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Aug 19 2016

How To Move Forward With Your Real Estate Investing Goals!

Amina

As a real estate investor, I took the time to get educated in various aspects of real estate before proceeding with my first investment property purchase. However, at some point I knew that getting educated was only part of the process – at some point I would have to pull the trigger, so to speak and actually purchase the property to meet my investing goals.

Everybody has reasons for starting their real estate investing career – mine started because I thought it would be a great way to supplement my income. I never expected to evolve and learn what I have learned to date. I keep expanding my goals and hopefully this post will inspire to keep expanding yours as well. I am now involved in residential, commercial and private lending for other investors and with so many different ways to invest the overall goal is to not only grow my own passive income but to also enjoy the journey.

I love going to different meetup groups or getting out and meeting other investors – mostly to see what they are doing with their own portfolio’s and to learn about what path they took to achieve their goals. But today I am more picky on which ones I go to and how much I spend to attend a meeting. Factor in parking and gas, it can be a very expensive night with little or no return.

It can be advantageous to learn from others. Investors are a great group of people because they love to share their achievements and their struggles to get to where they are and so you get to learn for free. At the beginning of my real estate journey, I took the time to meet with investors I wanted to emulate and am grateful for those individuals who took the time to share their experiences and knowledge with me.

I have also met so many would-be investors who have attended every course available (some that cost thousands of dollars), will go to every meetup or investment club across Ontario, will speak to many investors and still not have the courage to pull the trigger and purchase that property – we commonly refer to this as analysis paralysis!

I recently met such a person and sometimes I can be very direct – mostly because I hate to see somebody waste so much money and not have anything in return. I met this person at an investor meeting and the charge was $20 to attend. I understand that sometimes investors who run these groups have to pay for the rooms so that is not a problem, however if you are attending a different meeting 2-3 times a week, that cost can add up.

So I met this gentleman at an event and we started talking! This specific gentleman thought that he could purchase a few properties and retire from his job within 6 months – unfortunately a myth that is perpetuated by many of these courses that charge thousands of dollars. We finally got around to the topic of the many courses he had taken to date over the last 3 years – in total he had spent close to $60,000 (one year’s annual salary) and had still not purchased a property.

I asked him what was holding him back and he said he did not feel ready and that he did not feel he had learned enough. I asked him what else he needed to know and he could not answer that question. He said he was taking another $10,000 course the following week that should give him the information he needed to proceed. I felt sorry for him because this is too often a reason I hear when people don’t feel ready to purchase a property yet.

Are you an investor who has yet to purchase your first property, even after attending many courses and seminars? What information are you lacking? What is holding you back?

By reaching out to an experienced investor and asking them the questions you most want to know, it might just give you the confidence you need to push forward. I recently did that with a new investor and one month later after taking my advice and doing some research on two markets we focused on, she is ready to pull the trigger on her first property!

If you are a successful investor and you come across somebody like this, please do them a favor and break down the myths for them; such as owning a few properties will not allow you to leave your job and retire; taking so many courses and spending so much money may or may not prepare you to purchase that property and finally being stuck in analysis paralysis will not prepare you to purchase your first property.

If you are a successful investor, don’t be afraid to share your experience with somebody like this – it may result in their success as well as yours!

I can be reached at amina@aminas-ms.ca or 416 697-5443.
To Your Wealth! Amina

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Apr 19 2015

NO TIME OR MONEY BUT I WANT TO INVEST IN REAL ESTATE!

As a mortgage agent and real estate investor, I meet many first time as well as experience investors. Knowing that the government won’t take care of us in our golden years, most of us have come to realize that investing in real estate instead of other types of investments, such as GIC’s or mutual funds for example, can provide us with long-term growth, security not to mention monthly cash-flow.

Being a real estate investor, I write a number of blog posts about investing and I attend a lot of real estate based networking events. There is always something to learn!

But this is where the rubber hits the road. The difference is in the investor who takes what they have learned and applies it to purchasing properties and the other, who keeps learning but is hesitant to take action.

I always ask what does it take? Why do some people take action and other sit on the sidelines and watch?

It is lack of confidence, time, or money or a combination of all three?

I can understand “I don’t have enough money”, however there is a solution to this.

I can also understand “I do not have the time.” Many people already have full-time jobs and cannot take on another job, such as full-time real estate investing.

Let’s look at a solution to both of these problems.

You don’t have money so what can you do? Believe it or not, many people find themselves in this boat. There are people with money, who don’t have the time to invest and need an experienced investor (this is where you come in having learned everything there is to know) to partner with them. This is a joint-venture situation. The partner with the funds takes out the mortgage and invests the funds. You take care of the property, finding the tenant and ongoing maintenance and rent collection. You both split the profit 50/50. There are numerous ways to joint-venture with somebody but this is the usual.

The above solution also works for the person who does not have the time. He or she works 60-70 hours a week and is making great money but they want more. They want to make a better return on their investments and the time they have vested in their full-time job.

Once they start investing, many of these people see that the return on their time is better spent investing in real estate and learning more instead of just joint-venturing with other investors who have time.

It all comes down to what is more important to you – time or money? Or both?

For me, it’s both but I am far from that place where full-time investing takes over my present full-time job. How will I get there? By learning, taking action and making my investments work for me.

To your Wealth!

Amina

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Feb 11 2015

Why It Is Important To Keep Growing

As business owners, we start out with a business idea. That business idea gets altered, changed, developed and broken down during the business planning process. Here, we test the idea, examine our concepts and really figure out if this is indeed a viable business idea.

But part of the business planning is also looking at how the business idea could develop over time. We may start with one product or service, and be so invested in this one idea that we can’t look at other ways to build the business.

It is important to keep developing your business brand, because any given industry is changing constantly. New software programs are introduced, new business tools become available and your customers may want new things. It is important to have ideas as to how you can develop your business down the line.

While this planning may not be something you are thinking about as you start out, it is always good to have some ideas brewing. Like a business plan, these ideas will change with time. What you may see happening during your first year in business may completely change once you reach the third year.

With a plan in mind to grow your company, you may find yourself needing more experience and education. And self-growth is the key to running a successful business.

So – get going! Create a long list of ideas to assist you in future growth.

Malene Jorgensen is an entrepreneur, author and speaker. Jorgensen is passionate about online content, blogging, online business development and e-commerce. She owns an international media publishing company and a design studio. Jorgensen has written several books that are sold in over 50 countries. She is also obsessed with coffee and Twitter. You can reach Malene Jorgensen at Website | LinkedIn | Twitter | Instagram

Aug 26 2014

What’s your definition of success?

If you’re a business owner, then it’s fair to say you’re in a state of constant striving. Whether it’s striving for increase in sales, profit, customers or client engagement, there is always some goal that you have and are always chasing. To be honest, I would say everyone fits this criterion, because it is a human need to always be reaching and striving for more success in our lives.

It’s a good thing to strive for success and reach beyond where you’re at, but it’s also important to really sit down and define what that success means to you. What does it look like? Oftentimes, we tend to strive for what others have put in our head as to what’s important. Or we see other’s, who we feel are successful and go after the same thing, not recognizing what it took for them to get there and more importantly what it’s costing them to maintain it.

I’ve had conversations with small business owners who want to turn their business into a huge empire. This is all well and good, but then they also tell me that family and time is #1, and they want to have flexibility to travel the world at leisure without being tied to things, and work minimum hours. Now, can you see how building and sustaining a huge empire and leisure time and family life may conflict? Also those that they admire in business who have built a huge empire are the very ones that say it cost them leisure time and quality family life. However, these individuals who are striving for this, do not take a look at the whole picture and to see if that definition of success (business empire) fits within their own definition of success. If it does not allow them to have quality family relationship and time, I say it does not fit within their definition. It is important to take a holistic look at what is it you want, and are chasing and see if it fits into your core beliefs and values.

Another important reason to define what success means to you, is because it allows you to have a clear picture of what you want. I read somewhere that ‘you cannot achieve that which you cannot define’. Once you define it, you will have a clear picture of what it is you’re chasing after. You will also recognize all the opportunities that aligns with it, plus ones that may not be the right fit for you.

Your definition of success will change over time and that’s okay. Once you hit one goal, you will then have the need to hit another, which is a human condition that we all have.

We also go through periods of growth and development and what once was important is no longer so. This happened in my life. About 7 years ago, my sister and I opened up a 3000sqft wellness centre with a spa, fitness & yoga studio, and therapy clinic, employing various alternative health care practitioners. Now at that time, I was single and my sister and I did not have any kids. Over time, that wellness centre although it began to grow with more opportunities coming to us, demanded more of our time and energy managing such a large facility with so many staff and contractors. I remember how difficult and stressful it was for me shortly after having my son and trying to manage that business and being a new mom. Fast forward to now where my sister and I both have two kids each and time and family taking #1 priority in our lives. It became clear over the years that that particular dream of a big wellness center, was not in alignment to our core desires, especially during this stage of our life. We later sold the centre and transitioned our business into one where we can manage from both our home offices, with fewer overheads and staff to manage. This now fits our definition of success.

So I challenge you this week to take a look at what “success” looks like for your business and share it with our community below!

Uchechi Ezurike-Bosse is a Business & Lifestyle Strategist, Speaker and Writer, but most importantly, a proud Mother and Wife. Uchechi is Founder of My Empowered Living (http://www.myempoweredliving.com) a website aimed at helping women shift their mindset and live their passion! Whether it’s starting and building their dream business, or helping them create a lifestyle they crave, Uchechi is the modern woman’s secret to success! Visit Uchechi at www.myempoweredliving.com to get her FREE online video training series The 4 Keys to your Business Success! This free 4-day business training reveals her 4 key strategies needed to build a profitable and successful business, and how to put them to work in your business!

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