New Book Teaches Real Estate Investors to Get Rich Through Mentoring Others

Barry Wilmeth’s Making Others Rich First provides a fresh take on real estate investing for both new and seasoned investors. Wilmeth, who has been investing in real estate across the United States for many years, knows that real estate investing is not solely about making yourself rich. It’s also about helping others to become wealthy by providing them with quality housing or helping them to buy their first homes, and for those who want even more, it is about helping new investors pursue their own financial dreams for success. I love Wilmeth’s attitude in this book. While some people might view real estate investing as competitive, Wilmeth believes there is plenty for everyone, and we all get more when we help each other. As he states early in the book, “We have an existential sense that our happiness depends on the happiness of others and that there is more happiness in giving than in receiving.”

Making Others Rich First is designed to help the real estate investor starting out with the basics of how to invest, but it is also designed to encourage more seasoned investors to mentor others in the real estate investment business. Each chapter has nuggets of information for both the mentor and the mentee, and while the overall structure benefits the mentee, I think mentors will find much here to give them new ideas about investing.

The book is divided into five sections, each of which has three or four chapters. Those sections are: Getting on the Road to Riches; Setting the Business Framework; Preparation, Education, and Application; Staying Motivated; and Getting a Return on Your Investment. Throughout the sections, Wilmeth shares personal stories of investments he has made, shows how to crunch the numbers to determine potential payoffs and whether an investment is worthwhile, and continually provides motivation for readers to take action.

Taking action is especially key. Wilmeth knew that no matter how many books he read or seminars he took, he would never truly learn about real estate investing until he took action by buying a property. That first action paid off in the knowledge he acquired from owning it, and today, he owns rental properties across the United States, and he also buys and sells properties on a regular basis.

Wilmeth understands that real estate investing can initially be scary, but he states:

“The fear will subside the more you do similar deals. I tell new investors over and over, ‘Don’t wait to buy real estate. Buy real estate and wait.’ Get your feet on the ground by making a real estate purchase and renting it out by using a reputable property manager. This is not a field trip. It is an internship. It is on the job training (OJT). Learning from a book or a seminar will make you think. Learning by doing will make you experienced.”

In addition, Wilmeth talks about how to find money for investing-from private investors and other sources. Once investment money is available, Wilmeth guides readers through how to do their due diligence when buying a property so they can avoid bad deals, and he also talks about how to recover if you do make a bad deal. A bad deal is not a reason to give up, but an opportunity to learn from your mistakes.

Wilmeth also takes readers through all the details of business and tax planning. He introduces them to what he calls the MBA Formula, which consists of: Monitoring Your Debits and Credits, Balancing the Books, and Analyzing the Numbers.

He also talks about the importance of following up with others. You need to respond quickly, be on the phone rather than waiting for an email response, and consistently putting yourself in front of others so they will help you find deals and you can make sales. Even if you don’t know the answers to someone’s question, just responding can lead to forming a relationship that can benefit you in the long run. All of these points are explained in detail in these pages, along with advice on networking, volunteering, marketing, and much more.

But beyond all the real estate investment details is the book’s core message-the importance of mentoring, which Wilmeth summarizes in two main points: 1) “If you are new to investing, you really should have a mentor. And if you decide not to, there will come a day when you’re going to hear me whispering, ‘I told you so,'” and 2) “If you are already a sophisticated investor, you can get more deals and expand your business by being a good mentor to others.”

Ultimately, mentoring can only be advantageous to a real estate investor. As Wilmeth states:

“Your firsthand testimony is much more powerful than a seminar, book, or attendance at an investors’ club meeting. You will come across to others as believable and as an ‘If I can do it, so can you’ role model. I believe the best way to be the real deal is to take steps to increase your wealth, share your story, and then help others get rich without charging a fee.”

Yes, you read that right-“without charging a fee.” Wilmeth describes the difference between coaches who do charge fees and true mentors, and his take on mentoring is refreshing as a result.

A lot of successful businesspeople will try to tell you how to get rich by sharing with you what they have done, but it’s rare to find someone who does it for the purpose of giving back rather than to benefit himself. Not that Wilmeth denies the personal benefits of helping others, but his sincere desire to help others get rich first is what makes this book stand out from all the other real estate books already available. Whether you’re new to real estate investing or you want to learn more through giving back, this book will open new opportunities for you.

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8 Important Ways Homeowners Benefit From Using Real Estate Agents

Whether, you are a homeowner, who has decided, it’s time to sell his house, and relocate, or a potential buyer, seeking for the so – called, home of your dreams (the American Dream of home ownership), you will have the choice, of either, doing so, on your own, or using the services of, and being represented by a quality, experienced, professional, real estate agent. Some believe they will get a better deal, when they do so, on their own, because, there will be no, or fewer commissions. However, according to the National Association of Realtors, or NAR, homeowners, generally, net more, even after considering these, than those who do so, alone. Buyers also benefit because the right agent, has the local knowledge, to properly provide you, with relevant, professionally prepared, Competitive Market Analysis (or CMA), so you have a better idea of market value and the competition. With that in mind, this article will attempt to briefly, examine, review, consider, and discuss, 8 important reasons, homeowners benefit from using the right real estate agents, for their specific needs, and situation.

1. Local knowledge: Although markets, and times, change, in the vast number of circumstances, you will get your best offers, in the first few weeks, after it’s listed on the market. Therefore, pricing it right, from the start, often makes the difference, in a significant, major way!

2. Marketing expertise: The right agent, will create a customized, personal marketing plan, which addresses your specific residence and property, location, etc, as well as your priorities, needs, etc. There is no, one – size – fits – all, marketing process, so using a quality real estate professional, often makes a significant difference.

3. Agent’s network: Those who try to sell their house, on their own, often discover, they fail to attract as many potential buyers, as those using a professional. This is referred to, as an agent’s network, which includes the important tool, of listing the property, on the Multiple Listing Service, etc.

4. Hold client’s hand: The process of selling one’s house, is often, a stressful one, so using a professional, who has been through it before, and has a better idea of what to expect and anticipation, eases many of these stresses. Seek someone who patiently, is willing to, hold your hand, through the entire process.

5. Explanations/ expectations/ modifications: Rather than assuming or guessing, wouldn’t it help, to have clear explanations? Many homeowners have excessive or wrong expectations, and the individual, who represents you, must have the inner strength, to explain fully, his reasoning, and strategies. In addition, modifications, in terms of marketing, strategies, and pricing, are necessary, and someone with more experience and expertise, is far better positioned to guide you properly.

6. Convenience: Do you want to have to stick around the house, to show, the property, or wouldn’t it make sense, to hire someone, to do so, professionally? Open – houses, are only a small component in the overall strategy!

7. Negotiating: Professionally negotiating, on your behalf, benefits the client! Wouldn’t a professional, do a better job, in most cases?

8. From transaction stage, through closing: Hire someone who will be there for you, from the initial listing stages, showings, marketing, service, to the transaction stage, and then, until the closing, and house transfer is completed!

These are only 8 of the advantages of hiring the right person to represent your real estate needs. Focus on your needs, interview several, and choose, the right agent, for you!

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REAL ESTATE: Something You Might Want to Know

Real estate means the property consisting of land or buildings which also includes the natural resources of the land including uncultivated flora and fauna, farmed crops and livestock, water and minerals, simply speaking any improvements on it. Tenants and leaseholders may have the right to occupy or make use of anything that is within the dominion of the rented area depending on the terms and conditions set by the landlords.

However when we hear the words “real estate”, we often refer it to the “real estate market” from the perspective of residential living. This is grouped into three categories based on its use. It’s either be residential which is used for living purposes, commercial as used in commerce and industrial which is used in manufacture or production of goods. Residential are those undeveloped land, houses, condominiums and townhomes. Commercial are office buildings, warehouses and retails store buildings and examples of industrial are factories, mines and farms.

Those who are buying a home often need to borrow money in the form of mortgage because prices are generally well above their savings. They can either avail of fixed-rate or variable-rate.

Commercial leases are mostly longer that residential and lenders may ask for higher down payment on a mortgage for commercial than home loan since generally residential real estate is usually less expensive so it is more affordable for small investor

Generally, this is affected by the primary condition to where the property is located. Profits or losses come through revenue from rent and appreciation of the estate’s value. There is also risk of tenant turnover especially if the business model is in bad condition, product is unattractive, or poor management and many more. So landlords, lessees has to make sure all is well set before lending the area/place.

Real estate can help you earn more especially if you are in hand with generating leads and setting well the properties in case you are into selling or offering rentals. You have to make sure you will be working more of what you invested. Usually property appraisals are of good and or high value, you just need to work on it. You must always and consistently putting your client’s best interests first. With that, your personal needs will be realized beyond your greatest expectations. Investing in this even on small scale, was tried and tested as true means of building an individual’s cash flow.

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Quality Real Estate Representation: Sales, Selling, Marketing, Or A Combination?

We often, discuss, what someone should seek, from the real estate agent, they hire, to serve and represent their best interests, needs, goals, and priorities. An ideal agent possesses a combination of, a true, positive, can – do, attitude, an inspiring, motivating manner, and personality, and a well – developed, relevant, skill – set, and aptitude. However, far too often, we don’t consider, other necessary skills and traits, which relate, to achieving the essential necessity, of getting the property sold, etc! With that in mind, this article will attempt to briefly, consider, examine, review, and discuss, the differences between sales, selling, and marketing, and whether, one is most important, or there is a necessary combination, needed and required.

1. Sales: Many agents state, they are, in – sales, rather than stating, they sell real estate. Why is this? Is it because, they perceive a negative connotation, about selling, or are they focusing on what they believe to be, the politically – correct approach (also known as, PC)? What about the concept of selling, do they fear, or lack the confidence/ skill, etc, which makes a difference, for the better?

2. Selling: We all sell something, regardless of occupation, or goals and priorities? We either sell, ourselves, a product or a service! Professional selling is, both, an art, and a science, requiring a willingness, and ability, to be proactive, and real estate agents, must combine this, with serving the needs, goals, and priorities, of one’s clients, while maintaining the integrity, and ethics, required, both, by the law, and the Code of Ethics! The science of selling, includes the techniques, needed, and a willingness to master, the essential necessities of handling objections, addressing needs and perceptions, and proactively, bringing together, the seller, with the best qualified, potential buyers, in order to achieve a meeting – of – the – minds!

3. Marketing: Quality representation is only accomplished, when a comprehensive, well – considered, marketing plan, is perceived, and conceived of, created, and used, to attract the right buyers, to consider his client’s property! First, it’s important to recognize the target – market, most likely to seriously consider, this specific home, and use the best combination of vehicles, to market and promote it, effectively! Then, one must determine, the best way, to expend these funds, in order to get the best, bang – for – the – buck, and achieve his clients expectations.

4. Combination: The best approach is, to use, a combination of these necessities, to provide, what most seek, which includes, selling the home, in the shortest period of time, at the best price, with a minimum of hassle!

Doesn’t it make sense, to consider, the best way, to market, and sell, a house, from the onset? Thoroughly discuss these ideas and concepts/ approaches, with the agents, you interview, before you hire, the one, who will best represent you!

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Choose A CARING Real Estate Agent

Whether you are looking to sell your home, or seeking to buy either your first house, or a new one, statistics indicate, those represented by quality, responsive real estate agents, generally, obtain the best/ finest results! In most areas, there are a large number of agents, to choose from, so doesn’t it make sense, to take the time, and make the effort, to carefully, interview several, and determine, who’s best, for you? There are many factors to consider, but, since, for most of us, our house, represents, either our single – largest, or one of our largest, financial assets, it’s worth the effort, to get, what you need, and deserve. In other words, you need a CARING real estate agent, and. only, when you take the time, and effort, to choose wisely, it’s in your best interests. With that in mind, this article will briefly examine, consider, and review, using the mnemonic approach, what this means, and represents.

1. Character; clarity; cooperative: Focus on the true character, of each individual, Will he proceed, with the level of clarity, to make a quality difference, for the better? Does the prospective agent, proceed with a cooperative approach, rather than an adversarial one?

2. Attitude; aptitude; attention; articulate: You benefit when your representative possesses a positive, can – do, attitude, and looks for ways, you can, rather than focusing on problems. How well – developed are the individual’s skills and aptitude? Will he pay keen attention, to you, and your needs? Choose someone who is articulate, and clearly communicates with all parties!

3. Relevant; realistic; ready: Markets and economies change, and only someone, who pays attention, and uses relevant methods and approaches, achieves the finest results. Avoid someone who seeks to buy, your listing, by suggesting an overly optimistic, listing price. Is the agent, ready, for prime – time?

4. Integrity; ideas; imagination: The single – biggest thing to demand, is someone with absolute integrity! When you find this, then you need someone who will have a well – developed, relevant imagination, and ideas, which make a difference, for the better!

5. Needs; neighborhood: Choose someone who knows the neighborhood, thoroughly, and believes in it. Combining this, with putting your needs, first, is in your best – interest!

6. Generate goodwill; great: A great agent proves his worth and value. by generating goodwill, based on a combination of integrity, knowledge, skill – set, negotiating ability, and other relevant characteristics, as well as his responsiveness, etc. Find yourself, a great, rather, than, merely a good one!

Who you choose to serve your real estate needs, has a significant impact! Choose wisely, and carefully, and make it, a great – fit!

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Sell ​​Commercial Real Estate Notes

Selling commercial real estate notes allows you to convert small monthly payments into an immediate lump sum of cash. A commercial real estate note is simply a loan document signed when you financed the sale of your investment property. Commercial real estate notes are available for office, retail and industrial establishments.

Commercial real estate note selling is based on certain fixed standards. The outstanding balance amount and the period of time are important for most buyers. Second in importance is the value of the property. People generally sell part of their commercial real estate notes instead of selling them as a whole. Partial sales are more profitable in most cases.

When a business involving real estate is sold, two notes are generally created, one each for the business and the real estate. The business note is similar to private mortgages and trust deeds, but it is not secured by real estate. A business note is generated when a person sells a business and decides to carry on the financing and collect regular payments from the new business owner.

A potential seller can sell commercial real estate notes as a whole, or a part of them. The best way to sell commercial real estate notes is to browse websites that display real estate note listings. Visitors to these websites range from individual buyers to companies and financial institutions. The chances of getting a better deal are very high. Real estate brokers are the natural source for selling commercial real estate notes. They can assist you in finding an ideal buyer. Advertising in local newspapers and real estate magazines also helps you sell commercial real estate notes.

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How Quality Real Estate Agents SHOW A House?

Although, there are many necessities of being a quality, real estate agent, one of the things, often – overlooked, is how, they will actually, SHOW the specific house. After all, agents only earn – their – keep, when/ if, they make a difference, for the better, in terms of marketing, and selling, any house, they represent! The next time you observe, for example, an Open House, observe, how someone shows the property, and interacts with potential, qualified buyers. Does he balance, the usual, with the unusual, so, he not only uses the time – tested techniques, and ways, but, thinks, outside – the – box, to customize his presentation/ showing, to demonstrate/ illustrate its specific strengths and possibilities? With that in mind, this article will attempt to, briefly, review, consider, examine, and discuss, using the mnemonic approach, what this means and represents, and why it matters.

1. Service/ serving; sustainable; solutions; system; strengths/ stronger: An agent must provide the finest degree of excellence, and service/ representation, to his clients! Consider, whether you are serving this client’s best interests, needs, and priorities! How will a particular agent’s system, make a quality difference? How will he show, the property, to its best advantage, pointing out the strengths, and making the process, and possibilities, stronger, consistently? Will the solutions be, both, relevant and sustainable, and how will he, truly, serve his client?

2. Honesty; honorably; head/ heart; house/ home: Agents owe their clients, genuine honesty, and honorably, represent the best interests of them, rather than any personal agenda, and/ or, self – interest! They balance, the logical, physical aspects of selling and representing, with the emotional ones, in a head/ heart ratio! While they show a house, the art, is conveying how a prospective buyer, might visualize it, as their home!

3. Open Houses; options; opportunities: Different agents conduct Open Houses, differently! Some seem to go through the motions, and are, merely, there, while, owners are better served, when someone, uses these events, to enhance interest, and attention, and makes a connection, with attendees, especially those, who are serious, potential, qualified buyers! They point out the key options, as well as the opportunities, the subject property, possesses, and the possibilities, beyond what some, may be ready to easily, visualize!

4. Winning (features); wants/ wishes; where: What are the winning, most attractive (to others) features of a house, and how is the best way, to highlight, them? One must identify, understand, and know, what their client wants, and align that, with what, a prospective buyer, wishes for, and seeks. Is where the house is located, in terms of neighborhood, block, conveniences (to shopping, transportation, etc), relative safety of the area, and convenience to transportation, a positive, motivating factor, or a distraction?

If you hope to sell your home, it is wise, to SHOW it, to the best of its possibilities! Choose wisely, because, who you hire, often, makes lots of difference!

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Ohio Real Estate Lawyers

While Ohio real estate law does not require you to have a real estate lawyer, there are certain instances in which having a lawyer may be a good idea. When buying a property that has any common interest developments, it may be difficult for the average consumer to discern between parts of the property that are for one’s exclusive use versus parts that are for community use. Common interest developments, such as condominiums, may have ongoing litigation that may have an adverse effect on the future value of the property. A real estate lawyer can explain what the possible outcomes of ongoing litigation may be, so you can make an informed choice about whether you want to invest in the property. A real estate lawyer can also help ensure that the title to a property is good before a buyer closes on a sale.

Try and find a lawyer who is recommended by someone you trust, such as a friend or family member. Never choose a real estate lawyer simply based on the recommendation of your real estate agent. However, you may be able to find a lawyer who is also a licensed realtor.

You should ensure that the lawyer specializes in real estate law by checking with state and local bar associations and realtors’ associations. The American College of Real Estate Lawyers (ACREL) website provides links to members by state, and has many members from Ohio.

Most lawyers will answer preliminary questions for free. Make a list of your questions and use this list to help you find a lawyer who you think will represent your interests in a competent and ethical manner. Before making a final decision, ask what the lawyer’s charges are. Some real estate lawyers will work on for a fixed fee in more straightforward cases.

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Essentials Of Marketing, Sales, And Selling Real Estate

Some people, appear to believe, the only thing needed, to successfully, sell one’s home, is making the decision to do so, and, offering it, for sale, advertising it, etc. Statistics indicate, in the vast number of instances, when homeowners use a professional, to sell their houses, they benefit, by receiving, a higher selling price, with less stress/ hassle/ inconvenience, and doing so, in a shorter period of time. Professional real estate agents understand the market, nuances, methods/ techniques, and serve, and represent their client’s best interests. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, some of the essentials of marketing, sales, and selling real estate.

1. Marketing: The process should begin, with client, and agent, being on the same – page, and agreeing to how to proceed, to achieve the homeowner’s objectives and priorities. One should hire an agent, who perceives and conceives of, creates, develops, explains thoroughly (to client’s satisfaction, and understanding), the components of his marketing plan, and the reasoning, and rationale, which makes it make sense, and achieve the primary objectives. Marketing must include: determining the home’s niche; prioritizing approaches; determining the best options and alternatives, etc; considering media choices, and deciding, which ones, might make the most sense, for the particular property; a marketing budget; and; fully explaining the reasoning behind the listing price, and the essentials of making price adjustments, if necessary.

2. Sales: Many, falsely, believe, sales, and selling, are the same! Sales, is a process, and approach, using the tried – and – proven approaches, without thinking, outside – the – box! It means creating a plan of action, in order to maximize the results, which a client, might achieve, and receive.

3. Selling: Unlike sales, selling is a consistent, proactive, activity, which emphasizes, closing – the – deal! It is, when performed properly, and effectively, both, an art, and a science. The art is the technique, which includes: attracting buyers, and other agents; articulating an inspiring, motivating, message, which is responsive to the potential buyers needs, goals, and priorities; matching up, the right buyer, with the right house; asking for the sale; and closing the deal. Obviously, this is not, a one – step, simplistic activity, but, rather, a well – considered, effectively trained, experience – focused, tried – and – proven, method, for achieving the goal!

If you hope to sell your home, begin by hiring the right, real estate agent, for you, who will, be able to, professionally, handle the marketing, sales, and selling of your house. Take the time, to interview agents, and hire the one, who is best for you!

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US Real Estate Predictions for 2019

Similar as to how political pundits claim that this election cycle will be the most important in a generation, this year could be the most important year in recent memory in terms of mortgage loans and the residential real estate industry at large. (And if you believe that I have some swap land in Florida I'd like to sell you). For a variety of reasons, I have decided unilaterally to keep it short and sweet this year. Hence, here are the three perennial predictions for 2019.

1. Gig Work.
At first glance, the phrase "Gig Work" seems antithetical to sound mortgage underwriting standards, but it is in fact actually very refreshing. And that is to say that as the aftermath of the 2008 crash could not be further from the subconscious, there perhaps is subprime "creep" into present underwriting standards. But this is not your Daddy's Oldsmobile underwriting standards. Meaning, that lenders today are more than willing to count part-time and intermittent work as bonifide income, even though it had been looked down upon post-2008.
According to Saideh Brown, President Emeritus of the National Council of Women at the United Nations, "Mortgage lenders are beginning to factor in gig-work for mortgage approval. This is only going to become more prevalent with the current job market. Banks are looking into all sources of income and gig-work is quickly becoming a primary source of income for millennials and must be factored in to get an emotional buy-in to homeownership from this generational block. "

Thus, the bottomline for 2019 on Prediction 1, expect creative – yet reasonable underwriting standards to become apart of normal mortgage underwriting procedures.

2. Saved by the Millennials (again). Whaaat ??
At second glance, who isn't bored by the self-absorbed Millennials. Me for one, but not withstanding that tongue and cheek denigrative response to the flavor of the month generation – who will undoubtedly be replaced by the next off-spring of eternal hopefulless, they do at least make for good print. And here's the angle; While many are concerned if real estate is a safe bet today, then historically speaking it is – and thus, one's perspective should be long term, despite the naysayers on non-real estate appreciation for 2019.

According to Dan Green, CEO of real estate site Growella, "Rising mortgage rates aren't slowing the Millennial Generation's desire for homeownership. Pent-up demand will continue to unfurl through 2019, moving home values ​​up across all price points. Like all markets , housing is defined by supply and demand. And, so long as supply and demand remain within tolerable ranges, housing will continue to be a good investment. "

Thus, the bottomline for 2019 on Prediction 2, buy now and forever hold your peace, since interest rates are still good.

3. Home price decline.
Real estate has always been local. Hence, the adage "Location, location, location." With that in mind, there is nothing to catastrophically fret about in terms of buying a home as a primary home. If you're an investor, then pick your fights carefully, since not all markets will perform as anticipated no matter how smart you may think you are! With that in mind (again), there will be a slight degree of variability – as there sound be, since it would be insanely moronically not to expect some degree of variability. Even in the Garden of Eve, market value likely dipped in price after Adam bit into the apple.
According to Ruben Gonzales, Chief Economist at Keller Williams, "As we look toward 2019, we are anticipating home sales to decline around 2%. We're expecting it to be another slightly slower year as buyers continue to wrangle with higher mortgage rates after contending with several years of rapid price growth. "

Thus, the bottomline for 2019 on Prediction 3, proceed with caution as an investor, but as a primary homebuyer nothing should reasonable caution you from a buying decision, since home appreciation should be an afterthought, and especially so depending upon your hold period.

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