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Real Estate Articles
Creating a Prosperity Mindset
By Randy Gage
So how is a mindset created? What makes you have a mindset that has you expecting breathtaking success every time you attempt something? Well, a number of things come to mind.
You don't suffer from jealously about the success of others. George Lucas doesn't have to have a bomb so Steven Spielberg can have a hit movie. Madonna's new album doesn't have to tank so that Whitney Houston can have a hit. There is enough prosperity to go around.
So it's important that you celebrate the success of others. Even if you perceive them to be your competition. In most cases, competition enlarges the available market.
Another important thing is to study people who have been successful in the area you are interested in. This does a few things.
First and foremost - it builds your belief that a successful outcome is possible. If you're fighting cancer and you read Lance Armstrong's book - it gives your beliefs credibility.
Second, this just gives you overall positive programming. And when you're getting positive programming - it means you're not getting negative programming!
Finally, studying people who are successful in your area gives you the opportunity to model what they have done. You learn from their experience and can achieve your own sooner.
Another important factor in developing a success mindset is hanging around successful people. Jim Rohn or whoever suggested taking a millionaire to lunch had a very good idea.
It's been said that your income will be the average of your five closest friends. Not only do I believe that is true for your income, but I also think it holds true for your health, happiness, self-esteem and just about everything else. Including mindset. When you hang around successful people, their belief, habits and actions start to rub off on you.
Of course you have to restrict the negative programming you receive from the data-sphere and counteract it with positive programming.
Give this all some thought. And give yourself a grade on what you're doing to develop a mindset of breathtaking success.
*Excerpted from Randy Gage's The Daily Awakening
Grow your prosperity consciousness and start living a life of true abundance.
You are meant to be healthy, happy and prosperous. Once you recognize and accept this, it is simply a case of learning the principles that abundance is based on. In this insightful book series, you will move from lack consciousness to living in the light of true abundance.
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For more than 15 years, Randy Gage has been helping people transform self-limiting beliefs into self-fulfilling breakthroughs to achieve their dreams. Randy Gage is a modern day explorer in the field of body-mind development and personal growth. He is the author of the best-selling albums, Dynamic Development and Prosperity and director of www.BreakthroughU.com.
For more resources and to subscribe to Randy's free ezine newsletters visit http://www.RandyGage.com.
Preforeclosures: How Fortunes Are Made
By Jeffrey Ringold
What is preforeclosure? Preforeclosure is the time period from which the bank gives notice of default, once the homeowner is approximately 90 days late in payments, to the time the house sells at auction. Preforeclosure is also the most crucial time in the foreclosure process. It is during this period that you as an investor stand to make the largest profits and can literally make thousands of dollars in months, weeks, days, or even hours!
The key to preforeclosure houses is equity. Simply put, equity is the difference between what a house will sell for (fair market value) and what is owed on the house. The whole concept to making money with preforeclosures is to buy a house for less than fair market valuing, thus immediately creating equity for yourself.
Here is an example of how this can work. Let’s say someone owns a house with a fair market value of $200,000. Now let’s assume that this homeowner has lived in the house for several years. If you consider that the property has most likely increased in value over time, while at the same time the homeowner has been paying down the mortgage on a monthly basis, it is fair to assume they owe less than $200,000 on the property.
For this example let’s assume that the homeowner owes $160,000. This means there is $40,000 in equity in the house. As an investor, you would want to buy the house for $160,000 or slightly higher. If you can do this, you have a shot at making $40,000.
I know what you are thinking. Why would they sell the house for $40,000 under the market value? Right? Here is one reason why. If they sell the house to you, you can promise them a quick closing, thus stopping the foreclosure (losing the house at auction).
This will prevent a foreclosure from going on the homeowner’s credit record. A foreclosure can stay on someone’s credit for seven to ten years making it next to impossible to get another mortgage in the future. This is just one of many reasons.
So let’s say they sell the house to you for $160,000. You can turn around and put the house back on the market for the $200,000 that it is worth. Once the home sells, you could put a whopping $40,000 in your pocket. Sounds pretty nice, huh? The best thing is there are ways to make similar deals with little or no money! An that is an example of how you can make money with preforeclosure houses.
In order to buy preforeclosure houses you first need preforeclosure leads. This is how you are going to get your leads. You are going to implement a powerful direct marketing campaign soliciting those who are in preforeclosure. How do you learn where to start looking?
One of the most valuable sources for preforeclosure leads is mortgage brokers. Almost everyone knows a mortgage broker. Maybe your brother is a mortgage broker. Maybe a good friend is a mortgage broker.
If you don’t know anyone in the mortgage business, network a little bit. I am confident you will be introduced to someone in the mortgage field that can help you.
If not, that is OK too! You will just have to do a little more legwork. Go through the yellow pages and look for mortgage companies. Start calling around and introducing yourself. See if you can talk to the manager. If not ask to speak to a loan officer.
Ask them if they have someone in particular that handles foreclosure financing. They may or may not. Often times in mortgage companies, they will receive large volumes of calls from distressed homeowners.
These are homeowners who are trying everything to stop foreclosure. Most of the time, it is too late for the mortgage company to help the homeowner because their credit is already shot. At this point the mortgage company may refer them to what is sometimes call a hard money lender. A hard money lender is a lender that specializes in high risk loans. Often times, they are private investors.
This is where you come in. These leads are invaluable. They are homeowners that are exhausting their last options to save their home. What you do is have the mortgage company start to refer these deals to you. If you can get the names and phone numbers of these homeowners, you can contact them directly. More importantly, you can contact them when they are open to listening and expecting your call.
If the mortgage representative that can’t help them gives a high recommendation of you to the homeowner, they will be excited to hear from you.
Jeffrey Ringold is the author of ‘How To Build A Massive Fortune Through Real Estate Foreclosures’. He is a licensed real estate agent and investor who has bought or sold over $12 million in real estate over his 7 year career. He is consulted by leading real estate developers and investors almost daily.
For more information on real estate investing and foreclosures, visit his web site at: http://www.MassiveForeclosureProfits.com
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