All Forum Posts by: C.J. Lauria

Hi Mark,

If you have 50% equity in your personal home, I advise looking into a bank HELOC. this is a simple line of credit that you can use when (and only when) you need it for a REI purchase. The rates are low and qualification is generally lenient.

Now, about your prospecting: As a mentor, I get queried a lot about "good enough" deals. remember this: prospecting involves a lot more "No" than "Yes." Don't be tempted to buy if the numbers don't work. This is a mistake that a lot of newbies make and that's why they lose money.

You will find that Realtors are often bad advisors in this area. If they are not active investors with ample experience themselves they are often unqualified to give advice on what numbers will work for you. Proceed with caution on anything that comes from the MLS. You will learn that a high margin deal from the open market is a rare find indeed.

Cheers,


CJ Lauria

Thanks Brian.

Cheers!

This is the time of year that we reflect on the past year and look forward to the coming year where we can make improvements. Why not do this with your REI business?

As an REI mentor with apprentices all over the U.S., I hear my mentees goals and they often sound much like:

• Do more wholesale deals in 2014.
• Double my number of flips.
• Acquire more rentals for my portfolio.
• Try my hand at my first commercial deal.
• ...and so on.

I would like to address some fundamental goals that can insure your success in whatever branch of the REI business you venture next year. In doing this, I want to discuss three points that will insure failure. Then we can talk about turning it around and into success. Napoleon Hill once stated that the three things that guarantee failure are:

1. Inability to get along with others
2. Quitting when the going is hard
3. Inability to make decisions quickly

Look around you. Think of all those who have enjoyed great achievements...in or out of the REI business. Do you see a common thread among them? Yes. They all have similar attributes. I call that their winning attitude. So let's re-frame this information into your 2014 new year's resolutions. Suppose you resolve that "in 2014 I make it my resolve to:

1. improve on my interpersonal relations. I will seek to understand people before seeking to be understood. I will begin with only pure intent and never compromise good REI business ethics for the sake of making a buck. Rather, I will manifest a demeanor that attracts people to my REI business."
2. develop more resiliency in my personality. I will seek to find solutions where I formerly dwelt on the problem and used it as an excuse to quit. I will think about the many famous people like Abraham Lincoln who would have never given up just because things were difficult. Then I will imagine myself having the joy and satisfaction of enduring trials and persisting even when the obstacles were too high to jump over."
3. display more courage and confidence in my abilities and that of my team. I will not be the type of person who has to 'feel for the floor before getting out of bed.' I realize that that was a silly habit and I will not fall back into that behavior. From now on I will work hard, once I have done my due diligence, to be decisive and move ahead.

Now, with this in your arsenal of personal development, you may be ready to move forward with the development of your REI business in 2014. Decide now to make it happen. It's going to be a very good year.

So true! I think the challenge is to put those words into action. Our society is so full of distractions which result in mental clutter and inability to think clearly.

Shut off the TV, get a mentor you trust implicitly, follow the mentor's directions closely and don't look back. Cheers!

That may sound cliche, but it's 100% true! Thanks, Brian.

Michael & Sheena,

I appreciate your strong desire to change your financial path. Desire is certainly a prerequisite. having mentored REI people coast to coast, I assure you that they all have a similar desire. The ones actually succeed as REI business owners are those who think like business owners.

I suggest giving careful thought to what you where you wish to be in 2, 3, 5 years. Focus on the positive aspects of REI and don't look back. What I mean is, don't do this to:

1- get out of debt,

2- stop clamoring for time for the family

3- stop worrying about bills.

Rather, focus on

1- gain financial freedom,

2- enjoy quality time with family,

3- having plenty to share with others.

In doing this, you re-frame your current dislikes into rewarding goals. REI is one of the top time-honored ways of generating lasting wealth. I recommend it.

I also caution you about the "REI education" that is offered by so many. All the education in the world does not insure success. Attitude can.

I published a book on the subject and am willing to share it with you, gratis, if you like. Stay hungry, focused and positive, but do your due diligence when it comes to writing a check for another REI program. Cheers!

Now that's an entrepreneur! Once you have done due diligence, you simply do not quit no matter what obstacles may appear.

Well, then, you are a REI stud muffin. There are many past investors who are currently paralyzed by fear to get going again. Apparently you are not one of them. Kudos!

I couldn't agree more. The one caveat is if the student is not entrepreneurial minded.

Each new mentee must first come to grips with the fact that they are starting a real business. The REI business is not unlike others. Be prepared for sacrifice. And for God's sake, follow your mentor's direction. Don't pick and choose. lol

I appreciate your comments, Bill. Let me clarify my original point so I am not misunderstood.

I would be extremely cautious if a would-be "mentor" used past experience (especially pre-boom) as their only experience. Many so-called gurus out there may have done well during the boom...much like hitting the side of a barn; you couldn't miss back then.

Now, even though certain principles remain the same, market conditions are much different. Taking a year off is NOT what I was referring to. Being out of the market since 2007 is what I was meant.

There are a lot of "information merchants" selling REI education that is old and stale. That is what I warn against.

The other side of the coin is that a "mentor" leads by example. Thus, it is imperative that he/she has their hands in the business to a reasonable degree.