The Successful Entrepreneur - An Inspiring Example

I have been in the privileged position to watch many successful people rise from poverty to stunning financial success. But one of my associates and close friends, Jennifer Benning did it spectacularly. She used the investment vehicle of real estate as her specialization, but its what she did with it and the results that followed that really sent goose bumps along the arm.

Jennifer took precisely 11 months to come from obscurity to over a $1 million dollar bank balance. She did it with flair and unbelievable creativity. Here's her story.

Jennifer came from a big family and she was the youngest out of 12 children. She had just left school and started her new life as a video shop attendant and was promptly dissatisfied and unhappy with her immediate prospects. Her older brother Andrew was an associate of mine and gave baby sis some ideas. She was not ready in previous years as school was an enjoyable experience and boys and friends took up most of her time. It took the drudgery and low paid demoralized experience of a 50 hours per week job to register with Jennifer that this was definitely not what she wanted from life. She had become the perfect pupil thanks to the very job she sought to abandon as promptly as possible.

Armed with the information she was given in the literature we all had read as a group of friends all those years ago, she had suddenly seen the light and answers were present where once there were only questions.

The following formula struck home with Jennifer.

problem + solution = profit

She had a few thousand saved, however the help she got from her parents was helpful even if it did work out that had she not received the help she still would have achieved the same results. Her parents offered to put the family home up as equity against the property deal she had found and it was a beauty.

Jennifer immediately began scouting for a deal at the local Palm Springs Real Estate agents and brokerage houses. She used the internet extensively and after a few weeks of hard work could not find what she had envisaged. A property with problems that could easily be fixed for a profit. At a family gathering she relayed that information to her brother Andrew who encouraged her and gave her more inspiration to keep looking. That night she was on the internet again and she was suddenly inspired to make a wider search for more expensive properties as previously she had been looking at properties for under $200,000

Her new search included houses under $1 million. There it was, asking price $520,000 She made her calls to investigate her due diligence questions and the results were interesting. The building was a large 52 room boarding house that was unused. An older lady lived there by her self and was looking to sell it so she could re-locate closer to her family.

Jennifer made an offer on the property the following day after inspecting it and traveling back home to talk to Andrew and crunch the numbers. She found the building to be in good condition, if a little run down, the foundations seemed solid. Her idea was to access the excess intrinsic value in the property by getting subdivision certificates for each and every room of the building. Her plan was to have the place painted and minor repairs taken out on the roof and exterior.

Her offer was for full price asked providing the deposit was only $3000 and the escrow was 4 months or 160 days. The vendor was in more of a hurry, but without much other competition for this building she eventually accepted the terms.

Jennifer also negotiated immediate access to the property so the work could begin on her investment. She had never picked up a paint brush in her life, but she was motivated and ready to learn by trial and error. With the help of family and some professional help on the big jobs, she completed all she envisaged within 55 days into the escrow period. The condo certificates had been applied for and were slowly starting to filter through. As soon as the first few came in she had an agent appraise the newly created studio apartments and immediately had them listed. The agents confident opinion was that each was worth between $30,000 and $40,000!

By the time escrow had come and settlement was to take place, she had 15 contracts in place. In other words she had already sold 15 of the 52 trendy studio apartments she had created. With this equity, she didn't need to use her parents equity in their family home to secure the finance required. Her existing sales totaled $612,542 which exceeded the purchase price of the boarding house.

Bank managers were tripping over themselves to offer the finance for this deal despite the fact that she had no long term work history or any immediate access to cash. The equity added up in their books and they didn't need any further security.

Of course the best part was still to come. She was the proud owner of the remaining 47 apartments which were now owned by her free and clear. The total value of those studio's were in the vicinity of $1 and a half million dollars.

But that wasn't the end of the story. She was now ready and capable of adding even more value. She noticed a large percentage of the people looking at the apartments were actually investors and not people wanting to inhabit the studio's so she employed a property manager to fill the existing vacancies of this building. This was another increase in value because with an existing tenant paying a lease the apartment was now an investment ready made package. Just what these potential investor wanted and needed to secure their own finances.

By doing so, she added even more value so her final calculated return after all costs was nearly $2 million before tax. She sold the last apartment nearly to the day of a year after first finding the building on the internet.

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Martin Thomas is a professional investor and Entrepreneur.
If you would like to discover more about being an entrepreneur, you can read "The Million Dollar Mentor" by Hayden Muller. Martin recommends this work highly and has used the very concepts contained in the work for his own successful entrepreneurial activities. http://www.opportunity-investor.com

The Apartment Search

Complete lists of Aparments for Rent In Australia

When you are apartment hunting, prepare a rental search plan. Be sure to know in advance what you want in an apartment and what you can live without. Decide in advance what areas of the city you could consider living in and make a list of apartment buildings within that perimeter.

Be sure to consider how far and how convenient it will be for you to travel to your job or your school or your family and friends. Also, how far is the apartment from stores, banks, hospitals, Church (if you attend) etc. If you have a car, make sure that there is adequate and convenient parking space 24/7. If you don't drive make sure that there is close by public transportation.

Narrow your apartment locating to the size of rental unit you need. Studio apartment or one bedroom apartment or 2 BR apartment or more. Are you considering a furnished apartment or do you possible need a short term rental. If you are renting an apartment with a cat, dog, or other pet, you need to find out which apartments allow renting with pets and which do not. And, if they do allow pets, is there an additional security deposit required and if so, how much it is. Do you need an apartment complex with an exercise room or tennis courts or a pool or a recreation room, etc. or do you simply need and desire a nice clean and quiet pad.

Be realistic about what you can afford. Most apartment renting guides suggest that your rent should not be more than 25% to 30% of your income. This can vary depending on the income bracket, but be sure to be "real world" when budgeting additional apartment expenses such as heating and air conditioning and other utilities. If you fall short of affording the apartment of your choice, you might consider sharing an apartment with a roommate or roommates. Keep in mind that living with roommates can help you afford an upscale apartment or even, in some cases, luxury apartments, but it also has extreme restrictions to your privacy.

If you are familiar with the area and its neighborhoods, that gives you a distinct advantage for your apartment search. If, however, you are relocating to a new city or are not particularly knowledgeable about the city, you may want to contact an Apartment Locator or an Apartment Finder.

Once you narrow your search for apartments down to apts which suit your needs and desires you must be well organized & well prepared for your visits to the apartment complexes. When inspecting the rental premises be on the alert for unsafe conditions, excessive noise from traffic or playgrounds or neighbors. Visit the apartment building at night as well as the daytime hours. This will give you a more comprehensive understanding of the total space you will be residing in.

When you find the apartment complex that meets your renting needs and desires, you must be ready to put your "best foot forward" when you meet the apartment's rental agent. This person may be the apartment building manager or a renting agent for the apts. You should prepare for this apartment renting interview in a professional and intelligent manner. Be advised that you are going to be asked to provide proof that you are a reliable prospective tenant. You are most likely going to need references from previous landlords. You may also be required by the apartments to show that you are gainfully employed and can afford the rent. Many landlords may require a credit report. If you are a first time renter and/or you have limited credit history you may be asked for references from family, friends, employer, professionals, etc. Likewise if you are renting with bad credit you will certainly want to come to the interview with a strong selection of references.

You are not necessarily restricted from apartment renting with less than perfect credit, but you may be required to put up an additional security deposit and possibly have a credit worthy person co-sign the apartment lease with you. Don't unprepared for by requests for any of these things. Be sure to fill out a 100% truthful apartment rental application and come to the interview with references, proof of employment, credit information and any other renting resources at the ready. If you do have a credit history or renting history that might be detrimental, going through an apartment locator or apartment finder may be the best solution. They will present your history to the landlord for you, (make sure they are 100% truthful about it) and they can also be quite helpful and save you a lot of time because they most likely will know which landlords and apartments are more lenient in these circumstances. They can also advise you as to exactly what kinds of references and documents you might need to prove that you can be a responsible tenant.

You Have Located Your “Dream Apartment”

Once you have located your “dream apartment”, or as close to your perfect apartment as possible, now it is necessary to pay extremely close attention to the particulars of the rental agreement. An Apartment Lease is a contract between you and the landlord. Once agreed upon and signed by the tenant and the landlord, the rental lease creates obligations and restrictions for both parties. The most obvious covenants of the apartment lease are the length of the rental, (Six month lease, one year lease, two year lease, etc.) The amount of the security deposit, when the rent is due, who is responsible for what utilities. Also in that apartment lease, however, are stipulations, (sometimes in small print) that can cover a great variety of landlord and tenant obligations and restrictions. They can include, but are not limited to, the following:

• Maintenance of the apartment
• Care of the premises
• Cleanliness
• Insurance
• Governmental regulations
• Eminent Domain
• Nuisance and noise clauses
• Stipulations as to the circumstances whereby the landlord can enter the premises
• Use of Common Areas
• Keys and locks
• Loss or damage
• Parking
• Pets
• Plumbing
• What the landlord may do if the rent is in arrears
• What the tenant can do to bring the rent current before any kind of action might be started
• Non performance or breach of the contract by the renter
• Renter’s penalties in the event of early termination
• Circumstances which might cause the tenant or the landlord to break the lease prior to the end of the term
• Heat and other utilities
• Removal of goods
• Surrender or Non-Surrender of the premises
• Waivers of various obligations
• Prohibited reprisals
• Garbage disposal
• Recyclables
• And the list goes on and on and on.

Prospective tenants should read an Apartment lease thoroughly. Prospective apartment renters should understand everything that is contained in that lease and make an informed decision to be 100% accepting of all the provisions for both the tenant and the landlord, that you are positive that you can live up to your end of the bargain and that you are comfortable with the provisions on the landlord’s end.

If you do not understand every single clause of that apartment lease then do not sign it until you do understand it. If necessary and if possible, request assistance in interpreting the lease from a trusted source such as a knowledgeable friend or family member or employer or professional, or anyone else who can understand it and explain it to you. If necessary get legal advice. It can cost additional funds if you do not qualify for free legal assistance, but that additional cost might save you a ton of money and save you a ton of heartache and aggravation down the road.

If you do not agree with any of the provisions of that apartment lease and/or you feel that you can’t live up to the tenant’s obligations, or if you are not in agreement with any of the landlord’s rights under the agreement, then do not sign the lease until/or unless it can be changed to your satisfaction. If the apartment rental agreement cannot be amended to meet your needs and desires and comfort level then do not sign the lease and do not rent that apartment. The Apartment Rental agreement that you sign as a prospective tenant will not change once you become the actual tenant of that apartment.

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Kyle Thomas Haley of Chapel Hill, North Carolina has been helping people find apartments on the Internet since 1999 for STANZEEKAY Inc's Relocation Websites
http://www.apartment-rental.net

Family Fun in Palm Springs California

At first glance it seems that Palm Springs is a place for mature audiences to find much-needed rest and relaxation and that there is not much for the younger crowd to enjoy. But, on closer inspection, one will find that Palm Springs is extremely family friendly and a great place to take your family on your next vacation.

What once has been known as a Mecca for the retired, the rich and golf enthusiasts, Palm Springs is beginning to show its inner child. From museums and amusement parks to miniature golf and arcades, there is no end to the family-friendly attractions to be found in Palm Springs.

Here are just a few of the many possibilities to be found in Palm Springs that the whole family will be sure to enjoy: Camelot Park. Located on East Palm Canyon, Palm Springs Real Estate, Camelot Park boasts of activities and entertainment to keep the whole family occupied for hours. At the center of this whimsical attraction is a fantastical castle surrounded by video games, miniature golf, go-carts, bumper boats and much, much more.

Children's Discovery Museum of the Desert. Located on Gerald Ford Drive in Rancho Mirage, this museum offers hands-on interactive play. Here kids can shop for their own groceries, prepare their own food, and even withdraw money from an ATM. The museum also features a dress up and make believe section on the second floor.

The Living Desert Wildlife and Botanical Park. Located on Portola Avenue, the Living Desert is full of amazing wildlife and creatures that will be sure to amuse the adults and children alike. Featuring species such as coyotes, the endangered bighorn sheep, cheetahs and meerkats, the Living Desert is a must-see attraction in the Palm Springs area. The park also boats of a discovery center where children can watch demonstrations and have hands-on interactions with small creatures such as snakes, turtles and tarantulas.

Oasis Waterpark. Located on Gene Autry Trail, the Oasis Waterpark can help take the heat out of a sweltering Palm Springs afternoon. Featuring 13 waterslides, a beach and a family-oriented atmosphere, the Waterpark is geared to accommodate guests of all ages.

Jeep Eco Tours. A jeep tour of the surrounding desert can be a great way to get the family out to explore the landscape without having to make the little ones walk too far. On these tours you can visit a natural palm oasis, Indian village or old mining camps. In order to tour, many companies require that children be at least six years of age.

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Karen Stearns
http://www.pslistings.com

Top Ten Tips when Buying Real Estate!

Learn How to Become A Real Estate Agent

In today's financial climate, real estate continues to be a strong investment in many areas. Educated buyers will always make the most out of the real estate market. These top ten tips to buying real estate will help you enter into your next real estate transaction with confidence.

TIP #1: Hire the right Agent!

Hiring the right Real Estate Agent is invaluable. If you are unfamiliar with the area, the realtor you choose is your link to important information regarding schools, zoning, city and county regulations, neighborhood trends, building and remodeling and rental restrictions, and property values. Every city has different laws governing what can and can’t be done with a property. Sanibel is one of the most beautiful cities in the United States due in part to its strict building codes and city planning. Having experienced many aspects of real estate transactions on a personal level, I understand situations and concerns of my buyers and sellers. I have been an island property owner for many years and have walked through several local real estate transactions myself. From buying and selling lots to building new homes with local builders, to investing in rental income producing properties and utilizing 1031 Tax free exchanges, I don’t just sell island real estate; I invest in it because I believe there is no place in the world like Sanibel and Captiva. Whether you work with me or someone else, finding the right realtor is invaluable.

TIP #2: Utilize 1031 Tax Exchanges and Save Money!

1031 Tax Exchanges are tax free exchanges of investment property. Section 1031 of the Internal Revenue Code is one of the last great tax shelters. If you purchase an investment property of “like kind” within 180 days of the sale of a similar type property, and you are willing to increase the amount of debt or value of the property, your capital gains taxes can be completely deferred. Having just completed a Reverse 1031 tax exchange myself, I believe in using this powerful tax shelter. Feel free to contact me if you are considering using a current Sanibel, Captiva, or Ft. Myers property in a 1031 Tax Exchange, or want to purchase an investment property that might qualify in the future for a 1031 Tax Exchange. A Reverse 1031 Tax Exchange is the same exchange concept as a 1031 Tax Exchange except you have purchased your replacement “like kind” investment property first, before selling the property to be exchanged. Learn more about 1031 Tax Exchanges, and how to use them to your financial advantage. Keep in mind that a neutral party must have act a Qualified Intermediary. Real Estate may also be bought and sold through your self directed retirement account. Whether you utilize a traditional IRA, Roth IRA, SEP, or company plans such as 401 (k) plans, Keogh, or profit sharing plans, investigate your options.

TIP #3: Pre-qualify for Financing!

Pre-qualifying for a loan may not seem that important until you find your perfect paradise property at the same time as another buyer. When a property is priced to sell, it will usually attract more than one buyer. Once a seller receives an offer, the two most important things they consider are …the price, and the contingencies. For some sellers, a contract contingent on the buyer obtaining financing makes them uncomfortable with the offer. Eliminate any doubt in the mind of a seller, by pre-qualifying for the amount you may spend on the purchase of any property. This is especially important if your dream property suddenly has a price reduction. When this occurs other buyers might come into the picture, that didn’t look at that property before it went “On Sale”! Often times a seller will take a financially solid contract over a higher offer. Be ready to put a deal together!

TIP #4: Location, Location, Location!

“Location, location, location”, while overused as a real estate phrase, is still and always should be a huge consideration to you as the buyer! If something about the location of a property bothers you, be aware that the same location drawback will bother any buyer you hope to attract when and if you need to resell the property! It’s important to ask a lot of questions, but often times it is difficult to know the right questions to ask if you are unfamiliar with the community. This is why it is so valuable to choose and hire the right real estate agent to represent your interests when buying a property.

TIP #5: Get a Home Inspection!

Obtaining an inspection report performed by a licensed professional building inspector of your choice, can protect you from many defects that are hidden from view. Why gamble with such a large financial investment? Let a professional building inspector point out areas to be fixed or replaced that aren’t obvious. A good inspector will give you a lengthy report covering all systems in the home from electrical, to plumbing, to roof conditions, and structural concerns. Once you receive a report you may begin negotiations again concerning repairs. Often a seller will agree to make necessary repairs up to a specified financial amount. When a seller lists their property “as is” they are letting you know that they are not willing to fix or replace any part of the property. If you are interested in an “as is” property and aren’t going to level the structure and build new, it is still in your best interest to obtain an inspection report. Don’t rely on the building inspector to look for termites and other harmful pest problems. Although an inspector will see pest damage, it is best to have a separate termite inspection conducted by a licensed company that understands pests and can eliminate them.

TIP #6: Obtain a Survey and Title Insurance!

Surveys will show easements, encroachments, and boundary lines of a property. By surveying a home in an established neighborhood you are assured that the property boundary lines have been maintained. As homeowners add on the their properties over time with fences, sheds, docks, garages, and other structures, boundary lines can be crossed placing part of their structure on your property, or vice versa. Surveying vacant land is also important for same reasons as a home, plus a survey will help determine the size home, or amount of coverage the lot will allow.

Title Insurance will protect your investment from another party claiming ownership interest in your property. Title searches will uncover liens placed on a property by vendors, or mistakes in past transfers of the title. The last thing you want to discover when you’re in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undisclosed owners, easements, or leases. Should a claim arise after the purchase of a property, the title insurance company is there to protect your ownership interest in that property.

TIP #7: Be Realistic!

“Wants” and “Needs” are very different when is comes to real estate features. If every home you see has the upgrades you “want” but exceeds the price range that you “need”…. be realistic. Who wouldn’t love a large, oceanfront, professionally decorated home or condominium, with all the bells and whistles? Looking at properties that exceed your price range is always fun, but it can be extremely frustrating and upsetting. Be realistic by looking at listings in the price range you “need”, keeping an eye out for that special property that has the potential to evolve into the dream home you “want”. Always look beyond the furnishings, wallpaper, and floor coverings to the architecture of the home; it is then that you will find properties with potential.

TIP #8: Use Contract Contingencies Wisely!

Contingencies in a contract for the purchase of a property are designed to protect you, the buyer! This may seem silly to mention but it’s important to remember that you need to work with the seller to come to an agreed upon contract. Valid contingencies to an offer are expected by the seller. Common contingencies include building inspections, termite and pest inspections, financing, and surveys. Many deals fall apart over small details, and easy to fix issues. Remember that sellers are emotional about their property. If you can see that major repairs or replacements need to be made due to neglect or age, make allowances for this in your offering price. The old adage “Everything is negotiable” still holds true, unless you upset the seller so much that they refuse to work with you. Try to avoid listing cosmetic changes you would like the seller to make as contingencies. Cosmetic changes are subjective, be objective when writing a contract.

TIP #9: Understand Regional Health and Safety Issues!

An informed realtor will help you understand other health and safety issues that should be considered when purchasing a property. Safety and Health topics can include EIFS (Synthetic Stucco), indoor air quality, mold, radon, and lead paint. Many of these require the seller to sign a disclosure statement, while others may not apply due to the age, type of construction, or location of the property being purchased.

TIP #10: Ask for Information!

Don’t be shy. When you have hired a realtor to work for you, ask them for information. Do you want to look at all the properties in your price range, with the features you need, or just the houses a realtor wants you to see? You deserve all the information you need to make an educated decision. Can you imagine buying the home that you felt was good for your family, only to find that you never received information on a similar property that is perfect for all your needs? I provide many services to insure my buyers always have information at their fingertips.

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Eric Pfeifer
www.mysanibelrealestate.com