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
Welcome back. This is the continuation of my earlier post, “Everything Happens for A Reason: 2008 Prepared Us for 2009″.
I concluded that post about the 2-fold opportunity for us as apartment entrepreneurs, thankfully recognized due to my core belief that “Everything happens for a reason and it serves me.”
Before I explain the opportunities, I feel obligated to share some additional mindset points that hopefully will serve you as they have me – in life and with apartments. When the 2008 financial crisis hit, I challenged my Apprentices with this…
I told them to remember that the language we use and the questions we ask ourselves are critical.
I reminded them as I remind you: DO NOT ask yourself the question, “What is going to happen to me.”
That is a disempowering question. It is the question of the victim. And that question repeated and supported in your subconscious will illicit the actions of a victim and you will attract things in your life consistent with playing the victim (unconsciously).
Instead, ask yourself an empowering question, “What am I going to make happen?”
That is a question of power and control. That is the question of the entrepreneur. And that question repeated and supported will illicit actions and observations that will serve you in a time of unprecedented change and opportunity.
The other question I challenged the Apprentices to ask themselves was, “How will I benefit from this crisis?” Keep asking that and your mind will seek it out (if you are following your other daily mindset routine - for assistance, see the resource box to the right.)
When I asked myself that question, I arrived at the following answer:
The financial crisis of 2008 is a time of unprecedented opportunity for the apartment entrepreneur. Here’s why:
1) Increased Demand for Rental Housing: With less people qualified to own homes and more people losing their homes, that is increasing the demand for rental housing.
And in cost-conscious times, people downsize their housing accommodations which creates progressively increasing demand for apartments.
Just 2 weeks ago, my local TV station reported that apartment occupancies are up and apartment rents are up! Apartments may be one of the few businesses where demand is increasing. It’s logical.
2) Increased Supply of Private Money: Do you think there is more money entering or leaving the stock market? That’s right. Leaving – seeking a safe haven; like income producing commercial real estate.
People have seen their 401-K plans diminish by 40%. They need fundamental conservative investments like good, old-fashioned apartments where the value is based on the fundamental income – not the neighborhood appreciation brought about by free home loans.
As the apartment entrepreneur, it is our job to be matchmaker; to match deals with dollars and profit from our value-add, which is huge. Private investors are shell-shocked right now and they are desperate for a return to feelings of control and security. And our apartment deals can provide that.
I had a couple approach me recently at a local real estate club. They had lost $300,000 in their 401-K in a matter of weeks. Unsolicited, they told me their story and asked “Can we invest with you?“
That’s a microcosm of the opportunity for high integrity, trained entrepreneurs like you. And especially for those who have the mindset to see the opportunities and stand strong.
I’m challenging you to stand strong – for yourself, for your family, your your private investors. The world needs entrepreneurs right now.
Lance
Why are you doing this?
If you have the answer to that question, you’ll find yourself in a great place. If you begin this business with the end in mind, you’ll always have motivation to be your best.
Here’s what one student had to say about beginning with the end in mind.
“Beginning with the end in mind, you know that once you create financial freedom, you can come from a different place from that point on because now the bills are taken care of and you can really be in charge of your deals.”
What is “the end” in your mind? Is it financial freedom? Is it security for you and your family? Listen to this student’s “Aha Moment” and see if it resonates with you.
As you may know, I put my daughter into college last week. Exciting and anxious times.
Anxious because of her belief that college was her only entry to success in today’s world. An ingrained belief system (from high school) that her choice of college would dictate the rest of her life.
Total nonsense and way too much pressure to place on a 17 year old. Here’s what I’m teaching her…
I attended 3 universities and received advanced degrees. Six years of hard work.
Twenty five years later, let me tell you what I’ve learned.
Financial freedom has little to do with college. Very little.
Don’t believe me? Ask Bill Gates of Microsoft. Ask Michael Dell of Dell Computer. They both dropped out of college to start their own businesses. And they are now worth a zillion dollars or so…
Yes, college teaches students how to think and live independently. Very important skills. But college’s main mission is to create good employees. E-M-P-L-O-Y-E-E-S.
I sat at the university last week with my daughter listening to them brag about their Career Services Center and I cringed. Literally. That is not the type of belief system that I want my daughter to fall vicitm to.
Don’t get me wrong. I obviously don’t fault the university. It’s the same path I went thru 25 years ago. They are following the charter of every other university in the nation.
BUT… I am continuously reminding my daughter that she is not limited to the traditional employee career tracks that the college will promote. She can do anything she wants with her life. And I am nudging her to the entrepreneurial path.
I guess my teaching is starting to pay off because she is considering majoring in business and minoring in entrepreneurship. Atta girl!
As we approach this Labor Day Weekend, the excitement builds over the fact that employers give their employees permission to take an extra day off.
Wouldn’t it be better to not have to be given permission?
Why couldn’t you choose your own 3 day weekends? How about every weekend?
In my opinion, that’s one of the joys of being an entrepreneur. More responsibility and more freedom. Now there’s an interesting combination.
And if you are considering entrepreneurship, consider big ticket apartment deals that you can do on a part-time basis.
Here’s my challenge to you. Make this your last Labor Day Weekend – the last Labor Day weekend where you need someone else’s permission to take Monday off.
Challenge yourself to show up and create your own financial freedom. Create a lifestyle where you choose your own Labor Day weekends.
It’s time that you showed up. For you and your family.
Be safe this weekend.
Lance
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