Weekly Thought Starter #02: A review of January’s meeting – 77 Actions, commit to one per week!
Weekly Thought Starter #03:
January 15th, 2018
AGENDA OF TODAY’S ‘THOUGHTS OF THE WEEK’
- A REVIEW OF THE JANUARY REAG MEETING
- 77 GOALS – COMMIT TO ONE PER WEEK!
REVIEW OF THE JANUARY MEETING
A LOT OF EXCITEMENT on our first meeting of the year. A surprisingly large number of members reported doing deals in December. We congratulate your hard work and success.
Marc reviewed the 7 Technology Action tips for 2018. He urged us to now BACK UP all computers…GOOD ADVICE MARC!
LAST YEARS GOAL SETTING
As we do every year, we handed out the sealed envelopes from last year and saw much astonishment and outcries. “I wrote THIS down? Hey, it happened…etc. etc. The group did it again for 2018! Signed and sealed until 2019.
RALPH CITED RICHARD BRANSON (Mr. Screw it – just do it!)
And the fact that he is a ‘list maker’. He makes a daily list and if good enough for a billionaire…. Maybe it’s good enough for us too!
BRENT, JEFF, KEATON & RALPH DISCUSSED THE 77 ACTIONS TO TAKE FOR 2018
THEY URGED ALL MEMBERS TO TAKE EACH OF THE 10 SETS OF ACTIONS AND COMMIT TO ONE RIGHT NOW!
Here ae the details. if you have not yet do it.
COMMIT – PERFORM – MEASURE!
77+ Actions for 2018!!
77 things to get ready for 2018 in the areas of personal development, Legal affairs, land lording, personal coaching, joint venturing, accounting, land development and buying properties.
‘It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them. They went out and happened to things.’ – Elinor Smith
“The One Thing” – by Gary Keller
Gary Keller has identified that behind every successful person is their ONE Thing.
What is the ONE Thing you can do such that by doing it everything else will be easier or unnecessary
No matter how success is measured, personal or professional, only the ability to dismiss distractions and concentrate on your ONE Thing stands between you and your goals. The ONE Thing is about getting extraordinary results in every situation.
So, ask yourself…if there are 7 worthwhile goals in each of our endeavours, what is the one thing I should do first
Things to do to make the best of 2018
- Write 10 goals you wish to achieve in 365 days on the handout attached… quickly… put in the envelope – seal and write your name on envelope – hand it in at the next REAG meeting if you missed January’s.
- Make a personal plan of action… incorporate relevant items from below
- Commit to a course of action… do the actions… measure results every month… do more of what works, less of what does not… re-commit to the adjusted course.
- Yesterday’s dreams are today’s realities. Tomorrow’s reality stems from today’s dreams! In 2018 DREAM BIG! THEN DOUBLE IT!
Set and visualize goals, so that you always have a clear view in mind where you are now and which direction you are going
7 ACTIONS for your Mind
- Spend 15 minutes a day in your personal workshop, Only YOU and the UNIVERSE, Get yourself into clarity. Tell the universe your clear intentions. Without clear intentions, you will not have clarity…without clarity…you cannot get best results.
2018 Goal 1: I WILL GET INTO CLARITY IN 2018
- It is lonely at the top. Do the unrealistic thing. Dream big. The level of competition is the fiercest for the realistic goals making them the most time and energy consuming. Do not overestimate the competition and underestimate yourself! Having a large goal…even an unrealistic one gives you an adrenaline infusion and the endurance to overcome obstacles. Realistic goals are uninspiring and often do not get done at all. If your potential pay-off is mediocre…so will be your efforts!
2018 Goal 2: I DREAM BIG…. NOT REALISTIC
- Do not get ADD – Adventure Deficit Disorder! Everyone tells you to be realistic. Booooring! If you are 5 years old and say you want to be an astronaut – everyone applauds. Think out of the box!
2018 Goal 3: I AM NOT GETTING ‘ADD’ IN 2018
- Divide your time into preparation time – work time – play time. Spend each without guilt.
2018 Goal 4: I WILL HAVE A PLAN. I WILL WORK THE PLAN. I WILL HAVE NO GUILT
- Sort out the 20% of your actions and 20% people that give you most of your results… every day for 20 minutes. Spend most of your work time with them.
2018 Goal 5: I WILL BUY Professor Koch’s famous book ‘THE 80/20 PRINCIPLE’ and apply the principles!
- Every day be PRO-ACTIVE – not RE-ACTIVE. YOU decide your day!
2018 Goal 6: I DO WHAT I PLANNED TO DO TODAY. I WILL NOT LET CIRCUMSTANCES DEFLECT ME FROM MY PATH!
- Tell yourself: I want perfect personal freedom. I want perfect peace of mind. I want perfect learning. I want perfect health. I want perfect joy. I want it with passion – NOW.
2018 Goal 7: I WANT WHAT I WANT WITH PASSION. I KNOW IT WILL HAPPEN FASTER!
WHAT ONE THING WILL I DO THIS WEEK!
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man.” – George Bernard Shaw
7 ACTIONS for Your Health
- Create new habits. It takes 21 days to create a new habit. All habits feel perfectly natural to us. How about the habit of drinking more water!
2018 Goal 1: I WILL CREATE NEW HABITS, WHERE I DO WHAT I DO WITH PASSION.
- Have fun! Try skiing, swimming, Yoga, ballroom dancing, GOLF. Do something you like to do!
2018 Goal 2: I WILL COMMIT TO AN EXERCISE ACTIVITY THAT I LIKE TO DO!
- Get into good eating habits. Portion size is more important than exercise. Always eat a good breakfast and a light dinner. DO not to eat after 8 pm. Cut down on eating fatty foods and eat more fruits and vegetables. Take a multivitamin every morning.
2018 Goal 3: I WILL GET INTO GOOD EATING HABITS!
- Practice getting into joy… my job is to be joyful and happy for myself and those that I care about. Walk around the block once every 2 hours smiling.
2018 Goal 4: EVERYONE THAT KNOWS ME WILL COMMENT ON HOW MUCH I HAVE CHANGEd AND HOW HAPPY AND HOW PASSIONATE I AM ABOUT LIFE!
- I will enjoy what I like. Use my best crystal, best China.
2018 Goal 5: I WILL ENJOY WHAT I LIKE EVERY DAY.
- Get to ideal weight – place goal on bathroom mirror – Do not plan to lose weight, plan to lose fat and gain muscle. If necessary, write down in a prominent spot every day.
2018 Goal 6: I WILL GAIN MUSCLE AND LOSE FAT.
- Practice getting into joy… Your job is to be joyful and happy. Walk around the block every 2 hours smiling. Smile when standing in an elevator… be happy…Tell everyone…to the question: “How are you?” …WONDERFUL! With a big smile…yes even when you are on the phone. We do not attract what we want, but who we are.
2018 Goal 7: I WILL FEEL WONDERFUL!
- See yourself as the new… happy, healthy self. Share your new self. The happier you are, the happier your family, your employees and everyone around you will be. Dreams and wishes must harmonize with our thoughts….!
2018 Goal: I WILL LIVE MY LIFE LARGE!
Watch your inner dialogue – it reflects your inner power. We become what we think about!
WHAT ONE THING WILL I DO THIS WEEK!
“You will never regret doing something more than regretting of not doing something.”
– Michael Gerber
7 ACTIONS an Investor must do to be successful
- Update your Investment Action Plan by January 19th.
- Know what it takes and be willing to do whatever it takes to achieve your goals
- Meet with your Investment Team. Mentors, bird dogs, accountant, Professional Pillars.
- Find and meet with more Professional Pillars. Resolve to make talk to one a day for 30 days. Goal is 30 minimum.
- Update Free Time and Health Plan – How will you be healthier and happier in 2018?
- Do important things poorly (if necessary) until you learn to do them well! Don’t wait for the perfect script to make that call! Don’t wait to be an expert before you meet that seller, write that offer, and ask for that “take back” financing!
- Luck occurs when preparation meets opportunity. Always be learning but make sure you have the system to find opportunities!
BIG GOAL!!! If you have a setback…pick yourself up, dust yourself off, and start all over again!!!! WHAT ONE THING WILL I DO THIS WEEK!
“A goal properly set is halfway reached.”
– Abraham Lincoln
7 things to do to get ready for a Joint Venture
- Select JV partner(s) well. Same propensity for risk? Same expectations? Spend a lot of time with partners…before you do the deal. Honeymoon time is before you sign.
- Have a clear goal for the JV… is it a one-off, one time property?
- Understand the structure properly… Money partners and work partners. Spell out clearly who does what and gets paid for what beforehand
- Read the Joint Venture agreements… have your lawyer review.
- Who has signing authority, who has collateral and who can trigger a shotgun clause?
- Always have 2 different parties sign EVERY cheque
- REVIEW JV sheets — provided in your course
BIG GOAL!!! Always have an exit strategy before you buy!!!
7 LEGAL THINGS YOU MUST DO
- Make offers through a company that has no assets, so if the deal collapses you have no personal liability or assets at risk.
- Ensure that your companies are in good standing with the Registrar of Companies by filing all annual reports.
- Set up your offers such that the bulk of your deposit is put up once your conditions are removed or fulfilled.
- Make sure you have written agreements with partners, joint ventures, etc. regardless of whether you are dealing with a close friend or business associates.
- Make sure the general structure of your holdings is set up to maximize benefit to you regarding matters including creditor protection, tax and ease of operation.
- If you are buying property in the US, ensure that you get professional advice regarding your structure and operations.
- Check the title before removing subject conditions
- WHAT ONE THING WILL I DO THIS WEEK!
Keep a journal for your goals, so that you can record your thoughts and document your efforts on your path to success.
7 Technology ACTIONS to DO in 2018
- Clean up your computer files…. and back up … EVERYTHING! REGULARLY
- Use free ads on Craig’sList.com and Kijiji.ca to advertise daily
- Create a unique selling proposition, add it to your website. Update regularly.
- Use LOCAL websites, post on realestatetalks.com, BCRED.ca, askanexpert.ca etc. Post your deals on your password protected REAG website.
- Set up a Twitter and Facebook and LinkedIn account before January 19th!
- Download the new realtor.ca and realtor.com apps on your smart phones
- Learn your NEW REAG website – upload your deals, your JVs – with photos. Create your own action group. Share your thoughts. Add things to the Member resource section
BIG GOAL!!! FOLLOW THE REAL ESTATE ACTION GROUP ON TWITTER AND FACEBOOK.
TWITTER – @REAGActionGroup
FACEBOOK – www.facebook.com/RealEstateActionGroup
WHAT ONE THING WILL I DO THIS WEEK:
Track your time, so that you use your time wisely, get important things done first, and work less but achieve more
7 things to get ready for buying in the USA
- Hire a good accountant that knows “cross border” tax laws. Use REAG recommended accountants.
- Protect yourself against liability with a good insurance policy.
- Be prepared to file a Federal 1040NR with form 4562 and Schedule E even if losing money
- Must report the rental on schedule T776 on Canadian return
- Get pre-qualified from a U.S. lender if you need financing. (It is getting easier) Don’t rule out hard moneylenders on a short-term basis.
- Convert your down payment from Canadian dollars to U.S. dollars when you have a firm deal or when the Canadian dollar is high. Read Ralph’s outline on why it is still ok to buy US property with a low Canadian dollar.
WHAT ONE THING WILL I DO THIS WEEK!
Manage daily tasks, so that you are focused on only the most important things for
achieving your goals daily.
7 Tips for financing your properties
- Talk to your recommended REAG mortgage broker and get your Pre-Approval. Your pre-approval will hold rates for you and give you an idea of what you qualify for.
- Gather up your support documents for financing. Create a “Banker’s Binder”. Your broker can advise you of what documents are required for this package.
- Sometimes you can take out down payment for the next property and still
have lower payments! If you are planning on buying something this year, it
might be better to borrow the funds at today’s rates than to wait until you
need it (when rates could be 1% higher)
- If you haven’t already, consider adding a HELOC (Home Equity Line of
Credit) to your residence, or perhaps even your rentals (note: these are
harder to qualify for in today’s economy).
- Give your broker a good idea of what you are looking at so that they can
give you a good idea of what the financing will look like. On rentals,
because rental income varies, it makes it more difficult to give you a
clear-cut idea of what you qualify for. You will need to do some research to
give your broker the right feedback.
- Ask your broker if they have any tools to help you analyze deals. Analyzes cash flow, Return on Investment, total profit, amortization table, and understand 50% or “80% offsets” and what the DCR ratio is on the deal.
- Lock in your interest rate for long term holding. Go short on flips! You buy fire insurance so why not pay a little more to insure against rising rates!
BIG GOAL!!! Start looking! Nothing will give you more experience than hands-on
research. Make sure you view any property you are interested in, as numbers
on paper can sometimes be misleading
WHAT ONE THING WILL I DO THIS WEEK!
“You have to set goals that are almost out of reach. If you set a goal that is attainable without much work or thought, you are stuck with something below your true talent and potential.” – Steve Garvey
Bookkeeping things to do
2017 is history now, so are your books, but not the record keeping. The following is a checklist to prepare the year-end and get a new year started:
- Review your monthly expenses making sure all the related expenses are recorded.
- Make sure the once a year expenses like insurance, repair and maintenance, property taxes etc. are recorded.
- Did you balance your bank accounts? Make sure you record the bank charges.
- What about your home office expenses? If you work at home sometimes or most of the time during the year, there are expenses which you can claim for your investment business such as mortgage interest, utility, internet, long distance expenses etc.
- Did you purchase appliances, computers, printers or did a major renovation? Keep in mind you can only claim a portion of it? Let your accountant know your purchases or renovations.
- Did you write down a brief note of what an expense was for and for which property? If not, it is a good time to start a new habit in the New Year.
- Review the insurance policy making sure to update the rental rate, renovation value and loyalty discount.
BIG GOAL!!! Setup new files (a small pouch for receipts, binder for bank statements, expenses and assessment) for a new year. It is important to keep the records in order in a monthly basis. There will be no panic at year-end. Also, you will have an idea on profit.
WHAT ONE THING WILL I DO THIS WEEK!
Commit, perform, measure! Review and measure progress, so that you can see the instant progress on your goal whenever you complete a task, and always stay positive and feel motivated.
7 things – more than any other – NOT to do!!!
- Don’t just wait for repeat and referral business. (We need to get off our butts)
- Don’t be inconsistent in prospecting for business. We need to look at all FSBOs in our area. We need to woo and create Personal Professional Pillars; we need to subscribe to local paper. We need to commit to a course of action outlined in our plan.
- Don’t make unqualified appointments. Chasing multiple offer situations, unreasonable owners (Ditto, qualify the FSBO on the phone)
- Don’t spend too much time or energy towards marketing or research. Spend more time meeting people that can say yes or no to a buying or selling decision.
- Don’t ignore the mental side of the business. (Make sure you have a written action plan, written goals, and commitments!)
- Don’t meet people who don’t have the authority to say yes or no to a buying or selling decision. Learn the 6 steps of client retention.
- Don’t spend too much time on mediocre deals! Learn to sort great deals from good deals and spend 80% of your time taking action on the GREAT deals!
BIG GOAL!!! Don’t spend too much time with unqualified buyers and sellers. If the lead does not fit your criteria, move on … learn to say: SO, WHAT! NEXT!
WHAT ONE THING WILL I DO THIS WEEK!
And the #1 ACTION FOR 2018 is:
Stop thinking about it …Start today and JUST DO IT!!!
“The more intensely we feel about an idea or a goal, the more assuredly the idea, buried deep in our subconscious, will direct us along the path to its fulfillment.” – Earl Nightingale
1) PLEASE NOTE: Your next exciting meeting is Monday February 12th, 2018 at 6:30 PM (sharp!). The meeting will be at: The Vancouver Alpen Club, 4875 Victoria Drive, Vancouver. If you are bringing a guest, please e-mail firstname.lastname@example.org.
2) NEXT ACTION PLAN/GOAL SETTING MEETINGS:
Next Action Plan Meeting is Monday February 12th, 2018 at 5:30 (Alpen House before the monthly meeting).
Action plan meetings are the foundation of your REAG membership. At these informal meetings, there are no wrong answers. Groups of approximately 10 members share their goals and develop specific 3- day “action plans” to bring them to reality. Earl Nightingale said, “Success is the progressive realization of a worthwhile goal”. At the action plan meetings, we celebrate small successes and acknowledge everyone’s progress. The idea is to keep focused on a monthly basis and get into action. It’s all part of the process of “growing into your future best”. Sign up today!
For Action Plan meetings registration go to: https://www.reag.ca/events/categories/action-plan-meeting/
Action Plan meeting participants are seeing great success! Try attending the next one!
3) make sure to explore all the new and exciting features at www.reag.ca
Take a look at your own private member section. Create your own team, post your deals with photos, and respond to other deals directly with the posting member. Use it! We developed it with YOU in mind. Feedback is welcome and appreciated.
4) Don’t forget to use the DEALS section
You will find it on our website at https://www.reag.ca/forum/hot-deals/ as a place to post for your deals. If you haven’t used it, TRY IT! It is so simple to submit. You are able to include photos of the property as well as all the details directly to other REAG members.
5) SUBMIT YOUR GOOD DEALS TO OZZIE
He is always looking for great deals to be featured in his Hot Properties section of the Facts by E-mail, as well as potentially on Michael Campbell’s CKNW Radio Show. You get exposure to thousands of investors! Send your deals to Ozzie no later than Friday at noon for inclusion in the following week.
6) SOCIAL MEDIA
If you are on Facebook, Twitter, or LinkedIn, make sure to check out our REAG page and “like it” for updates on members, activities, and Real Estate updates!
Ozzie and Ralph are also on Facebook, Twitter, LinkedIn and Instagram! Make sure you send them a friend request!
7) Get your REAG membership FREE
Remember that you get 2 free months for every friend you introduce who signs up for REAG! So, if you introduce 6 friends…your year is free! Your guests can attend a monthly meeting preview ONCE ONLY and you must register their name, e-mail and phone number with Max (email@example.com) before the meeting.
8) Elevator speeches
Make sure to let Max (firstname.lastname@example.org) know if you wish to make an elevator presentation by the Friday before the event. No PowerPoints please!
9) Submit your offers!
Don’t forget to submit your offers at each meeting to be entered into our Wine Bottle Draw!
They must be real offers, not chicken scratches on a piece of paper. They do not have to have been accepted offers, the idea is to MAKE OFFERS. Show and tell and win!