Saying “NO” can lead you to a “YES!”
One of the hardest things to say, especially when it comes to your business career is the saying the word NO. Saying no to a requestor, investor, or business partner is quite difficult especially when you know that you have a generous and kind heart. We have this desire to help everyone but we have to recognize that there are times that we just aren’t capable of doing it.
Saying no to different aspects in your life may seem a heavy burden especially to the soft-hearted ones, but believe me, this simple word may be one of the most crucial word to help you save time, money, opportunities and relationships.
Saying “NO” for your family
Our careers and businesses may help us alleviate our lifestyles, bring us comfort and help us to reach our dreams but there are circumstances that all of these might be taken away from us. Our families and relationships however, are far more important and significant. Our families stick with us forever. Weighing out and checking the balance between working and spending time with our children is crucial. One thing that we should master is learning how to say no. Explaining to a business requestor where you’re coming from can help. If an opportunity contradicts with your family’s attention, don’t hesitate to explain that you want to spend time with your family. Remember our jobs won’t last forever but being a father or a mother is. Surely, they will understand your decision on how you value the time you spend with your family.
Saying “NO” for your career
In our business life, have you ever felt uneasy when you think about if you have a job and your boss tells you to do something but you’re really not quite sure if you can commitment to that certain project or assignment? Have you ever worked hard for someone else, who is making all the money? Have you given your soul to a company, and they didn’t care? Are you just a number and felt like your happiness with your career is at stake?
There are lots of people who feel like that and want to break free. If you think that your current job is bringing you down, learn to have the ability to say no. If you know for a fact that you cannot commit to something, learn and be firm in saying no.
Level up, step up
Don’t be afraid of breaking free from your current jobs, especially if they are conflicting against your time for your family, or if it is sacrificing your happiness in your career. Remember, there are a lot of options out there! Break free from a job and try replacing your income through real estate.
The benefits of raising private money
Learn how to raise private money. Other people’s money (OPM) can set you free. When you raise private money, you can do multiple deals with multiple vendors and people. The power is not real estate, but in the money – the ability to attract capital from other people. We might think that raising your own private money is difficult, but there are several real estate investors out there who made their way and became successful by learning to how to make OPM.
How real estate multi-family investment secure your future
You’ve worked all your life to have a retirement income. But sometimes, we start to become afraid of not having enough money to retire or running out of money. Most people get advice from a stockbroker on how to deal with this fear. However, they get paid a commission to take your money, so be wary.
So, what are your other options? CDs, bonds? What you want is to be able to live off the interest. However, if you don’t have enough money and only get a 0.5% return, you’re going to start eating into that principle. That’s when people get really scared that they are going to outlive their money.
With your retirement money, you’re not willing to risk anything. Remember 2007-2008 when the market crashed? When it crashed, any investment that we make with anybody went to half. You’ve been saving your whole life, but when the market crashes, it can wipe out your money. Once you take the money and don’t have principle, it snowballs. That’s the real reality for people.
Luckily, apartment investing offers financial solutions. You never sell anything because you don’t have to. It is an opportunity for people’s money to grow. Usually, with an apartment deal, there’s a 6% preferred return. If an investor gives you $100,000, every year you’re going to be paid $6,000. The 6% is far more than anything that a stockbroker or anybody could offer you. That’s a real deal.
How it works
With apartments, 6% is usually based on the cash flow because there are several buildings and tenants pay rent every month. Tenants expect rents to go up, so never disappoint them. By raising rent, that’s how you raise your income. Hold onto properties for five years. Year 1, fix everything that is broken. Year 2, fix all the broken tenants. You upgraded and fixed everything, made it nice and shiny, so now you’re going to attract a better tenant profile. Years 3-5, optimize your rent growth potential and keep expenses as tight as possible.
When would you say “no” to an apartment deal? If it’s in the wrong spot. There’s a lot of foot traffic around the apartment complex during the day, which means nobody’s got jobs. You look at and around the property at night because you see a lot of things that no one tells you about. During the night inspection, you see a drug deal. It is time to say “no.”
It is hard to say “no” and hurt someone’s feelings. Just think that you are preventing them from making a really bad decision. Champion each other’s dreams and goals. Push each other to be successful.
