years earlier.
Don’t worry about the Mule going Blind is a book about Fear, insecurity, sexual abuse, and neglect: This memoir will look beyond the description of these difficulties in the author's life to examine how she acquired the tools she needed to take more control of her life, and what decisions impacted her choices.
Pick up your copy today! Don’t worry about the Mule going Blind now available on Amazon.
Now that is, economic, survival. Surviving the rental income business. That sounds like the best structured management cleaning that I have ever heard, and I do property management as a Realtor!
We had over 70 people on our team. We went from zero revenues, to a little over 6 million in 12 months! But I was not able to collect all my money. I had all these accounts receivables and I had payroll that was coming up. So I got on my knees and prayed one night and I was talking to God, and the next day I'm looking in the LA Times and I see a company advertising for accounts receivables loans. I called the guy and left a message on Sunday he calls me promptly on Monday morning and he went over everything. I made the trip to San Bernardino, California and got a check for $380,000. He bought all my $500,000 accounts receivable accounts.
That was my first lesson on, economic, survival in the form of risk management. You do not want to have a huge concentration of your business coming just from one or two customers, you want to make sure that your company it's more diversified.
That is what I do today. I consult companies on how to survive, economic collapse, or downturns because they come about every 10 years. I teach them how to scale, how to grow, and how to access the finance world. In other words how to arrange capital, so they can do their roll-ups for this , economic collapse 2020.
We check out the competition and then we begin to set up what I call mirroring. We design a program that fits my client so that they can grow and scale their business and we're able to access capital for them. I may have private equity companies that I have arrangements with and I get very passionate about helping others fulfill their dreams.
Sponsored Ad
Stuck at home? Here is the perfect store for you. Whether you are looking for medical supplies, home workout equipment, or survival gear, this is the place for you! Visit www.consumermedicalsupplies.com and get a 10 percent discount when you Use promo code MYRNA. Hurry, this is only while supplies last!
This website was created by a veteran who wants to help those ashore and abroad, so support our military while you shop! That’s www.consumermedicalsupplies.com
What does your book “The Empowered Wealth Bible” teach us about, Economic Collapse 2020?
That book speaks in reference to the different tricks of the trade, how you survive, economically, and raise the capital for your business. It teaches you how to use personal credit and credit cards.
It is extremely helpful to the new entrepreneur trying to fund his business as well to the mother wanting the best for her family.
There is one chapter in the book where we talk about how we could take your credit card money's right from your credit cards and apply it to your mortgage and rotate that around cutting the interest rate on your mortgage and shortening the time period. The book also shows you how to start a business with very little to no money and still be okay in an, economic collapse. Things like that, it is all about, economic, survival.
I started my private equity company back in 2009, I started with two hundred and fifty dollars and by the end of a year or so I was making millions of dollars.
Sponsored AD
Need Rocket Fuel for your immune system? Weather you have a Healthy lifestyle or not, no one escapes the consequences of cellular breakdown.
Think of your body as the most complex communication network that exists. Every second of every day your cells are passing tremendous amounts of information, from cell to cell and throughout every system of your body. Any breakdown in this vital communication and you cannot achieve your full health or healing potential. Your body would be like a house on fire and you can’t call the fire department because you have no cell signal. So you watch your home go up in flames!
This is what Asea REE-dox signaling supplement does. We have the only technology in the world that can increase this critical cell signaling throughout your body.
Asea REE-dox Signaling supplement has been clinically proven to boost your immune system to optimal levels.
In Les Brown's new book “You got to be hungry” you must be hungry for success. You must be hungry to achieve your set goals and work your strategies to achieve, economic, survival.
We are now smack in the, coronavirus, pandemic and the, economic collapse 2020. Companies are closed, millions of people have lost their jobs and everybody is scared about their future. It's really interesting that you had the premonition to write the book, Economic Survival, before we faced an, economic, collapse.
I understand we are heading into a recession even a depression.
Sponsored AD
My tax lady Miami.com wants to help you Get your Stimulus Check!
The IRS has released their new Web Tool to update your info in their systems for your stimulus payment :
If you have already filed your return, you don’t need to do anything.
If you didn’t file yet, download the My Tax Lady Miami App NOW and let’s get your refund AND your Stimulus Payment ?
If you know someone who doesn’t usually have to file a tax return (the elderly, disabled and/or very low income individuals) and wants to receive their stimulus payment, https://mytaxladymiami.com/ or have them contact My tax lady Miami to file a simple return ASAP.
How would we survive economically if the US, economy, was to go into, economic collapse 2020?
Firstly, I'm going to say we're already in a recession. Our, economy, is already seeing an, economic collapse 2020. We haven't saw seen all the manifestations of what's going to happen, but anytime you shut down businesses state by state, you're losing your, economic, base within those states. So all of these businesses shutting down resulted in I think as of today there's over 37 million people filing for unemployment.
Let's put that in perspective, that's not counting the people who are self-employed, who are not able to file for unemployment. So you have to add millions or more to that number, that's not also counting the people who are just giving up and not looking for work. That’s millions more.
I predict that the US unemployed will be closer to about 60 or 70 million by the 3rd quarter. I predict we will see an, economic collapse.
I'm going to Segway over to the African American businesses. On average there's approximately five million businesses existing in the United States with ten or more employees.
African American companies there are only about one hundred thousand or so with ten or more employees. That's a big and significant difference between five million to a hundred thousand. That tells us that the majority of us, African-Americans, are working for other people and those jobs are no longer going to be there in the future.
Sponsored AD
Want access to learning tools that will help you improve your life? Visit www.loyaldetermined.com! Loyal Determined offers online dating courses for both women and men which are easy to follow and will help you improve your existing relationship or assist you in making your next relationship succeed.
Loyal Determined also offers online math courses for students who want to sharpen their skills in courses like Algebra and Algebra 2 in an engaging and effective way. Loyal Determined is constantly offering awesome new online courses to help you improve your life so be sure to check their website frequently. Visit www.loyaldetermined.com today!
Small businesses create the majority of the jobs, however your larger companies employ more people. So when you place all this in perspective African Americans are not going to have anywhere to go and will suffer more from an, economic collapse.
Here are some strategies on surviving an, Economic Collapse:
To survive the, economic collapse, first thing I would say you need to do is you're going to have to acknowledge where you are financially. The beauty of an, economic, downturn is that there are more successful people created during a period of, economic collapse, than any other times. You have to solve someone else's problem, you have to be of service to someone, so that now you have people looking for you because you become in demand.
New businesses will be created like, AirBnb, created in the 2009 financial crisis.
We are losing millions of businesses but new businesses are created during an, economic collapse.
After you solve someone's problem is you have to educate yourself. You have to remove the fear, because fear will paralyze you. Once you remove the fear you will be able to go out and help someone else.
A lot of people that have the employee mindset will have to switch because they are not going to do well. Unfortunately our, economy, and, economic survival, depends on developing an entrepreneurial mindset. We're going to be living in the, economy, where a job no longer exists. You're going to be a subcontractor, you're going to be an independent .
You have to look at where are you today financially and reset your priorities. Instead of loosing your home in the, economic, downturn because you lost your job, maybe your parents have a room you could live in and you could rent your house. You're going to have to be willing to do what is necessary for, economic survival.
Immediately begin to renegotiate your debt so that you can have more cash flow.
Diversify – you may have to do some joint ventures with other companies or other people.
Sponsored AD
Ladies, if you’re looking for premium luxury hair extensions and products, take a moment and check out myminghair.com. MING HAIR is your #1 premium virgin hair company for quality Indian and Brazilian hair, lace wigs, magnetic lashes and custom hair & beauty accessories! We want you to look and feel your best, so we offer a wide array of styles, lengths, custom colors, bundle deals and much more!
We believe in customer satisfaction which is why you earn rewards on every purchase! You will not be disappointed. Our hair is bouncy, luxurious, long-lasting, and stylish!
Visit myminghair.com today and receive 20 percent off your first order and get exclusive access to other promotions. We look forward to making you a long-lasting customer with MING HAIR.
How do you think the Real Estate Market will fare in this, economic collapse 2020?
I think we're about to see by the last quarter of this year a lot of foreclosures will begin to take place. I believe a lot of people will begin to lose their homes.
For those investors who have the cash flow and the ability to buy, they will be able to pick up properties at a significant discount, because the banks are going to have to give rid of those assets off of their books. Credit lines will be cut by the end of the third quarter. I'm pretty sure maybe even at the beginning of the third quarter the credit lines will begin to get cut, which will have a trickle effect on the, economy.
What we do know is that our, economy, is not coming back anytime soon. We may have as many as 60 million people unemployed. People don't have any reserves and if you don't have any reserves at the beginning of the, economic collapse, then what is going to happen after you have been unemployed for a year. Robert Kawasaki, of Rich Dad Poor Dad, was saying that what you do is you find out your runway for your business or personal life. How much money you have in the bank to take care of the essentials, housing, food and transportation?
Robert is absolutely right. We were all taught to have six months of reserves, but if the last, economic collapse, in 2009 taught us anything, is that it took people 18 months on average to get a job so we were wrong saying to have six months of reserves, you need to literally have two years of reserves. Most don’t even have one month.
How does Private Equity Investing help with, economic survival?
I love private equity, I love loaning out money and helping people to fulfill their dreams.
I have a passion right now for minority businesses. There's approximately 13,000 publicly traded companies all together but, there's only 13 black publicly traded companies currently. I sat on the board of directors of three and I was Officer of three all at the same time, where I was responsible to help them raise the capital they needed to, survive economically. The companies that I helped, they were not only successful they became in the top 5 companies.
To purchase any of Solomon Rc Ali books or for consulting services visit his website
