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We believe entrepreneurship is a fundamental human right for everyone.
You should not need a formal degree. It shouldn’t matter your race, your age, your gender, or where you live. You should be able to start a business quickly, inexpensively, without confusion and without barriers.
Because using and leveraging private lenders in you real estate investing business is, hands down, one of the fastest and most effective ways to give yourself the confidence and the speed of implementation that you need to land those deals that are going to take you where you’re trying to go with your business.
The problem is, time and time again, we hear how hard it is – no matter how many tips, tactics and strategies we give you – to effectively find and connect with private lenders. We always hear, over and over again, that getting that first one is a huge hurdle. It seems to be, for many people, this insurmountable first base hit that they can’t seem to get over.
So, for today’s post, we’re going to talk about a couple of specific ways that you can get over this hump. I’ve shared this advice a few times before, but never really focused in on it exclusively. And, I think it deserves focus because it’s really powerful.
Rather than seeking funding first, get a record through wholesaling. Get some experience under your belt. Build that track record of deals that you’ve closed and money that you’ve made, which you can then show to a potential lender.
It doesn’t matter what financial situation you’re in… you can start making money. You can start getting experience closing deals by simply wholesaling properties and get that initial track record in place.
You’ve probably heard that music “soothes the savage beast,” but apparently it lures in the reluctant homebuyer as well. According to the National Association of Realtors (NAR), using music to mask the “awkward clatter of heels across floors or the hollow echo of empty rooms” can dramatically enhance a home-showing experience and rouse feelings of hope and positivity in potential buyers. The results can include significantly shorter listing times and even higher selling prices.
“Music has a persuasive impact on the human psyche, and it can create an illusion of life inside the home,” explained Maurice Johnson, founder of Luxury Home Jazz Guitar. Johnson noted that music selection for a home showing should have absolutely nothing to do with personal taste. Instead, he said, “evoke the essence of the home you’re selling” and be sure to match your music with your buyer pool. For example, new age might be appropriate for an edgy loft property that would appeal to the artistic community, while “classical piano…could add to the opulence of traditional estates.” If a property has a great sound system in place, choose music that will showcase that as well.
Interestingly, despite the fact that he is a performance musician, Johnson believes that in most cases pre-recorded music will work best for an open house. The exception, he noted, should come in the case of luxury properties that have the space for live music and will benefit from the addition of musicians. Because the performers are now part of the staging, they should be placed where they help showcase property potential rather than hidden out of the line of sight.
Carole Ellis is editor in chief of the Bryan Ellis Investing Letter. Under Carole’s leadership, the Bryan Ellis Investing Letter has grown to over 700,000 subscribers, making it one of the largest real estate newsletters in the world. Each day, Carole directly impacts the daily thinking and conversations of real estate investors worldwide by providing thought-provoking analysis and commentary on news topics relevant to serious real estate investors.
Carole has a strong background in research and in the management of respected publications. She holds a degree in English Literature from the University of Georgia, and has substantial research experience in plant biology. She is the former editor of and writer for the University of Georgia’s Research Magazine. She’s also the author of hundreds of articles and multiple books and home study courses published under the names of her clients, many of whom are well known, highly respected real estate entrepreneurs as well.
Jerod Morris and Jon Nastor begin this episode with a quick discussion about how Jon balances being a husband and father with the demands of being a successful serial entrepreneur and running several successful shows.
Rainmaker .FM is the premier digital marketing and sales podcast network. Get on-demand business advice from experts, whenever and wherever you want it.
Many individuals that have always wanted to start a business never do it. This is because the whole business startup process normally overwhelms them. Additionally, they are unsure of the basics and specifics involved.
Granted, everything from putting down a business plan to hiring employees, to coming up with a business name, startups can surely turn out to be daunting. Nonetheless, you should not worry. You don’t have to face all the difficulties involved in starting a business.
Coming up with a business plan should be the number one step you take before launching your business. The last thing you want is to write up a business plan only when you are in a jam. You don’t have to wait until you need a strategic partner or money.
Business plans serve as a guide to help you in decision-making. With this plan, you can know whether your #prospective business is viable or not. The second use of this plan is to #satisfy investors and lenders. All these parties need to see your solid written business plan prior to making equity investment or approving a loan. With a business plan, you always have an easy time communicating with potential customers, employees, vendors, allies and partners.
Every business needs a great business name. Picking a memorable moniker and cool name is the prudent thing to do. If you have the resources, you can hire an advertising agency or naming company to do the trick for you. However, if you do not have the funds financially, you can do it yourself.
It probably doesn't feel like it, but nearly two-thirds of home sales contracts actually close without delay. That remaining third tends to dominate industry chatter and real estate professionals’ minds, however, creating tension and stress for months before the deal is actually done.
In reality, however, many of the main reasons that closings are delayed could be avoided in most scenarios. Here are the top three avoidable closing delays reported by real estate professionals today:
Delay 1) Inspection Issues Nearly one in 10 deals confront potential delays because home inspection problems surface after an offer has already been made and accepted. While this is certainly frustrating, in many cases it could be avoided (assuming the sellers’ have the financial wherewithal to address the issue) with a pre-market inspection that would help prevent surprises.
Delay 2) Problems with Financing For some real estate professionals, this issue is so big that they are not even willing to consider buyers that have not already been pre-qualified. If this describes you, then pre-qualification may be a good requirement for a sale. However, you will need to carefully evaluate how this requirement will affect whether or not your potential buyers even opt to view the home and decide if the sacrifice of volume is worth peace of mind and a predictable closing.
Delay 3) Title Complications Some of the savviest real estate investors we know actually do two title searches on every property before they buy specifically because title complications are so much more common than you would expect them to be! While you might think a title should be cut and dry – either clear or not! – in many cases, there may be one or more liens on the property that the owner may not even be aware of, and those liens may not always agree in order of precedence. Checking title every time will save you serious headaches later.
- Carole Ellis is editor in chief of the Bryan Ellis Investing Letter. Under Carole’s leadership, the Bryan Ellis Investing Letter has grown to over 700,000 subscribers, making it one of the largest real estate newsletters in the world. Each day, Carole directly impacts the daily thinking and conversations of real estate investors worldwide by providing thought-provoking analysis and commentary on news topics relevant to serious real estate investors.