Coaching… seems to be a popular topic today, but what is coaching? Who should get a coach? And does someone really need a coach? So I figured I might as well have a conversation about it and I will share my thoughts and my own personal experiences when it relates to coaches and coaching.Continue reading
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!!
We all begin each year saying, this year is going to be my best year. For some people 2020 looked back at you and laughed in your face… and for others 2020 really was one of the best years on record for you and your business. There was an immense amount of volatility in 2020 and for some people that volatility took a lot from people. Others saw the opportunity and capitalized on it. There really wasn’t a right way or wrong way to take on 2020, unless you just did nothing.
Now we have made it to 2021…
When you looked at social media everyone was just waiting for 2021, like all of a sudden, the clock was going to strike midnight and a magic wand was going to reset everything back to pre-2020. That’s not how it works. We have started 2021 at an all-time high of COVID-19 Cases with cities and countries re-entering lockdown status, and a super-spreader version of the virus now spreading outside of the U.K. Positively we have a vaccine rolling out, but the roll out doesn’t seem to be going as quickly as most people would like it to. So how are you going to make 2021 work for you?
First thing we have to do is reset, readjust, and realign yourself and your business. You can’t wait for the magic wand to waive over you, you have to take that challenge on yourself. Your results are going to be the product of your thoughts, so what are you thinking and telling yourself? Are you telling yourself that you are going to have a great year, that your business will grow, that profits will increase… or are you doing the opposite? You have to take yourself back to zero and set the goals and objectives and how you are going to get there. If you don’t know the destination you want to get to how are you going to map the route, there? Define where you want to go first, then you can move on.
What are the obstacles in your way? Now that you know where you want to go it’s time to take a look at what potential things might be in your way, or the roadblocks that you need to plan for. Make sure the goals you have are realistic or achievable for this year. Are you trying to go from $100,000 in sales to $10,000,000 because that’s not a realistic plan for growth in 1 year, unless you know you have a product launching, and investment coming to scale or some crazy injection of clients or funds into your business to make a large jump happen? Roadblocks might be your own self-doubt or focus and time that you are spending on your business to get it where you want it to go. It could also be people you need to add to your team, systems you need to put in place or software that needs to be upgraded. Anything that can hold you back… maybe it’s even COVID-19 that is an obstacle.
Now how are you going to overcome those challenges? Is COVID-19 the biggest roadblock in your way, then you need a plan to overcome it and adapt and adjust because COVID is still here. Do you need to retrain your brain, do you need to build a new skill? You have to be able to overcome the things standing in your way otherwise you are going to be stuck in the same place and not be able to go anywhere.
Start to eliminate fear! Fear tends to be the thing that stops most people. You become so afraid of all the things that could go wrong that you never actually start anything. Removing fear is something that you have to conquer and do it quickly. You cannot let fear become a limiting belief that stops you from achieving your success, so you have to train your brain to remove fear. The more knowledge, the more coaching, and the more support you have the easier it is to remove fear. When you have a coach to help you make decisions it helps you gain more confidence in your decision making.
Have your benchmarks, KPIs, and measurements that keep you on track and keep you moving forward. You can look at what you want to accomplish in the year and break those down to monthly and quarterly goals that will help you build to your annual goals. This gives you a lot of smaller goals to accomplish along the way and help you track progress. If you are hitting the monthly and quarterly goals, why aren’t you and what can you change? If you don’t track anything you won’t get to your big goals and you won’t know what to adjust or change along the way.
Keep yourself accountable! Take your goals, set a day every month to go over the prior month’s goals. Did you hit them or not? If not, what went wrong, and how can you fit it so the issue doesn’t compound over the next year. Work with your coach on what your goals are and where you landed. They can help you figure out how to do more of what is working and less of what isn’t working.
Bottom line, reset, refocus, set the goals, remove the problems, and check in on your progress!
Leave a comment with your goals for 2021!!! And if you need help on reprogramming your brain CLICK HERE
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.
No one is comfortable selling.
In a lot of the countries I actually met with people Continue reading
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 #
– JT Foxx
For more success stories please visit http://jtfoxxsuccessstories.
To submit your success story please visit http://jtfoxxcoachingsuccess.
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.
The lesson should be
JT Foxx… the Simon Cowell of the Business World?
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.
Tough Decisions Define Leadership
While on a recent flight I was reading Success magazine and came across an article that got me thinking…..how do you really become a great leader. Some people are just born with leadership qualities and others really have to work at it. But there is something that all leaders have the ability to do….
Make tough decisions
As a leader, boss, or manager there are always those decisions that aren’t going to be the popular choice but they have to be made. If you have the mentality that you have to be everyone’s best friend you aren’t going to be the best leader to drive everyone forward. So many people get hung up on worrying about what people will think about them and not wanting to be the “bad guy” and wanting to be everyone’s friend.