Circle of Winners

As investors after the thrill of seeing a property and you have come back down to earth then it is time to kick the tires. Many an inexperience investor has had buyer’s remorse and wish they had done their due diligence (due diligence another post) before purchasing a property.

We don’t have the space or time to go into prequalifying an income producing property properly here but I will try to give you an overview of the process.

First as always before you start looking for a property you must have a plan which sets limits as to:

·         What you are willing to invest in (Type of Property)?

·         How much you are willing to invest (Cash Available)?

·         How long you plan to keep the property (Time Horizon)?

·         Can you finance it or get it finance?

·         Who will finance it? (Bank or Hard Money)

·         What are the numbers that will fit my objectives (What’s my expected return on my investment)?

·         Are you willing to improve a property and if so what is my investment limit?

Once you have answered these questions then stick to them.

Since your plan is to purchase an income producing property then it is important to get actual numbers the same as if you were going to finance the property. Why do I say this? Because the lender is going to want to see actual numbers that can be verified by records that the sellers has.

If the seller can’t produce the needed documents then I have always found it is better to walk away with my wallet intact than be sorry with buyer’s remorse.

In later post I will go through the number process of prequalifying a income producing property since each type of property is qualified differently.

Remember! Success is achieved by those try and keep trying and where there is nothing to lose by trying by all means keep trying.

Curtis William Lee, Sr.
Mentor
Circle of Winners Master Mind Group

For more information go to www.cwlsr.com 

Or email me at cwlsr@cwlsr@cwlsr.com

Marketing and how it is done has been one greatest question investors and real estate professionals have pondered upon and in the end still wonder about. Those who have tried to study the subject can still remain confused because so much has been written about it.

Like any business decision you should always start with a plan as in this case a marketing plan.

The Guru and Coach will more than likely tell you that there is strategic marketing and a tactical marketing. I will agree with them in this respect that you have to understand the concept but you will need real help in implementing them properly. The reason I say this is that markets are constantly changing. In the past marketers used regular mail sending letters and post cards. The generational changes that are taking place with the internet and programs like social networking will not work with younger generations.

As mentor I am weekly checking out new methods of marketing which will benefit the members of the Circle of Winners Master Mind Group.

In some ways marketing real estate is the same for both the investor and real estate professional in that they are both looking for either a buyer, seller or leasing tenant. However how you go about doing it is a completely different matter.

For more information about marketing go to www.cwlsr.com and the "Ask a question” tab and I will be glad to answer your questions.

Curtis William Lee, Sr.
Mentor
Circle of Winners Master Mind Group

Last week I discussed the differences between the Guru, Coach 
and Mentor. We saw that the Guru and the Coach are money driven 
by the sale of their products while the Mentor is driven by your 
success.

For the next several weeks I will be addressing the important aspects 
of a good Mentor and what knowledge they should they be able to 
share when mentoring.

Here are a few of the topics that a good Mentor should be able to 
guide you through:

·         How to build a working business plan

·         What type of accounting and database management system you 
           should use.

·         Marketing for the purchase or sale of properties (Marketing plans, 
          Strategies & Implementation).

·         Prequalifying  income producing properties (It is more than 
          NOI &DSCR)

·         Contracts and Agreements

·         Negotiating Contracts

·         Listing your property

·         Appraisals and Valuations

·         Real Estate Financing

·         Environmental – Phases I, II, and III

·         Due Diligence

·         Risk Management

·         Insurance – Type of coverage need for your business and 
          properties

·         Real Estate Title and the Closing Process

 

Generally when you purchase training programs there is little or no 
interaction between seller and student. The cost is usually expensive 
and after a short time the student starts to lose interest in the program 
they have purchased.

 

It is different with the Mentor in that there is constant contact and an 
ongoing dialogue between the Mentor and student.

 

If you have an interest in being mentored at a low monthly cost of 
$38 per month ($456 annually) go to The Circle of Winners Master 
Mind Group. www.cwlsr.com

 

Look tomorrow for “How to build a working business plan:

 

Curtis William Lee, Sr.

cwlsr@cwlsr.com

 

 

This post is from my two other blogs "Cirlce of Winners" and "CRENewsWire."

 Guru, Coach or Mentor?

Recently I logged into a forum discussing Real Estate

Guru’s. The idea was to debunk them as well as their 

material and the service that they provide.

The word intrigued me so much I decide to see what 

Webster had to say about it. Here is what he said about 

Guru, Coach and Mentor.

Guru – “An expert, a person with knowledge or expertise.”

(Buy my products and you are on your own)

Coach – “One who instructs or trains a performer or a 

team of performers.” (Buy my products and attend my 

seminars)

Mentor – “A trusted counselor or guide.” 

(No products or seminars to sell only there when needed)

When I signed up to become a member of the web site 

Bigger Pockets (www.biggerpockets.com) I had only 

one choice and that was to register as a Real Estate 

Coach. I must say according to Webster I don’t fit that 

definition. (Note: Bigger Pockets is a great site)

For years I have assisted others in business as well as 

in personal growth using the principals that I have 

applied in becoming a successful entrepreneur.

To be a successful real estate investor or real estate 

professional it is important to understand business 

principals as well as real estate. I am often asked 

questions about limited liability companies or what is 

the best management system or accounting system for 

my real estate business just to name a few.

I have always advised those whom I have mentored that 

it is important to work on your business instead of in 

your business. What I mean by this is if you are only 

doing the technical work and not equally doing the role 

of manager of your business as well as letting your 

creative juices flow as an entrepreneur you will be 

destined to almost certain failure as a business owner. 

(Remember whether you are a property owner or a real 

estate professional you are more than likely an 

independent business person or contractor.)

The Guru or the Coach will normally tell you how to do 

real estate whiles the mentor will not only tell you how

 to do it but will also show you how to do it. The mentor 

takes a personal interest in your success while the other 

two are usually product and sales oriented.

For those who are just starting out or not yet seasoned 

in the real estate arena I would recommend that you 

find a good mentor to work with you and personally 

guides you in your new venture.