JORDAN & JENNY’S NEWSLETTER - MAY 2008
Las Vegas Here We Come!!!!
We want to let everyone know that we are going to attend the asset protection bootcamp & wealth retreat in Las Vegas from May 26th to June 1st. Last year we attended this exciting seminar and have met so many like minded people. We are looking forward to meet more people in the event. For my EWI friends, if you are attending the event too, please drop us an email so we can arrange and possibly meet again!!
The First Deal is Always the Hardest – by Jenny
I remember when we were doing our very first real estate deal which was a fix-and-flip in Vancouver, BC. After the initial excitement of getting the accepted offer, the reality set in. Are we going to buy this condo or not? It’s a $200,000 plus debt that we’ll go into. What if we cannot sell it in time (we would not be able to cover the mortgage payment even if we rent it out)? What if we go over the budget for fixing up the condo? On top of everything, I made a mistake in the calculation which means we’d not be able to sell the condo using a realtor. In other words, we either sell the condo ourselves or sacrifice all our profit to pay for the realtor’s commission. I immediately picked up the phone and called my mentor who was an experienced real estate investor. She said if we had to sell it ourselves, then that’s what we would have to do. Jordan and I decided to go ahead with the deal. Even if we didn’t make any money, we’d have already got our feet wet and learnt a lot by going through with it. Now looking back, I am glad we went through with it. I realized the first deal is always the hardest because I felt like I didn’t know much about flipping a property (because I had never done it before). Naturally I would want to know EVERYTHING before I attempt such a great endeavor. But after going through a number of real estate deals, I realized you can only learn so much from reading, going to seminars, etc. A lot of things we learn from actually DOING. A successful real estate investor said: you get READY, FIRE, AIM, fire, aim, fire, aim instead of ready, aim, aim, aim, aim…and never fires. Now I still don’t know everything about real estate investing but I know I can learn and ask investors with more experience along the way.
Cashflow Bootcamp – by Stacy Kennedy from Enlightened Wealth Institute
In the beginning of May we have attended another real estate investment seminar. It’s called Cashflow Bootcamp. From this bootcamp I have learnt a great deal about analyzing cashflow deals down to the very last detail. How to either manage your tenant or your property manager to make sure they are doing a great job, and creative ways that you can get funding for your deals. In my opinion, it’s a must go for all my EWI friends & investors. But keep it in mindthat you should attend the foreclosure bootcamp to get the foundation before you attend this one. Otherwise you will be just overwhelmed by the amount of information that Stacy presents.
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