One of the invaluable people to have on any real estate team is a finance broker. Apart from knowing what loan options will get you into the deal you have found, many brokers are also experts in their local real estate market.
For example, the broker I use knows in detail almost every area within a minimum of half an hour's drive from my house. Considering that within each suburb there are micro areas, even streets with different dynamics to the rest of the suburb, this is valuable information to have. Learning this would take me years of experience. While I learn, I can leverage my broker's knowledge and make great investment decisions.
Another thing is that many brokers have access to the same information banks use to value a property. Even if you aren't planning on obtaining bank financing, this is VERY important to know as it helps you determine what the property is worth, so you know when you're getting a good deal. And if you're planning to sell the property it's good to know how much a bank will lend to your buyer- will they afford to buy it off you?
One caveat to be aware of when looking for a good broker is that finance brokers are paid by the banks for selling you a product. They do get a commission off the loan you apply for. In some cases the worst loans can pay the highest commissions, so it's important to know that you have a broker looking after your best interests, not theirs.
One way to test out if you've got a good broker is to test them out on how helpful they are with their property knowledge. See how much help they'll give you on valuing a property. If they're happy to give you free information about their experience with an area it is a good sign. Mine will email me a CMA (comparative market analysis) anytime I'm interested in a property because he knows if I do buy one I'll probably go to him if I want bank financing. He also gives a dollar value on what he thinks it's worth and so far he has been on the dollar EVERY time. Every single time.
Another way is to find past clients and see what experience they've had. You can find reviews on the Internet or check with your local investor club and see what anyone there has to say. Lastly, when using bank financing with or without a broker, always make sure you read the loan document fully to make sure you are aware of any hidden fees or conditions on the loan or property used as security.
Showing posts with label mastermind group. Show all posts
Showing posts with label mastermind group. Show all posts
Monday, June 15, 2009
Tuesday, June 9, 2009
Make Money by Joining a Group or Mastermind
On the weekend I went to a group meeting with 13 other people interested in making money.
Why? There are plenty of reasons to go to meetings like this: connect with like minded people, learn ideas about creating wealth, expand your network of make-it-happen contacts, get ideas moving into fruition with the help of others, and to help others on their own wealth journey!
I think everyone who decides to make money in their life experiences opposition from somewhere, whether it be friends, family, work colleagues, or their old habits and mental conditioning. Whatever the source, connecting with like minded people can help you overcome that opposition. It ads fuel to your engine to make the journey a lot easier.
Mastermind groups are spoken about often in the personal development industry, but I think it's only once you actually experience one for yourself that you see the real benefit. People talk about them a lot but only a few actually do something about it. So if you feel like you're the only one you know doing property, shares, business, Internet marketing, or whatever it is you're doing, what can you do?
1. Search the Internet for groups near you
2. Google experts in your area- many have groups and followings who meet often, you might be able to join in
3. Join a mentor program which usually involves networking with like minded people. If there isn't a group all ready you can form your own group with the contacts you make
4. Go through all the people you know and ask yourself who is interested in what you're doing? You may have heard them talk about it once but have since forgotten. You can invite these people to join a group you make, once you check that they actually are interested
The most important thing is that when you meet as a group the meetings are uplifting and focused around your goal of making money, or whatever your goal is. Briefly mention challenges you're going through and see if any of the group members have any suggestions. Focus on progress and results, keep the conversation constructive. Be open to any new ideas, don't criticize anybody. Keep minutes and an agenda to keep you on track. Have a purpose before you begin.
Following these steps will help you have successful mastermind meetings and supercharge you on your journey to creating wealth and happiness in your life.
Why? There are plenty of reasons to go to meetings like this: connect with like minded people, learn ideas about creating wealth, expand your network of make-it-happen contacts, get ideas moving into fruition with the help of others, and to help others on their own wealth journey!
I think everyone who decides to make money in their life experiences opposition from somewhere, whether it be friends, family, work colleagues, or their old habits and mental conditioning. Whatever the source, connecting with like minded people can help you overcome that opposition. It ads fuel to your engine to make the journey a lot easier.
Mastermind groups are spoken about often in the personal development industry, but I think it's only once you actually experience one for yourself that you see the real benefit. People talk about them a lot but only a few actually do something about it. So if you feel like you're the only one you know doing property, shares, business, Internet marketing, or whatever it is you're doing, what can you do?
1. Search the Internet for groups near you
2. Google experts in your area- many have groups and followings who meet often, you might be able to join in
3. Join a mentor program which usually involves networking with like minded people. If there isn't a group all ready you can form your own group with the contacts you make
4. Go through all the people you know and ask yourself who is interested in what you're doing? You may have heard them talk about it once but have since forgotten. You can invite these people to join a group you make, once you check that they actually are interested
The most important thing is that when you meet as a group the meetings are uplifting and focused around your goal of making money, or whatever your goal is. Briefly mention challenges you're going through and see if any of the group members have any suggestions. Focus on progress and results, keep the conversation constructive. Be open to any new ideas, don't criticize anybody. Keep minutes and an agenda to keep you on track. Have a purpose before you begin.
Following these steps will help you have successful mastermind meetings and supercharge you on your journey to creating wealth and happiness in your life.
Subscribe to:
Posts (Atom)
Posts
