What if I told you that, when it comes to where you live, you can have your cake and eat it too? What if there was a way for you to live in a highly desirable area — San Francisco, Chicago, New York -- but you never had pay rent or a mortgage payment? And before you jump off this page, thinking I have some crazy trick up my sleeve, I promise you, I have nothing to sell at all! In fact, you and I are probably a lot of like. At the time of this writing, I’m living in Chicago — Rogers Park to be exact — and lovin’ my life in the big city. There is always something going on! I’m literally a 5-minute walk to the beach on Lake Michigan. I have all the ethnic cuisine I could ever want at my fingertips. All in all, I've found a community here like I’ve never experienced before. The world is in my backyard: There is so much culture, diversity, and innovation everywhere you look. The True Cost of Living in a Major CityLife is truly incredible here, and my family and I are happier then we’ve been in a long time. There’s just one, tiny problem: My rent is $1,450 a month! This is, of course, insanely expensive! But here’s what’s even crazier: $1,450 per month is considered pretty cheap as far as big cities go. Back where I lived previously, in the San Francisco Bay Area, my home was a 600-square-foot apartment, in a really rough part of San Jose. Homeless people routinely ate out of my garbage can. People were selling drugs on the street corners. My rent there was $1,800 a month, and these days, I would be paying about $2,500+ for the exact same place. Given how residential values have skyrocketed in the most popular urban areas nationwide, the possibility of ever owning a house in one of these major cities is a pipe dream for many. Add in the continual rise of property taxes each year (mostly a Chicago problem) with increases in gentrification, and home prices just keep going up and up and up, with no clear end in sight. When I spoke with a lender to explore some options here in Chicago, he told me I needed to shoot for a purchase price of at least $500,000, which translates to an average monthly mortgage cost of $2,600 plus $500-$1,000 in property taxes per month! That’s over $3,000! I just can’t justify that; I’ve simply been ruined to expensive real estate due to my years as an investor. How to Have Your Cake and Eat It, TooSo, the question becomes: What do we city-lovers do? We want to be financially wise, invest our hard-earned cash carefully and wisely, and save for our future. But who wants to live in the middle of Nowhere USA in order to do it? I don't. I’ve tried it, but it’s simply not for me. Chicago has to be a major part of me and my family’s life in the future. I was determined to figure out how to do life in the big city, while still being financially savvy — a tough challenge, to say the least — and one for which I've found a solution. Say Hello To House Hacking!“House Hacking” is essentially a way for you to use creative real estate tactics to extremely lower or, as I plan on doing, completely eliminate your monthly housing costs. The term has been widely popularized by our friends over at BiggerPockets and is typically talked about in the context of buying a 2-to-4-unit apartment building, living in one of the units, and renting out the other(s). This is one type of house hacking I’ll be covering in more detail shortly, but there is actually more than one way to do it. In my research, I discovered there are actually three different ways you can hack your mortgage:
To figure out which method was the best fit for me, I interviewed a few experts that specialize in each method, and I'm bringing you along for the ride with me. Below, you'll find each interview I conducted, along with an overview of each strategy as well as their pros and cons. Without further ado, let’s dive in! House Hacking with RoommatesInterview with Lucas Haul, Cozy.co and Landlordology.com OverviewThere are three primary ways you can go about house hacking with roommates.
These methods of house hacking work the best for very desirable and expensive areas. This is because these are the markets where people are happy to pay $500 – $1,000 for a room with shared common areas. Let’s look at another Chicago-based example of what this can look like: This property in Logan Square (an extremely hot neighboorhood in Chicago) recently sold for $420,000. It has five bedrooms. If we use the mortgage calculator again, we’re looking at $2,905 per month in housing costs: (Note: Different loan programs, with different down payment amounts, may increase or decrease the monthly mortgage costs. Above, I’m using 10% down as a general ball-park for the sake of example). If we look at Craigslist to see what other people are renting their rooms out for in Logan Square, we get about $700 per room: If we have four out of the five bedrooms rented (because, obviously, you need a bedroom for yourself) at $700 per room, that brings in $2,800 per month ($700 * 4 rooms = $2,800). Again, our mortgage costs are $2,905, so that means we still have to come up with $105 per month to cover the rest of this monthly payment. If all you had to pay was $105 per month in housing expenses and you got to live in the heart of a massively desirable city, would it be worth it? I think so! Now, don't forget: You're still on the hook for maintenance costs associated with the house, but this is the same risk you face with any kind of home ownership. The upside when you house hack with roommates is that because you’re saving so much money per month on your mortgage, you can now easily save for these unexpected events. Pros:
Cons:
ConclusionHouse hacking with roommates can be a great option if you’re young, single and just getting started in life. You have the potential to live in a part of a city that is highly desirable (and otherwise, very expensive) for little to no money each month. If your roommates are friends and people you like being around, living in the community while you’re young can be an incredible way to create lifelong memories. I think this strategy is the best fit for young adults, but I wouldn’t recommend it for families (though, it could still work if you did option 2 or 3, listed above in the overview). House Hacking with AirbnbInterview with Ben Leybovich, JustAskBenWhy.com OverviewWhat I love about house hacking through Airbnb is that it gives you the best of all worlds. You get to have a nice, upscale, single-family residence while living in a great area AND deciding whether or not you want to have a tenant. Here's the short and sweet version of how this works:
If you’re living in a major city, there are always people looking for short-term, vacation-like rentals. You can choose to keep it booked year-round or if you want friends to come and stay with you (or if you want a weekend with no tenants), you can simply adjust the availability on Airbnb. It gives you the most control, while still massively cutting down on your mortgage costs. Let me share an example that Ben used to show how this works, in his book: House Hacking: The Only Real Estate Investing Strategy You Need to Build Wealth, Live for Free (or almost free), and Make Money Through Homeownership. He ended up buying a beautiful, three-bed, two-bath house in the Chandler area of Arizona for $355,000. It came with a separate casita off of the main house. His monthly expenses came out to $2,050. After running all the numbers, factoring in months of high vacancy, he determined that his average cash flow from renting out the casita on Airbnb and VRBO is $1,300 per month. Do the math and you'll see that he gets an incredible, private house with a pool in one of the most desirable areas in Arizona — and he only has to pay $750 per month. Can it get much sweeter than that? Pros:
Cons:
House Hacking with Small ApartmentsInterview with Scott Trench, BiggerPockets OverviewReal estate can arguably be divided into two categories: commercial and residential.
Now, if we get technical for a moment, YES – you can make money from residential properties. Realtors, house-flippers, and landlords do it all the time, and, to be fair, you could live within a commercial building too (like living in one of the apartments of a 100-unit complex). To keep things simple, though, residential properties are for residing and commercial properties are for conducting business. In the real estate mortgage industry, any property that has four units or less is considered residential and qualifies for a conventional home mortgage. Any property that has five units or more is considered commercial and would require a commercial loan. When it comes to house hacking, if you acquired a residential property that was between 2-4 units, you could qualify for a conventional residential mortgage, even though this is technically an income-producing asset. This is actually a big deal because these loans are relatively easy to acquire and there are a lot of low-money-down options, like the 3.5% FHA loan, and other “down payment assistance” programs, that, if you qualify for, could have you securing a mortgage for little to nothing out of pocket. What’s more, if you bought the property at the right price, you could potentially live in one of the units and have the rents from the others cover most, if not all, of the monthly mortgage, insurance, and property taxes. Let me provide a Chicago-based example using Realtor.com: A 4-unit building just sold in the up-and-coming McKinley Park in the northern part of the South Side for $308,000: According to Realtor.com’s mortgage calculator, this property would cost about $2,200 per month, taxes and all: (FYI: This is cheaper than most places in Chicago because it’s up-and-coming and crime is higher). If we use Rentometer to determine the average rent prices for a 2-bedroom apartment in the area, we’re looking at around $1,200 per side: If we rent out three of the units, that’s $3,600 in gross monthly income ($1,200 * 3). So, if our mortgage costs are around $2,200, that means we’re seemingly ahead by $1,400, per month! In reality, because you’re the owner of this building, every time a water heater goes out or a toilet stops working in one of the rented units, it's your problem to pay to fix it, so this $1,400 isn't the most realistic portrayal of what's actually available. The 50% RuleIn buy-and-hold real estate, there is a common rule of thumb called the 50% Rule. This rule says that,
So, for our example, that would work out to be $1,800 ($3,600 * 0.50 = $,1800). I think the 50% Rule is a little extreme. You might be okay with less, but it’s best to be conservative all the same. Before we move on, I want to address one more thing. Let’s say the property you were looking at didn’t have as good of numbers like the one I’m using in this example. Let’s say, after we factored everything in, you were still on the hook for $500 per month. If you only had to pay $500 every month, but you could live in a major city that you loved… would it be worth it? I think so! Spending $500 for a nice apartment in a major city that you love living in AND is giving you ownership of an appreciating asset, is a huge win. Of course, appreciation is never a guarantee, but in a major metropolitan city, it’s a lot more likely than in rural markets. That means over time, you might make some big bucks from your property. Pros:
Cons:
ConclusionThere is a reason why house hacking with small apartments is the most commonly known method. There are a lot of upsides — the biggest being that you are the owner of an income-producing, appreciating asset that will continue to produce wealth as long as you have it (assuming you bought it correctly). My House Hacking PlanSo, after all this research, what did I decide to do? First, let me explain my thinking process. Originally, I thought a single-family house with an in-law suite would make for a perfect Airbnb rental. You see – my wife wants to live in a nice house without having to share a wall with our tenants – and I thought a detached, income-producing in-law suite would be the best of both worlds. Not to mention, with the extra income from this Airbnb unit, it would MASSIVELY impact our ability to cover a higher mortgage payment on a nicer property in a more desirable part of the city. The problem that arose, though, was with Chicago itself. Chicago has the second-highest property taxes in the nation (outside of New Jersey), and they seem to be increasing year after year. There are some pretty big issues with the state of Illinois, and though most of it is over my head, I can clearly see some warning signs that suggest Chicago’s economy is going to get worse before it gets better. Crime (especially on the Southside) is among the worst in the nation. My own sister-in-law was recently robbed at gunpoint and beaten until unconscious – and this was on the “safe” side of the city at 9:30 in the morning! I couldn't help but think – this could have easily been my wife or child, and as much as I love this city, I don't know if I can swing living day-to-day with that kind of risk. Ultimately it came down to two choices: 1) Stay in Chicago and Continue to RentThis wasn’t the most ideal option because, let's face it, renting feels like flushing dollars down the toilet. Nevertheless, we don't know exactly what the best option is right now and renting would be a good way to take the pressure off so we could think rationally while in transition. 2) Move to The Chicago Suburbs… In IndianaMost people don't realize that Northwest Indiana is only 45 – 60 minutes outside of downtown Chicago. I currently live in the most northernmost neighborhood within the Chicago city limits called Rogers Park. Right now, it's a 35-40 minute drive to downtown Chicago – and that’s within the city limits. So, moving to Indiana might be a way to “Have our cake and eat it too,” so-to-speak: more affordable, safer and still close enough to experience all the benefits Chicago has to offer. There are still some major drawbacks in this option, however, namely that my in-laws (who live with us a portion of the year) would have to commute 45 – 60 minutes to work… and they don't really know how to drive. My wife's family is from Kazakhstan and they prefer to work among the Central-Asian community here in Chicago. Also, our church community would be a 45 – 60 minute commute as well, and that puts a big strain on the relationships that we cherish there. So What Did We Decide To Do?We decided we're going stay in the Chicago area and continue renting for now. There are just too many moving parts for us to make an immediate decision. Instead of being under pressure, we're just going to stay flexible and see how our life (especially with our soon-to-be newborn) turns out. We're considering moving to a Chicago suburb that is closer to our church community and that's slightly safer, but for now, we're going to renew our lease and put our attention on growing my budding land-business. Once we're making the kind of money we're striving toward, perhaps we'll just build a mansion and not worry about house-hacking at all! I hope you’ve found this post helpful. Do you house hack? I’d love to hear from you in the comment section below!The post House Hacking: The Official Guide On How to Live (Almost) Mortgage Free appeared first on REtipster. from https://retipster.com/house-hacking-guide/
0 Comments
If you've ever wondered what houses and apartments are renting for in a given area – whether you're looking to rent a property yourself, or you're looking to buy a rental property as an investment – you may have stumbled across a free online website called Rentometer. Rentometer is a site that gives users an estimate of what rent prices are in the nearby vicinity of a subject property. You can simply enter a property address, a dollar amount for monthly rent and the number of bedrooms in the rental unit. Rentometer will compare your data with similar rental listings in the area and display some numbers and helpful visual aids showing how your rent amount compares to similar properties in the area. I remember back when I bought my first rental property, I had this site bookmarked. At the time, I didn't know any other fast and easy ways to find out what the average rent prices were in the neighborhoods where I was looking to buy, so I referred to it constantly. With such a simple interface (and a friendly little gauge to indicate how my property compared with others in the area) and the fact that it was FREE, it was hard not to love this thing! But one day, I encountered a little issue… My realtor sent me a handful of properties to look at, along with his rent estimates for each one.
After checking each of the addresses on Rentometer, I found that according to the almighty rent gauge, my realtor's estimates were WAY higher than what Rentometer was telling me. When I told him the different numbers I was seeing on the site, he said,
Okay… so who was I going to believe? My Realtor (the guy who desperately wanted to sell me a property): He wouldn't inflate the numbers, would he? Rentometer (the website that only asked for 3 pieces of information, and I had no idea where the data was actually coming from): Could I really depend on the results it showed me? How current and reliable were their sources of information? Whatever rent price I used in my analysis would be a very important question to think about. After all, this projected rent amount (whatever it is) would be a MAJOR factor in analyzing the investment. If I got this number wrong, it could mean the difference between a stellar investment or a terrible one. RELATED: The Beginner's Guide to Buying Rental Properties (A Case Study) Where Does Rentometer Get Its Data?In order to judge the validity of any number Rentometer spits out, it's important to know where the data is coming from, and whether it's a valid and reliable source of information. In my searches of the company's website, I could find any place where they openly disclosed where their data comes from. I found this disappointing but understandable (after all, it is a proprietary service – and they're providing it for free to most users). However, I did find this excerpt from the Rentometer help center:
I also found this answer:
So… while we still don't have much clarity on where specifically these numbers are coming from, it sounds like most of it is being aggregated from public listing data, with a very small segment of it coming from individual landlords and property owners who submit their data manually. The only downside to pulling this information from public listings (again, IF that's where it's actually coming from) is that public listings only represent what the landlord is hoping to get for their unit, not actual rent prices that are being paid. How Accurate is Rentometer?Rentometer may be the easiest way to find what rent prices are in most markets, but how reliable is the information? Can you really plug in three pieces of information and have 100% confidence in the numbers it gives you? I think the short answer is: No The biggest problem with Rentometer (especially the free version) is that it's a very, VERY oversimplified version of reality. With the ability to enter only a few pieces of data:
This isn't a lot to work with. While each of these items does have a big impact on what a property can be rented for, it still leaves out A LOT of important information that needs to be accounted for if you want an accurate, reliable reading. For example, these are just a few of the MANY other variables that will impact rent prices for an individual unit:
While some of these things (namely, the number of bathrooms and property type) actually CAN be evaluated with the Pro version of Rentometer (which currently runs $29/mo or $199/yr), it's still just a high-level overview of the area, and doesn't offer much clarity on the specifics of any single property. Rentometer Pro: Is it Worth It?If you want to drill a few layers deeper and find more supporting information on what rent prices are in your area, Rentometer Pro may be worth considering. There are several features you'll get with a pro account that aren't available with the free version of the site, but in my opinion, just a few of them are actually worth noting. Rentometer Property ReportThe Rentometer Property Report goes much further than showing a simple gauge and map of the area. This will provide you with much more relevant detail on each property. Here's a screenshot from a property report I pulled… Granted, most of this stuff is available for free online (or through other paid services), but if my primary objective was to evaluate and purchase a rental property, there are a few things I think were particularly useful from this report.
These things can directly impact the analysis of a property, and potentially affect an investor's decision on how much to offer when purchasing a new rental. Of course, there are many other places where you can get this data – but Rentometer Pro does package everything into a neat little package in these Property Reports. I did find in a few instances that some of these numbers came back as “unknown” (including two of my own properties, which do have a long history of being rented out… so I'm not sure why the data was missing), which was a little frustrating. I'm not sure why these numbers don't always come through… but when they do, it's pretty helpful to see all of this information in one place. Rent AnalysisThis is a quick way to see a MUCH more detailed view of how your subject property compares to other listed rentals in the market. Keep in mind, with Rentometer Pro, you can specify how far back the data should go, how large the geographic radius should be from your target property, and you can even use your own custom branding (if you have a logo you'd rather include on your reports instead of the Rentometer branding). Here's an example of what this looks like… Batch AnalysisThe Batch Analysis tool is designed for users who need rent statistics for A LOT of different properties (and they don't want to run each individual property through the system manually). For example – if you own a large portfolio of rentals and you want to pull comps for each one (but you don't want spend hours doing them one-at-a-time), you can easily paste ALL of these addresses into this field and generate a bulk report for each one. The Batch Analysis function will give users basic rent comp information (i.e. mean, median, max going rent, etc.) for the whole list – and it will show multiple scenarios for each type of bedroom count. When the report is finished, you can simply download a .csv file and play with the data to your heart's content. Neighborhood and Zip Code ReportsNow, suppose you don't have one specific property in mind, but you do have a neighborhood or zip code nailed down where you'd like to pursue new opportunities. With a Rentometer Pro account, you can generate reports based on these wider areas. Here's a screenshot from a Neighborhood Report in Salt Lake City, Utah… These reports will look very similar to the Rent Analysis reports, with the most notable difference being that it's outlining comparables by neighborhood and zip code, rather than basing it on one specific property profile. Other Creative Uses for RentometerIn case you weren't aware, there are a couple other creative (and somewhat random) ways to put Rentometer to use. Property ListingsIf you've already exhausted every other listing platform on the internet and you're looking for yet another free place to list your rental on the market, Rentometer has a place for that! The listing format isn't particularly pretty or outstanding, but it does make your property stand out a little bit more for anyone who is searching for properties on the Rentometer website. I'll be honest though… I spent several minutes trying to find where rental listings were posted on the Rentometer website, and I couldn't find a single one. The best I could come up with was their Classified section, which didn't include a single listing, but was FULL of random Craigslist-like ads for local business and services. So how useful is this feature of the site? By my assessment, it's not worth writing home about. Rentometer WidgetRentometer also has a free widget you can embed on your website. Here's what it looks like: Why would you want this on your website? Well… I guess that's something only you can answer, but you know who you are. If you need a quick, idiot-proof way to offer rent prices by zip code, Rentometer's got your covered. Rentometer Mobile AppAnd lastly, Rentometer also has an app, available for iOS devices (at the time of this writing, it doesn't appear to be available on Android devices yet). As you might expect, it's free, and there's not much to it. Just enter in an address, rent amount and the number of bedrooms, and it'll tell you where your unit stands (according to their numbers, anyway). It's pretty simple and easy to use… just like the original website. How to Fill In the GapGetting an accurate read on what rent rates are is SUPER important, and unfortunately, it'll never be quite as simple as plugging in a few key pieces of data. Since this is such a tough nut to crack, I've found that the most reliable way to get an accurate idea of rent rates is to get some current pictures of the property (inside and out), contact a local property manager and ask them:
Property managers have a huge breadth of experience in most neighborhoods of town, and if anyone is familiar with what properties are actually renting for (along with the specific characteristics of each property), these people will know. Alternatives to RentometerWhenever there's a truly great idea being implemented on the internet, you can be sure that others are in the same space, doing pretty much the same thing. If you're looking for some alternatives to Rentometer, here are some other options out there at the time of this writing. Free AlternativesPart of why Rentometer has such a huge following is because of the fact that it's FREE (at least, for the first few searches, before you have to sign up for a free trial of their Pro account). Here are some other websites that offer a similar service, free of charge. Ziply: This one allows you to specify the number of Beds, number of Baths and Square Footage. With the paid version of this service, you can also see the vacancy rate in the area and the renter density. My Rent Rates: This one is very similar to Rentometer, in that it allows you to list the address, rent amount and number of beds, but nothing else. Zillow Rent Comp Estimator: This one also allows you to specify the number of Beds, number of Baths, Square Footage, and Comparables (and as a side benefit, you can also list your rentals for free on a very large platform with a huge reach). Paid AlternativesIf you're someone who really needs to get a more accurate and reliable read on the market, you might consider paying for one of these higher-end alternatives. RentFax: With several different pricing options available, the Rent Radar report will include a very comprehensive look at the stability of the market, the approximate rent range of each property, and a lot of other enlightening data that you won't see from the free services listed above. RentRange: Another ultra-comprehensive reporting system that includes a RentRange estimate, details about market trends by bedroom and type, comparable rental statistics and more. It also has an online rent collection too (similar to Cozy) that could prove useful to many landlords and property managers. RELATED: 5 Best Rent Estimate Tools (Visual Comparison) How Useful is Rentometer… Really?So with all this in mind, can a free (or even a paid) tool like Rentometer serve a useful purpose? YES. Here's why… Even thought Rentometer may not give you a laser-accurate, guaranteed number you can bet your life on, it's still a helpful starting point for a number of reasons. If you're looking in a new market, neighborhood or zip code and you're not intimately familiar with what normal rent rates are, Rentometer is quite useful at showing you what the “range of acceptability” is from other landlords and property managers in the same area. Of course, you could easily hop on Craigslist or Hotpads and pull up a few similar rental listings – but if you're looking for a quick and easy sampling of the market, it's hard to beat what Rentometer brings to the table. I mean, honestly – if it takes 5 seconds and its free, why not give it a whirl? At the end of the day, it's a free tool to have in your toolbox. It's not worthless, but it's also not the same as having feet on the street and getting an educated opinion of someone who knows all the dynamics at work in your market and with your specific property. Have you ever used Rentometer? What did you think of it? Let us know your experience in the comments below!The post Rentometer Review: Is It Really Accurate and Reliable? appeared first on REtipster. from https://retipster.com/rentometerreview/ Over the past year, I've become a lot more interested in finding legitimate ways to generate sources of truly passive income from vacant land. Now, to the average real estate investor, the words “cash flow” and “vacant land” do NOT go together, but if you know where to look and how to find these kinds of properties, there are actually a ton of opportunities out there. RELATED: 7 Ways to Make $1,000 Per Month from Land There are actually a lot of ways to do it, and one such way is to invest in own land that is leased out to the owner of a wind farm development. Essentially, the landowner can earn revenue from the lease (which typically lasts for 35 years or longer) and through a small percentage of the royalties from the energy that is generated and sent into the power grid. Depending on the size of the wind farm project, it's not uncommon for these leases and royalties to produce anywhere from $20,000 – $50,000 for the landowner. And the landowner doesn't have to do anything. They simply own the dirt and collect the money each year. Sounds pretty simple, right? Well, there's A LOT more to the story, and in this episode – I talk with Tao Kong (COO of Alcen Renewable) and we uncover a lot of the details behind how wind energy leases work, what kinds of properties make the most sense for this type of development, what markets make the most sense to start looking in (and which ones to avoid), and a lot more. This was one of the most interesting conversations I've had in a long time, and if you have any interest in passive income, land investing or renewable energy, I think you'll enjoy it too. Links and Resources
Thanks for Listening!Share your thoughts:
Help out the show:
Thanks again for joining me this week. Until next time! Right-click here and “Save As” to download this episode to your computer. The post 037: Passive Income from Wind Energy (What No One Is Talking About) appeared first on REtipster. from https://retipster.com/037-passive-income-wind-energy/ Welcome to the fifth and final part of our in-depth “Ultimate Guide to Wholesaling Real Estate” blog series! If you haven’t checked out parts one, two, three and four, you’ll want to do that in sequential order first, then come back and finish up the series here. In part three we covered Acquisitions, the department responsible for the process of acquiring inventory, and in part four, we covered Dispositions, the department responsible the process of “Selling” or disposing of inventory. The last major component of a successful house wholesaling business is the closing process (and paperwork). We call this the Transactions department. Overview of the Transactions DepartmentThe Transactions department is responsible for closing each deal successfully and on time. A “closing” is the meeting where both the seller and buyer sign their side of the paperwork that legally transfers ownership. Closings typically happen at a pre-determined date, and in many cases, all parties to the transaction (the buyer, the seller, and the wholesaler) will meet on the same day, in-person, to sign documents. Sometimes, if one party to the transaction can’t meet at the title office in-person (say, if they live in another state), it's also possible to get their signatures via a service like DocuSign or through a mobile notary that meets with them where they're located (for an additional fee, of course). Simply put, the transaction period is the span of time when:
This process can happen in two ways:
Closing With a Closing AgentIn most states, the typical real estate transaction is handled by a title company (i.e. – escrow office). However, there are some states (mostly on the eastern side of the U.S.) that legally require a licensed attorney to be involved with every real estate transaction. What's required in the state you're working in? Check out this blog post for a detailed map on how this works throughout the country… RELATED: The State-by-State Guide to Real Estate Closing Agents If you're working in a state that uses title companies, the process is pretty simple. When you have a signed purchase agreement in hand, you'll email it to the title company (while copying all related parties on the email), and then the title company will coordinate the closing process from there. Your designated closing agent (your main point of contact at the title company) will ask each party for the information they need to provide ahead of time, and once it's been collected, they will schedule the closing date between all involved parties. They will also handle the title search, provide a title commitment, gather and disburse funds and record the paperwork at the county level so that the sale is publicly recognized and documented. As for attorney states, the process is usually quite similar. However, since an attorney is involved in the transaction, the closing costs are more expensive. Closing In-HouseDoing a self-closing involves significantly more time, legwork and sophistication on behalf of the wholesaler. Closing a deal in-house is also something that can only take place in certain markets, where a real estate transaction isn’t required to go through an attorney or a title company, so make sure you know the laws of your market before you start investing there. With that said, let’s say you have a property that is in really bad shape and you can only sell it for $5,000 at the most (I know, this sounds unrealistically low for most houses, but transactions this small happen all the time with vacant land properties). You’re able to buy it from a motivated seller for $1,000, leaving you $4,000 in profit, minus any closing costs you have to cover along the way. Herein lies the problem with title companies and attorneys. If you're closing with an expensive closing agent, you could easily lose $1,000 of that profit margin just to get the deal purchased… and then AGAIN when you get the deal sold. With tiny deals like this, closing costs can take a massive bite into your profits, and maybe kill the deal altogether. When these situations come up, it’s nice to have the ability to close the deal yourself, because if you understand the basic process and paperwork involved, you won’t have to throw away your money on those closing costs. RELATED: How to Close a Cash Land Transaction In-House There are, however, some general risks inherent in closing your own deals, and you should be aware of these before you try to pull this off.
It's also worth noting – closing a real estate transaction involves a fair amount of work. From the title search to the documentation, this isn't something you can do an adequate job of in 5 minutes… it takes significant time and energy to pull this off. If you don't pay a professional closing agent to do this, you'll still have to pay the price, it will just be paid by your time, rather than your money. Note: It is possible to buy title insurance even when you choose not to have a title company or attorney handle the entire closing for you. You can usually shave at least a few hundred dollars off of your closing costs, while still having the benefit of title insurance. If you choose to go this route, be sure to see this blog post for more details. So, even though it's possible (in most states) to close a deal yourself, there's still something to be said for having a professional closing agent (one who does this kind of work every single day and has mastered their craft) handle this process for you. An experienced title professional is going to know and see things you won’t. It’s just that simple. Two Sides of the Transactions DepartmentEvery house wholesaler knows that, in a sense, they run two separate businesses.
In many cases, this means they even have two separate websites, two separate brands, and two separate DBAs. RELATED: Never Rely On One Business Name. Here's Why… The Transactions department is the only real aspect of the business that touches both sides. When you buy a property from a motivated seller, you have to get the paperwork signed and the closing accomplished successfully — and it’s the same thing when you sell a property to an investor. Back in part two of this series, we discussed how there are essentially three ways to wholesale real estate:
The Transactions department functions a little differently under each method, but no matter what, you’ll always have some kind of transaction work happening on both the Acquisition side and Disposition side. Assignment TransactionsWhen wholesaling through assignments, the process may vary slightly depending on the legalities of your specific market, but generally speaking, it works like this:
It’s important that you work with closing professionals who are investor-friendly, meaning, they’re experienced in handling assignments and double closings. Otherwise, you may find yourself wasting a lot of time trying to convince your closing agent that what you're doing is legal and ethical. Save yourself the trouble, and simply work with people who are already familiar with the process. Double Close TransactionsWhen it comes to selling a property through a double close, the process generally looks like this:
Traditional Close TransactionsWhen doing a traditional close, the paperwork and process is similar to a double close, with the main difference being that you don’t close with both the motivated seller and the investor buyer on the same day. In a traditional close, you buy the property from the seller, close on it, market it for sale, then when you have a buyer, close on it again, with them. Final Thoughts About House WholesalingOverall, wholesaling houses is one of the best real estate businesses in the world. With a very reasonable amount of effort and resources, you can get started and begin making great money relatively quickly. But here’s the honest truth: Even though house wholesaling is a great business strategy… it’s not for everyone. It may be ideal for many investors out there, but there is one real estate business model that, in my opinion, is much better:
I actually left house wholesaling to transition into the land business, because it shares a lot of parallels with house wholesaling, but it's A LOT simpler. You find a motivated seller, buy a property for pennies on the dollar, and then sell it for a discount to an end-buyer. But there are some MAJOR differences worth noting (and this is why land investing wins over house wholesaling by a long shot). 5 Reasons to Become a Land Investor InsteadI've said it before and I'll say it again, vacant land is one of the most overlooked and misunderstood real estate investments in the world. If you've never seriously considered the land flipping business model, here are just a few reasons worth thinking about… 1. Marketing Costs are WAY CheaperWholesaling houses is becoming more and more popular as a business model (and with all the advantages it brings to the table, it's no surprise). Unfortunately, this means more competition, increased marketing costs, and a sizable amount of direct mail you have to send out. It’s typical for wholesalers to spend upwards of $5,000 – $15,000 in direct mail costs just to do a handful of deals! With land, this isn’t the case — in fact, if you began your land business through using a delinquent tax list, your marketing costs could be a little as a few hundred dollars. RELATED: The True Cost of Being a Land Investor 2. Way Less CompetitionMost people who hear about flipping land either find it too good to be true or just plain boring. Because of this, most investors bypass land and choose one of the more popular strategies like wholesaling houses, buying small apartments or flipping houses. Since land is usually not the first thing on every new investor's mind, it’s not uncommon for YOUR mail piece to be the first one these motivated sellers ever see. When sending out direct mail for the purpose of wholesaling houses, it’s very common to find sellers who are already in contact with several other interest parties, which means they won't be nearly as willing to take the first low-ball offer they receive from you. When I first got into the land business, I was amazed at how much more opportunity there was. After spending $1,000 on direct mail (a very small amount in the house wholesaling business), I got more deals than I could handle. It was incredible! 3. Higher Profits Per DealWhen I worked for Simple Wholesaling, the average profit per deal (in the Indianapolis market) was around $6,500. Within my first three land deals, I took home a $40,000 net profit in one deal! RELATED: How Jaren Barnes Changed His Life With One Land Deal That was a definitely a slam-dunk of a deal (the numbers aren't always this amazing), but on average, my profit margin is consistently around $15,000 per property (I typically split this with a financial partner, but that’s still the net profit per deal, all the same). In our Facebook Community, we hear from a lot of land investors won't even look at a deal unless they’re making 100% – 200% ROI. In all of my years of real estate, I’ve never found another strategy where the returns are consistently so high. 4. Lower Acquisition CostAnother major reason why land flipping is superior to wholesaling houses is that, frankly, it's waaaaay less expensive to buy a vacant lot. In many markets around the United States, you can consistently buy vacant land properties (and nice ones, at that) for less than $1,000 per property. With houses (even the most disgusting and dilapidated properties), it's not impossible to find deals in this price range, but it is very rare to come by. I recently bought a property for just $267 in the northern tip of Indiana – and these kinds of deals aren't unusual at all! 5. Fewer HasslesOne of the worst things about dealing with houses is the fact that houses fall apart. Not to mention, when you're buying houses on the cheap, they're already in total disarray on the day you acquire them. Vacant land is a completely different story because it's just dirt. Have you had enough of dealing with tenants, toilets, bugs, mold, lawn care, leaking roofs, bursting pipes, broken furnaces, and the hundreds of other issues that come with owning buildings? Vacant land doesn't involve ANY of those things. Once you buy it… it sits there, it behaves itself, and nothing happens. So… What’s The Catch?Even with all the advantages that land brings to the table, I won't sit here and tell you it's the perfect type of real estate. Even vacant lots have their own set of issues. Probably the biggest drawback I've seen is that, when compared to wholesaling houses, vacant land properties typically take longer to sell. For me, the typical turnaround time in the land business is about ninety days. Granted, sometimes properties will sell in a month, sometimes they'll sell in just a few days, but sometimes they can take several months to sell, and you shouldn't be caught off guard by that. Of course, there are plenty of levers you can pull to make properties sell faster, but by default, I've found that houses tend to move faster than land does. In the house wholesaling business, the bulk of your activity is spent on trying to find deals, and getting them sold is relatively easy. It still takes work, but if you really have a solid deal, it’s not that hard to find an investor who will buy it. With vacant land, it’s the exact opposite. Finding deals is almost push-button easy, but selling them takes consistent effort. It's probably the biggest trade-off in the land business, but because of it's numerous other advantages, I think it's very much worth it. Personally, I’ve made more money in my land business, part-time, than a lot of wholesalers make full-time. Consider What Works Best for YouOf course, house wholesaling is a proven business model. There are a lot of extremely successful and wealthy house wholesalers out there. I just know that in everything I’ve been too exposed to in real estate, from working at BiggerPockets to interviewing hundreds of investors on the Simple Wholesaling Podcast, I haven't found anything that compares to the opportunity in flipping land. RELATED: The Land Flipping Lifecycle Want to Learn More About Land Investing?The truth about land investing is that most people have no idea how powerful it really is. Land is a massive opportunity that most investors aren't paying attention to – and for the few land investors who know how to pursue this business with the right acquisition strategy, it's an extremely lucrative way to build wealth and financial freedom with real estate. If you want to get the inside scoop on how to start and run your own land investing business, come and check out the REtipster Club – where we have a full 12-module course, dozens of videos, bonuses, downloads, group coaching sessions and a members-only forum (where we spend time answering questions every week). There is no better place to learn this business from the inside out! The post The Ultimate Beginner’s Guide To Wholesaling Real Estate (Part 5) appeared first on REtipster. from https://retipster.com/wholesaling5/ As a real estate professional, you may be closely familiar with the importance of home staging and how it can become an essential skill when presenting a new home on the market. Staging a home can bring out the very best aspects of a space and can help your audience visualize the actual lifestyle they will be living. You wouldn’t just show a property or hold an open house without first taking extra steps to ensure your clients will have an amazing first impression, right? As with home staging, the same concept also applies to website design and how you market yourself, your listings and your services online. Presenting your best foot forward through your website is hardly different from the principles of home staging because you are likewise curating a set of visuals to communicate a positive feeling, and create a palpable emotional response. Although your website lives on a two-dimensional platform, that does not mean you have less opportunities to wield your creative skills and exercise your staging abilities. You actually have more freedom and creative license because you are using a digital canvas to wow your prospective clients and present something truly well designed. To dive in, here are several amazing design ideas that will transform your website and have you staging it like a pro:
Though you have all of these design tips at your disposal, there’s no escaping the fact that staging your website can be a skill that takes time, practice and some trial and error. The more you immerse your audience in your website’s online environment, the sooner you can gather the feedback and results you need to keep honing your craft. Looking for more staging tips, or trying to get the eye of a couple design experts on your website? Contact us at 1.800.979.5799 or send a message here. Our seasoned designers at Agent Image can help you transform your website into the best version it can be. The post Staging Tips That Will Transform Your Website appeared first on Best Real Estate Websites for Agents and Brokers. from https://www.agentimage.com/blog/staging-tips-that-will-transform-your-website/ Is it really possible to quit your job and live off the income from a real estate business? I mean, seriously… whether you're flipping land, flipping houses, wholesaling houses, buying rental properties, you have to admit – it's a legitimate question. Back when I was getting started, I used to wonder about this all the time. I remember countless drives to and from my day job when I would have this internal dialogue with myself…
You see… my journey to financial independence wasn't exactly fast. I started my first real estate business back in 2008, and it wasn't until 2016 that I FINALLY felt comfortable enough to quit my job and focus on real estate full-time. It's not that I couldn't have done it sooner, but I'm someone who worries, overanalyzes and overthinks decisions of this magnitude. I need to have several contingency plans in place before I do something as monumental as quitting the J.O.B. RELATED: Six Months After Quitting My Job – Here Are My Honest Thoughts. Even though I knew that on paper, it was technically possible for my real estate business to be a fully sustainable, self-supporting business, there was a LONG period where I had my doubts, and I wondered if all of this dreaming would ever lead anywhere. I'm Not AloneI know I'm not the only person who has laid awake at night thinking about these things. Being a full-time real estate investor is a big deal, and there are a lot of obstacles that need to be overcome in order to get over this hurdle.
Part of what makes it such a perplexing (and scary) decision is that there are a lot of different paths that can be taken. There isn't a one-size-fits-all formula that will get you there. Every person has to fight different battles as they're figuring it out. With that in mind, I wanted to share several stories and case studies from people who have made it. My hope is that you'll see a little bit of yourself in the stories below – because there's a good chance you share something in common with each of these folks. 1. How To Survive Off Your Land Business (Without Starving To Death)In this interview with Chris Gibson, Jaren asks about how he manages to feed his family and live a sustainable lifestyle with the income he generates from his land investing business. Given the inherent “spikey” (and sometimes unpredictable) nature of this form of income, there is a lot to be learned about how to add certainty and reduce risk when depending on this source of income. It's also worth noting, your real estate business (whether it's vacant land or some other type of real estate) doesn't need to net millions each year before you can leave your job. If you've got other forms of income (whether it's another business or a working spouse), you can absolutely use this to your advantage. 2. How Brett Snodgrass Built a House Wholesaling Empire.If anyone has ample experience with the issues of investing in real estate full-time, it's Brett Snodgrass of Simple Wholesaling. In this interview, Jaren drills down to find a lot of answers to the questions we all have about living this kind of lifestyle. Is it really possible to quit your job, survive and thrive with a real estate investing business? How are you supposed to manage your finances and pay for your overhead expenses while also paying yourself? How do debt and taxes factor into the overall picture? What are the biggest challenges with this kind of business and lifestyle? 3. Going From 0 to 10 Deals per Month (and quitting his job) in 18 MonthsWillie Goldberg is one of those guys who didn't sit around and wait for years before quitting his job. He took the leap of faith on his first direct mail campaign, and within 18 months, he was able to transition to full-time land investing and generate $12,000 in monthly cash flow. It doesn't always happen this quickly, but Willie's story is a great example of what can happen with a clear goal in mind and a willingness to work hard (and smart) to pursue the dream. We actually did another, more in-depth interview with Willie on episode 39 of the REtipster Podcast, where he shared a lot more insights on how his business works and how he made the transition. You can also check out Willie's website at WGlands.com. 4. David fired his boss to invest in land full-time. Here's how he did it…David VanSteenkiste is someone who jumped into the land business and took it seriously from the very beginning. With the benefit of experience from working with houses, he understood the challenges that come with real estate. Part of David's story involves a partnership, which is an interesting component to think about, especially with the potential it has to grow your business faster and reach your freedom number sooner rather than later. If you're in the land flipping business and you want to grow it to the point where you have total autonomy over your life (or even if you’re considering jumping into the land investing game as a beginner), David is a great example of what’s possible when you take this business seriously and take action on building your financial freedom. Check out the show notes from this interview with David on episode 36 of the REtipster Podcast. You can also check out David's website at Mile High Rural Land. 5. Self-Employment Tips from a Self-Employed Financial AdvisorThe challenges of self-employment aren't exclusive to real estate investors. Everyone has to overcome some big obstacles to earn this kind of financial freedom. In this interview, I chat with my college buddy Chris Wiesehan about what it took for him to make the leap into becoming a full-time financial advisor. Given Chris' expertise, he also shares some of his guidance and suggestions for how someone can make the leap from day job to pursuing their actual dream in a financially prudent way. Want to learn more about Chris? Check out his website at CJW Capital. 6. (BONUS) From Full-Time Employee to Full-Time EntrepreneurWhile we're on the topic, I thought I'd share this interview as well. Shortly after I quit my job in 2016, my friend Sharon Vornholt was nice enough to sit down at record an interview for her podcast about what my experience was like. To see more details on what my experience was like, check out this blog post. Different Paths for EveryoneOne last thing I'd like you to bear in mind is that there is no cookie-cutter approach to quitting your job. It's also entirely possible (and even preferable, in some cases) to continue working your job even though your business is making enough to support you. There are a lot of stories of folks who have generated more than a full-time income from their business while working it on the site – but they continued to stick with their job until they were ready to leave.
Have you made the leap to full-time self-employment? Do you have any tips or suggestions you'd like to share with the REtipster community? Let us know your thoughts in the comments below!The post Quitting Your Job (It’s Not As Crazy As You Think) appeared first on REtipster. from https://retipster.com/quityourjob/ When you’re running any kind of real estate business, the phone is going to be an important part of your life. Even if you hate talking on the phone and you choose to route your callers through a special voicemail message, your phone system will STILL be one of the primary communication tools you use to find new opportunities, follow-up with leads, close deals, and make money. If you’re going to be effective in the business world, you must have a reliable, efficient, cost-effective and easy-to-use phone system that allows you to accomplish those essential, daily tasks every business owner needs to do. There’s just no way around it. Even if your goal is to spend less and less time on the phone (as mine has always been), you still need the right infrastructure in place. If you haven’t already taken these steps, you’re probably working a lot harder than you need to, or you’re not doing the best job of managing your verbal communication with clients and customers. We’re going to fix that right now. Why Is This So Important?A lot of new entrepreneurs fail to see the importance of a solid phone system (especially in the beginning, when they’re boot-strapping, pinching pennies and scraping by with as little money as possible). I totally understand the need for frugality – this is not inherently a bad thing. There’s no shame in hobbling along and using the free tools at your disposal before the money starts coming in (this was exactly what I did when I got started). In this day and age, there are ALL KINDS of free services and solutions that are more-than-sufficient to accomplish the various tasks we need to get done, and most of them can work just fine. However, even though you can get a ton of stuff for free these days – a cloud-based, feature-packed phone system is one of the few items you might actually want to consider paying for right off the bat. This video explains more… The bottom line is, a good phone system is not something to cheap out on (or ignore altogether). When you're willing to pay the price for good communication, you're going to get some extremely valuable benefits. The phone system I’ve been using since day one is called RingCentral and there are SEVERAL other service providers out there who offer similar packages at a similar price (e.g. – Phone.com, FreedomVoice). All of them probably do a fine job. RingCentral just happens to be the one that I chose from the outset and I have the most experience with it. RingCentral isn’t perfect, but the service does offer all the features I’ve found to be VITAL for my business. Faxing Capabilities (Incoming & Outgoing)When I first set up my business number with RingCentral, I didn't realize how important its faxing capabilities would end up being, but it's huge. Let me explain… The fax machine isn't something most of us gravitate towards these days. Email and other digital messaging options have made it much easier for people to send and receive documents, images and other types of media. The problem is, it's not just about your or my preferences. When you're dealing with every kind of buyer and seller under the sun, you'll learn pretty quickly that there are MANY different levels of sophistication out there, and just because you or I don't prefer using a fax machine doesn't mean there aren't tons of other people out there who do (perhaps out of necessity). If you're working with a property owner who has a property worth $100,000, and they're willing to sell it to you for 10% of market value – trust me – you want to make it as easy as possible for them to work with you. If a fax machine is the only way they can send you their signed acceptance today – you DON'T want to create barriers and make them work harder to give you what you want (all because you're not willing to pay a few extra bucks each month for the ability to accept faxes). Answering Rules & ExtensionsIf you choose a paid service like RingCentral, be sure to record a nice greeting, create some extensions (if you need them) and set up some basic answering rules. For example:
If you aren't sure how to do this – I'll give you a quick tour of the RingCentral Admin Portal… Click Here to Learn More About RingCentral The ability to set up these kinds of rules is a HUGE luxury. It will take some time to lay this groundwork in the beginning – but you only have to do it once and believe me, it's worth the effort on the front end. These days, I honestly don't even pick up the phone when a prospect calls me. My phone system is programmed to route callers straight-to-voicemail and this message (below) is what that they hear. Note: If you want a copy of this exact voicemail script, you can find it at the bottom of this blog post. Toll-Free NumbersToll-free numbers are one of the many perks that come with a paid phone system. In my opinion, a toll-free number is probably the least critical item on the list (just being totally honest), but nice to have with the situation calls for it. Working with one local number for everything is totally doable, but I've also found that toll-free numbers can be a great asset to have at your disposal (especially when you're dealing with clients outside of your immediate area code). The additional cost of using a toll-free number nominal, and it helps your business look like a serious operation. It also helps eliminate some of the minor reservations that some folks may have about calling you. For years now, I've used two toll-free “888” numbers in my business – one for the buying arm and one for the selling arm of my business. My goal is to make these two arms appear and function like two separate businesses.
Luckily, RingCentral has made it VERY easy for me to organize my phone numbers in a way that aligns with this overall design. RELATED: Never Rely On One Business Name. Here's Why… Smart Phone AppWhen I first signed up for RingCentral years ago, their mobile app was a relatively new thing (and they had some bugs to work out of it), but this app has come a LONG way over the years. The RingCentral app is an amazing little tool that comes with their service. At no additional charge, you can have full control over your office phone system, all from the convenience of your smartphone. It doesn’t just route calls directly to your mobile device, it also allows you to make calls on your cell phone from your business phone number (so you won’t have to give out your personal phone number to every person you call for business purposes). This has really enhanced my experience with the service and has given me a lot of freedom I otherwise wouldn’t have. The Cost of a “Free” Phone SystemI’ve talked to several folks who have tried to rely entirely on a free phone service like Google Voice. I’m not saying this can’t work, but in my business, a free service like this just isn’t a viable, long-term option. With the level of control I have with a paid service (with things like toll-free numbers, answering rules, forwarding rules, voicemail options and faxing capabilities, just to name a few), the benefits far outweigh the cost. Even though a free phone solution won't drain your bank account, it will cost you in its overall lack of convenience. While it may not consume your money, it will consume more of your time, mental energy and it might even result in lost business (the costliest part of all). Is it worth the cost of “free” to work with a system that is more cumbersome for you and your customers? I’m not saying you need to start shelling out money for this right now. If you’re on a shoestring budget, it’s okay to skip this and come back to it later. However, I do think your phone communication is something that needs to work seamlessly, without causing you constant headaches and getting in the way of doing business. If your phone system isn’t easy to work with (and be honest about this), this is something that should be near the top of your priority list. If you need a better system than what you already have in place, do it sooner rather than later. The post Your Phone Is Failing You. Here’s How to Fix It. appeared first on REtipster. from https://retipster.com/phone-system/ Your website’s homepage is the very first opportunity to greet your visitors and invite potential clients to explore what you have to offer. It’s no longer enough to just have an attractive interface to keep it effective in its role of generating leads and new business. Your homepage needs to be user-friendly, appealing, and representative of your brand. Here are 8 must-have elements that will transform your homepage into a powerful, lead-generating machine.
Bonus Features for Your Website’s Homepage: Does your homepage already have all of these features? If you’re thinking of making an upgrade soon, here are several additional elements that can really enhance the user experience on your website’s homepage and take it to the next level:
Transform your homepage to maximize its full potential and generate the leads you want. Give us a call at 1.800.979.5799 or send a message here to craft an effective website homepage that will help you meet your business goals. The post 8 Features You Need for Your Homepage appeared first on Best Real Estate Websites for Agents and Brokers. from https://www.agentimage.com/blog/8-features-you-need-for-your-homepage/ In today’s show, we’re talking with David VanSteenkiste. Who is this guy? He’s a name and face that has continually popped up in my social media feeds for years. In all of the various land-related conversations I see around the interweb – David always seems to be there, chiming in with his thoughts and suggestions for others about how to handle various challenges and situations in the land business. A few months ago, he told me about how his land business had actually grown to the point where he’s been able to quit his day job and work his business full time. Obviously, this is a HUGE milestone – and a sign that he’s clearly got a few things figured out. If you're in the land flipping business and you want to grow it to the point where you have total autonomy over your life (or even if you’re considering jumping into the land investing game as a beginner), David is a great example of what’s possible when you take the business seriously take action on building your financial freedom. Links and Resources
Thanks for Listening!Share your thoughts:
Help out the show:
Thanks again for joining me this week. Until next time! Right-click here and “Save As” to download this episode to your computer. The post 036: David fired his boss to invest in land full-time. Here’s how he did it… appeared first on REtipster. from https://retipster.com/036-david-fired-his-boss/ Over the past few years, I've discovered an endless treasure trove of inspiration, wisdom, and education on YouTube. Every now and then, I stumble across a clip that rocks my world and helps me see things from a new perspective. Whenever I find these gems, I've made a habit of bookmarking them for such a time as this. Today I want to share with you 15 of the most powerful, inspiring and important YouTube videos I've come across over the past few years. These have all played a role in shaping my personal and entrepreneurial endeavors – and with any luck, they just might be able to help you along the way too. 1. The Time You Have LeftWhat are you doing with your time today? Is it important? How would your schedule change if this was the last day you had to live? If you've never stopped to think about this, the video below will help change your perspective a bit. 2. Alan Watts: What If Money Was No Object?What would you like to do if money were no object? If you can answer this question, and figure out how to run after that dream and become a master at it, there's a good chance you'll come out much further ahead. It took me years to figure this out for myself, but once I finally did and decided to steer my life in that direction, it completely changed the trajectory of my life, and I've never looked back. 3. Jim Carrey: Take A Chance On What You LoveThere's an interesting fact that most of us never stop to recognize – you can fail miserably at a career you hate. As long as it's possible to fail at something you DON'T enjoy, why not take a chance on something you actually love? 4. Steve Jobs: On LifeThe first time I saw this short video clip from Steve Jobs, it was pretty mind-blowing for me. Why? Because I spent many years of my life trying to “fit inside the box” and be defined by everyone else's rules and expectations. While there's certainly some benefit to this, it can also be a huge limitation for those who have the ideas and inspiration to change the world. If you're anything like me, this is definitely worth thinking about. 5. Simon Sinek: Start With WhyYou may know what you do. You may know how you do it. But do you know why you do what you do? What's your purpose, your cause, your core beliefs? Why do you exist? Why do you get out of bed in the morning? As Simon Sinek explains below, the better you understand your WHY, the more you'll end up change the world. 6. Robert Cialdini: The Science of PersuasionI don't care who you are or what you do for a living – you are always in the business of persuasion. Whether you're trying to buy or sell a property, find the most talented employees, win the best business partners, or make friends with the right people, it is imperative that you have the ability to persuade others to say YES. This video gives a powerful overview of 6 essential elements of persuasion. 7. Jim Rohn: Work Harder On YourselfThere's one, cold, hard fact that nobody can deny (as much as many of us would like to). If you're not valuable to the marketplace, you're not going to get much money. If you want to increase your earning potential – the shortest path to getting there is to become more valuable. Jim Rohn explains below… 8. Alan Watts: Live Fully NowIf you're one who tends to think ahead, there's a good chance you're also one who fails to live in the moment. When you constantly live your life stuck in some distant future that hasn't yet arrived, you'll be missing out on a huge part of what life has to offer. As Alan Watts said, “You can't live at all unless you can live fully now.” 9. Work is a Rubber Ball That Bounces BackIf you're an ambitious person, you may often fall into the trap of treating your work life like the most important thing you have to live for – but take it from me, this is a huge mistake. In this video, I'll explain why this is a big misconception, and what you should do instead. 10. Steve Jobs' Advice for EntrepreneursIn order to do anything great in life over a long period of time, it's important to love what you do. Steve Jobs knew it, and he explains it eloquently in this video. 11. Derek Sivers: How To Start A MovementStarting a movement require a great leader, but it also requires courageous followers. Someone who will be the first person to follow the leader. 12. Pursuit of Happyness: Baby StepsSometimes life is just hard. Business is hard. Relationships are hard. There's no way to sugarcoat these things, it's just part of the human experience. If you want to endure and push through these inevitable roadblocks in life, you'll save yourself a lot of heartache by simply accepting these truths, and learning to deal with them head-on. 13. Knowledge Does Not Equal UnderstandingIf there's anything I learned from being in school for 20+ years of my life, it's that knowing about a subject, skill or profession is NOT the same thing as truly understanding it (the dynamics at work, the moving pieces that complicate the situation, the hidden pitfalls that nobody tells you about, etc). If you're not familiar with this yet, this video is a perfect illustration. 14. Francis Chan: What Makes You Happier?One of the most spiritually challenging books I've ever read is Crazy Love by Francis Chan. He really calls you to the carpet and challenges a lot of assumptions that keep people in a lukewarm state with their faith. If you're of the Christian persuasion (and even if you're not), this video from his book will get you thinking. 15. Steve Jobs: On FailureOne of the prerequisites to any kind of success is knowing when, who and how to ask for help. Perhaps most importantly, you need to be bold enough to pick up the phone and make the call. This is something I've always been bad at, because I let my fear and “shyness” get in the way – but the bottom line is, if you're not going to ask for help, you can never expect to receive it. Do you know of any great YouTube videos? Share them with us in the comments below!The post 15 Powerful YouTube Videos Every Entrepreneur Needs To See appeared first on REtipster. from https://retipster.com/15-youtube-videos/ |