Archive for January, 2015

Do YOU Have the Time?

We all have 24 hours in a day, right? No one has more or less. And some people are successful investors, right? Is that because they have more time than you do? Do they have 26 hours in a day?

This sounds silly, doesn’t it? Then why do so many people say that they just don’t have enough time to achieve success?

Are you one of these people? Do you say that you don’t have enough time?

Understand that time is a resource. Once it is gone, there is no getting it back. Time is not bigoted, racist, or only for the rich and beautiful. You can’t bank a few minutes. There is no going back. Everyone everywhere has the exact same amount and gets to spend it however they choose.

So how do you choose to spend your time? 8 hours sleeping… 3 hours eating…8 hours working…1 hour commuting. .. 1 hour with family… 1.5 hours getting ready to… that leaves just a short 1.5 hours to change your life. This must change if you are to succeed.

A few years ago I realized if I cut back on sleep, I could increase my time by 10%. I realized that if I was diligent, I could bundle my travel to include time viewing houses. I realized that the old saying is true: If there is a will there is a way.

Poor time management is the number one reason individuals aren’t successful. We waste a tremendous amount of time looking at e-mail, standing in line, leaving ineffective voice messages. playing telephone tag, going to ineffective meetings.

I have a challenge for you: How can you make better use of your time to get the results you want?

Time Management Techniques

People with poor time management don’t know where their time goes. Time is like money; if you don’t tell it where to go, it will be gone and you will have nothing to show for it!

  1. Before you can save time, you have to know where you are losing time. How do you find this out? Starting on Monday morning, write down everything you do, (yes, everything) and how long it takes you. No cheating! Have you been on Facebook? Write it down. Did you stop at Target while you were out looking at properties? Write it down.

    On Sunday night, review your days, your hours. I guarantee that you will be surprised at how much time you wasted. Now, do this for a month. Cut things out. Combine tasks. Ask others to do things for you. Once you know where your time is going, you can spend it somewhere else.

  2. Another technique is to rank your tasks from high priority to low priority. I find that most low priority tasks can be hired out. Another way to rank tasks is in the following chart.

    With this chart, you can see if much of what you are currently doing is low effort/ low reward. This includes things like email, laundry, cooking, eating out, travel time. What should be in the priority box instead? Getting your name out there; showing that you are ready and willing to buy real estate.

    The high priority/high reward box has to do with people. You should be building relationships. You should be leveraging your positive skill set for your highest return in value.

  3. A third way to keep track of time is to decide how long each task should take, and set a timer. This will keep you on task rather than checking FaceBook or deciding that an oil change has to be done RIGHT NOW.

  4. Plan your day before it starts. Make a list. Then ask yourself two important questions:

    1. How can I get this task done faster, better, more efficiently?

    2. Do I need to do it now?

    Then, stick with your plan!!

So what does this really mean? Stop eating, sleeping, and going to work? Of course not. It means that maybe you could pack your lunch so that you don’t have to wait in line. Or you could spend that lunch with someone and network at the same time. It could mean that when you commute, you do many tasks that are close to each other rather than making multiple trips to the same area. It means eliminating time-wasters, hiring out tasks that someone else can do faster, and getting more people involved.

What Do You Value?

Do you value television, sports, exercise, vacations, gardening, reading, learning something new?

The more we value something, the more we make time to do it. When we have a choice, we do the task which we value more. If a task is not fun, we avoid it. If the punishment for not doing the task is high enough, we get it done.

The next time you decide to do something—anything—ask yourself: Will this give me the results I want? Does this fall in line with what I value? Then decide: Should I do it or not?

When you decide to dedicate yourself to what you value, you increase your opportunity to succeed. That is why I know that you will contact me. I am looking forward to meeting you and helping you on your way to a successful 2015! Call for a free one hour consultation.

Russ HinerRuss Hiner is an active real estate investor, coach and mentor. Russ is currently the leader of the Atlanta REIA Creative Deal Structuring Group and co-leader of the Atlanta REIA Mastermind Group. Russ also teaches several Atlanta REIA Workshops throughout the year on a variety of real estate investing topics such as Negotiations, Wholesaling 101, Wholesaling 401, Real Estate 101, Property Management and more.

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How to Make the Impossible Deals Possible

Did you know that every month, within 5 miles of your home, there’s a $15,000 net-profit deal waiting to be had? The hard part is finding it, and then knowing how to creatively structure it into a big-profit deal. There won’t be a large sign in the yard that reads: Stop Here – $15,000 Deal Inside!

A common mistake made by many would-be real estate investors is to run a We Buy Houses ad, then sit back and wait for the phone to ring. A truth: The phone rarely rings! Because of this, most new investors go out of business long before they find their first deal!

To succeed at real estate investing, you must get face-to-face with sellers on a regular basis. The fastest, cheapest and most effective way to accomplish this all-important task is to simply knock on sellers’ doors and ask why they’re selling.

In addition to door-knocking, you must continually learn creative deal structuring techniques from experienced real estate investors. The best creative deal structurer I know is Pete Fortunato. With nearly 50 years of deal-making experience under his belt, he’s the master!

To show you how to make the impossible deals not only possible, but also very profitable, let’s look at one that Kim and I just completed.

In early October 2010, I was knocking on sellers’ doors in a nice subdivision off Mac Johnson Road in Cartersville, Georgia. I was blanket canvassing, which means I was knocking on every homeowner’s door in that subdivision and asking folks if they knew anyone who might be thinking of selling.

At the third door I knocked, the lady told me that she owned a free-and-clear home about two miles away that she needed to sell. It was a vacant three-bedroom, two-bath, doublewide mobile home on Hamilton Crossing in terrible condition. The seller’s asking price was $15,000, and she wanted to sell so she could pay off $2,250 in overdue bills.

In the fall of 2010, real estate values were at their low point. Finding buyers was hard; finding lenders who would loan to buyers was harder still. The last thing I wanted was a beat-up trailer that needed an expensive rehab.

In my shoes, would you do this deal or walk away? If you’d do this deal, how would you structure it and what’s your exit strategy? If you would walk away, do you realize that you’re walking away from a $25,000 net-profit deal?

I explained to the seller that because of the home’s condition and the tanking real estate market, I wasn’t her buyer. After more discussion, she agreed to sell us the property for $2,250. Was this a win-win deal? Yes! At closing the seller was able to pay off her overdue bills and get rid of a property she no longer wanted, and Kim and I had the opportunity to increase our monthly cash flow without a big financial risk.

Our exit strategy was simple: Clean out the house and sell it as a fixer-upper while offering owner financing. We bought this property on October 12, 2010 and sold it on December 2, 2010 for $19,300 with the following terms: $1,000 down, 12.79% compounding interest, $375 per month.

Less than a year later, the buyer lost her job and gave the property back. We sold it again on September 11, 2011 for $17,900 with the following terms: $500 down, 12.79% compounding interest, $350 per month.

On December 30, 2014, the property owner sold the property and paid off the $10,800 he still owed us on the mortgage.

Here are the numbers: We invested $2,250 in this deal and got back $27,250, for a net profit of around $25,000. Our yearly return on investment was a whopping 187%!

When Kim and I were new investors, because we didn’t know what we didn’t know, we would have walked right past this incredible deal. To learn how to make impossible deals possible, do what we do: hang out with been-there-and-done-that investors. They know stuff!

By the way, would I have found this deal if I hadn’t been out knocking on homeowners’ doors?

Bill & Kim CookBill & Kim Cook are a husband and wife real estate investing team. They live in Adairsville, Georgia and have been investing in real estate since 1995. They specialize in buying single-family homes, mobile homes and mobile home parks. They also run North Georgia REIA and teach folks how to successfully invest in real estate.

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