How I Learned to Build My Business Dream Team

Rescue Impossible, Nightmare Hell!

Some of my favorite television shows are Kitchen Nightmares, Hell’s Kitchen, Bar Rescue and Hotel Impossible. These shows are so popular because people like you and I enjoy all the drama associated with these businesses on the verge of failure and how the experts like Chef Gordon Ramsay come in and save the day.

 Although these shows are very entertaining, they also teach me some important lessons on business: You have to work on your business instead of in your business. Otherwise you have a job rather than a business.

Most of the business owners on these shows suffer from the typical bad business disease that other business owners have, they try to do everything themselves. On one recent episode of Kitchen Nightmares, the restaurant owner was the manager, the chef, the accountant, the cleaning person, and the host. No wonder, his business was failing; he was trying to do everything and was good at nothing.   

The business owner had not learned to delegate! I had the same problem when I started my business, but quickly learned from my mistakes. Now I have the time and money to enjoy the fruits of my business. For example, I can enjoy eating lunch at Chef Gordon Ramsay’s restaurant in Las Vegas! My business continues to operate when I am not there because of “The Business Dream Team™” I have put in place. 

Learning how to build a dynamic business dream team is the difference between having your business run on automatic pilot and one where you have to be there in order for it to run.  When we learned the secrets of how to build “The Business Dream Team™”, our business took off like a rocket.  We can now spend more time on marketing and building our business while enjoying the fruits of our business.

In an effort to help our clients achieve greater levels of success, we decided to create a program to show other business owners how to build a dynamic business dream team. The program is called, “The Ultimate Guide to Building Your Business Dream Team™.”

This program is designed to help you select, hire and manage your business dream team to help you grow your business. It includes a step by step guide, a checklist, and other modules to help you reach new levels of success.

So, don’t work in your business, get the help you need to create the life of your dreams to make your business a success. Visit us at www.mybizdreamteam.com to learn more.

 

 

How Do You Know When a Property Will Be a Good Investment For You?

As a real estate investor I am often asked how to determine if a property would be a good investment.  How many times have you seen a property just sitting there and you are wondering if the property would be a good investment for you? But you were afraid to act because you just weren’t sure how much you should offer and how much profit you should factor into the deal before making an offer.

Here are four rules of thumb:

·         First, you need to know your numbers. Do you know the After Repair Value (ARV), the Repair Cost Estimate (RCE) and Asking Price (AP)? With the knowledge of these three numbers, you should be able to tell whether it’s a good deal or not.

 ·         Second, you need a real estate coach or mentor to discuss your investment options.  Find someone you trust and who has experience in investing in the type of real estate that you are pursuing. Some people say that coaching is expensive. But I say that without a good coach, it could be really expensive if you make a mistake.

·         Third, you need to determine how much to offer for the property. If you are looking at a fixer upper then you don’t want to have any more than 70% of After Repair Value (ARV) invested. Keeping a margin of 30% insures that when you are finished making the necessary repairs and after closing cost you will still have 30% equity. Then you can sell it, or refinance it and pull out some cash, or you can enter a lease option deal.

·         Fourth, if you are looking at what I call an “instant landlord” property then you can pay a little more than 70% of value because you do not have any repair costs. My rule is not to pay any more than 80-85% of value. Perhaps you can offer up to 85% of value, if the cash flow is good and there is good possibility of appreciation.

Conclusion

In The Savvy Investor Program™ we teach you how to create your own economy. We help you get off the treadmill. Remember that with real estate investing as one part of your financial plan, you can create the life of your dreams by following a few time-proven strategies and techniques. Today, buy your copy of The Book on Investing.

Share this post and link with your friends so that they can buy a copy of the book also. Let us know about other topics that you would like for us to discuss.

 

 

Do You Have the Right Financial Personality Type To Be A Successful Real Estate Investor?

Have you ever thought about your financial personality type? I hadn’t either until I read a recent article.  In the article, author Casey Bond, uses the well known Myers- Briggs personality traits test and applies it to finance and investing.  Her thesis is that your financial personality trait can be a determining factor for your success in money management skills and in investing. Below is the chart of financial personality types. What type are you?

Debtor (D) / Saver (S)

Debtor: If you fit this category, you tend to borrow money to make major purchases rather than saving up the necessary cash. This personality type tends to always owe money either on credit cards, student loans, or mortgages.  On the other hand, if you are a debtor, you tend to also use your debt strategically; borrowing money to take advantage of high-yield opportunities that will pay off later.

Saver: Savers usually do not like to owe anyone money and would prefer to own things outright, even if that means living according to a strict budget.  If you are this type, you tend to cut expenses to ensure that you have a positive cash flow, and go without when you run low on money. Savers ensure they have money for now and for the future, investing with the goal of remaining financially comfortable at all times.

Aggressive (A) / Conservative (C)

Aggressive: This personality type uses an aggressive investment approach to look for earned income.  If you are this type, you tend to favor high risk, high-yield funds. You are also very open to new or uncommon investment opportunities, such as futures, commodities, currency trading, and real estate investing.

Conservative: This personality type includes individuals who are very risk-averse and generally manage their finances so that they can never lose money.  If you are a conservative investor, you tend to place a large proportion of your income into savings accounts, a mortgage, and low-risk private investments or company pensions.

Planning (P) / Impulsive (I)

Planning:  The planning personality type tends to seek out opportunities to save money and to take strategic steps to do so within their household budget.  Many planners are great at looking at the future and seeing what needs to be done today to reach their financial goals.  If you are a planner, you also tend to be very good at identifying and prioritizing your various short-term and long-term financial goals.

Impulsive: Impulsive types often engage in deep thinking about their financial lifestyles. If you are impulsive, you tend to have a great strength that others don’t in terms of being able to make quick decisions about spending. For example, you might buy a house before anyone else makes a bid or snap up an investment before the price goes up.  Impulsive types also tend to advocate using money for pleasure, like taking vacations and enjoying the fruits of your labor.

Giving (G) / Hoarder (H)

Giving: The giving financial personality type is driven by a desire to take care of the people or causes they love.  If you are this personality type, then your primary quest is to find ways that you can serve others.  Regardless of the amount that you have saved, your level of income, or the opportunities presented to you, you tend to find that there is always more that you can give to those you care about most.

Hoarder: In comparison, a hoarder personality tends not to like to part with money.  If you are this personality type, money is a resource to be protected, treasured and analyzed on a regular basis. If you are a hoarder you are driven by fear of financial loss, thus you avoid situations that require parting with your money.  Spending and lending money to your friends and family are behaviors in which hoarders rarely engage.

In Conclusion

In case you were wondering, I took the test and it turns out that I am APIG.  APIG means: Aggressive, Planning, Impulsive, Giving.  I am aggressive when it comes to investing with an ever watchful eye on return on investment. I always plan my strategy for investing and try to always think about the future. I am sometimes impulsive in my decision making as I believe in the speed of implementation. I am also giving. I believe in helping others to achieve their goals. I am always giving back to others of my time, knowledge, and resources to make a better world.

Tell me your financial personality type. Do you agree or disagree with the assessment? If you want to continue this discussion, then comment on this post.   

 To learn how we can help you achieve success by investing in real estate and in businesses, please follow us at The Book On Investing . Also, if you are interested in investing in real estate, join us at RADAR Investments.