Think and Grow Rich
Think and Grow Rich
The Science of Getting Rich
The Science of Getting Rich

A Warning to Real Estate Investors

Matt Napier's Real Estate Warning to InvestorsSince the beginning of the Great Recession, there has been a debate on cash flow between real estate investors, many of whom learned some tough lessons when the Recession began (including myself). Specifically, the debate is: What kind of deals should you focus on and how is your money best used!? Should you focus on creating equity or focus on creating solid income and cash flow?

You may be saying that they don’t have to be mutually exclusive. While that is correct, many investors tend to focus on either building equity OR cash flow. To me, the decision of what kind of deals to focus on is made easy if you boil it down to one thing- how much money do you need right now to live the lifestyle that you are already living (provided it’s already a decent standard of living) and do you already have enough cash flow to live off of on a monthly basis? If you do not have enough to live off of, do NOT focus your efforts too heavily on equity build up. Instead, focus on cash flow (quick flips, wholesaling, and only rentals that will generate strong cash flow); investments that will put cash in your pockets within 1-9 months.

One of my mentors when I got into real estate investing nearly a decade ago, Del Hinds, who headed the SCREIA, made a point of continually telling me not to focus too much on gaining long-term equity, until I had enough to live on today. His famous words still haunt me- YOU CAN’T EAT EQUITY! I also had another mentor that swore to me, you better have a sure fire exit plan and back up strategy if it doesn’t work. I will explain that more in a minute, but for now, let’s talk about Del’s words. At the time, I thought that he just had a different approach to investing, but he was 100% correct. Although I’d built up a significant pile of equity in properties, that was slowly being squeezed out each month when the Recession hit and since I didn’t focus on strong cash flow from the beginning, the $100 to $150 I was making per property on gross rents (before expenses) barely covered basic maintenance and vacancies, meaning my true profit per month on rentals was close to zero.

This serves as a warning. If the economy goes into another recession (which is certainly possible given the lack of fundamental improvement in the economy and massive spending by our government) and you do not have more than enough cash flow to live on already and are focusing too heavily on equity, change your focus… FAST. Focus on wholesaling, rehabbing, and flipping properties, or if you do buy rental properties, ensure that you have at least 30 to 35% cash flow after PITI payments plus a 10% allowance for vacancies and a 10% allowance for repairs (I actually look for 50% net cash flow now). Just because there are enough properties with potential equity that we can buy all day long right now, don’t buy too many properties too quickly if the strong cash flow isn’t there, and if you’re choosing not to re-sell them right away. Your equity may get squeezed out and you may be stuck with a property that you can’t sell for what you thought, and then you’re holding onto properties that aren’t cash flowing well enough to make it worth your time. You’re one of the smart ones though; you know to focus on cash flow, and thus, you will be a successful investor.

Matt Napier

With nearly a decade of experience in specialized niches of real estate, Matt is considered a highly knowledgeable real estate investor in the Charleston, South Carolina area. Matt has dedicated himself to learning highly specialized skills which allow him to find high-return real estate investments for his clients and his investment company, The Napier Organization. His company offers high-return investment opportunities to select individuals and funds, secured by real estate. In his free time, he enjoys coaching new real estate investors on the technical details of real estate investing.


10 Goal-Setting Questions Answered by Today’s Top Goal Experts

goal-setting-experts-panel

When it comes to goal-setting, many people don’t know where to start. They know that they want something, but don’t know how to go out and get it.

You can learn anything you need to learn to accomplish any goal you can set for yourself. No one is smarter than you and no one is better than you. All business skills, sales skills, and money making skills are learnable.

With that said, we put together a panel of five of today’s best goal achievers and experts and put them on a panel together. A legendary Twitter chat full of life-changing advice quickly ensued.

Below is a summary of all of the best advice given during our #GoalGetters2017 Twitter Chat.

First, meet our experts and download their favorite free resources on goal setting:


brian-tracy

Brian Tracy is recognized as one of the top sales training and personal success authorities in the world today. He has authored more than 70 books and has produced more than 500 audio and video learning programs on sales, management, business success and personal development. Get Brian’s free 14-Step Goal Setting Guide here.


jack-canfield

Jack Canfield is the beloved originator of the Chicken Soup for the Soul® series, he’s taught millions of individuals his modernized formulas for success, and now certifies trainers to teach his content and methodology all over the world. Get Jack’s FREE 12-Month Success Planner here.


brian-tracy

Phil Town is a hedge fund manager and author of 2 New York Times best-selling investment books, Rule #1 and Payback Time. He has a passion educating others, and has given thousands of people the confidence to start investing and retire comfortably. Get Phil’s 14-Day Financially Fit Challenge here.


john-assaraf

John Assaraf is a serial entrepreneur, brain researcher, and CEO of NeuroGym. In the last 25 years, John has grown 5 multi-million dollar companies in real estate, Internet software, brain research and life and business coaching and consulting. He’s the author of 2 New York Times best-selling books, Having It All and The Answer.


t-harv-ekerT. Harv Eker is the author of the best-selling books, Secrets of the Millionaire Mind and SpeedWealth. He has also developed several highly-acclaimed courses such as The Millionaire Mind Intensive, Life Directions, Wizard Training and Train the Trainer. He is also the producer and trainer of the world-famous Enlightened Warrior Training.


Read on for a compilation of questions from the #GoalGetters2017 Twitter chat, and take advice from the success experts themselves!

1. What advice do you have for someone who has gotten off track with their goals this year already?


2. What’s your number one tip for goal-setting and/or goal achievement?


3. In what areas of life should someone set goals and how many goals should a person have?


4. What should someone do if others around them aren’t supportive of their goals?


5. What should someone do if they don’t meet their goal in their desired timeframe?


6. What should someone do if their goals need to change partway through the year?


7. Do you have any tips for on how to overcome procrastination so you can get started on achieving your goals?


8. Do you recommend setting smaller goals or risking failure by setting higher ones?


9. Do you have any tips for how to stay motivated to make sure someone achieves their goals?


10. What is one major goal that you’d like to achieve in 2017?


Thank You For Joining Us!

We’d like to thank everyone for participating in this chat! We hope to do another soon. Let use know what you want us to chat about next time! Thank you so much to our participants and panel guests for joining our Twitter Chat! We hope you gained valuable information and tips for success in 2017.

10 Goal-Setting Questions Answered by Today’s Top Goal Experts is a post from: Brian Tracy's Blog

Episode 68: [Day In The Life] Tornados and Masterminds

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Show Notes

This this vlog, Danny talks the crazy storms in San Antonio, and his upcoming Masterminds Meeting with Justin Williams and Andy McFarland. Don’t forget, all of the vlog episodes (and more) are available on the FlippingJunkie YouTube channel at http://youtube.com/FlippingJunkie

Here’s today’s episode:

 

Aside from the insane storms in San Antonio (right near the office too! Yikes), Melissa and Danny are heading to Justin Williams’ and Andy McFarland’s 7 Figure Flipping Masterminds Meeting!

Not only is this an important networking opportunity, but it’s a great place to learn. Expanding your understanding of what you’re doing will keep you improving and make you a more worth while real estate investor.

There’s a saying that goes something like: “10 years of experience is only 10 years if you’re learning. If you’re not, it’s just 1 year repeated 9 times.”

Don’t be someone who’s just repeating one year of experience for the rest of your real estate investing business’s career. You want to be learning and expanding all of the time so that you can always be on top of what’s changing in the industry.

And there’s no better place to start that at the 7 Figure Flipping Masterminds Meetings! You can learn more at this link below. And we’re in the video! Neat 🙂

Stay tuned and be sure to subscribe to the FlippingJunkie Youtube channel: http://youtube.com/flippingjunkie

Links

Flipping Junkie: Flipping Houses Videos

7 Figure Flipping Mastermind Meeting

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This is my simple request: If you enjoy the podcast and look forward to hearing a lot more episodes, I would be very grateful, happy, beholden and otherwise indebted to you to rate and review the podcast on iTunes.

It’s your choice and I do not want you to feel at all obligated. But I’d love it if you would subscribe and leave a rating and review.

Ratings and reviews allow the podcast to be seen by more people, which will help me achieve my goal of helping as many others as we can to get started in the house flipping business and change their lives.

Click here to rate and review our podcast! 🙂

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The post Episode 68: [Day In The Life] Tornados and Masterminds appeared first on Flipping Junkie.

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