“Successful people ask better questions, and as a result, they get better answers.” – Tony Robbins
Success Habits of Super Achievers
If you know anything about me, you know that I am an avid reader. My book preferences are usually personal development, leadership and some biographies. A book I recently read, titled “Success Habits of Super Achievers“, is a compilation of personal stories and proven success strategies from over 80 Iconic Thought Leaders, Entrepreneurs, Professionals, Coaches, Authors, Investors, Musicians and more including Les Brown, Brian Tracy, Mark Victor Hansen, Darren Hardy, Denis Waitley, John Assaraf, Phil Collen of Def Leppard, just to name a few.
The following are some powerful excerpts of this book that I found valuable and I hope that you do too:
The deck is stacked against you. There’s no question about it. And to get out of where you are, you gotta be hungry! Jackie Robinson said, don’t level the playing field. Just let me on the field, and I’ll level it myself. People that are hungry level the field, all they want is access in the game. When you are hungry, your gifts will make room for you. Bring what you have, do the best that you can, and God will do what you can’t do.
– Les Brown, Iconic Motivational Speaker and Author
That was the only time during my amateur, professional, and minor league baseball career where I had self-doubt. I almost walked away. I didn’t have the vision that I would get called back to the big leagues, play for 15 years, or play on three World Championship teams and get paid tens of millions of dollars. I didn’t know I was going to play for a Hall of Fame manager or that a lot of my teammates were going to go to the Hall of Fame. I couldn’t see any of that because I was ready to quit. Where I was is where most people quit, and not just in sports, but in life, from a marriage, job, or situation. It’s where they decide they’re just not good enough. It’s a wall you run into that you either get over or around, or the wall becomes your ceiling forever.
– Todd Stottlemyre, 15-Year MLB Player and Entrepreneur
The happiest people in the world are those who feel absolutely terrific about themselves, and this is the natural outgrowth of accepting total responsibility for every part of their life. They make a habit of manufacturing their own positive expectations in advance of each event. Never complain, never explain. Resist the temptation to defend yourself or make excuses. Develop an attitude of gratitude, and give thanks for everything that happens to you, knowing that every step forward is a step toward achieving something bigger and better than your current situation.
– Brian Tracy, Iconic Speaker and Trainer
To do a few things excellently, you’ve got to say no to a lot of things. I’ve found that one hard no then makes a thousand little no’s easy. I look for opportunities where I can make one decision that then makes a thousand decisions behind it.
– Darren Hardy, Speaker, Author, Former Publisher of SUCCESS Magazine
Success doesn’t reveal as much about who you are as failure does. I’ve learned on my journey that wherever you look, there are corresponding opposites, and those opposites are ultimately inseparable. We need them both—the success and the tragedy. We cannot fully know one without the other. In my lowest low, I discovered my authentic soul.
– Mike Muhney, Co-Founder of ACT! Software
I had to step out of myself and ask, “Do people really want you to be like Zig Ziglar on stage?” The answer was no. They want me to have the same principles and values but to be the best version of myself. When I am not myself, it comes across as fake, a mask. That put the pressure in the right place, in developing myself and understanding what people needed. I realized it wasn’t about me or the opportunity I had to speak. It was about every person in the room.
– Tom Ziglar, Speaker, Author, and CEO of Ziglar
You have to believe in and fight for your dreams and goals. Who are you going to be? What are you going to be? What are you chasing? I figured out at 17 years old that I didn’t have to please everybody including the friends around me. I had this dream of being a sportscaster. That’s all I needed to work on—my dream.
– Newy Scruggs, 8x Emmy-Winning Sportscaster
The question is, what’s holding you back? Whatever it is, limiting beliefs, low self-worth, fears, we know how to fix that. The key is: Are you willing to do the work necessary to eliminate the obstacles, so you achieve the dream? If you’re not willing to do the work, stop complaining and stop having these big goals and dreams.
– John Assaraf, #1 NY Times Bestselling Author
Jack and I set BIG goals! And the results eclipsed even our lofty goals! As of today, we have sold over 500 million Chicken Soup books worldwide. If you think, “I can’t do it. I’m not strong enough. I’m not enough,” you won’t be. But, if you start saying, “I really have a wonderful mind and powerful resources,” you are setting yourself up for unlimited achievement, success, and opportunities galore. Everyone’s got a genius talent, skills and abilities, but it’s different for each of us and requires enormous self-discipline to action. Everyone has a destiny. It’s your job to discover what that is and then go fulfill it.
– Mark Victor Hansen, Co-Creator of Chicken Soup for the Soul
To me, a legacy is about listening. A legacy is about sharing. A legacy is about depth…staying a little longer in conversations with people. It’s about impacting and inspiring. A legacy is about others first. It’s not about having success, but about what I do with that success. Most legacies are built on sharing and caring, not how high you went up the ladder.
– Kevin Eastman, 12-Year NBA Coach, Speaker, Author and College Coaching Hall of Fame
My dad told me that he felt my purpose in life was not to learn a trade. My purpose in life was to be a leader, to help and elevate people and to do it without expecting anything in return. He felt I could not be a great leader unless I understood and related to people doing the hard work who often felt underappreciated and passed by in life. That is why he assigned me all those dirty jobs, so I could walk in their shoes.
– Robert Crocket, Entrepreneur, Speaker, and Author
In reality, success is not all that difficult. But it does take effort. And it’s nearly impossible to do it alone. Which is why one of my greatest personal success secrets is forming, developing, and nurturing fantastic, productive, authentic, win-win relationships.
– Robert Helms, #1 Real Estate Podcast, Real Estate Developer
I’ve learned to be a role model, not a critic. If they shouldn’t be doing it, neither should you. Be someone worth emulating to your children. Set the example in your life. By preaching, I never got anywhere. I’m a highly sought-after professional speaker, I give a good lecture, but still, they watched me more than they listened to me talk. It’s much better to walk your talk. If you point out people’s shortcomings, they manifest those. It’s very hard to come away from what you’re being preached not to do. Instead, lead them toward the desired result.
– Denis Waitley, Iconic Speaker and Author
Billionaire investor John Paulson reveals what he would do with $100,000 — and it’s something he thinks everyone should be doing with their money
If John Paulson had $100,000 to invest, he’d buy property. The ‘Big Short’ investor singled out buying a home as the fastest path to building wealth. He also recommended investing in areas you know well — rather than chase trendy fads like crypto.
The man who became a billionaire by betting against the housing market in 2008 has declared it’s a good time to invest in real estate.
John Paulson, an investor best known for his “big short,” gave his investing advice in the Sept. 2 episode of “Bloomberg Wealth with David Rubenstein.”
Paulson said that if you have $100,000 to invest right now, you should put it in real estate — despite the wild market.
“I always say the best investment for an average individual is to buy their own home,” he said. Paulson recommended putting that hypothetical $100,000 toward a down payment. “If you take that $100,000, put 10% down and get a $900,000 mortgage, you can buy a home for a $1 million,” he said.
The majority of Americans agree with him. A recent Gallup poll showed that about 70% of Americans anticipate average home prices will rise even higher than they have already, while 53% said it was a good time to purchase a home, proving that the dream of homeownership is as alluring as ever.
Homeownership is widely viewed as a sure path to wealth, but it is ultimately a waiting game. “The longer you wait, the more the house is going to appreciate, and the greater return you’ll have on your equity investment,” Paulson said.
Jon Gray, one of the world’s most prominent real estate investors, gave similar advice on a separate Bloomberg Wealth episode. When buying a house, he said, it is important to ask yourself: “Is this a good piece of real estate, where supply is limited, demand is favorable?” If yes, “hold it for a long period of time,” he said. “Find those right neighborhoods to invest in, deploy your capital, and then be patient,” he added.
As far as other investment pointers from Paulson go, he said the best advice he’s ever received was to “invest in areas that you know well.” Knowledge, to Paulson, is power. “Concentrate on particular areas that you know better than other people,” he said. “That’s what gives you an advantage.”
Skip learning about cryptocurrencies and special purpose acquisition companies (SPACs), according to Paulson. He dismissed crypto as “too volatile” and projected that it will “eventually prove to be worthless.” He also said that the SPAC market is overvalued.
And no, he hasn’t found the next big short yet.
How to Invest in Multifamily Properties
As the value of apartment buildings continues to rise across the US, it’s no wonder that individuals looking for new investments might want to get in on the action.
Under most definitions, multifamily real estate includes apartment buildings with at least five units. For the 12-month period ending August 2021, multifamily properties grew in value by 12%, according to real estate data provider CoStar Group. That was the highest growth rate of any real estate category except undeveloped land. Further, the growth in multifamily value took place in all regions of the U.S.
The rent that landlords charge apartment dwellers has been “dramatic,” according to online rental agency Zumper. The average national rent for a one-bedroom apartment increased 7% in July, compared to the same period the year earlier. For two-bedroom units, rent grew by 8.7%.
The sector may be red-hot, but many investment experts believe there’s still room for growth. Individuals who are considering taking the plunge, however, should first carefully follow several steps, according to East West Bank’s Jennifer Ho, vice president in the multifamily residence lending group, and Flora Ling, senior vice president of commercial real estate.
The down payment
Before kicking the tires on potential investment properties, individuals should closely review their own finances, Ho said.
When applying for a loan, individuals should know that the down payment for multifamily properties will be higher than that for a mortgage on a single-family residence. An apartment building loan is classified as a commercial loan, which requires more equity from the borrower, Ho said. “We require a 40% down payment,” she said.
Borrowers should also consider if they have the financial wherewithal to afford a large purchase by reviewing their bank statements and tax returns, Ho said. It’s a good idea to hire an accountant to review those records and provide a second opinion.
It’s also smart to keep in mind that a multifamily property typically amounts to a major investment for an individual, Ho said. Even the smallest multifamily properties have at least five units. That may be too large for some individuals who only want to diversify their investment portfolios.
Recent sales of multifamily properties
Apartment buildings for sale can be found at virtually any price point. The biggest developments typically carry the highest price tags.
In August, the private investment firm Civitas Capital Group acquired a 288-unit apartment complex in Houston for $40 million, according to Multi-Housing News. The property has strong fundamentals, as about 98% of its units are leased and all include washers and dryers.
Smaller developments can be found for less than $10 million. The Bridgepoint, a 48-unit apartment complex in Jacksonville, Florida, sold in July for $4.3 million, according to the Jacksonville Daily Record.
For novice multifamily investors, a better bet is the smallest apartment buildings, usually with about 10 units. One example: a 10-unit apartment complex in San Antonio, Texas, was offered for sale by the owner in August for $950,000, according to LoopNet.
Due diligence
If a new investor has run through all of the recommended due diligence, they should then take a close look at the building and its location. That can help lower the chance that a purchased property quickly turns into a money pit.
It’s important for novices to hire a real estate agent who has direct experience with purchasing multifamily properties. “They know things about multifamily that residential real estate agents are not going to know,” Ling said.
Through the agent, ask the seller for a detailed set of records to make certain that the property has not gone years without basic maintenance, Ling suggested. The last thing a novice investor wants is to purchase an apartment building only to discover it needs new roofing or HVAC equipment.
Deferred maintenance can also lead to other problems for a building owner, Ling said. “If you’re not doing maintenance on your property and something happens in the common area or someone slips, there’s a chance you can get sued,” she explained.
In addition, obtain detailed records from the seller on the list of tenants, Ho said. That can help with making an accurate assessment of how many tenants are potential problems with making late payments.
“Ask the seller if they pay on time,” she said.
Finally, conduct a thorough analysis of the neighborhood, said Ryan Swehla, principal and co-founder at investment fund Graceada Partners in Modesto, California, which specializes in multifamily properties. Doing so can provide critical insight on a community’s long-term prospects.
“You should look for a property in an area with positive population growth because that’s the top thing [driving] demand,” he said.
The most desirable neighborhoods will have apartment buildings that command the highest prices for purchase. But they also allow the owner to charge the highest rents, Ling said.
“Is the location more desirable, where demand is always very stable?” she said. “That will make it easier to sell the property later.”
Property management
Once all those steps are taken, investors should take a closer look at their own threshold for dealing with trouble.
Owning an apartment building requires a great deal of personal attention to things like maintaining the common areas, asking loud tenants to be more respectful of neighbors, assessing the potential for crime in a neighborhood, and collecting rent payments.
A building owner is not required to handle all those tasks himself or herself. Professional property management companies specialize in running apartment buildings on behalf of owners. Many times, it’s a good idea for a first-time investor to hire such a company, Ho said.
“I would hire a property manager,” she said.
Those companies cost money, however, and for some investors the cost will lower their potential return on investment to unacceptable levels. If the investor has time in their schedule to be the manager, it’s a way to really take advantage of the potential growth.
How to invest
In some cases, it might make more sense for an investor who’s just getting into the multifamily sector to first try investing through a fund. That can help reduce risk and lower the size of required payment, Swehla said.
“Sometimes it does make sense to invest with a group that does this regularly and specializes in this sector,” he said.
Whether investing through a fund or as an individual buyer, investors should proceed carefully when looking at multifamily properties and get their own house in order first. But the potential reward is significant, as multifamily real estate checks many boxes when it comes to attractive investments, Swehla said.
“There’s a lot of pent-up demand for housing in general right now, and multifamily is a way to get exposure to that,” he said.
Source: https://www.eastwestbank.com/ReachFurther/en/News/Article/How-to-Invest-in-Multifamily-Properties
I am now an ADU Specialist
I recently received my ADU Specialist Credential and am assisting homeowners, investors and developers understand site eligibility, local regulations, development process/costs and the return on investment.
Accessory Dwelling Units (ADU) are also known as secondary units, in-law units, granny flats, backyard cottages, etc. No matter what you call them, ADUs are an innovative, affordable, effective option for adding much needed housing in California. They are self contained residential units on the same property as a single-family home or a multi-family building. ADUs must have a kitchen (or efficiency kitchen), bathroom, place to sleep and a separate entrance from the main property. You can use an ADU to house family or friends, or lease to a rent-paying tenant. New policies are making ADUs more affordable to build, in part by limiting development impact fees and relaxing zoning requirements. By design, ADUs are more affordable and can provide additional income to homeowners and often the rent generated from the ADU can pay for the entire project in a matter of years.
If you or someone you know might be interested in learning more how to help solve the current affordable housing crisis while also creating some additional and passive income, please contact me.
