Everyone wants to talk about branding, but do you even know what having a brand means?
There are a lot of things that go into the building of a brand, and regardless if you like it or not everyone has now become some level of a brand. Partly in thanks to the world of social media, and the accessibility that the internet has given us to both create and consume content, everyone is becoming a brand. So the first thing you need to realize is that right now exactly how everything stands, you are a brand!
Real Estate is how I became a millionaire, and is a contributing factor to many of the millions that I have made, so clearly, I am a fan of investing in real estate. As I sit here in early 2021 and see what is going on in the real estate market I want to discuss what is happening and where the opportunity and risk currently is. We all know the basic idea of buy low and sell high, but the challenge is how do you know when it’s at the low and how do you know when it’s at the high?
Most everyone can recall, or at least is aware of, the crash of the market back in 2008. Back then banks were over lending funds and when the booming economy dropped, people weren’t able to make the payments on their properties and many people lost their homes. It was terrible for those that lost their homes, and a time of opportunity for people who were investors and were able to capitalize on it.
Now we are in 2021, certain markets in Florida, South Carolina, North Carolina, Tennessee, Texas, Arizona are seeing the real estate market at all-time highs as people are relocating to these states from larger cities, and states that have been in shut down because of COVID. In a lot of these states people can get larger homes, for lower prices than what they are paying in large cities. As a result, there is very low inventory and the market for an investor is very challenging right now. It’s becoming more and more challenging to get property at great prices in these places for investors. There is also a forbearance in place so people who can’t make their mortgage payments can’t be foreclosed on. Usually investors do well with finding people who are at risk of losing their home to be able to negotiate a better deal and that portion of the property market isn’t in play currently. It will come back, we just don’t know when and how it will roll out.
The opposite is happening in larger cities where people are leaving their places to go to buy homes in the suburbs or other cities and states all together. So, some larger cities are seeing pricing drop as the demand drops in those areas. There could be opportunities to purchase properties below market, but you have to have a strategy to hold these properties as flipping them isn’t going to be an option.
There is always money to be made in real estate if you know what your options are and you understand the market that you are doing business in.
I don’t have all of the answers but here is the best advice that I can give…
1. Don’t do a deal if it isn’t a great deal!!! Sometimes people want to do a deal so badly that they do a deal and it’s not a cash positive deal or doesn’t provide the returns needed for the time, energy and effort put into it. If the numbers don’t make sense don’t do it!! People are getting into bidding wars because they don’t want to lose and are forgetting what their max number is.
2. Know how to exit the deal! If you are flipping make it as fast of a turnaround as you can. If you are holding and renting make sure the rental rates are where you need them to be. Have your plan and make sure the numbers work with the plan.
3. Be ready!!! At some point the forbearance will end and it will change deal flow, so make sure you are ready for that. Know who you have to invest and what funding sources you have.
I will always be in real estate regardless of the market conditions, I will just adjust my strategies based on the market conditions. With the right information and experience you can adapt to anything and make it work for you!!
I have spent the last 33 days circling the globe meeting business owners and entrepreneurs from all over the world, and there are a lot of people that have the exact same problem. It doesn’t matter the business that you have, the industry you are in, or where you want to grow your brand personally, everyone has the same problem.
Another coaching success story. Thabo Eric Mashale was a guy who drove me to the airport with a crappy car, and 1 year after coaching with us he has 5 cars now, runs companies in Cape Town and Johannesburg, owns a beautiful home in Midrand and wants to move in Dainfern. He has his own driver so he can network with his clients and started another business which is a networking group. He is black and did not do it with BEE government. I am so proud of him and he is now a huge success story because of my coaching. Please share this amazing success story. #CoachingWorks#MillionaireUnderdog #FamilyFirst
I get so many emails and messages each day on how to handle betrayal, haters, nay-sayers and non-believers. Let me be the first to tell you that it’s not an easy thing. As Sylvester Stallone told me personally. you have to take that negative energy and sort of turn it into a driving force. People often wonder why I fight back against haters and why do I even give them attention. Well perhaps like Stallone says, I have used that fuel to drive me and not give them the satisfaction of failing. Haters are like bullies and they often either keep hating because no one ever says anything back or they hate because they can’t do it themselves and would rather see you fail because if you do, they feel better about themselves for not succeeding.
Here is the cold, hard truth. If what you are doing now has not gotten you to where you want to be, and you keep doing the same things over and over again expecting different results, that’s just plain insane.
Someone said that they heard from someone’s friend’s sister (see how crazy this is going to be) that I belittle people at events. Well, before I respond, you truly have to understand the three personalities of JT Foxx:
a. Stage JT Foxx
b. Business JT Foxx
c. Personal JT Foxx
I Like To WOW But We Also Have Un-Wow’s (Yes, I Admit It)
My business model has always been “Powered By My Clients Success.” As cliché as it sounds, my coach told me 5 years ago that if I wanted to be in business and be the best, success would never be defined by how much money I made, but rather how much success my clients have. Success can be defined in many different ways. For some it’s being able to retire, being able to double their business, having more free time, having more family time, more hedging, or the ability to buy their first property.
To be honest, the speaker industry is often measured by price per head. For example, if there are 100 people in the room, each person has a monetary value called “Butts in the Seats.” I have never in my whole speaking career measured our event success by that, even though that is the way I was first taught. I find that it is quite repulsive and offensive. Instead, I quickly learned that even if just one client was to succeed in a room of 100, that was massive for my brand and for future opportunities. Of course, the idea is not to get just 1 person to show. Ideally you would like to get 100, but it would be naive Continue reading →
Success is not easy. In fact, making your first $100,000 will probably be the second hardest thing you do in business. The first one is making your first million. Ironically making your second million will be one of the easiest things you do. Why is that? First of all, one of the things that suppresses success more than anything is fear. Now to succeed, you need passion. Passion is not something you can teach or put int someone, you either have it or you don’t. My key to success is not buying properties, businesses, or stocks, I have succeeded because I have invested in people. That isn’t something I invented. In fact, I simply took what other people were doing and made it better. This is a classic wealth strategy called Conceptional Implementation.