Multi-Family Investing Meeting

Here are some of the basic ideas that I picked up around the Multi-Family RE Investor Meeting:

• Be patient.
• Be persistent, persist & learn from failure.
• Don't ever give up, continue to make offers.
• Rehab A & B Type properties to the max.
• Mindset is key, one of the biggest ingredients to success.
• Create systems for yourself & your business & stick to them.
• Network with people who have the experience.
• Don't listen to people who are negative, pessimistic, or have less experience than you.

There seemed to be a consensus around the table stating that if you are going to do anything in multi-family real estate, do 50 units or above for a number of reasons.

To begin with, apparently, the underwriting process is much smoother with bigger deals. The smaller deals (4-49 units) look too much like residential to commercial lenders, and they look too much like commercial to residential lenders. Apparently the "bigger money" (above 5-10 million dollars) is easier to get, and it is much looser.

Also, on another note, it's going to be essentially as easy to hire a great property manager on a 36 unit building as it would to hire one one a 1000 unit property. It is better to overpay a great property manager, than to underpay a bad one.

"If I had eight hours to chop down a tree, I'd spend six sharpening my axe." -Abraham Lincoln

Work on your business, not in it. Meaning spend more times working on the systems and hiring the people who will implement them, than doing the actual work yourself (i.e. hire a competent RE CPA instead of trying to do all the bills and taxes on your own). It's too easy to get sucked into the day to day details of the operation, so learn how to delegate properly (property management, bookkeeping, etc).

"Business and investing are team sports."- Robert Kiyosaki

Since Real Estate Investing is a team sport, surround yourself with the best people in their respective areas...Realtors, engineers, attorneys, tax advisers, lenders, etc... The goal is to be the "dumbest guy" on your team. If you are the smartest guy on your investment team, than something is wrong.

Books that were recommended during this meeting:

Whoops

I choose to hold myself accountable to you, the public audience to ensure that I do everything that I commit to doing in growing wealth and increasing financial freedom:

I didn't really do my wealth education yesterday beyond a few minutes reviewing yahoo finance news articles, seeing the news released to the public.

The only action I took in that regard is by adding an amazon link to the book on Gold & Silver.

Tonight I have a Multi-Family Real Estate Investment networking meeting to attend. I am sure to make some good contacts and learn some valuable information for down the road.

Although financing may be challenging in the current times, I am sure to develop some contacts and/or learn something valuable. I will report it here so that others may make use of it as well.

A Note On Sales

The more calls you make to quality prospects, the luckier you get.

Focus on the client. What may excite you about your company may not be what excites them.

Find out what excites them, then base your presentation around it.

Gold & Silver

I do not trust what is happening with the dollar. The Federal Reserve has continued to print more an more currency not backed by anything but people putting their trust in small green pieces of paper.

All of these government bailouts you may be hearing about...seems to me full of arrogance and hubris. All these billions of imaginary dollars printed from thin air.

Each imaginary dollar printed decreases the buying power of the money already out there. And this cycle won't stop until people no longer put their trust in it. Eventually, the bubble will pop, and I anticipate it having a knockout punch to the economy of the United States.

Once the dollar crashes, everyone will come running to the "safe haven" of precious metals, but by then the buying power of gold and silver will have skyrocketed. Time and time again, when a government has gone off the gold standard this pattern has repeated itself.

Gold and silver will take the cake as they always do.



That is one reason why my intention is to build up a gold and silver reserve. This year, I would like to contribute a few hundred dollars to investing these metals every month. Growing this until I will eventually be converting thousands of dollars into these metals at a time. The more I collect, the stronger the magnet will be in attracting more gold and silver.

I intend to make this a solid, continuous, and ongoing habit-strengthening the holdings every month until I eventually need to store them in various third party vaults around the world.

There is going to be an immense transfer of wealth in the upcoming years, and I intend to be ready for it.

I am living a life of wealth already

I am so happy and grateful for the wealth and affluence that has already shown up in my life.
I am so thankful for all the growth, abundance and prosperity that I am given this opportunity to experience. Enjoying the journey as it were.

I am so thankful that I have my own apartment. It has a comfortable bed, electricity, running water in both the shower and the kitchen, a refridgerator to keep plenty of food, and an oven to cook the food with. It is a place that is safe and cozy and keeps me warm when it is cold outside.

I am grateful that I have plenty of resources including nutritious food, and being able to eat out at resturaunts whenever I choose.

I am grateful that I have plenty of clothing for almost every type of occasion. I have a number of tailored clothes, suits, and footwear.

I have a running car, the resources to take care of it, keep it clean, and keep the tank full of fuel.

God, life is amazing overflowing with tremendous wealth already, and I'm only getting started.

My Top 8 Reasons for Financial Freedom

My top 8 reasons I am choosing to be financially free right now are as follows:



1) Having more than enough money & resources to never have to work a day again in my life. I may choose to continue work, but it is because I want to...not because I have to.


2) Extensive World-Wide Traveling. I would like to be able to go on month long adventures, exploring, the planet on a whim, and any time my journey calls for more money, I will simply go to the nearest bank, and collect money from one of my bank accounts continually being filled by my passive income streams.



3) Ongoing & Coninual World Class Traing. With financial freedom, I am able to hire the world's best mentor's and trainers to grow from and have the time to attend all the courses, classes, workshops, and retreats that I choose.

4) Donating to charity. Being willing to embrace all the overflowing of wealth that is constantly in my life, and reaffirming it with generosity.



5) The gift of time: There is nothing greater to me than time freedom. The freedom to do with your life everything you want to do.




6) Hosting world-class events, gatherings, and parties of all kinds.Embracing the rich abundance life has provided me and finding every reason to give thanks and continue to celebrate life.



7) A paid of luxurious tropical beach house in a lush tropical beach somewhere in Costa Rica, and mountain chateu somehwere in Colorado.




8) Month after month I continue to get ongoing stream of income. More and more checks in the mail and deposited into my bank accounts every single week.

Wealth Action Items 1/10/09

Today I cleaned disputed some claims on my credit report & signed up for the freecreditreprt.com affiliate program.

Good News

I just recieved word back from one of the disputes on my credit report and they have deleted one of the accounts that had thosands of dollars in debt I had never heard of.

As far as the Experian report goes, the recorded debt went from about $34,000 in revolving credit to about $8,000 and some change.

That was easier than I thought, and I suppose it should reflect well on my credit score next time it updates itself.

I wonder how often the credit score is updated.

Also, I went to http://www.freecreditreport.com/ again, and I signed up so that could see all 3 reporting companies records for me. Apparently, Experian and Equifax have only $8,000 and some change recorded in revolving debt. Transunion still showed some $34,942 to be paid off.

So I signed up at the Tansunion.com website, got on, and disputed the information there as well.

I wonder how quickly this will work in getting my credit score raised. I am sure the timing will be just right.

My intention is for my credit score and records will improve over the next few months to the point where I can easily get approved for real estate loans on a consistent basis.

Unequivocal Belief in Abundance

"If you do not hang out with people who own private planes, have shares in private jets, or at least fly first class everywhere they go...If you do not hang out with people who have their shirts and suits custom tailored....If you do not hang out with people who own racehorses or boats or vacationhomes...If you do not hang out with people who are extremely prosperous and adept at wealth attraction, you might be fooled into thinking money is "tight," in limited supply or hard to come by,and based on those thoughts, you might inhibit your own wealth attraction. Or you might think such people are rare, in small number. They are not. In fact, what demographers and marketers call the "mass affluent" represent the fastest growing segment of the population."

-Dan Kennedy

Beware the News Media

"For some perverse reason of its own, about which I have my suspicions, the mainstream media constantly underreports good economic news and overhypes bad economic news."

-Marketing Guru Dan Kennedy

Cleaning Up My Credit

I went to http://www.freecreditreport.com/ to pull my credit. As I stated before, there are still a few things I need to clean up.

Most importantly, are 2 credit card accounts that were started in my name with a current debt of about $24,000. Again, they are up to date on payments; the only problem is that I did not charge them.

This must be an accident or worse identity theft. Either way, I went to the website and disputed the claims. I subscribed to the service for about 6 months and will be monitoring my credit regularly in an effort to clean it up.

The better my credit, the faster and easier it will be to get money for my RE investments.

Wealth Networking Goal 2009

I have come to accept that the people that you consistently hang around will affect who you become more greatly than almost any other factor.

This also applies to your income. I have heard it said if you take the average income of the 5 people you hang around the most, you should have a rough estimate of where your income currently is.

For this reason, my intention is to continually associate with people who are playing at a much higher level than me because I know it will inspire me to reach even greater heights, seek greater possibilities, and hold myself accountable to even greater visions. That's not to mention all the amazing learning, knowledge, and energy osmosis that naturally occurs when hanging around people who live their lives with a positive powerful, loving, wealthy power.

I have set a goal to attend 40 or more wealth networking events throughout 2009. I attended a RE Investment meeting last night, and tonight an Internet Marketers meeting.

I feel good. 2/40 meetings complete.

The Law Of Abundance Meeting

I attended the Law of Abundance meeting yesterday with a lady named D. Buffington. It was filled with alot of the same people you would expect to see at one of these events. Alot of them bending very far over to the "woo-woo" pie in the sky metaphysical new age side of things.

Still though, I am glad that I showed up. I definatly left there with one new idea that I have already started applying. She spoke about a number of ideas, but I think I really could identify with some basic ones I will present here:

• Determine exactly how you want you life to look like, and create a life design.
• Stay open to something different than you have imagined ("this or something better...")
• Seek out others your can trust to help you achieve your goals.

Also, she continued to refer to the Law of Attraction as a Law of Energy. She says that if everything is made of energy, we must be as well, including all of the circumstances we bring into our experience. Energy is always predictable, precise, and infallible.

She also said that all things must obey the laws that govern energy. She continued to compare the Law of Attraction to an electric circuit:

Apparently there are five parts to a complete energy circuit.

1) The Generator (the battery) in this case Ourselves, Our Thoughts, Our Inner Spirit of Creativity

2)The Line Out (+) (positive current) This is your applied effort, your "boost energy" from within yourself, the joyful actions you take to bring you closer to your goals

3)The Receiver (Light Bulb) In this case our intentions, our goal, or the life we are aiming for

4) The Line In (-)(negative/receptive current) In this case How accepting/trusting/believing/receptive we are to accept the abundant manifestations in our lives.

5) The Insulators- electric wires need insulation to function properly. In the case of our personal lives these 3 insulators are all based on having Faith : a) faith in ourselves 2)faith in other people and 3) faith in the "generative force" (aka God)

Real Estate Listings

I have been using the last hour or so to look through some craisglist ads for potential bargains, emailed some realtors, and inquired about some properties.

Abundance & The Law of Attraction

Apparently there is yet another workshop being held at a place called "The Center for Spiritual Living" today on allowing The Law of Abundance to work for you.

I think I will attend because if I can even adapt one sound idea from it, I am sure the effects will be quite worthwhile.

On another note, I was looking last night and saw a potential investment property a few minutes from my current residence. I am considering going to go look at it, and having it serve as my Financial Freedom action for the day.