We had a great webinar on how to use social media marketing to grow your business.
Social media marketing is not just for your kids. It’s a marketing force that’s FREE and you need to include it your marketing arsenal for finding deals & dollars.
As we Americans enjoy yet another Memorial Day – free and secure at home – we have lots to be grateful for. We remember those Americans who went before us and made the ultimate sacrifice so that we could enjoy our freedom and the unlimited opportunities before us.
We honor these men and women by remembering them, by expressing our gratitude for them and their family’s sacrifice – and by building on their service to grow this nation.
I urge you to remember them in your daily gratitudes – and to express daily gratitude for the freedom they provide for us.
Wishing you a safe and joyous Memorial Day,
Lance
The most important part of multifamily investing is finding the deals. The person who controls the deals holds the “keys to the kingdom”. Every business has two core elements: marketing and innovation. With apartments, you are always marketing for three things: deals, money and tenants.
Finding deals is the biggest part of real estate. It is simple but it is not necessarily easy. It does require work and if you do it right, it actually becomes boring to use the system. You will have to sift through many chunks of coal to find your diamond in the rough. In many ways, it is a numbers game but you do not want to waste too much of your time evaluating the chunks of coal.
You need to nail down what exactly you are looking for. The number one thing you are looking for is a motivated seller. You are looking for an owner who is ready to move his property on very advantageous terms. You are looking for deals that have value play.
Value play is increasing NOI, increasing occupancy, and creating equity. The property you are looking at is under market and you can create quick value with it. You will discover that apartments are owned by entities such as LLC’s or limited partnerships.
Even if there are a number of people involved in the partnership, there is probably one person that is doing the most to tell the other partners to get out of the partnership and sell. That is the person that you want to get to. The important thing is not to be consumed with why somebody would sell at a discount.
Some reasons why somebody might sell at a discount are landlord burnout, a need for cash or poor property management by a third party. Again, the “why” does not matter; it has no bearing on the situation. Your job is to find people who are eager to sell at a discount.
The second thing you market for when pursuing multifamily deals is tenants. Marketing for tenants is what your property manager will take care of for you. But you have to be aware that if you do not keep those places full, you are not creating value. If your property manager is doing his or her job effectively, then your occupancy rate should reflect that.
The third thing you market for is, of course, money. There can be cash in the deal but it is an investor’s cash and not yours. Or there may be no cash in the deal when a seller does all of the financing.
Your ability to market for deals, tenants and money, will greatly affect the types of deals you find and affect your ability to move properties. Do not neglect the importance of marketing in your multifamily investing business.
This is my first time in using postcards to promote our Multifamily Success LIVE
event. What do you think?
I’m pleased with it except for the fact that the deadline date is wrong. It should have
been January 16th. Nevertheless, they are on their way now. And even if you don’t
receive one I want you to benefit from my printer’s mistake.
Save $500 if you register by this Friday, January 23rd.
For more information, please visit: http://www.ApartmentWealthMachine.com/live.htm
Or call my Training Coordinator, Undreese Gulley, at 832-882-1039.
Welcome to 2009. I’m proud to be greeting the New Year with you – at least virtually.
As I say, “Everything happens for a reason and it serves me.” Well, 2008 was the preparation for 2009. And 2009 is the Year of the Entrepreneur, the Apartment Entrepreneur.
Are you prepared?
Lance
P.S. Remember: Success = Skillset + Mindset (TM)
Enjoy this day with your family and friends. Be grateful for your blessings – not just this day but everyday.
Merry Christmas and Happy Holidays,
Lance
Lance Edwards broadcasting from Las Vegas.
” Las Vegas is indeed a testament to the power of the entrepreneuer’s vision combined with the power of using other people’s money. So if you haven’t set your vision yet remember to set it BIG! Because you are only limited by your vision and the creative use of other people’s money.”
Wishing You the Best in Your Multifamily Business,
Lance
When we last met in Part 1, I shared how my family’s hike in the mountains of Oahu was a life lesson in apartment entrepreneurship…
The lure of the start, the attraction of the goal and the challenges encountered along the way.
And despite the challenges: the heat, the increasing grade, we progressed 1 step at a time. One Step at a Time – just like in apartment entrepreneurship.
Up to this point, the trail had degraded from pavement to gravel to dirt along a narrow ridge.
Guess what, when we reached the base of the summit to the top, the trail further degraded to a steep slope with a rope as a climbing aid. That’s right, the last 100 yards was with the aid of a rope.
Winded by this point and with water practically gone, it was certainly a gut-check.
And this is the point, where most of the remainder of real estate entrepreneurs on the path to the summit succumb to their Little Voice and exclaim, “This is too much. This is too dangerous. I am turning back.”
They give up at the last 100 yards. They make it so far – only to quit when the pressure is applied. They succumb to the Little Voice.
You see, most people FAIL to complete what they start. For a myriad of reasons – distractions, challenges, even fear of success. “If I get to the top, will I be able to get back down?”
Think about it, in retrospect those are really silly reasons to miss the goal.
After all, the fact that there is a trail means that others have been before us. We really have it easy. We didn’t have to blaze any trails.
The fact that there is a rope proves that others have made it to the top. Otherwise, how would anyone have placed the rope up there?
All we have to do is follow the trail blazed by others and use the guides and resources provided by others.
After all, that is the role of the real estate entrepreneur – to live the entrepreneur’s vision, using the time, talent and resources of others. Just like others had used their time, talent and resources to blaze this trail for us.
This video shows me within 50 yards of the summit, after traversing the rope portion of the climb. Unbeknownst to me, the rope portion was not that long. It was just taking on the unknown.
When I first reached the ropes and the steep incline, my Little Voice was certainly talking, giving me all of the reasons to turn back, “This is good enough. That rope looks dangerous. What if you fall?”
But my response was this, “I complete what I start. I didn’t come all these miles up the trail to stop short 100 yards of the goal. I’m going for the top!”
Now this peak is no Mount Everest but it might as well be if we allow our Little Voice to internally create a Mount Everest out of a simple mountain hike.
And that is what happens to most real estate entrepreneurs. For lack of a properly conditioned mindset to combat the Little Voice that wants us to be content with the status quo.
It all starts with desire. And then progresses 1 step at a time. And then culminates with a determination to act in spite of fear and to insist that we complete what we start.
I have learned that when we act in faith – and take that first step – and then continue step by step, the universe will present us with what we need, when we need it.
Just like the rope was there when I needed it.
This story and lesson concludes with Part 3.
Aloha,
Lancce
One of my core beliefs is that “Everything happens for a reason and it serves me.”
As a result, I tend to find metaphors and lessons in everything. Everything.
On a recent vacation to Hawaii, I found yet another lesson relevant to apartment entrepreneurship. This time it came in the act of hiking the mountains.
The goal was the peak of the highest point of the mountain ridge of Oahu.
Occupied by a cell phone tower which services the island, this peak offered a view of the ever-reaching Pacific on both sides of the island – windward and leeward. Certainly a goal worthy of achievement.
The hike was very akin to the journey of real estate entrepreneurship. The trail started off looking very easy. In fact, the entrance to the trail was actually paved for the first 200 yards – the lure to enticing the mildly interested.
“No problem“, says the Little Voice. “This can’t be too tough.”
After the first 200 yards, the pavement turned to gravel and the grade increased. Not enough of a challenge to turn anyone back but now the Little Voice starts to inquire about the real intent here… “Hey, just how long is this journey anyway?”
And of course, the goal – the summit – could not be seen. And the length of the journey was unknown. But we progressed on.
On the way up, we encountered people who were on the way back from the top. When asked if they made it, some said “Yes” and some said, “Not quite”.
But we continued.
As the grade increased, ultimately the gravel gave way to dirt. The heat and the challenge started the Little Voice to chattering a little louder, “How long is this going to take? What if we don’t have enough water?”
And this is where the mindset training comes into play.
You see, my wife is not much of a hiker but she believes in me and was open to coaching. So to counter her Little Voice, I told her, “Honey, just take it 1 step at a time. You can do anything 1 step at a time.” And so she continued.
When the goal finally made itself visible – the cell phone tower at a distant height – the Litte Voice started screaming, “Hey, no one told us it was it was going to be this far. Our water is really getting low. It’s getting hotter out here. Wouldn’t it be nice sitting by the pool instead? This is good enough.”
But we continued 1 step at a time.
This journey to the top of the mountain is just like starting your new real estate business. Discovering the challenges that were not mentioned in the sales pitch. All that was told was the beautiful view at the top and they showed photos of the paved trail at the entrance.
Many – correction, most – turn back with the first obstacle. They succumb to the Little Voice. Those 5%, with the proper mindset conditioning, progress – 1 step at a time.
Living in the moment and acting in faith.
In the above video, you can see my family spread along the trail – with the summit in site. This is after probably 2 miles of hiking. And I pan back to show the origin of the journey.
Taking 1 step at a time.
This story continues in Part 2.
Aloha,
Lance
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