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Dear Fellow Investor,
First let me wish you and your family a happy holiday! May 2006 be the year that you take the steps necessary to reach your goals and enjoy the abundant life that is promised to every man woman and child.
I have received a number of Emails over the past several weeks indicating to me that people are having a very difficult time getting going right now. I want to assure you that the problem isn’t you! Read on…
Over the last 20 some years I have come to realize that it is near impossible to conduct normal business from the day after Thanksgiving through the day after New Years Day. This is important when planning your life and your business.
I spend this time planning for the New Year. I put together my marketing plan and look at what I want to be doing next year. This IS a very important part of a successful business and it is something that shouldn’t be overlooked.
Take this time to educate yourself and to reflect back on what you have already learned. If there is something that you would like to do next year and you have no experience, take this time to get your training underway.
Don’t forget to spend time with your family and friends as well - we tend to work hard and neglect our families - don't fall into this trap!
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I just wanted to take a moment and share a story with you from this time in 2004…
There was a SS transaction that I started in September 2004. The Sheriffs Sale wasn’t scheduled until January, so I had plenty of time and I really didn’t think that this one would drag on. Well it did!
The bank finally accepted my offer on December 4th and specified a closing date by December 30th. Have you ever tried to find a buyer for a property in December in Wisconsin? Between the weather and all of the things to do with Christmas, I thought that I was doomed!
I was lucky and had several offers on the property and because of the situation I was willing to discount the sale price. I accepted an offer that was about $10k less than what I really wanted and to make matters worse, I couldn’t get the bank (Ameriquest) to extend their deadline - something about the fact that it had to be cleared on their books by the end of the year. So what would you do in this situation?
I had thought about just saying ‘Next!’, but I didn’t. Fortunately I had done my planning and I did have a money partner setup. I called my money partner and explained the situation - he agreed to get involved. He transferred the funds via EFT from his bank to my closing agent’s account. We closed on the SS deal on 12/29 and I wasn’t even there! All paperwork was notarized and Fedexed to my Attorney the day before.
Now I had a deal with my partner that if I could close on the other side within 10 days that I wouldn’t owe him anything other than the original amount borrowed - great deal. Well, we weren’t able to close until January 24th. I now had to split my profit with him - still a good deal.
I’ll bet you are wondering what I walked away with?! Well, initially my calculations put my NET at ~ $24k. Now take away the $10k discount and the split with my partner - my NET was now at ~$7k. Still not bad, but not what I wanted to see.
The bottom line here is that through planning and building relationships I was able to pull off this last minute deal. I only made ~$7k, but that is $7k that I didn’t have before, and I would have lost had I not had the help.
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Take this time to build your relationships and to learn the things that you need to know for next year. Again, Happy Holidays to you and yours!
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