All Forum Posts by: Sachin Acharya

Well, what are the major fundamental factors that can cause a crash? 

Dear Experts 

I'll ask the question first and then give the context so if you are not interested you can stop reading here.

Is it a good idea to take a personal loan at 4.74% that I can close in 4 years, and buy a property in Mumbai, India? 

I have been listening to the Bigger Pockets Podcasts and reading the information on the forums for over 6 months now. I am feeling that I have reached a point where I must start taking action now. 

I currently don't have much cash but I have a job that allows me to save some money every month. I am planning on going for a personal loan here in Dubai, (which is a lot cheaper than even home loan back home in India) and then use that cash to buy small commercial shops in Mumbai. The rental yields are better on shops than residential. And inflation will eventually push the rental income higher. My goal is long term build long-term wealth by having multiple such shops that produce cashflow every month. 

I am nervous. Please let me know your thoughts. 

Regards 

Sachin Acharya 

@Delenor Wilson

Welcome to BiggerPockets!

It's great that you are getting ready to take action. For better results, you may want to specify what niche, what market, and what strategy you are looking at. This way the right kind of mentors will be able to guide you.

I wish you all the success in REI

Regards

Sachin Acharya

It is so true that all real estate is local. While the question on this post is about the US whether we are heading towards a cliff, the big question  in Dubai is whether we have hit the bottom or not yet. 

In either case if you buying for personal residence or long-term buy and hold, it doesn't matter. 

The worst thing that can happen is a combination of market really really crashing and you needing cash desperately, say you lose your job or something like that. Mathematically you can put numbers to those probabilities. Hypothetically, say there is a 40% chance of a market crash and a 50% chance of you falling in a desperate situation. 40% of 50% is 20%. So the worst-case scenario is 20% likely. Of course these are hypothetical numbers but I hope you get the point. 

Regards

Sachin Acharya 

@Tony Ayoub

Hi Tony

Welcome to Bigger Pockets. This is a fantastic place for you to grow your network and learn more. 

You may find The Real Estate Agent’s Ultimate Guide to Working with Investors useful. Click the link or anytime later visit www.biggerpockets.com/agent

Good luck!

Sachin Acharya

Thanks John

@Wesley Fleurant

First of all, welcome to Bigger Pockets. 

You are not going to like my answer but I will still give  you the answer I was given when I was your age. 

Don't chase money. Chase work, chase knowledge, chase learning, and money will come chasing you. 

So, you want to invest? Invest in yourself. Invest your time to learn about real estate. Read the blogs and forums here. Watch the webinars. Listen to the podcasts. In doing that you will be able to figure out what niche you want to get into. Once you have that sorted out, figure out the people in your area who are rocking in that. Connect with them. Work for them. Work for free so that you work to learn not to earn. 

Good luck. 

Hoping to hear a success story from you in the coming years. 

Regards 

Sachin Acharya 

Hi Abhijeet 

Welcome to Bigger Pockets. 

Mi hi Mumbaichach aahe! I'm also from Mumbai but I live in Dubai. 

This is an awesome place for learning about real estate investing. Check out the podcasts. They are a great source of information and inspiration. The blogs and forums are very useful for specific questions and for networking. 

One key thing to keep in mind if you want to make the best out of this place is that you need to be active. The more you read and interact, the more you will learn. 

Good luck 

Regards 

Sachin Acharya 

In business, the one activity that happens more than anything else is meetings. Be it face to face, over the phone, or skype these days, meetings take a lot of our time, and real estate is no different.

I am introducing hereby an approach that I like to call the CORN approach. Wait, what does corn have to do with business? Read on... 

What is CORN?

CORN is a term that I have just coined. It stands for Cause, Objective, Results, and Next steps. Each part can be written in the form of lists, or just plain notes. CORN doesn’t just apply to meetings and conferences. You can apply CORN to any activity as small as a phone call to an old friend to something as big as a flip project.

C is for Cause

What caused you to attend the meeting or call? It may be as simple as "My boss told me to do so", or it could be a list of issues you and/or your organization have been facing that necessitated it.

Sometimes you attend a meeting or conference in response to an advertisement you came across. Nonetheless, there was something in it that attracted you to this particular meeting and not the others alike.

O is for Objectives

Have you noticed that in a lot of training sessions and seminars, the first question you are asked is why you are taking the course? What do you want to take away?

Your objectives can be derived from the cause, like solving the problem, or taking back a feedback to your boss, etc. Your list of objectives, your purpose, should be longer, in fact BIGGER, than the just addressing the causes. You want to address the cause and add something more.

R is for Results

How did it go? Did you achieve what you intended to achieve? Did you gain the something more? Your Cause and Objectives can be used as a checklist to track results. Ideally and hopefully the results should be larger than just solving the problem and meeting your objectives. In addition, you may want to list down what went well, what you missed, what could have been better, and what shouldn't have happened at all.

N is for Next steps

The next steps come out almost automatically when you look at your Cause, Objectives, and Results. However writing down a list of the immediate next step(s) can take that burden off your brain and help you break down a huge daunting project into tiny little actionable steps that you take and tick off.

When to write?

Of course it would make sense for you to write down your Cause and Objective before you enter the meeting. But I suggest writing it down a day before the meeting. Imagine, you are attending a seminar and when asked why you are attending, you read off a list from your pocket. That will tell a lot about your organizational skills and laser-sharp focus.

When it comes to the Results and Next steps I recommend writing them down the same day while you still have it fresh in your memory. Of course you can’t do that if right after the meeting, or even during it, you got piss-drunk. In that case you know the results already! ;-)

Happy CORNing!

Congratulations @Mitchell Jaworski

@Peter Lee 

Your statement about Mumbai is racist and I am reporting this.