Best Multifamily Real Estate Investing Blog

Who to Have on Your Real Estate Team, Part 2

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Service Members
In the first article, we discussed the importance of building a winning team to support your real estate business. We described and defined each primary member. We stressed how vital it is for your personal development and growth to surround yourself with successful and positive people. Success in real estate depends upon the relationships that you can build, and these relationships will allow you to leverage your time to seek out more deals and grow your business, all while leveraging your team member’s expertise.

The key to building an all-star team is to create win-win solutions. Both sides have to be prospering from the relationship. In our relationships, we demand quality work to be performed, and in return we pay our team members promptly and the going rate. We are always trying to grow their business, and in return, our team members are helping grow our business. If someone is looking for a referral, we always try to refer a team member for the job. As my dad used to say, one hand washes the other.

We split up team members into two groups: Primary and Service Members. Here is the list of members:

Primary Team Members
1.Broker
2. Accountant
3. Coach
4.Partner
5. Mentor
6. Lawyer/Title Company
7. Management Company
8. Mortgage Broker
9. Insurance Broker
10. Maintenance/ Handy Men
11. Contractors- Licensed plumbers and electricians
12. Inspector
13. Architect
14. Appraiser
15. Engineer
16. Ratio Utility Billing Services Company (RUBS)

Service Members:

Lawn care
Painters
Plumber
Fence co.
Paving / Cement co.
Roofer
General carpentry and maintenance
Carpet Cleaner
Flooring company
Used appliance co.
Sign co.
Web designer
Laundry company
Background checks
Renters insurance

Primary team members are the core of your business. They will be relied upon and will have the greatest impact and effect on your business. As you grow your business, you will find that you will begin to outgrow some of these members. Don’t be afraid to evaluate your team every quarter to see if your goals and ideals are congruent. For example, you may have expanded your portfolio by another 50 units. Will your management company be able to manage the extra workload, or do you feel comfortable with your current accountant being able to provide bookkeeping services for your additional entities?

Service members are an important element to your business, but you may employ a few of these members to service your business. They are much easier to replace than primary members, but are vital to having your business run smoothly.

I would like to highlight a couple of these members and show you how we derived value from our relationship.

Laundry Company:
Many of the properties that we acquire have laundry rooms that are either non-functioning or in disrepair. Our goal is to renovate these rooms and install washers and dryer that are new. We use a company called Coinmach to service our laundry facilities. They install new machines, guarantee to service the machines, and in return, we agree to a revenue split of 60/40 (we receive 60%). I view this as a win-win. We get new machines, have no worries with maintenance and have someone else collecting coins monthly. Coinmach receives a stable monthly flow of revenue.

I can hear some of you out there complaining about having to share the revenue. You would rather keep the entire revenue pool. It all depends upon what your goals are for your business. There is no right or wrong answer. Jake and I feel that our time can be better served if we concentrate on tenant issues and managing the property, driving the team to maintain occupancy rates high and focusing on customer service.

Painters:
I can hear a lot of you out there grumbling about dealing with painters. We have been through our fair share of painters, but we finally latched onto a great crew. We have been able to save precious days on our apartment turns, which leads to happy tenants and a healthier bottom line. We have grown to the point where it makes sense for us to contract out our painting jobs due to the sheer volume of business that we perform. It may make sense for you to have your maintenance team tackle this job.

Lawn Care:
When we acquired our first property, the next purchase was a lawn mower. We instructed the resident manager to add it to his list of responsibilities. With additional acquisitions, this strategy was also amended. We contracted out a landscaping company to mow the lawns and maintain the appearance of the grounds of the properties. Most real estate investors rank landscaping as one of the most important elements in the appearance and value of the property. You only have a few seconds to make a great first impression, so concentrate your efforts on the exterior of the property.

Web Design:
It is surprising in this day and age that many multifamily properties lack a website or any type of presence on the internet. A website is a terrific, low approach to advertising your business and increasing the occupancy of your property. Most tenants search for apartments on websites such as Zillow, Trulia and Craig’s List.

Having a website that ranks high in the search engines will make it easier for prospective tenants to find you. To get an idea of what an effective website looks like, visit our site at www.randpropertymanagement.com.

If you are the type of person that likes to do things themselves, it has become pretty simple to build your own webpage. Visit WordPress to get ideas on how to build your own website. I would recommend a professional to design your site and help with your SEO (search engine optimization). It has made a huge difference in our marketing and filling our vacant apartments.

The difference between a business that is struggling and one that is thriving has a lot to do with relationships created and team members that have been assembled. Try to surround yourself with team members that are motivated and see the big picture. You can train talent but it is virtually impossible to train attitude. Have you ever wondered why every employee who works at Disney is happy and appears to be an upbeat person. It is because Disney targets this type of employee and understands the value of a happy, motivated member.

We hope you have enjoyed this article on assembling a quality team. Please leave us a comment below and tell us who else you would add to your real estate team.

Gino

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Why You Need to Use Our Credibility Book to Find and Close Your Real Estate Deals

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One of the biggest complaints I hear from real estate investors is “Where do I find the money for my down payment?” Although this can be challenging for most newbies, I find that it is more difficult to locate deals that offer great returns and create wealth for the investor. There are a couple of avenues that investors can take to unearth that elusive down payment.

On our very first deal, we formed a partnership to pool our funds to acquire the property. We were also fortunate to secure owner financing as part of our down payment. The bank was willing to accept 10% of the down payment as seller financing and 10% of the funds came from the partnership.

We finally closed on our first deal, but that brought about our next problem. Where were we going to find the money for our next deal? We all liked the idea of a partnership, but unfortunately, this partnership was low on funds. We had to come up with another strategy.

We decided to create a Credibility Book to allow us to recruit another partner. The Credibility Book outlines our investment strategy, details our portfolio holdings, describes the market we invest in and highlights our investments. A potential partner can see what type of returns he can expect, what niche of real estate you invest in and how you will create value with the investment.

For example, our Credibility Book highlights the fact that we invest in the Knoxville, TN market because of the favorable tax laws as well as the plethora of jobs and the expansion of the market. We buy underperforming small to midsized “mom & pop” multifamily properties that have demonstrated strong cash flow but are being held back by poor property management and deferred maintenance. We target B and C properties from 20 to 150 units. We focus on this quantity of units because 20 units is too large for most small investors and 150 units is too small for institutional investors, thus allowing for less competition.

Our Credibility Book also lists our portfolio of properties and details how we repositioned these properties to create value and generate positive returns. We detail the problems with the properties when they were purchased and the solutions implemented after acquisition. Our goal is to convey to the investor our success and our focus on a specific niche. The investor wants to know how you are going to make him money and how he is going to get his money back. It is our job to describe to him in detail the opportunity that we are presenting to him.

Credibility Books can also be utilized to secure bank financing, especially if you are trying to establish a relationship with a new banker. On our third deal, we were introduced to a community bank in our market. We presented the banker our Credibility Book, and he was able to understand our business plan and our strategy to add value to the asset. We recently recorded a podcast with Mike Saporito, the banker who made it possible for us to acquire this 136 multifamily property. Click here to listen.

I credit our portfolio growing from 0 Units to over 500 in only three years to our Credibility Book and our ability to focus in on a niche. It is very difficult to hit a target that you can’t identify, and we identified our target early on in our career and maintained our focus and attention on that target. Click Here to get a copy of our Credibility Book.

We have developed a program on Udemy that helps you build your own personal Credibility Book. We want to make it easier for you to go out there and raise all the funds you need to close your deals. Click here to access the program, and we’ve included a 50% discount for being part of our community. Coupon Code: JG-StudentPass-12

We are offering a complimentary thirty-minute coaching call to help you build your own personal pitch book. As with all of our products, if you are not totally satisfied with the course, we will refund your money within thirty days, no questions asked.

So what are you waiting for? Let’s start raising some money!

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Who to have on your Real Estate Team

Jim Rohn famously said that we are the average of the five people we spend the most time with. Guess what?

Your business is no different.

If you want to be successful in real estate, then it is vital that you build a great team. Real estate is all about building relationships, and you want to start building your team as quickly as possible. Each team member is a specialist that has certain skills that they bring to the business. These team members will allow you to leverage your time and go out and find more deals.

We have split up team members into your primary members and your service members. We feel that real estate brokers are one of the most important members because they are the ones that will be feeding you those deals. A great real estate broker can help round out your team.

Service Members:

Lawn care
Painters
Plumber
Fence co.
Paving / Cement co.
Roofer
General carpentry and maintenance
Carpet Cleaner
Flooring company
Used appliance co.
Sign co.
Web designer
Laundry company
Background checks
Renters insurance

Service members are an important component to the success of your business, but you may employ several of these members. They can be replace easier than your primary team members, but once you find a great service member, pay them when the work is done to ensure quick and good work.

Team Member Definitions

Partners – Very high-level team member who has to have same vision and ideals as you do. You have to share same investment strategy and possess similar goals. Partnerships work best when each partner has different strengths and is allowed to utilize their strengths.

Mentor – We attribute much of our success to working with mentors. Mentors are willing to share their extensive knowledge with you, and this guidance has allowed us to shorten our learning curve. Who knows, a mentor can even turn into a potential partner.

Family – Some family members have been supportive of our business venture, and others have been critical. It’s up to you who you want to listen to. My mother is a perfect example of someone close to me who was skeptical, but she was just fearful that I was making a huge mistake. She changed her mind when I presented all the facts and the business model. We also use the negative comments as motivation to succeed.

Coach – There are different types of coaches. I have utilized real estate coaches, business coaches and life coaches. A coach will help you develop a plan, give ideas and guidance, and most importantly, will hold you accountable for your actions.

Accountant – This member will give you advice on tax preparation and will advise you on your own situation. Make sure that your accountant has experience in real estate and utilizes all laws to grow your wealth.

Lawyer – Depending on what state you are purchasing real estate, a lawyer may or may not be used to execute the purchase and sale agreement. We used a title company to draw up the P&S agreement. Lawyers can also provide other documents, such as leases and can form your LLCs.

Property Manager – If you decide to run your own properties, you should still interview management companies in your market to familiarize yourself with costs associated with running the property.

Mortgage Broker – Very helpful in trying to secure financing for your property. Mortgage brokers have the ability to shop your loan to many different financial institutions, and they may have leads on off market deals and bring them to you.

Insurance Agent – An insurance broker will be able to provide you with the proper coverage on your property. A yearly review of all your policies is vital to make sure that you have the proper coverage and to keep costs down.

Real Estate Agent – It is imperative that you locate a broker whose specialty is multi family investing, and one that is knowledgeable in the local market. Their job also entails running rent comps, and helping us build our team..

It would be wise to build relationships with a few brokers. Take them out to lunch and ask them questions. Let them know that you are a player and you are looking for deals.

Title Company – A title company is responsible for issuing insurance to a buyer that insures any defects against the property. It protects the owner against any claims against the property. The owner wants to be certain that he is the rightful owner of the property, and the title company will issue a “title search” that researches the ownership of the property. The search will come up with any outstanding liens, mortgages, judgments, or unpaid taxes on the property. Once he search is complete, the title company will issue title insurance, which protects the owner from any future title problems. In certain states, title companies also perform closings.

Home Inspector – A key player in the due diligence phase. We were fortunate to find a thorough, trustworthy inspector, which allows us to go back to the seller with any issues. Make sure you inspector has experience with multifamily properties.

Architect – An architect is used when an investor decides to construct a building, or when a property is in violation, an architect is familiar with the code and can remediate the existing violations.

Appraiser – This team member is often overlooked by investors, but having a competent appraiser will allow you to execute the third leg of our strategy, the finance right. Appraisers can justify the value of a property to a banker and will facilitate in the refinancing of a property. They are utilized to determine market value of properties.

Engineer – In real estate, an engineer usually works in conjunction with an architect to solve issues with building structure or code violations. We have used engineers to design water systems for our property, as well as designing septic systems for our apartment homes.

Contractor – We use licensed contractors when we need to pull a permit for a job and when we need quotes while performing our due diligence.

General carpentry and maintenance – These players are the front line of your operation. They will directly impact the customer service end of your business. A happy tenant is one who stays, and employing courteous, competent maintenance men will keep your apartments full.

Ratio Utility Service Company – A company that calculates the resident’s utility based on number of occupants, square footage , or a combination of factors and then bills back the usage to the tenant. Utility expenses can include water, gas, electric, and even garbage. The landlord does not have to install meters, and can hire a RUBS company to calculate the bills and send to the tenants.

We hope this article will help you build your all-star team. Let us know what other members you like to add to your team.

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How to Network and Choose the Right Real Estate Broker for Multi-Family Investing

In our first podcast, Jake and I had the pleasure of interviewing thirty year veteran Rick Gentry, real estate broker from Avison Young in Knoxville, TN. The podcast can be found at our itunes page.

We were fortunate to land Rick on our very first deal, a 25 unit multi-family property. Little did we know that Rick would be an integral part of the next few deals we closed on. We learned early on that a Real Estate broker is a vital team member and indispensable for your success in multi-family investing.

In this article, we are going to describe what qualities to seek out in a broker, what you as an investor need to bring to the table to attract these top notch brokers, and what kinds of questions you should ask your broker. Rick has extensive experience in all facets of real estate, from land development, to construction, to managing and selling apartments. He started out with smaller properties, but he saw as we did the potential in multifamily investing. The fact that he owned and managed apartments was the one deciding factor that attracted us to Rick and we knew that he would locate deals for us based on our specific criteria.

He also was vital in building our team members. He was able to refer a home inspector, a mortgage broker, and certain contractors because he had those contacts from his previous deals. Rick speaks the lingo of a real estate investor, and words such as Cap Rates and Cash on Cash returns are part of his vocabulary.

Brokers are key team members also because they can bring you deals before they hit the market, thus allowing for less competition and a better purchase price. Deals that have not been listed yet are called “pocket deals”. The broker is keeping these deals in his or her pocket and is going to shop this deal to his preferred buyers, hopefully you.

Where do you find a qualified broker?
Here are a couple of places:

Loopnet. This website does not have many great deals, but it does have brokers that list properties. We scour for brokers that have multiple listings in a particular market and then make contact. These brokers are the serious players in the market.
Other Team Members: Ask other team members for a referral. Usually, a management company can recommend brokers in their market. Other team members to ask are home inspectors, lawyers, contractors and mortgage brokers.
IREM.org: Great website that lists management companies. It is a good start to interview potential management companies in your market and teo get referrals for real estate brokers.
Chamber of Commerce: Every city has a Chamber of Commerce, and it is worth the effort to call and ask for a referral. Visit their website and you will usually find a plethora of brokers.
Real Estate Investors Association (REIA): Great venue to network with other professionals in the real estate industry. Go online and locate the group that is located in your market.

How do you start up a conversation with a broker? We used a script in the beginning to help with our nerves and to make sure we didn’t forget anything. With a bit of practice, a script will become unnecessary.
This is the script Jake and I use when introducing ourselves to a broker:

“Hi, my name is Jake. I am an investor in the Knoxville, TN area and I am looking to purchase apartment buildings in your market. We like to buy B and C type properties that contain between 30 to150 units. We like to buy properties that have at least a 10% cash on cash return and a cap rate of at least 8. We specialize in purchasing apartments that are run by mom and pops, which allow us to add value and increase the cash flow.

Would you have any properties that fit this criteria?”

What do you need to bring to the table when trying to recruit brokers?

The number one rule is to follow through on everything you say that you are going to do. For instance, if the broker is expecting a Letter of Intent faxed over by 4 PM, make sure he gets that letter. Make it as easy as possible to do business with yourself. Do what you say and say what you do.

Secondly, have a plan in place and communicate your plan to the broker. Jake and I give our Credibility Book to prospective brokers, and it gives us instant credibility. Most investors barely have a plan, let alone an entire business plan spelled out for brokers to review. The Credibility Book outlines our investment strategy and gives the broker and idea of the types of properties we invest in. It also lists our current portfolio.

The third rule is to be educated and know the real estate lingo, as well as the specific market you intend to invest in. Having knowledge of the market is crucial because you can ask specific questions about that particular market and you will need to know property values.

What are some questions to ask your potential broker?

1 How long have you been selling multi-family properties
2. Do you own any real estate
3. How many properties did you sell last year
4. Why is the owner selling
5. What is the unit mix and what is the current market rent for the area
6. What is the value play on this particular property
7. Have there been any offers on the property
8. What is the tenant mix
9. Is there any deferred maintenance
10. Is the owner willing to hold paper
11. Have you sold any property in the area
12. Can you send me over any comparables
13. Can you help me build my team

As you can see, finding the right real estate broker is essential for your success in this business. Not only will they bring you deals, but they will also help you build your team.

We hope this article helps you find the right broker that will deliver countless deals. Leave us a comment down below and let us know what questions you are asking when interviewing potential brokers.

Gino

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What is an Empowering Question and Why You Need to Use Them to Connect with Others

An empowering question is a thought provoking, open ended, challenging question that allows a person to look for answers and new opportunities. Tony Robbins is famous for saying “Successful people ask better questions and as a result, they get better answers.”

To enrich your relationships, become an active listener. Do not sit there waiting for your turn to speak. Actively listen to your partner and then respond. 20% of your action should be speaking, while 80% should be listening to your partner.

Coaches employ empowering questions to motivate and raise the consciousness of their clients. The object is to raise the client’s level of energy and then have the client face their problems from a position of higher energy and passion. The client will begin to realize options available to him that he didn’t notice when he was viewing them from a level of fear.

I have listed a few of my favorite empowering questions and how these questions will help you connect with people and raise your level of energy.

Checkout the Multifamily Zone Podcast on Empowering Questions:

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Who am I?

This is my favorite question to ask people. I was performing an exercise with my coach called the Miracle question. I closed my eyes and was read a quick narrative describing how I had awakened from a night’s slumber. I was told to envision that my challenge was completely solved, but since I was pretending to sleep during the exercise, I didn’t realize it. I just knew something was different.

At first, I thought the exercise was a complete waste of time. But when I awoke, I felt relaxed and energized. I told my coach my feelings, and he questioned me further. My coach saw the passion I had for my family every time we discussed them. I finally realized from that session what was the most important thing in my life and what my “who” was. My “who” was a loving, caring, dedicated father and husband. It then gave me the “what” and the “how” for my life. I was launching Gino’s Family website, and this conversation gave me the confidence to know that I was pursuing the right path. Who you perceive you are will get you what you want and how you will get it. I realized that I want to work and spend time with my family and I can achieve this goal by creating ginosfamily.com.

A clear example of this principle in life is when a person tries to lose weight. A person can lose weight, but many times they revert back to previous habits and the weight returns. They have not worked on their “who”, the inner thoughts and feelings that drive them. I was able to raise my consciousness in the previous example and removed any inner blocks that were holding me back.

What is another way to look at that?

This is a powerful question to ask a person who is struggling with an interpretation, a judgment that a person creates about an event and then believes it to be true. Having a person look at other ways lessens the power of an interpretation. Something happens in our life, an event occurs and we develop a story is also another way to define an interpretation. For instance, I tried emailing a friend but never received a response. I initially thought that he was not interested in talking to me. That was my interpretation. The truth was that he changed his email address and never received my correspondence.

What value is that to you?

This is a probing question that allows a person to explain what is truly important in his or her life. We all place values on things in life, and rate the importance of something on how valuable it is to us. For example, if someone places a high value on trust, then he will feel betrayed if that trust is broken. Another person who doesn’t value trust as important will not experience the same type of feeling. This is the reason why two individuals can view and have different feelings and emotions about the exact same situation.

I place a high value on family life and friends, so when I am stuck working long hours, I feel as if I am letting my family down. I tell myself that I need to work to support the family, but it still bothers me that I am not spending time with them. Having a person realize what is valuable will allow them to concentrate and work hard in that specific aspect of their lives.

What scares you about that?

Fear is a powerful emotion in our lives and holds people back from taking action. When you are feeling stress, you are giving something more significance than it really deserves. We all develop behaviors to reduce our stress. Some of us watch television, some overeat, some decide to reach for a cigarette and some of us (me included) get into an argument with others. You are using this behavior to distract yourself and remove that feeling of stress. These behaviors meet your need for comfort. The realization that these behaviors are directly related to stress can be empowering. You now have the awareness and the ability to change your behavior because you are responsible for creating your every thought and action. Once I realized that stress was a trigger for me to get into an argument, I chose to change my behavior.

What did you learn from that?

I view every experience as a lesson to learn from, whether I succeed or fail. We are taught in school from a very young age that making a mistake is a bad thing. My opinion is that mistakes are a great way to learn. Most entrepreneurs will declare that they learned more from their mistakes than their successes. One of my favorite mentors, Robert Kiyosaki, from the Rich Dad Company, credits his current success to all of his previous failures. He had an extremely successful business in his twenties, and ended up losing the business and owing creditors hundreds of thousands of dollars. His wisdom from this experience allowed him to build his subsequent businesses into very profitable ventures. He calls making mistakes and learning an invaluable “process” and notes that the money does not make you rich but the knowledge enriches you.

I have a similar story to share. I bought a commercial property in New York several years ago. The investment has been a lot of work and hard ache, and has yielded a small return. But my experience from this one property has been immeasurable. It has given me the confidence and knowledge to venture into investing in multi-family properties. That “mistake” has led me to acquire over 500 apartment units in Tennessee. If I never purchased the commercial property, I might not have started investing in apartments.

Bonus question:

What are you trying to accomplish this year?

This question is equally effective ask if I am coaching a client on his business or his personal life. How else do we know what we want to achieve if we do not give it proper consideration? Most people go through the motions in life and wonder why they lack a sense of accomplishment and fulfillment. They have no clear idea of what they want to attain. If a business has no plan of action, then it will inevitably fail. Always ask yourself what you want to accomplish and make sure to revise and update your goals during the year. You will be astonished at how your goals will evolve during the course of a year. Once you identify a target and focus your energy, it will be much easier to hit it.

If you want to learn more about empowering questions, visit us at www.jakeandgino.com

What is your favorite empowering question? Let us know!

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Our 13 Biggest Mistakes to 500 Units and How You Can Avoid Them: Part 5

We hope you have enjoyed our previous articles on committing mistakes while investing in real estate. We want to conclude with two mistakes that can make a huge difference in your bottom line.

We learned very quickly how profitable it is to address utility consumption at your property. It is one of the pillars of profitability for our real estate company. You need to explore your options when dealing with utilities. Utilities will only continue to escalate, and your cash flow will be doomed if you can’t control your utilities.

Let’s tackle our final biggest mistakes:

Utilities:

One of our major value plays is to locate properties where the landlord pays all of the utilities. This is commonly referred to as all bills paid. With some properties, the landlord has metered off electric and water to each unit so that the tenant is responsible to pay. However, many of the older buildings utilize only one water meter and one electric meter for the entire property. Having the tenants pay serves a dual purpose. First, it will lower your operating expenses tremendously, thus allowing your net operating income to rise along with the value of your asset. Secondly, usage will decrease once tenants are being billed directly.

With our properties, we institute a Ratio Utility Billing System which calculates a resident’s water usage and garbage costs based on occupancy, square footage, number of occupants, or a combination of these factors. It’s a very beneficial system. Not only can it be installed quickly and property owners can recoup a large percentage of their utility expense, but there’s no capital expenditure involved. There are several companies that will handle all of the calculations and bill the tenants monthly so you don’t have to.

Before you incorporate this system into your own property, make sure that the rest of the local market is already doing it. If you’re the only complex utilizing the system, you’ll lose tenants because they can rent your competitor’s apartment for a cheaper price.

Capital Expenditure Account

A capital expenditure is any amount of money you spend on a property to do an improvement or upgrade. These expenditures can include replacing a roof, paving a driveway, purchasing a refrigerator, etc. The common practice is to allocate $250 per unit per year in an account to apply to these expenditures so you don’t get caught off-guard last minute. Banks love to see owners set aside money for these expenses, and you’ll be happy too when you have to replace a roof and don’t have to worry about where the money is going to come from.

Our goal is to rehab a property as quickly as possible so that we can raise rents and attract better quality tenants. If your cap ex account is unfunded, it will be difficult to tackle these improvements.

Do you set up a cap ex account, and if so, how much do you fund it with? Please don’t make the same mistake we made and have ZERO in your cap ex account.

How do you control utility consumption on your property? Please leave us a comment below. We are always looking for ways to save on consumption. Great for the bottom line and for the environment!

Welcome to our community

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Six Steps You Need to Follow to Acquire Wealth

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As I was rereading Napoleon Hill’s “Think and Grow Rich”, I came across a fantastic method of training your mind to acquire money. The accumulation of money in our society has become a frowned upon achievement by many, but as I have grown older, I know that this type of thinking has become destructive to our country. Many people view money as the root of all evils, but I feel that how people use money and their intent dictates whether money will be used for good or evil.

Money allows a person to be more of who they are. If you are a jerk, then money will allow you to become more of an unpleasant person, but if you heart leans toward charity, then money will allow you to express that side of your personality.I always tell my friends that poor people are not the ones building schools and hospitals, and money is energy that fuels the economy. The more money that I can earn, the more that I can donate to charity and utilize for worthy causes.

My wish is to have this country create millions of millionaires, where these people can contribute to the growth and prosperity of our country. Follow these six steps and you will attract all the money you want and deserve.

Here are Napoleon Hill’s 6 Steps:

Fix in your mind the exact amount of money you desire.
What are you going to give back to get this money.
Establish a date by when you will acquire money.
Create a definite plan and execute.
Write out a statement stating how much you desire, the time limit and what you intend to give to get the money.
Read statement allowed, during day, when you wake up and before you go to bed.

Before bed, your subconscious works on it. There is some truth when people tell you to sleep on a problem and wake up refreshed and with an answer. Your subconscious will be working all night on a solution.

Fix in mind the exact amount of money you desire.

You need to pick an exact figure and burn that amount into your mind. This is the point where you don’t undersell yourself. Shoot for the stars. I don’t want you to say “I want a lot of money.” I want to hear you exclaim emphatically “I want 5 million dollars.” It is crucial to pick an exact figure and put emotion into your exclamation.

What are you going to give to receive this money?

There is nothing for free in this world, and that includes the accumulation of money. What are you going to give or sacrifice to earn this money? Is it going back to school and learning a new skill, is it working extra hours, or is it seeking out a mentor? Only you know what you are willing to “give” to achieve your goal.

Establish a date.

Procrastination is one of the biggest causes of failure. Most of us go through life waiting for the perfect time to start something. Do not wait. There is no better time that the present. Establishing an end date forces you to take action, and will activate your subconscious to get to work towards your goal.

Create a definite plan and execute

What endeavor are you going to pursue to attain your riches? I chose real estate as my vehicle to procure my riches. I wrote out my business plan and shared it with my business partner. Together, we took action toward our goal. A plan is important, but action is even more important if you are to achieve your goals. A journey of one thousand miles begins with one small step.

Write out a statement stating how much you desire, the time limit and what you intend to give to get the money.

Putting your ideas down on a piece of paper is the first step to the realization of your desire. A thought is fleeting unless it becomes a desire and is written down so that your subconscious can go to work towards your goal. I hear many friends say they want to earn just enough to pay the bills and have some money left over for retirement. Sadly, the subconscious latches onto to these self-limiting beliefs and produces these exact results.

Read statement allowed during the day, when you wake up and before you go to bed.

There is some truth when people tell you to sleep on a problem and wake up refreshed with an answer. Your subconscious will be working all night on a solution. While you are reading your statement, feel yourself in possession of the money you desire.

If you have a burning desire to accumulate the money, then you will have no problem in convincing yourself that you will attain it.

I have begun to use incantations in my daily activities to help activate my entire body towards a goal. Incantations put me in a high mental state where I feel “in the zone” and ready to conquer the world. You can use your daily statement as an incantation to remind yourself of your desire for money. Speak your incantation out loud and repeat it several times.

I have chosen money in this article as a desire to attain. You can substitute any other desire in your life, whether it be your health, family or career. The key is to possess a burning desire and then to follow these six steps I have outlined.

Good Luck and I wish you a prosperous journey. Leave a comment below and let us know if these six steps help you along your journey.

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Finance Right, The third pillar of the Wheelbarrow Profits investment strategy.

Now that you’ve purchased your property correctly and are managing right, its time to secure long-term financing. This is the final leg of the strategy and will help secure your investment for years to come.

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Manage Right, The Second Pillar of the Wheelbarrow Profits Investment Strategy.

Now that you’ve purchased your property correctly, its time to reposition it for big bucks. Learn our three step framework on how to turn an ugly ducking into a well-oiled machine that pays you every month.

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A Powerful Formula Every Real Estate Investor Needs to Use to Create Wealth

There are dozens of formulas that real estate investors use every day to analyze their deals, such as cash on cash return, or cap rates, but none are as important or compelling as Napoleon Hill’s formula:

Q1+Q2+MA=C

Let me define each variable for you and discuss why I believe this formula will lead you to success and fulfillment in your life.

Q1 stands for the quality of service rendered. Q2 stands for the quantity. MA is your mental attitude and C equals your compensation. This formula can be applied to all businesses, but I want to focus on real estate investors, specifically Buy and Hold investors.

To sustain a thriving business, an investor’s livelihood is dependent on delivering a quality product, whether it pertains to a clean, affordable apartment or a home that has been rehabbed and ready to sell. If the investor’s apartments are outdated or overpriced, the weakness will be reflected in the price of the rent. The asset can also demonstrate other weaknesses, such as deferred maintenance or poor customer service. Likewise, a property that has undergone a mediocre renovation will yield a lower sales price.

Quantity is simply the amount of a product that the investor or businessperson can offer. This is where most investors fail to create wealth or generate substantial passive income. Simply put, the more apartments or units an investor owns and rents out, the wealthier he will become. Similarly, the more homes an investor can fix and flip, the more income he will create.

The internet offers businesses the opportunity to reach more customers and widen the base of operations. The more customers you serve, the richer you get. It’s that simple.

MA stands for mental attitude. A businessperson’s attitude affects the entire business, and if you see yourself burned out dealing with tenants or renovating properties, then it is time to step back and evaluate your current situation. One of my favorite quotes is “The work we do is a reflection of who we are.” One who possesses a positive mental attitude will be able to overcome those bumps in the road and continue onward to their goals.

If you add all three of these variables together, the result is your Compensation, everything that comes into your life. Compensation encompasses such things as money, joy, harmony, fulfillment and other negative emptions that you may attract.

The best way to sum up this powerful formula is “Whatever you put into life is what you get.” Every successful individual in life knows that they are the ones in control of their own destiny. Sometimes, we have to step back and try to work smarter, and not always harder. Offer a quality product to as many customers you can reach in a positive, empowering attitude and you will achieve the compensation you deserve.

Please leave a comment and let me know if you are utilizing this formula in your business.

Gino

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Service Members:

Team Member Definitions

Where do you find a qualified broker? Here are a couple of places:

Let’s tackle our final biggest mistakes:

Here are Napoleon Hill’s 6 Steps:

Fix in mind the exact amount of money you desire.

What are you going to give to receive this money?

Establish a date.

Create a definite plan and execute

Write out a statement stating how much you desire, the time limit and what you intend to give to get the money.

Read statement allowed during the day, when you wake up and before you go to bed.

Q1+Q2+MA=C

Where do you find a qualified broker?
Here are a couple of places: