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Knowing your marketplace is the first and foremost step in successful real estate investing. If you have a basic knowledge of the following basic principles, you can structure your investment deals with pricing, purchasing, and selling decisions.

Anticipation

Bases real estate’s value on its future profitability and advantages. What are the areas of town that are developing or redeveloping? Are there areas prime for a new emergence? Having answers to these questions will help you have a better understanding of your market place.

Balance

Property attains maximum value when the production agents are economically stable. Productions agents are the necessary components to bring a commodity or service to market: land, labor, capital, and coordination. Where are the jobs? Where are the schools? Where is entertainment?

Change

Value is influenced by variations both inside and outside of the market. Is there new construction or revitalization going on?

Competition

The striving between parties to develop, offer, or obtain real estate and the contest between properties to capture consumer attention. Property worth is impacted by both types of competition. Is there a variety of properties in an area being offered? Single-family, condo, apartments?

Conformity

Value increases the more similar a property is to others in the same category or location. Are you comparing similar properties to each other? Do they have the same number of beds, baths, living areas and garage? Are you considering the same amenities that each property has? Are you taking into consideration condition?  Are the neighborhoods the same?

Contribution

Successful real estate investors understand that the feature of a property is only as valuable as it increases its worth. Are you comparing properties with pools? And what value are you giving the pool? What about energy efficiency? Lifetime roofs?

Externalities

The value of real estate is impacted by “external” conditions such as the four value forces—economic, social, political, and environmental. Is the economy stable in the area you are looking or increasing or decreasing? Is there parks, recreation, churches and schools nearby? Crime rate? Flood zone?

Highest and best use

The legal use of a parcel of land, which, when capitalized, will generate the greatest net income. What is the property zoned? What is around the property to insure conformity to the neighborhood?

Substitution

A property’s value cannot be greater than the sale price of those with similar features and utility. Always make sure you are comparing similar properties and condition. What value can I place on a feature my property has or does not have?

Supply and demand

When supply is high, and demand is low, the price of real estate is low; conversely, when supply is low and demand is high, the price is high. It is important not to just look at the individual property but overall neighborhood. How many properties are for sale? How many properties have sold? How many days on market? How many properties did not sell?

 

Knowing your marketplace is an important part of real estate investing. Do as much due diligence as possible and stick to these core principles in order to better understand your market place.

Written by

Cathy Crowe is the owner of Investor Deals with 35+ years of experience in the real estate investment industry. To find out more about Cathy please visit the about page on InvestorDeals.com or contact her at 972.807.9754 | Cathy@InvestorDeals.com

Depending on where you are, living with parents is seen differently by society. In some areas, it is acceptable (and sometimes even the norm) for you to still live with your parents even as an adult. In fact, in some places, you are expected to live with your folks until you get married, and even then, there is still no pressure to move out.

Often, this is the case simply because that is how it has always been. Sometimes, people (especially millennials) have just really come to accept that practicality now comes at the expense of independence. In fact, in 2015, the percentage of millennials living as head of household (that is, no roommate) in the US was lower than that during the Great Recession. Times are hard.

By contrast, living with parents in adulthood is frowned upon in some regions. There is a stigma attached to it, and you cannot avoid it no matter how hard you try to explain to people that you are in charge of some of the expenses! In some areas, you are expected to move out as soon as you turn legal age, regardless of whether or not you are still in school.

No matter where you are now or how old you are, you have to move out sooner or later and start looking after yourself. Moving out is a major venture, so you have to get it right. Here are some things to keep in mind before finalizing your plans.

The First Few Steps to Flying the Coop

Plan

The very first thing you need to do after deciding to move out is to come up with a good, realistic, time-bound plan. What are the things you need to consider? Do you have to be close to a specific place? School, work, or your S/O, perhaps? These will influence your choice of future location. Take note that your plan should also have a timeline. This helps keep you on your feet and stops you from slacking off. In fact, you will find that sometimes, your deadline will be all that can keep you going. Moving out is a highly stressful and difficult process that can take a physical and even an emotional toll on you, so you might be tempted to stop.

Communicate

Your second task is telling your parents. They may take it positively or negatively, but you have to communicate with them regardless of what you think their reaction will be. This ensures that there are no hard feelings when you suddenly have to go. Also, your parents might be able to help you plan for your move. After all, they have been living by their own means for decades!

Count

Finally, check your resources. Figure out how much you can afford because this will determine where you can move and what kind of residential property you can rent or buy. Also, make sure you can live within your means. It may appear like common sense, but a lot of people have a harder time doing it than you imagine.

Transform

Change your lifestyle as soon as you decide that you are moving out of your folks’ home, regardless of when you are actually moving. Do some cost-cutting, make a budget and stick to it, and practice doing chores. Unless you are super rich, you will have to do all these when you are eventually living on your own anyway. Starting to change how you live while you are still with your folks helps make your transition easier.

Money Matters

There is a lot of spending involved in moving out, so find time to think about your finances. You have to consider your monthly living expenses, emergency funds, down payment, and large one-time expenses, such as furniture and appliances.

Credit

Good credit is needed when renting or buying a home. “Good” can differ depending on who you are renting or buying from, but best practice is that you should not be satisfied with the minimum requirement in general anyway. Always aim for the best. In this case, regardless of whether you already have credit or not, make sure it is in the best shape it can be.

To build credit, one of the easiest and simplest ways is to become an authorized user on someone else’s credit card (someone with good credit, mind you). You can also opt for secured credit cards or credit-builder loans. To improve existing credit, pay your debt on time and avoid opening new credit accounts, especially if your credit is already taking a beating. You can monitor how your credit is doing by taking a look at free reports from credit reporting agencies. Some banks also offer this feature free of charge.

How Much to Save

How much have you saved for the move? In general, any amount that can cover three to six months of your future living expenses is a safe margin. You also have to take your job into consideration. Are you a regular employee at a stable company or working three new part-time jobs and may have to switch in the next few months?

It is always best to move only if and when you have a stable source of income. If you are not in such a favorable position, it may be good to wait until you have a steady and secure source of money. However, if your need to move is urgent, then at least have a Plan B regarding your employment.

To have a good idea of how much homes and rent cost in certain neighborhoods, begin looking for homes or apartments a few months in advance. This will help you set your perspective and allow you to adjust accordingly.

Monthly Living Expenses

But how do you calculate your living expenses? Again, this depends on where you will be moving, but these will be typically your recurring expenses: rent, utilities, phone bill, insurance, transportation (fare and/or gas), car payments and maintenance, groceries, entertainment, and a certain percentage that goes into your savings and emergency funds.

After getting the total amount of all these, add a buffer percentage (normally 10%), and the resulting amount is your total per month.

Other Expenses

Remember that the three to six months’ worth of living expenses that you need to save is merely part of the savings you need to have ready before moving out. Other expenses that you need to prepare for include: rent deposit, installation fees, and furniture and appliances, among others.

You can simply ask your landlord or realtor regarding your monthly payments for your future home or rented property. Installation fees, meanwhile, will depend on your utility and service providers. Lastly, you can estimate how much you will need for your household items by searching online classifieds or stores.

Realtors

If you are planning to buy a home, you need to look for a legitimate and good realtor from a reputable company. Realtors have thorough knowledge and understanding of the housing market and the home buying process. Their insights and advice can help you decide on many things. Sure, you can always research, but it can be difficult to make a choice what with conflicting opinions online.

Realtors also handle all the paperwork and negotiations necessary, which translates to a lot of time and effort saved on your end. They basically handle the most stressful parts of purchasing a home, which is why they are nearly always indispensable.

What to Buy

Do you have an idea how many items are in your parents’ household? There is a lot, and you will have to buy all of those for yourself as well. There are two ways by which you can plan what you need to buy without missing anything out.

First, you can do it by room. Imagine each room in your parents’ home, and try to list which of their things should be in your home too. This is a good system, especially if the property you will be moving into resembles your parents’ home.

Second, you can follow your sequence of activities. Begin by listing the things you need right after waking up: toiletries, kitchen and dining ware, etc. Mentally go over your daily routine, and list everything you need along the way.

The second system is much more practical in our opinion because it highlights only what you really need. It lets you avoid buying things you rarely even use or probably will not even need, which may happen if you list your necessities by room.

Other Tasks to Do

Other things you need to take care of include signing up for utilities and services, finding schools and a new work location if necessary, and finally, the move itself.

You can ask your friends for help with the packing and moving or simply get help from professional movers. You can opt for basic, labor-only moving services, where employees from the moving company will help you with loading and unloading only. You can also go for full-service movers, who will also handle packing and other tasks.

If you are moving out with only your clothes and a few basic things, you can order the big and heavy items online, have them delivered to your new address, and just shop for the small items yourself.

Some Parting Words

Moving out of your parents’ home is anything but easy. There is a lot of work involved: both mental and physical, and not to mention money.

However, just like all other major stages you have to face, moving out can be done systematically to make it less difficult and stressful. Hope this guide helps you. Good luck!

By James P. Gaines, Luis B. Torres, Wesley Miller, and Paige Woodson

June 2018 Summary

Texas housing sales fell 3.2 percent as activity slowed, especially in the $200,000-$300,000 price range. Housing demand, however, remained particularly strong amid the state’s continued economic expansion. Developers accelerated supply-side activity but struggled to match demand. The rate of single-family housing construction significantly lags pre-recessionary peak levels. Homebuilders continued to grapple with increased land, labor, and lumber costs, as well as increased regulations. A flood of new listings across the price spectrum (except for those below $200,000) provided marginal, yet necessary, relief to inventories after stalling last year. While the pause in sales activity moderated price pressures, housing affordability worsened across the state. Overall, the housing market fundamentals were unchanged in Texas, characterized by lagging supply and robust demand.

Supply*

The Texas Residential Construction Cycle (Coincident) Index, which measures current construction activity, reached its highest level since 2008 as construction employment and wages elevated. This momentum should continue through the summer as the Texas Residential Construction Leading Index (RCLI) extended its upward climb amid gains in single-family housing starts and weighted building permits.

In response to housing shortages (primarily for homes priced under $300,000), Texas developers increased supply activity at the earliest stage of the construction cycle. The inventory of vacant developed lots (VDLs) rose 1 percent quarter over quarter (QOQ) in the Texas Urban Triangle, led mostly by 3.3 percent growth in Dallas-Fort Worth (DFW). The VDL inventory flattened in Houston and San Antonio and fell 10.9 percent year to date (YTD) in Austin.

Despite the overall uptick in lot development, single-family housing construction permits (unweighted) fell 1.8 percent in the second quarter, slowing YTD growth to 2.2 percent. Texas remained the national leader with 11,132 nonseasonally adjusted permits issued, accounting for 16 percent of the national total. Houston topped the metropolitan rankings, issuing 3,681 permits, followed by Dallas-Fort Worth at 3,295. Permit activity fell by more than 5 percent QOQ in both of the major metros. Austin held fifth place with 1,726 monthly permits after a 13.7 percent second-quarter increase. The San Antonio MSA, which has 358,000 more residents than Austin, issued just 759 permits.

Total Texas housing starts inched closer to pre-recessionary levels after stepping back in May. Single-family housing starts surged in the major metros, recording double-digit growth YTD across the board. In addition, multifamily investment continued to pour into the North Texas market.

Despite upward trending VDLs and housing starts, single-family private construction values fell 3.7 percent in the second quarter. Construction values dropped 6.9 and 5.4 percent QOQ in DFW and San Antonio, respectively, followed by Houston at 0.1 percent. On the other hand, Austin posted a 2.7 percent quarterly increase, pushing YTD growth above 4 percent.

The Texas months of inventory (MOI) remained constrained but posted its fourth consecutive uptick to 3.7 months. Around six months of inventory is considered a balanced housing market. The recent pause in sales activity and a flood of new MLS listings provided marginal relief to inventory constraints. Housing market imbalances, however, are far from over as demand outpaced the rate of single-family residential development. The recent inventory improvements occurred primarily for homes priced above $300,000 where supply is more stable. In the $200,000-$300,000 price range, the MOI held at 3.1 months, while the MOI for homes priced below $200,000 sank to an all-time low of 2.7 months.

The wave of new listings lifted the MOI across the major metros. Fort Worth maintained the lowest MOI at 2.4 months but reached its highest point in over two and a half years. Austin and Dallas hit YTD highs at 2.6 and 2.9 months, respectively, followed by San Antonio at 3.4 months. Houston was the exception, where steady sales volumes pressured the MOI down to 3.8 months after a three-month increase.

Demand

Housing sales fell 3.2 percent in June, pulling the YTD total down 1.9 percent. The softening occurred primarily for homes priced below $300,000, which accounted for two-thirds of sales through Multiple Listing Services (MLS). Sales on homes priced below $200,000 have slid since 2013, but the $200,000-$300,000 price range flourished until this year’s plateau.

This same price cohort hindered the markets in Austin, Dallas, and Fort Worth, where housing affordability declined substantially over the past year. Through the first six months of 2018, total housing sales dropped 9.2 percent in Austin, 5.7 percent in Dallas, and 4.1 percent in Fort Worth. Most of the North Texas decline, however, occurred in the resale market. New-home sales in the second quarter jumped 7.3 percent in DFW, approaching a decade-high. Austin’s new-home sales ticked down 1.2 percent QOQ but hovered closest to pre-recessionary levels. Total sales calmed in San Antonio after reaching record levels in May. In Houston, total sales increased 2.2 percent YTD amid a second-quarter boom in the new-home market.

Despite the pause in closed listings, Texas’ economic expansion bolstered housing demand. The average days on market(DOM) sank below 56 days for the first time since 2015. Austin, Houston, and San Antonio faced similar demand conditions with DOM at 53, 54, and 56 days, respectively. The Dallas DOM fell under 42 days after inching up over the past year, while Fort Worth homes flew off the market at an average of just 38 days.

Statewide, homes priced from $200,000 to $300,000 averaged 50 days on the market, corroborating that housing shortages, not demand, are hindering the market. Demand spilled into this price range as homebuyers struggled to find options priced below $200,000. The bottom price cohort (below $200,000) accounted for the largest proportion of sales through an MLS at 34 percent. In 2011, more than 72 percent of sales fell in this price range. Demand also heightened on the upper-end of the market (above $500,000) where the DOM reached a record low 78 days.

Concerns regarding international trade pulled investments into safe assets, offsetting robust economic data and weighing on interest rates after they reached multiyear highs in May. The ten-year U.S. Treasury bond yield ticked down 7 basis points to 2.91 percent, despite the Federal Reserve’s 25-basis-point increase in the federal funds rate. The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate balanced below 4.6 percent after an eight-month climb. Despite the recent run, mortgage rates have held historically low since the Great Recession.

Prices

Texas builders reduced home sizes to combat rising land, labor, and lumber costs. The median square footage (sf) of new homes sold through an MLS fell to 2,283 sf, the smallest since 2011. Smaller homes for sale, combined with upticks in inventory, calmed home price appreciation. The Texas median home price fell to a six-month low below $229,000. The median price per square foot (ppsf), however, rose for the 13^th consecutive month to a record high $115.53.

Austin led the state with a median price above $306,000, despite having a median square footage of just 2,187 sf for new homes—the lowest of any major Texas metro. As a result, the median ppsf increased $3.84 this year alone to $153.63. Dallas’ median price ($281,348) and ppsf ($131.45) flattened on the year as new-home square footage continued a yearlong slide. A similar phenomenon occurred in Houston, holding the median price and ppsf around $230,000 and $108.35, respectively. Fort Worth’s shift towards smaller homes was even more drastic, pushing the median ppsf above $119.25. Rampant demand and pronounced shortages, however, more than offset the adjustment as the median price increased 8 percent year over year to $233,475. San Antonio maintained the lowest median price of the major metros at $220,100, but its ppsf rose to $113.84.

Despite softening price pressures, the Texas Housing Affordability Index sank below 1.50 in the second quarter, the lowest level since the housing crisis. The index indicated that a Texas family earning the median income could no longer afford homes priced 50 percent above the median sale price. For much of the past decade, Texans enjoyed the capability of affording homes priced nearly twice that of the median. The Dallas index settled at 1.39, the lowest of the major metros, followed by Austin at 1.40. Fort Worth had the largest decline in affordability, matching Houston at 1.63. In San Antonio, the affordability index sank six points to 1.50 in the second quarter.

________________

^*All monthly measurements are calculated using seasonally adjusted data, and percentage changes are calculated month over month, unless stated otherwise.

 

Original article: https://www.recenter.tamu.edu/articles/technical-report/Texas-Housing-Insight

Texas is one of the largest states in the country, both in terms of square mileage and population, which should be no surprise considering everything is supposed to be bigger there. That’s certainly true as far as the steaks, cowboy hats and football stadiums are concerned. But what about the homes, school systems, salaries and all of the other important factors that truly make life larger in a given place?

As a whole, Texas is an economically strong state. It has the second largest state economy in the U.S., behind only California. And its unemployment rate of 4.1% is only a bit higher than the national average of 3.8%.

But living in Texas isn’t all about the money. There’s plenty of attractions to make the state a great place for families, like the Houston Space Center, Big Bend National Park and the Alamo.

In order to help Lone Star residents and those interested in joining the herd settle down in the right spot, WalletHub compared the 117 of the largest cities in Texas based on 21 relevant metrics that speak to their suitability for families of all types. This includes measures such as the number of playgrounds per capita, the violent crime rate and the divorce rate. Below, you can find the results as well as a detailed methodology and a Q&A with a panel of leading experts.

Main Findings

Best Places to Live in Texas

Ask the Experts: Lone-Star Relocation

For a closer look at Texas real estate and job markets, we turned to a panel of leading experts familiar with the area. You can find their bios and responses to the following questions below.

1. What are some tips for young families looking for quality public schools and affordable housing in Texas?
2. How can local officials in Texas make their cities more attractive to young families?
3. Looking just within Texas, to what degree is child development and a family’s quality of life influenced by the city in which they live?

Methodology

To help identify the most family-friendly cities in Texas, WalletHub compared the state’s 117 largest cities in four categories: 1) Family Life & Fun, 2) Education, Health & Safety, 3) Affordability and 4) Socioeconomic Environment.

We did so using 21 relevant metrics, which are listed below with their corresponding weights. Each metric was scored from 0 to 100, with 100 representing the most favorable conditions for families. We then used the weighted average of these individual-metric scores to calculate an overall score for each city, with which the cities were ultimately ranked.

Please note that “city” refers to city proper and excludes surrounding metro areas. Other cities were excluded from the sample due to limited data availability.

Family Life & Fun – Total Points: 25

• Number of Playgrounds per 100,000 Residents: Full Weight (~4.17 Points)
• Number of Attractions (e.g., zoos, museums, theaters): Full Weight (~4.17 Points)
• Share of Families with Children Under 18: Double Weight (~8.33 Points)
• WalletHub “Weather” Ranking: Full Weight (~4.17 Points)
• Average Commute Time: Full Weight (~4.17 Points)

Education, Health & Safety – Total Points: 25

• Quality of School System: Full Weight (~2.94 Points)
• High School Graduation Rate: Half Weight (~1.47 Points)
• Air Quality: Full Weight (~2.94 Points)
• Pediatricians per 100,000 Residents: Full Weight (~2.94 Points)
• Share of Uninsured Children (newborn to age 18): Full Weight (~2.94 Points)
• Violent-Crime Rate per 1,000 Residents: Double Weight (~5.88 Points)
• Property-Crime Rate per 1,000 Residents: Double Weight (~5.88 Points)

Affordability – Total Points: 25

• Housing Affordability: Full Weight (~12.50 Points)
  Note: This metric measures the median annual family income divided by housing costs. It accounts for both rent and house prices.
• General Affordability: Full Weight (~12.50 Points)
  Note: This metric measures the median family annual income divided by the cost of living index.

Socioeconomic Environment – Total Points: 25

• Separation & Divorce Rate: Full Weight (~3.57 Points)
• Share of Two-Parent Families: Full Weight (~3.57 Points)
• Share of Families Below Poverty Line: Full Weight (~3.57 Points)
• Share of Households Receiving Food Stamps: Full Weight (~3.57 Points)
• Unemployment Rate: Full Weight (~3.57 Points)
• Wealth Gap: Full Weight (~3.57 Points)
• Foreclosure Rate: Full Weight (~3.57 Points)

 

Original article: https://wallethub.com/edu/best-places-to-live-in-texas/22419/

 

 

 

1. Develop a DESIRE to achieve the goal. The desire must be intense. How do you intensify desire? Sit down and write out all the benefits and advantages of achieving your goal. Once the list goes between 50 and 100 your goal becomes unstoppable.
2. WRITE your goal down. Once it goes into writing it becomes substantial and starts etching itself into your subconscious.
3. DEADLINE your goal. Analyze where you are now in relation to the goal and then measure how long you will reasonably need to complete the goal. Then set the latest outside date.
4. IDENTIFY 1) the obstacles you will need to overcome, 2) the help you will need to acquire, e.g. knowledge, people, organizations. In each case write them out in a clear list and analyze them.
5. Take all the details of steps 3 and 4 and make a PLAN. List all the activities and prioritize them. Rewrite the list, optimize it, perfect it.
6. Get a clear MENTAL PICTURE of the goal already accomplished. Make the mental image crystal clear, vivid in the mind’s eye. Play that picture over and over in your mind.
7. Back your plan with PERSISTENCE and resolve. Never, never, never give up even when you hit setbacks.

 

Follow those steps religiously and you will be a high achiever.

DANGER – You can read this and think, “That sounds interesting. I must try that sometime”.

 

Intense Desire – Rocket Fuel For Your Goals!
Goal Setting Step 1

Have you set personal or business goals and failed to achieve them?

Here is a crucial question: WHY?

The answer is simple:

Because we did not have a strong enough desire.

Some may argue with that. “But I did have a strong desire and still I didn’t get there.”

Sorry, but the desire was still not strong enough.

This article is about INTENSE desire. In other words, a PASSION.

Rocket fuel is powerful. The energy it releases boggles the mind.

Intense desire can do the same for human achievement.

Are you working on a goal right now?

Is it faltering or not progressing as fast as you would like?

Analyze the intensity of your desire.

How do you identify intense desire, passion?

It’s what keeps people working all hours, up early, late to bed.

It’s what fueled Stephen Spielberg from the age of 13 to be a movie director.

It’s what powered Whoopi Goldberg from childhood out of impossible circumstances to be a very successful actress.

The desire dominates conversation, thinking, actions.

How do you intensify desire? This article will show how.

Question: Where do desires start? How do they form?

Unlike animals with their internal programming we call instinct, the human mind has the colossal potential for reasoning, coming to conclusions, thinking things through.

So desires start in the mind.

Research has shown that impulses are transmitted through electro chemical processes across the synapses, tiny spaces less than one millionth of an inch across, which separate the brain cells or neurons.

Patterns and tracks are formed in our thinking processes. Think the same thought regularly and it becomes a habit forming a deep track like a well-used path across a field.

On the other hand, an occasional thought may pass through the mind and be forgotten just like a path seldom used which becomes overgrown.

Now apply this information to desires

A desire may come into the mind and soon be forgotten in the everyday hum drum of life.

But keep thinking about it, keep your mind focused on it and what happens?

The desire becomes strong, very strong. Then?

Action follows right after.

So back to our original question – how to intensify desire?

Take as an illustration a work of art. After many years the picture suffers from pollution and discoloration. It may only be a shadow of its original glory.

But after it has gone through a meticulous restoration process what happens?

The picture breathes life and vibrancy again. Why?

Because now you see the detail. There are moods, objects, expressions in that picture you never saw or felt before.

Detail makes the difference.

How then can we intensify desire?

By listing details, particularly benefits!

Once the list gets past 20 or 30 benefits your goal becomes unstoppable.

Why not do this exercise today with one of your goals.

Have you set a goal for your business to make $X this month?

Making money for the sake of it after a while becomes mundane. There has to be something more.

Make a list of all the benefits from using that money.

What difference will it make to your family, your lifestyle, your enjoyment of life, your business growth?

What if one of your goals is to develop a skill or awaken a dormant talent or ability?

Write down a huge list of the benefits this will bring you and your loved ones, or your business.

The more you write, the more details your mind conjures up, the greater the intensity of desire becomes.

This is the first step of goal achievement and the foundation.

With intense desire fueling your goals you have every chance of rocketing to success!

 

Goal Setting Step 2

The smiling face of someone close to you.

The classroom on your first day at school.

The first automobile you owned.

That beautiful sunset on your last vacation.

These sentences immediately bring pictures to your mind.

The brain often thinks in pictures.

The human eye captures an incredible amount of information with just one glance and relays it all to the brain which then translates that information into a form we ‘see’.

It would be more accurate to say we see with our brains than with our eyes.

But here is a point that gets more exciting the more you think about it.

The brain does not need to receive information through the eyes to see every time.

It can recall from memory sights, sounds and feelings and put the whole sequence together and run it like a movie all inside our head.

Where is all this leading us?

If we could construct our own movie casting ourselves in the starring role acting out the scene as if we have achieved our goal and play it over and over in our minds what would be the result?

Answer:

SENSATIONAL!

A movie is made by a lot of people but a key figure is the director.

His job is to visualize the script and guide the production crew and actors.

So be your own director.

Visualize yourself enjoying the benefits of having reached your goal.

This may sound a little ‘off the wall’ but many find this technique works!

In your mind create your own movie theater.

Imagine it now. Imagine the walls, the seats, the stage, the screen. Put yourself in the front row. Sit back, press a button and start the movie.

See yourself up there in vivid color enjoying whatever it is you were seeking.

Rewind. Play it again!

Every time you want to feel a surge of motivation, in your mind, slip into your own movie theater and just play it again.

This mental imaging merely cooperates with the way our brain works.

And what goes on in our minds has a direct bearing on our actions and results we produce in our lives.

So go ahead!

Visualize your goal, create the mental picture and put an MGM studio in your head!

 

 

 

The Remaining 90% – Sheer Persistence
Goal Setting Step 3

In 1915 Ty Cobb set up an amazing baseball record of stealing 96 bases.

Seven years later Max Carey set the second-best record with 51 stolen bases.

Was Cobb twice as good as Carey?

Consider this: Cobb made 134 attempts. Carey made 53.

So Carey’s average was much better.

Cobb however made 81 more tries and was rewarded with 44 more stolen bases.

When you get behind the big success stories in any given field, you often find the most successful have made more attempts and spent longer hours at the given task than anyone else.

In other words, they give the law of averages a chance to work in their favor! They just keep on striking out, often against all odds.

In goal achievement this sterling quality of persistence and its bed-fellow perseverance, is absolutely essential.

You must just keep at it day in day out. Then you are GUARANTEED results – eventually! To maintain this kind of momentum you have to develop mental toughness.

To be mentally tough means you minimize the effects of discouragement and you turn negatives into positives.

Whenever a negative thought comes into your mind or when others make negative comments, say to yourself, “Delete that Program” and replace it with a positive thought.
For example, when you catch yourself thinking, “This is just not working, this is useless and a waste of time”, trigger mental toughness by saying “DELETE THAT PROGRAMME”.

Instead think: “What do I need to do to make this work!”

Admittedly, negative mental habits are hard to break.

It takes time and persistence but oh my, the rewards when you do!

Do we understand then why the title of this final session is:

“The Remaining 90% – Sheer Persistence”?

It really does come down to that.

Just keep on going, persist, persist, persist, and let the good old law of averages work for you.

Have you clearly set in your mind what you want to accomplish in the next six months, next year, next 3 years? People who don’t can’t expect to get anywhere fast.

Get yourself organized, focused, passionately driven toward your goals today.

 

5 Elements of a Useful Goal

 

• SPECIFIC: Describes what you want to accomplish with as much detail as possible.

 

• MEASURABLE: Describes your goal in terms that can clearly be evaluated.

 

• CHALLENGING: Takes energy and discipline to accomplish.

 

• REALISTIC: A goal you know you are actually capable of obtaining.

 

• STATED COMPLETION DATE: Goals that break longer term goals into shorter pieces and clearly specify target completion dates

 

By John Fedro

If you live in the United States, you already have some opinions with regard to the advantages of understanding and being able to speak Spanish in your local marketplaces. Some fairly obvious advantages of being able to speak Spanish versus not speaking Spanish are:

• The ease of speaking with any Spanish sellers or buyers
• Access to more leads
• Access to more sellers, buyers, and bird-dogs
• Trust-building through a shared language and rapport

However, if you speak no Spanish, fear not. There are still methods and procedures to consider for approaching, helping, and closing deals with Spanish-speaking sellers regularly. Below are five options to consider implementing in your business if you have a significant Latin or Hispanic population in your area.

Disclaimer: This article is designed to help non-Spanish speaking investors. If you already speak Spanish, then pat yourself on the back and smile knowing you have a bit of an advantage over many investors/real estate agents in your area. With that said, please comment if anything is missed in this article below.

1. Utilize the help of the seller’s friends, family, or neighbors.

Some sellers may have bilingual neighbors, family members, or friends that are in the local area at the moment you call to inquire about the home for sale or at the time the seller/buyer calls you. This bilingual friend or family member can be a fortuitous find to help translate between the sellers/buyers and yourself. To continue forward, this family member or friend should be available at the time of your first appointment and walk-through.

Pro Tip: This is the only approach that is “passive.” Only utilizing the help of local bilingual friends/family members that are available at the time you call may seriously limit the possibility of making a deal happen. This also may show a seller you are not serious about purchasing their property.

Related: How to Master the Most Important Skill in Wholesaling — Talking With Sellers

2. Outsource a translator by the hour/minute.

This method can be wise to use proactively. If you are not marketing to Spanish-speaking sellers, you are missing out on a demographic many investors simply cannot reach.

Pro Tip: Consider experimenting with both English and Spanish advertising and marketing. Letters to sellers may have an English and Spanish side. Newspaper ads may be attracting both English and Spanish-speaking callers.

1. Hire a bilingual answering service and provide them with all the questions to ask both buyers and sellers who call.
2. Begin advertising with your bilingual marketing. Direct anyone interested to call your bilingual answering service. The answering service will likely email you daily with a report of the calls and answers/questions generated.
3. Hire a Spanish translator or work with the local bilingual friend.
4. With your translator, call the Spanish-speaking sellers or buyers. Set an appointment if appropriate. The translator must be available for appointments to see the home, follow-up appointments, and additional phone calls with the seller or buyers if needed.
5. If utilizing the help of a title company or closing attorney, there will almost always be a Spanish-speaking translator available. Use the help of this translator to close the rest of the deal.

3. Partner with a Spanish-speaking investor, real estate agent, or friend.

Do you already know a Spanish-speaking investor, real estate agent, or friend? Or do you go to real estate investor club meetings where you may befriend a Spanish-speaking investor or agent?

Depending on the proposition/compensation you are presenting to this Spanish-speaking investor/agent, he or she may or may not be wildly interested in helping you. Things to consider are:

• Do you wish to partner with this investor or simply pay him/her a flat fee?
• Should you have a few different Spanish-speaking contacts in case one is unavailable?
• How much activity does this person wish to have in the deal? What skills, attributes or capital does he/she have to bring to the table?
• If this Spanish-speaking person is an agent, perhaps you could use them when you resell the home.
• Is this investor more seasoned than you? If yes, he/she can teach you a few things if you bring him/her a deal to partner. If no, you will have to train this person what procedures to take and questions to ask over the phone.

Pro Tip: If you have Spanish written marketing mail pieces targeting Hispanic real estate sellers, then forwarding them to your bilingual answering service as described above in bullet #2 may be ideal. However, this tip, bullet #3 may be best when receiving stray and random incoming calls from Spanish-speaking individuals.

Step 1: Find a Spanish-speaking person to work with.

Step 2: Decide on a compensation.

Step 3: Ask your new Spanish-speaking business associate to teach you how to say, “Hello. My Spanish-speaking partner Frank will call you back as soon as possible. Thank you, goodbye” in Spanish.

Step 4: Continue business as usual. When you receive any Spanish-speaking incoming calls repeat the line above in Spanish.

Step 5. Hang up the phone and inform your business associate to call back the Spanish-speaking callers.

4. Learn Spanish.

Now is your time to learn. You have been promising yourself for years to learn Spanish.

Related: How to Find Viable Home Sellers Eager to Make a Deal Work

Pro Tip: Following one of the above strategies is preferable for immediate action. However, even practicing your Spanish through basic conversations (while you are learning) with sellers will help build rapport and trust. This last sentence was advice provided to me by a very active Hispanic investor.

5. Do nothing/wait for technology.

Two technologies you may have heard of are 1.) the Google Translate App and 2.) The Pilot by WaverlyLabs. These devices allow for conversations to be translated between languages in real-time. While the reviews are mixed these two “real-time translators” are getting better with time. Once this technology is more available and more accurate it may decrease the advantage Spanish-speaking investors have over non-Spanish-speaking investors.

In conclusion, continue taking action helping local buyers and sellers and dominating your local investing market. Sellers cannot call you if they do not know who you are or what you do. Speaking the same language also helps however there are crutches you may use and technology to take advantage of to help you create value with many motivated sellers you interact with.

 

Original article: https://www.biggerpockets.com/renewsblog/helping-spanish-speaking-sellers-speak-english/