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March 6, 2008
Bank Foreclosure Property Myths
By Adam Masterson
People tend to steer clear of foreclosure properties because of
one of the many myths that they have. A bank foreclosure
property is easy to understand and buy if you know the facts.
Unfortunately, as this industry has grown, there have been a lot
of myths that have started to surface. If you are looking for a
bank foreclosure property to invest in, you will be well served
to learn about all of the myths. In the end, you will get a home
that is much more along the lines what you were looking for, and
thats what its all about, right?
1. Myth 1 - It's Impossible To Lose Money
The first myth is that you will always be guaranteed to make
money if you buy a foreclosure property. Even though it is very
possible that you will make a profit on the home, there are also
times when you will simply have to take a loss. Bank foreclosure
property investing can be a very tricky business; on some
properties you will win, and on some you will lose, but the good
thing is that as you gain experience you will become more
successful at the process.
2. Myth 2 - The Homes Will Cost Next To Nothing
Another myth that goes along with buying a bank foreclosure
property is that you will be able purchase the home for pennies.
Remember, foreclosures are sold so that the bank can make money
as well. This means that they are going to be selling the home
for as much money as they can. Of course this does not mean that
you wont get a good price; just do not expect to buy a bank
foreclosure property for a dollar or two!
3. Myth 3 - You'll Be Able To Flip The House Immediately
Its up to your common sense to help you to dispel the myths
surrounding foreclosure properties. The thing that you as an
investor must remember is that these myths can cost you time and
money. By knowing what they are and how to avoid them, you will
be able to make your next bank foreclosure property purchase a
success. Chances are, you have nothing to worry about anyways,
with the exception of spending too much on repairs and making a
loss.
About the Author: For more great foreclosure related articles
and resources check out http://onlyforeclosure.info
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=87134&ca=Real+Estate
Jan 25, 2008
Everything you weren’t taught about Goal Setting
I thought is was necessary to write about goal setting since this is the end of January and most people have probably given up on their New Years resolutions. If you haven’t, I commend you; keep it up.
It’s been proven by Harvard University that people who write their goals down are twice a likely to obtain their goals. But there’s a flaw in the way most people write their goals. Most lists of goals state: “lose 30 pounds,” “get a promotion,” “make a million dollars,” “buy a new 3000 sqft. House,” “trip to Europe,” trip to Hawaii”, “new 50 inch TV”, “new cloths”, “new furniture”, and “a new car,” etc. Some people might even go as far as to have a picture of the exact item they want and look at it every day. I’ve heard speakers say be very specific in setting your goals. While these thoughts are good, I think you have to do more than just write down: “I want a new car” and look at its picture every day. Let me explain.
If you need to travel by car from Michigan to California you would undoubtedly have a map. While it is possible to drive straight through, most people would make some stops for fuel and a couple of hotel nights. You know the entire trip would take 48 hours and you decide to drive 14 hours per day. So your first hotel stay would be 14 hours way. Then the next day you would have 34 hours before reaching California. So you drive 14 more hours and get a hotel. That night at the hotel you think, “Wow, I can’t believe I’ve driven for 28 hours in the last 2 days and I only have 20 more hours to California”. The next day you drive another 14 hours and get a hotel. However, you wake up extra early the next day because you’re only 6 hours away from sunny California.
I wrote out this long example because this is exactly how you should set your goals. If your goal was to visit California and you had no map how would you get there? The point of preparing a map for your goals is so that you can evaluate if you’re still on the right road. Writing your own map for a goal is not necessarily easy but neither is setting a goal and never obtaining it. So, if your goal is to have a new 3000 square foot home that cost $250,000, this is how your map should look.
To obtain this 3,000 sqft house which cost $250,000, I will need 10% for the down payment which will be $25,000. Each sale of product X will net $150. Therefore, I will help 300 people by selling them X service or product. I will need to sell 25 products each month for one year. To find 25 buyers a month, I will need to set 50 appointments. To set 50 appointments, I will need to send promotional material to 1000 people. (assuming I can obtain a 5% response rate)
1000 Promotional Packets = 50 Appointments which = 25 sales per month which = NEW House
Summary
Having a prepared map for obtaining your goal will allow you to measure your progress against the goal. So at anytime you can determine which variable needs to be adjusted and you will have to make changes. So, set the goal, then set the monthly goal. Then outline/list the daily activities that need to be done to meet your goal. Many times people underestimate the length of time it will take to obtain a goal (which is normal because we all want what we want ASAP). If you don’t hit the goal exactly on time refocus and prepare a better map. If you follow this system of setting monthly goals and tie them to daily activities, you will know right away that you’re weather you’re on pace to meet your goal. Aim high and never stop dreaming.
For those of you thinking of investing in Michigan bank foreclosures you have come to the right place. I'm Joshua White, owner of JP Meyer Investments, and for the last 7 years I've been buying and selling Michigan bank foreclosures. As you're well aware, there are lots of changes taking place in Michigan such as hard money lenders running for their lives, home owners praying their lenders will work out a settlement on their adjustable rate mortgages, and, of course, layoffs with the big three.
Well, 2008 is a new year and I have just one New Year's resolution. My resolution is to make JP Meyer Investments.com a resource for you to grow financially, mentally, and as a person. This is a lot to ask from a website, but I'm sure it will be worth the challenge.
Jan 7, 2008
Do you have what it takes to be a 10%'er?
My primary interest in life is making money and I will share a bunch of information about making more money. I've incorporated more than 10 businesses; some ventures have been more profitable than others. In my opinion, running a successful business is one of the greatest achievements an individual can achieve in America, since the business of America is business. I was once told that you can beat 50% of your competition just by working harder and 40% of your competition by being morally and ethically correct. Beating the other 10% comes from just rolling up your sleeves and competing. I must also add that if you look at any industry the top 10% make over 80% of the money in that industry.
So, assuming you're a moral and ethical individual who works hard, how do you compete with the top 10% in your field? I believe consistency is the key to competing with the 10%'ers. For small business, this means consistent business hours and a consistent product or service. If you can find one thing to do better than your competitors, and you do it consistently, you will be a 10%'er. Consistency is the key because it's a reflection of your reliability and time management skills. People who are reliable can be counted on to do what they say they will do.
If you have a web based business, do you consistently update your site, post to your blog, add new products, write new articles, post information in forums, post ads on Craig's list or add new partners?
In the business of buying and selling bank foreclosures the people who consistently submit offers make the most money. I know there are a thousand and one things to do in a day, but if you could only do one thing each day, I would tell you to submit an offer. If you could only do five things in a day I would say submit five offers.
Whatever task you need to do to drive revenue, begin doing it more consistently than you do anything else and you will become a 10%'er.
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