Be Cautious of These Real Estate Investing Programs
It started innocently enough – there was an ad on t.v. at about 11pm one night promising to make me rich through real estate. We’d already bought a couple of properties, but I wasn’t getting rich. I thought that this would be a great way to learn some tricks and maybe even quit my job within a year or two. So, on my lunch hour, I went to the hotel where their free course was being offered.
Would I say it was a complete waste of time? Well, that depends on when you asked me. After the class I didn’t know anything that I didn’t already know, but I thought I was soon going to. There were great speakers and I was so excited about the future they promised that I couldn’t wait to hand over $2,000 for myself and my wife to attend their upcoming weekend course.
I learned a little more at this course, but I left with more questions than answers.
They gave me a lot of good information at this course. I got a lot of tools that I could use immediately, but they also convinced me that taking more classes would guarantee my success. Before it was all over, I had spent another $20,000 on real estate investing classes. One of the first assignments that I completed was to flip a property. I also completed two no money down investment purchases. Some people might consider that a success, but it turned out that I had made some bad decisions that haunted me for years to come.
However, this does not mean you should never take a real estate investing course. In fact, I think taking one is a great step for beginners. But there are some tips and tricks to getting your money’s worth from these courses:
– Know Your Objectives. Ask yourself what you expect to get out of investing in real estate (quantify this if you can). What is your risk tolerance? What is your aptitude (can you or do you want to fix things and/or be a landlord)? Write your objectives down so that you have a good idea of what you are trying to do before you look for a course.
– Do your research! A quick online search for real estate investing courses will turn up a lot of options. Go online and look for forums or reviews of the course. Ask friends and family if they know of anyone that has taken a real estate investing course.
– Request their company information by mail or go online to learn more about the founding company. Have they been around for awhile? Who, specifically, will be teaching the course? Try to obtain the speakers’ biographies before you sign up. What is their experience? Trust me, Robert Allen, Russ Whitney and Donald Trump do not even stop in to say hello during their courses!
– Don’t bring your credit card. Always remember that the free course, whether it’s for an hour or a weekend, is going to be a sales pitch with a little information thrown in. Before you go to the course, it’s important to decide how much you would be willing to spend on additional classes. Courses like this depend on emotion to get you to sign up for new classes. They will tell you that “this low price is only available if you sign up today”. You’ll be convinced that you need this class to get ahead in life. Don’t trust your emotions in a place like this; trust your preset limits and goals. Once you’ve decided on your goals and the amount you are further willing to spend, stick to it.
– Use what you’ve learned. All the knowledge or all the classes in the world don’t mean a thing if you never apply what you have learned. You’ve met some wonderful people at these classes and learned some wonderful tricks, but you’re still waiting. Why? If you weren’t planning to buy anything, why did you take all those classes? The real secret to making any class work is to get out there and use what you learned.
I met with a few different people at one of the courses I attended and they said this was their 4th or 5th course and they still hadn’t bought anything! I estimated they had spent about $30,000 on courses and did not have anything to show for it – except a fair amount of theoretical knowledge!
In summary, real estate investing classes are great, but if you aren’t going to apply what you have learned, then you might as well have not taken any at all.
You don’t need an expensive real estate program. Learn How to Retire a rich real estate investor with Dave’s free Real Estate Investing Starter Tips Guide. Create financial freedom, passive income and massive wealth with tips like: How to find quality rental properties, finding and keeping great tenants, and easy ways to make rental property recordkeeping simple and more profitable.
Is it Just About Purchase Price When Purchasing Real Estate?
Many real No Money Down Real Estate Programs taught by well known instructors will teach you to go out and make 100 low ball offers to find a good priced deal on property. The authors create this sensation that makes you feel like the only way you’re a successful real estate investor is if you are practically stealing rent houses you’re getting them so cheap.
If you have time to make 100 offers in search of a cheap piece of real estate then their techniques are probably going to work well for you. But, most of us have very little time … and while you’re wasting yours running around placing dozens of offers of dozens of houses you’re missing out on really good deals that could be putting cash in your pocket right now!
Together with my husband, we purchased a duplex that instantly added $20,000 to our net worth and started making us $500/month every month. And we didn’t do it with 100 offers – we did it simply by getting to the heart of the sellers problem and offering a perfect solution.
Notice I didn’t say anything about making low ball offers, hard nose negotiation tactics or crazy clauses to squeeze every ounce of blood from the seller? All we did was look for a problem to solve.
The property was bank owned. We learned the outstanding balance on the mortgage by digging through some public records. We pulled a bunch of comparable properties and analyzed that the property was worth about $20,000 more than the outstanding balance on the mortgage.
Instead of throwing a hundred darts at a board in search of a low priced steal of a deal like most of the other bidders on this property did, we got to the heart of the banks two biggest problems. They needed to sell the duplex quickly, and they had to sell it at a price that would allow them to recover the outstanding mortgage amount. Most other bidders went in with low-ball offers and lost out on this high-quality income-generating property. We offered a quick close and a price equal to the amount of the outstanding mortgage and we had the winning bid.
This property puts $500 of positive cash flow in our pockets every month and added to our net worth the day we bought it.
When you are looking at buying a property, instead of focusing on getting it for a low price, turn your attention to finding the sellers biggest problem and figuring out how you can solve it in a way that will be profitable for both sides. When you take a problem-solving approach to deal making, you are more likely to create an even better deal for yourself than if you had focused on price alone. At a minimum, you at least will be doing good deals instead of wasting your time making 100 offers!
Salary Negotiation Amidst The Financial Slowdown
It is common knowledge that the US financial system is in the middle of a recessionary slowdown, and that slowdown is having an effect on their largest trading partners, studies have recently shown that for many employees in many companies there is still room for salary negotiating.
Just be aware of this, and make sure you know your strategic plan when it comes to approaching salary negotiation. These are sensitive times, and you need to have a modicum of tact when dealing with this subject.
Don’t shy away from salary negotiation if it is the right time for you. While many companies are slowing down or reducing staff levels, other companies are in need of top talent. You should keep this in mind. There is still an opportunity to discuss salary with your employer, or to negotiate your salary offer with new employers.
When doing a salary negotiating, you are asserting your worth and standing up for the value you bring to the company. By representing yourself in an assertive way, you are projecting your value to the employer and letting them know that the market will bear your salary request. Make sure you’ve done your homework to support your salary expectations.
Be prudent in the salary negotiation tact you use. Employers will respect you when you approach them with a softer, less intense approach. Now is not the time to play salary negotiation hardball unless you’re one of the elite few that command top dollar in this tough market.
These are challenging times, and should you find yourself in danger of losing your job or you have found yourself unexpectedly in the market for a new job, you’ll be keenly aware that salary negotiating skills are imperative. The good thing is salary negotiation is still an option in these times.
Remember, don’t dismiss the notion of negotiating your salary just because the economy is on the edge of a recession. On the contrary, look for the most suitable approach, do some market research and build your supportive case.
The best of luck to you in your salary negotiation plan.
Salary Negotiating
One of my newsletter subscribers asked me whether or not it was okay to talk about salary during the first interview with an employer. They were worried that it would give the wrong impression. How could they avoid revealing their salary expectations too soon? They were wondering how they could postpone this discussion until the right time. My golden rule is to never lie to anyone. Therefore you need some good strategies to avoid this topic until the last minute.
Many times I have faced the same scenario. When asked by the hiring managers what my expectations were or what my salary history is, I have used the following approach.
1) My first response would be to try to defer the topic until later. Because we haven’t really gotten through the responsibilities of the job, nor the contributions I can make in the new position. The new job is somewhat different from the past job because the company’s market, product or industry are somewhat different than the past companies. Therefore the past salary history is not all that applicable. I would prefer to be paid in accordance with the market and the company’s hiring practices.
2) I have been pressed for an answer several times, and my response is to first try to push it until later in the meeting. I explain that while it is important to me, it is not the most important factor. I would rather ensure that both the employer and I are happy with one another, and that the job lines up with my experience and that my contributions and the company’s salary line up within both a fair market value and within the company guidelines. There are many factors beyond just cash that need to be discussed before we can address the salary bottom line.
3) While you may feel you are a high performer, you also may be somewhere above average but not commanding the highest pay. Know the salary range for the job you are applying to, but be realistic when setting your percentile level for your salary expectation. The majority of people are between the 25% and 75% level. Remember that the employer will confirm your performance level with your past employers at reference checking time.
4) Even if you had been making a lower than average salary before, possibly even well below the average for that job in that market, you should expect to be paid within that fair market range when you go to your next career opportunity. You may have one of many reasons for accepting a job at a lower salary than at your previous job. It doesn’t explain your value to the new company. The end analysis is that your value to the market is what the market is currently defining as the salary range for your talent, your level of performance and experience in the industry.
5) Suppose you do reveal your past salary due to the pressure. It is important to do so under the caveat that you expect to be paid fairly, and that you don’t feel that the information you are bout to give is all that pertinent. You need to paid an honest salary for your honest work. Just remember to be clear and firm about your expectations, all the while maintaining a level of respect and rapport.
Honesty is imperative when doing interviews. Employers have many means to determine whether you’ve been honest with them in the hiring process. What is most important is to be clear about what you can contribute to the company first, and that you expect fairness in the hiring process.
Reasons to Develop Your Salary Negotiating Skills Now
Do you give your all to the company you work for? Do you feel you could be recognized more by the boss for the professional work you do? Do you feel you work too hard for too little compensation? You may well be one of the millions of professionals globally who need to learn to negotiate your salary.
Earning a higher salary is not a factor of luck, it is a matter of being proactive and building yourself a well planned case for negotiating a pay raise. When you have a well planned case, you can approach your boss in a totally empowered way, and you give yourself the best chance of success.
Each person has a motive for asking for a pay increase. In order to get there though, you need to step up your skills in salary negotiation. What are your motivations? Here are some great thoughts.
1. Earn the respect of your employer. For many people, being treated with respect and feeling that respect from their supervisors is a big reason to stay with that company. When you are successful in negotiating your salary, you will have earned the respect you were looking for. Your boss wouldn’t have agreed to a pay increase if they didn’t respect you. They will respect you for your approach to salary negotiation.
2. Respect for yourself. By going after the salary raise, and planning and preparing for a salary negotiation that you bring to a successful close, you will feel a great sense of accomplishment. You not only know you’re a hard working and deserving employee, you also know others believe it too. You will feel a great sense of pride in yourself when you negotiate a higher salary!
3. Increased spending money. Honestly, if you’re going to negotiate salary, you are going to do it for the extra cash flow you will have. Whether your reason for wanting to earn more money is based on your wish list, or because you need more money for the day to day cost of living, having more income is your main motivation of salary negotiation. If you’re going to succeed in negotiation, you need to have the best salary negotiating skills.
4. Other compensation beyond salary. For many people the salary is a big deal, but they also place a lot of value on the other things. Benefits like pension plan, stock options or extra vacation mean a lot to people. You may be able to negotiate extra benefits if you are on top of your game.
5. Raising the bar on your future salary negotiations. When you increase your salary, you will establish a new baseline for your career earnings. When you continue to perform like a superstar, you will enable yourself to negotiate future salary increases as well. By negotiating a higher salary now, you will have increased your future earning potential.
There are a tons of reasons to increase your skills in salary negotiation. Your career is not something to be taken lightly, and having a solid foundation in negotiating will be highly beneficial to your career.
Wishing you the best for an excellent salary negotiation.
Most Noticeable Child Custody
Child custody negotiations are general event between parents that have decided to separate and/or divorce for a cause or another.
There are lots of sentiments that usually go around while it comes to Child Custody cases. When you are in the process of negotiations with your partner, or your ex-partner, it is important to realize that a court will be involved.
In addition to this, you should appreciate that the court system works to ensure that the interests of the kid or kids as a whole are properly protected. Child custody negotiations are never easy, but the court system will work to be as objective as possible to all parties involved.
Child custody negotiations may result in one parent paying child support payments to another parent. This may be true even if both parties have an even amount of child custody privileges. This is determined by the assets that must be split, as well as the amount of money that each party has.
In addition to this, the total of expenses that each parent has is also determined. As you can see, negotiating child custody isn’t an easy process. Challenging , yes, but it is a process that will be done successfully between all parties.
Child Custody Negotiations
Child custody negotiations are common event between parents that have chosen to separate and/or divorce for one reason or another.
There are lots of sentiments that commonly fly around when it appears to Child Custody cases. When you are in the procedure of compromises with your partner, or your ex-mate, it is essential to know that a court can be involved.
As well as this, you should know that the court system performs to make sure that the interests of the kid or kids as a whole are properly kept . Child custody negotiations are never simple , but the court system can perform to be as objective as possible to all parties involved.
Child custody negotiations may result in one parent paying child support payments to another parent. This may be true even if both parties have an even amount of child custody privileges. This is determined by the assets that must be split, as well as the amount of money that each party has.
In addition to this, the amount of expenses that each parent has is also determined. As you can see, negotiating child custody is not a simple process. Challenging, yes, but it is a process that can be done successfully between all parties.