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Great Opportunities in Uncertain Times

June 7, 2020 by  
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Okay, we are still in a pandemic and, I must say, with all this spare time to think and visualize the future, it may be an ideal time to look for those motivated real estate sellers. A purchase now could greatly improve your financial situation while, at the same time, you could be helping the seller who might be struggling to bring in money since they may not be receiving a regular paycheck.

In most American markets, real estate values and prices have been pretty tight and it has made it tough to find real bargains that will produce a cash flow. However, things have started to change and it may well be the ideal time to make a lot of low priced offers in order to find super motivated sellers. As some of you that know me well probably remember, when I was on my way up to the millionaire status and had tons of energy and drive, it was common for me to make many, many offers each week – like dozens.

I would just go through the listings and send the listing brokers offers that were 20% lower than the asking price and sit back and wait for their responses. I called it my “shotgun method”. I did this before I even drove past the property. I didn’t want to spend my time checking out and walking through the property until I had an acceptance or counter proposal. Of course, I made all offers with a “subject to my approval” clause. And, of course, most of my offers came back with an absolute rejection, but some would come back with a counter offer and a few even with a total acceptance of my low, low offer. Then, and only then, would I take my time to go check out the property and accept or reject their offer or even make a counter offer to their counter offer.

So now, with this terrible virus thing, we’re seeing more motivated sellers that really need the money and are much more willing to accept a lower price than just a few months ago. This could very well be a great financial opportunity for you and, for many sellers, it could be a great financial relief. Think about it and then add some ACTION!

So, hey, maybe this pandemic may have a few good things for us. Tracking down opportunities is certainly a much better thing to do with you extra time verses attending a protest with the potential of doing great harm to yourself and others. Don’t get me wrong – I don’t blame most of the demonstrators and, personally, I feel for people of color and I totally believe all humans are equal and should be treated the same. But I think you might agree that looking for investments is a better use of your time.

One last thought. When I told my wife about this week’s subject she said, “What you say is all true, but it does take one thing more and that’s COURAGE.” Wow, she’s so right and having written a book titled The Courage to be RICH, I certainly should have thought of that. So, add courage to making all these offers so you can be more aggressive and really take advantage of these opportunities.

Living the Rich Life … Well Below Your Means

August 12, 2017 by  
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In last week’s blog, I said that multi-millionaires are risk takers and, sure, sometimes those risks don’t work out but with enough time, determination, and a good game plan, taking risks do pay off.

Viewing multi-millionaires from a distance you might not realize that most of these people also have a “lack of attachment to spending”, especially on their way up the financial ladder. But even after arriving at the multi-million dollar status, they still tend to live below their means. This is because they still pay close attention to their spending; it’s a habit they formed when they were poor and working on climbing that money ladder.

This trait jumped out at me just a few days ago while planning a trip to Europe.  I got on line to buy two first class tickets to Paris and, on my first search, saw that prices ranged from $8,000 to $11,000 for each round-trip ticket. Even though I could easily afford those kind of prices, I just couldn’t stop there.  I spent another 20 or 30 minutes looking at different route’s, dates and airlines and those minutes paid off big time.  I found a $2500 ticket for a nonstop flight to London, knowing that we could catch a ride on the great Euro star train which only takes 2 hours and 15 minutes to get to Paris. The only minor problem was that we prefer to fly on Delta airlines since we get a lot of free miles and our million-mile status gives us all kinds of benefits and privileges.

I told my wife and she told me to wait a few minutes because she was checking a few different dates for Delta and sure enough within 5 or 10 minutes she found a round trip, first class flight on Delta into London for $2600 dollars—for another $100 it was well worth it to us and we quickly booked our 2 tickets.

Like I said, I could easily afford the higher price but I would much rather use the savings to buy more properties or even make more donations to my favorite charities.  Maybe if I were a multi billionaire I would just not bother shopping around and would pay the much higher price.  But then I look at someone like Warren Buffet and even with his $75 billion, he lives far below his means, still residing in a very modest house that he’s been in since 1958.  He very much has that great “lack of attachment to spending” trait and knows how to live below his means!  We all need to learn a lesson from him and yes, pass it on to your kids and friends and anyone who wants to make it big and stay there.

A little P.S. here … that Euro star train ride is fantastic! It’s smooth, quiet, and travels at 200 miles an hour, straight from downtown London to downtown Paris. I love that wonderful and very scenic ride! You should make your own plans to take Euro Star and visit Europe in the not so distant future.