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New Free Report Details How You Can Sell Your Home in 14 Days for $17,495 more

noreply@blogger.com (MyFavoriteAgent.com) — Fri, 29 Apr 2011 00:07:00 +0000

     It's very challenging to sell your home in today's market. There are a lot of homes on the market and it's harder to attract buyers with all of the competition.

     Even worse, you have to compete with all of the foreclosures, which are driving home prices even lower. If you're one of the lucky ones and actually sell your home, you'll more than likely, lose a lot of money. Buyers today seem to be making lower offers and many sellers are forced to accept these loer prices.

     A new free online report has just been released, which will show you how to sell your home in just 14 days for $10,000 to $10,000 more in price.

     Thomasine Barner had her home for sale for over 100 days without any offers. Two weeks fater using this new approach, her home sold for $17,495 more than her original asking price.

     You can download this new online report for free simply by visiting http://in14days.sellyourgulfshoreshome.com

Note: This new report is not available for homes currently listed for sale by a real estate agent.

MyFavoriteAgent.com to Take Part in The Alabama Open House April 10-11

noreply@blogger.com (MyFavoriteAgent.com) — Sat, 10 Apr 2010 02:10:00 +0000

MyFavoriteAgent.com to Take Part in The Alabama Open House April 10-11

noreply@blogger.com (MyFavoriteAgent.com) — Thu, 08 Apr 2010 20:29:00 +0000

MyFavoriteAgent.com to Take Part in The Alabama Open House April 10-11

Orange Beach AL Beach Front Real Estate

noreply@blogger.com (MyFavoriteAgent.com) — Sun, 04 Apr 2010 19:23:00 +0000

Orange Beach AL Beach Front Real Estate

How One Man Turned an $11-an-hour Job into $3 million

noreply@blogger.com (MyFavoriteAgent.com) — Tue, 31 Mar 2009 00:13:00 +0000

How One Man Turned an $11-an-hour Job into $3 million

Posted: 30 Mar 2009 07:53 AM PDT

Posted by Rob Minton
Follow me on Twitter

Have you ever heard of Paul Navone? I read an article about him a little while ago, and his story seems relevant in these financial times. Let me share it:

Paul, who is nearing 80, never made more than $11 an hour at his job. However, last year he donated $2 million dollars to two schools. He also has about $1 million more saved for his retirement.

With his first job, he began saving money. At the age of 23, he purchased a duplex. He lived in one half and rented out the other half. He went on to purchase four more properties.

He used the income from his investment properties to cover his living expenses. In fact, here is what he said:

"I never spent any of my wages!"

Instead, he saved and invested 100% of his wages. The article stated "Navone invested in 'a little bit of everything' and stuck with a buy-and-hold strategy. He is partial to utility stocks, with their steady earnings and dividends (which he always reinvests)."

I found Paul's story fascinating. He turned a job paying $23,000 a year into $3 million dollars. His process was exactly what I have been teaching in Income for Life. His first investments were real estate. Remember my article titled "The Velocity of Money?" He used the income from the real estate to cover his living expenses. He then invested his paycheck into the stock market. This was possible because he lived below his means. Had he spent his paycheck on toys, he would never have accumulated $3 million dollars.

Paul adhered to the buy-and-hold strategy with all of his investments, including his real estate. He saved and reinvested dividends. Isn't this the same thing as trading one home for two?

It seems to me with the bargains out there now in both the real estate market, and the stock market, that now would be a pretty good time to start trying to duplicate what Paul did.

Something to think about, huh?

An unfamiliar smell in the air

noreply@blogger.com (MyFavoriteAgent.com) — Tue, 24 Mar 2009 00:15:00 +0000

Posted: 23 Mar 2009 01:57 PM PDT

Maybe it's because it's finally that time of year here in Northeast Ohio, where I live. We haven't seen any snow for a few weeks; you can hear birds chirping outside; and last Friday was the official first day of spring. Whatever the reason, late last week and over the weekend, it seemed to me there was a faint scent in the air that we haven't experienced for quite some time.

The scent of optimism.

Have you gotten a whiff of it?

It must not be just me. Despite a down day last Friday, Wall Street had rallied over the previous 10 days or so. Buried a bit in the news last week was a report that housing starts had unexpectedly increased in February. Today we learned that sales of existing homes was on the rise, too. And for what it's worth, the announcement that the Treasury has a plan for buying banks' bad assets got Wall Street optimistic even further, the Dow rallying almost another 500 points today.

Now, I'm not saying there's a TON of reason to be optmistic -- whether the Treasury's plan works remains to be seen, for example -- and I'm not sure what we're catching a whiff of now will be sustained. I'm just saying that we might finally be seeing some signs of optimism. And optimism is what it's going to take to bring us out of this recession. Optimism on the part of investors. Optimism on the part of institutions that lend money. Optimism for the companies that hire workers. And optimism of consumers who buy things.

I saw a quote not long ago by Louis "Studs" Terkel, a Pulitzer-prize winning broadcaster, actor and author. Studs said:

"With optimism, you look upon the sunny side of things. People say, 'Studs, you're an optimist.' I never said I was an optimist. I have hope because what's the alternative to hope? Despair? If you have despair, you might as well put your head in the oven."

It seems to me there's been a lot of despair about the economy lately. And despair to me is useless. Like Studs said, you might as well put your head in the oven. Well, a nation of people with their heads in the oven is not going to recover from a recession.

Sticking your head in the oven isn't going to keep the unemployment rate from going up or fix the housing market. I'm not sure optimism alone will do those things, either, but it's a better alternative, isn't it?

Rob Minton

Are you a battlefield warrior?

noreply@blogger.com (MyFavoriteAgent.com) — Wed, 18 Mar 2009 01:30:00 +0000

Posted: 17 Mar 2009 10:41 AM PDT

Posted by Rob Minton
Follow me on Twitter

Have you ever watched the movie "Troy?" To me, the movie turned out to be a dud, except for one particular scene.

Early in the movie, Brad Pitt's character, Achilles, is headed off to fight a life-or-death battle with an enormous warrior. A young boy was helping Achilles suit up for battle. The young boy had already seen the warrior Achilles was to fight, and he tells Achilles "I have seen the man you have to fight, and I would not want to fight him."

Achilles responds:

"That is why no one will ever remember your name."

The message delivered was that nobody respects or honors those who do not fight. You might be wondering how this relates to real estate investing or wealth building?

In my opinion, it relates on many levels because these things sometimes require you to fight. Those investors who choose not to fight lose massively. Here is what is lost when you decide to quit and not fight:

They lose self-confidence because deep down they know they quit.

They lose money on the actual investment.

They lose the opportunity to become financially free.

In fact, I would bet that most people who decide to quit do not realize the magnitude of what they have lost. They typically look at the short-term outcomes but completely miss the long-term ramifications as noted in No. 3 above.

Let's go back to the movie again and change it a little bit. Let's assume that the warrior is Donald Trump and instead of fighting a battle, he is considering investing in a large skyscraper that is half vacant. The little boy is shining his shoes when he tells Mr. Trump "I have seen the property you are considering investing in, and I wouldn't want to buy that building."

How do you think Trump would respond? The same way Achilles did. He would say:

"That is why you will never be wealthy."

At some point in your life, you need to become a battlefield warrior. If you don't, you will always be at the mercy of someone else. Not long ago, a partner of mine decided to leave our little partnership. I'm fine with him leaving the partnership, but I'm saddened because of the long-term ramifications of his decision. At some point, he needs to decide to fight.

Where are our Battlefield Warriors?

Why is it that when something goes wrong with an investment, most people complain, cry and say things like "This is too hard" or "This doesn't work" or "This isn't for me."

It sometimes feels as though we are becoming a nation of sissies. Why are we so lazy and unwilling to fight for our financial future? Why is giving up the best choice? In Vince Lombardi's famous speech he said:

"And in truth, I've never known a man worth his salt who in the long run, deep down in his heart, didn't appreciate the grind, the discipline. There is something good in men that really yearns for discipline and the harsh reality of head-to-head combat."

This doesn't seem to be the case anymore. It doesn't seem as though many people want to face the harsh reality of head-to-head combat. Instead, they would rather give up and go home.
Here is what author Carlos Castaneda said:

"To be a warrior is not a simple matter of wishing to be one. It is rather an endless struggle that will go on to the very last moment of our lives. Nobody is born a warrior, in exactly the same way that nobody is born an average man. We make ourselves into one or the other."

Building wealth sometimes feels like you are going to war. Many times, things don't go your way. You must become a warrior and fight when this happens.

I challenge you to read any biography of any billionaire and not find countless examples of when they fought. Go read about Andrew Carnegie, John D. Rockefeller, or Donald Trump. I promise you will see that they are all Battlefield Warriors.

Bill Gates had to fight a long and ugly anti-trust lawsuit — he prevailed.

Andrew Carnegie fought several strikes at his steel mills. In one of these strikes, several people were killed — he prevailed.

The "Donald" has fought many battles. In the 1980s he fought with tenants in a building he wanted to tear down. He ended up keeping the building and converting it into condos — he prevailed. (I'm not even going to mention the battle with Rosie O'Donnell…)

John D. Rockefeller battled 20 different government lawsuits against Standard Oil. He lost the lawsuit and was forced to dismantle his company. In the process his wealth escalated further.

Oprah Winfrey had a major battle with the dairy farmers over her comments on mad cow disease — she prevailed.

I could go on and on with billionaire battles, the point being that battling is part of wealth-building. If you are afraid to battle, don't invest in real estate.

You don't have to be a warrior to invest in a mutual fund. Simply mail your check to them and kick back and relax. Just remember, you have to keep saving and saving your money until you're 83-and-a-half so that you can retire some day.

It's your choice; would you rather be Achilles, or the young boy who nobody will ever remember?

What are your criteria for evaluating opportunity?

noreply@blogger.com (MyFavoriteAgent.com) — Wed, 04 Mar 2009 02:02:00 +0000

What are your criteria for evaluating opportunity?

Posted: 03 Mar 2009 11:15 AM PST

If you are the resourceful type, you're probably now seeing opportunities that others don't see in this recession. New business opportunities. New investing opportunities. Maybe new personal or career development opportunities. This is great! The problem with being so resourceful is that you might also be chasing opportunities that you shouldn't be chasing.

I have noticed this during my private consulting meetings with clients. I notice that people have the tendency to chase multiple opportunities at the same time. In almost every instance of this, I recommend that the person stop chasing lower-value opportunities and reinvest their time and resources into other higher-value opportunities.

So how do you determine what opportunities to pursue? This is a million-dollar question, isn't it?

I would suggest setting up your own decision-making criteria. Apply your criteria with every opportunity you consider. Your criteria will help you quickly focus on the best opportunities and eliminate others. Here are a few things for you to think about in creating your "opportunity" criteria.

1. Does this opportunity provide any synergy for you? Does it directly relate to something else you're already doing? Synergy occurs when one opportunity feeds the other. Disney is fantastic about using Synergy in their businesses. One business feeds the other. Disney started with kids movies. Then they moved to theme parks based around characters in the movies. Next, they build resorts for theme park visitors. Notice they didn't go from kids movies to auto manufacturing? Each new opportunity they pursue can be promoted to the same customers. Had they chosen to go into auto manufacturing, they would have to start from ground zero without any momentum.

2. Does the opportunity give you leverage? Can attractive outcomes be obtained from little inputs? For example, I have been asked to provide consulting on many occasions. I could build a consulting business, however, there is zero leverage in consulting. Consulting isn't a business. It's a job in which you trade time for money. I would rather work once and get paid over and over again. See the leverage?

3. Do you have control over the opportunity? Most people don't want control. They would rather be passive and leave the decision-making process and responsibilities up to others. Not me. I want control. I don't like to be dependent upon anyone or anything. I'll pass on opportunities if I don't have control over them.

4. How much do you have to invest and what is the expected return? Your investment includes both your time and your money. Does the opportunity provide an attractive return based on the total required investment? Is there another opportunity that meets your criteria that would provide an overall higher return? One Income for Life member I met with had just made $12,000 on one opportunity with about 15 hours of work. However, he was chasing a new opportunity that provided significantly less return with more risk. I suggested he spend more time on the $12,000 opportunity instead. Be honest when applying this criteria.

5. Am I a fan of the product or service myself? Before Income for Life, I tried to sell products or services that I wasn't using. I struggled. I now only recommend/sell things that I'm using myself. I always go first. This works much better for me.

I use the four criteria above when considering opportunity. This hasn't always been the case. I've chased many opportunities and made some big mistakes. After each mistake, I tried to learn from it. I also tried to determine how to avoid making the same mistake again. This led me to creating my own little system for evaluating opportunity. Don't follow my "opportunity" criteria blindly. Use it to create your own "opportunity" criteria. The point is to have criteria. Don't simply chase every opportunity that comes your way.

Better ways to invest $20

noreply@blogger.com (MyFavoriteAgent.com) — Fri, 27 Feb 2009 03:36:00 +0000

Better ways to invest $20

Posted: 26 Feb 2009 09:17 AM PST

I had to stop for gas this morning, and there was something wrong with the card reader at the pump, so I had to go inside. There was one other customer ahead of me, and also only one clerk.

I had to wait behind the guy in front of me, who was busying giving the clerk his lottery numbers. He played everything, every which way. Pick 3, Pick 4, the numbers in this order and that order. I couldn't help but overhear him as he nonchalantly monopolized the clerk's time (and mine).

When he was finally done and it was time to pay, I watched him hand over a $20 bill. Now, I realize that this isn't a ton of money, but my mind got to wandering about how he could have better invested that $20. Had I been interested enough to say something to him, I might have told him:

1. Put that $20 into a savings account. Even with today's pitiful interest rates, he would have made SOMETHING on that $20, and it would have compounded over time.

2. Buy a stock. If it's the risk vs. reward gambling feeling that appeals to this lottery player, how about rolling the dice and seeing what happens on one of these blue-chip stocks that's undervalued because of the economy?

3. Buy a book. Couldn't that $20 be invested into learning something new? What book, you ask? How about "A Thousand Ways to Make a Thousand Dollars." I'm no statistician, but I've read the book and would guess the odds of him learning a way to make some money are far better than the odds of him winning the lottery.

4. Take a workshop. The local community college not far from my house offers all kinds of community eduction seminars and workshops on the weekends, some for less than $20. Anybody can sign up and learn about personal finance, investing and other useful money topics.

5. Pay down debt. The average American carries credit card debt. If you carry a balance on a card with a 13% rate, paying it down would effectively earn you 13% on that $20. It would work the same if you were paying down the principal on a home, car or student loan.

6. Donate to a school. Where I live, the lottery generates money for the education system. If he cut out the middle man and simply donated to a school, he could at least take the deduction on his income taxes.

OK, OK, I'm not here to grandstand about how others should spend their money. And I hope the guy in front of me today hits his numbers and gets a payoff. Odds are, of course, that he won't. I just thought I'd suggest some strategies for that $20 that might be better than buying a lottery ticket and just crossing your fingers!

One last thing about my gas station trip: When the guy walked out the door and it was finally my turn to step up to the counter, the clerk apologized to me for how long it took.

Then she said, "He does that every day."

Don't get caught simply treading water

noreply@blogger.com (MyFavoriteAgent.com) — Tue, 24 Feb 2009 01:27:00 +0000

Don't get caught simply treading water

Posted: 23 Feb 2009 10:11 AM CST

I came across this little story recently and wanted to share it. I don't know who the author is, or else I'd give them propert credit.

Shortly after class, an economics student approaches his economics professor and says, "I don't understand this stimulus bill. Can you explain it to me?"
The professor replied, "I don't have any time to explain it at my office, but if you come over to my house on Saturday and help me with my weekend project, I'll be glad to explain it to you." The student agreed.

At the agreed-upon time, the student showed up at the professor's house. The professor stated that the weekend project involved his backyard pool.

They both went out back to the pool, and the professor handed the student a bucket. Demonstrating with his own bucket, the professor said, "First, go over to the deep end, and fill your bucket with as much water as you can." The student did as he was instructed.

The professor then continued, "Follow me over to the shallow end, and then dump all the water from your bucket into it." The student was naturally confused, but did as he was told.

The professor then explained they were going to do this many more times, and began walking back to the deep end of the pool. The confused student asked, "Excuse me, but why are we doing this?"

The professor matter-of-factly stated that he was trying to make the shallow end much deeper.

The student didn't think the economics professor was serious, but figured that he would find out the real story soon enough. However, after the 6th trip between the shallow end and the deep end, the student began to become worried that his economics professor had gone mad.

The student finally replied, "All we're doing is wasting valuable time and effort on unproductive pursuits. Even worse, when this process is all over, everything will be at the same level it was before, so all you'll really have accomplished is the destruction of what could have been truly productive action!"

The professor put down his bucket and replied with a smile,

"Congratulations. You now understand the stimulus bill."

Now, we don't have much control over how the government structures a stimulus bill, but I can picture this above story with many average Americans stuck in the middle of the pool treading water, and waiting for something to happen with the pool.

I think this is how many are dealing with the economy right now -- they're waiting for something to happen, waiting for someone to do something that will make it improve. You can see it in the stock market, you can see it in the housing market. There's a lot of unproductive doggy-paddling, as people just try to keep their heads above water.

But let me say this: There will be fortunes born in this economy. Recessions always bolster those who see opportunity in hard times and take advantage. Those are the ones who aren't waiting for anyone to fill up the pool; they are taking action and swimming.

If you think about it, it requires almost as much energy to tread water and go nowhere as it does to swim forward. Doesn't it make sense to use that energy productively, go somewhere and do something? Spend enough unproductive time treading water in one place, and eventually you're going to sink. I don't know about you, but if I'm going to sink, it's going to be while I'm swimming somewhere -- NOT while I'm treading water hoping somebody's going to move buckets of water around in some way that will help me.

Don't wait for help with your water. It's time to swim!

Rob Minton

If you think you can't, you won't

noreply@blogger.com (MyFavoriteAgent.com) — Wed, 18 Feb 2009 01:33:00 +0000

If you think you can't, you won't

Posted: 17 Feb 2009 01:53 PM CST

If you follow me on Twitter, you probably know that a couple of weeks ago, I attended the TED 2009 conference in California. It was the best conference I've ever been to, and I've been to a lot of conferences.

TED is about sharing ideas that can change the world. TED stands for Technology, Entertainment and Design. It started in 1984 and has evolved into a large group of people who want to add value to our world. From the TED website:

"We believe passionately in the power of ideas to change attitudes, lives and ultimately, the world. So we're building a clearing house that offers free knowledge and inspiration from the world's most inspired thinkers, and also a community of curious souls to engage with ideas and each other."

One of the speakers was Bill Gates. I was very impressed with his presentation. So much so that I've included it here.

Gates posed two big questions about the future of our world. In talking about malaria, he asked "How do you stop a deadly disease that's spread by mosuitoes?" He also asks "How do you make a teacher great?"

These are two big issues for Gates and his foundation, and he talked about some ideas for eradicating the problems of disease and lack of education. He also kept saying the same phrase, which struck me as equally as the big questions did.

"I'm an optimist."

Now, I don't know if we as a planet will beat malaria. I don't know if we'll ever get our arms around our education system and make it great. What I DO know is that if we think we can't, we won't. Once you believe you are going to fail, you have failed.

Yet it's pessimism that seems to be the prevailing sentiment these days. Pessimism sells. Outrageous pessimism sales outrageously.

I thought of Gates's "optimist" statement today because I read a headline on a finance blog (I won't name it and give it any more attention) that repeatedly sells sensationalist headlines. Today's was something like "America's standard of living is permanently changed."

In the past on this site, which attracts guest commenters who actually try to outdo each other's outrageous "gloom and doom" statements, I have seen views that are even mildly optimistic about the economy become the object of scorn and ridicule on the blog. When did being an optimist become such a crime?

I'm not an economist, so I don't know if "America's standard of living" has been permanently affected by this recession, but I do know that if convince myself that mine is, then it is. If you believe you are beaten, you are.

For what it's worth, I DO know that the Great Depression didn't permanently ruin American's standard of living. I would say it's improved since then. I know the recession in the early 1970s didn't kill us either. Or the one in the mid '80s. In fact, I would go as far as to say no recession in history has ever permanently affected our standard of living negatively.

So I'm going to choose to ignore yet another blowhard on this negative, sensationalist web site. If you want to believe this recession has beaten you, go ahead. I will place far more credence in what Bill Gates says, and choose, like him, to believe that a cure for malaria IS possible and a superior education system is something we CAN build.

I'm an optimist.

New Listing in Spanish Cove, Lillian, Alabama

noreply@blogger.com (MyFavoriteAgent.com) — Wed, 11 Feb 2009 21:16:00 +0000

Major Price Reduction in Orange Beach

noreply@blogger.com (MyFavoriteAgent.com) — Wed, 11 Feb 2009 21:13:00 +0000

If It's Broke, Rebuild It

noreply@blogger.com (MyFavoriteAgent.com) — Wed, 11 Feb 2009 01:32:00 +0000

If It's Broke, Rebuild It

Posted: 10 Feb 2009 09:57 AM CST

I've been reading a book titled"They Went Broke?! -- Bankruptcies and Money Disasters of the Rich and Famous," written by bankruptcy attorney Roland Gary Jones.

I share some of the money lessons we can learn from this book in the March issue of the Income for Life Members-Only Newsletter (Not yet a member? Click here), and some are obvious. Many rich and famous people have proven good at spending money on wasteful things, trusting incompetent or dishonest people with their finances and/or getting into trouble with the IRS or the legal system. All of which can make money evaporate quickly, even if you have a lot of it.

But there was another commonality among some of the big names in the book that can't be overlooked. Those big names include Conrad Hilton, James Cash "J.C." Penney, R.H. Macy, H.J. Heinz, Henry Ford and Walt Disney, among others. Can you guess what they all had in common?

Each was able to build wealth AFTER going broke at least once.

I read a quote once, and I don't remember where I read it or who said it, but it went: "If the government took all of the money away from the wealthy people in the world and redistributed it to the poor people, the wealthy people would have all of the money back within a few short years."

True wealth-builders can do it more than once, and some have had to. Those who learn from their mistakes, self-correct, re-commit themselves and see opportunities can re-build what has been broken down. They do more. They do things differently. They recover.

The lesson seems relevant these days – I'm sure more than a few people have seen their home's value drop, or, even more probably, seen reduction in job income or the value of their 401k plummet. People will deal with these realities differently. Some will do nothing, complaining that their IRA lost 40 percent of its value, but not taking any steps to recover from it.

But others will put themselves into motion the way true wealth-builders do, even after a big defeat. You can bank on it (no pun intended) – their WILL be fortunes made after this recession. There will be a category made up of folks who will figure out what to do differently, re-commit themselves and earn that money back.

If you have suffered a financial setback in this economy, which of these two categories will you put yourself in?

How to Accomplish Challenging Goals

noreply@blogger.com (MyFavoriteAgent.com) — Fri, 06 Feb 2009 01:34:00 +0000

Post by Rob Minton
Follow Me on Twitter

Today we have a special treat in store for you. I recently interviewed Harry Johnson, who won Bill Phillip's Body for Life Transformation contest in 1998. This interview was focused around how Harry completely transformed his body and you can listen to the entire interview in this blog post!

I realize our blog is about investing and wealth building, but I firmly believe that health and exercise play a key part in our financial lives. Bill Phillips once said, "When you strengthen your body, you strengthen your mind." I believe this is true on many levels.

During this interview, I asked Harry the following questions:

1. What were you searching for when you started your body transformation?

2. What challenges did you have and how did you overcome them?

3. What lessons did you learn about life?

4. What other benefits does someone receive when they eat healthy and exercise?

5. How does exercise help people achieve goals in other areas of their lives?

6. Can you tell us the story on how you won Bill Phillip's challenge?

It was a great interview. There are many lessons for you. You can listen to this entire interview right now by clicking the play button!

Income for Life Member Spotlight...

noreply@blogger.com (MyFavoriteAgent.com) — Thu, 29 Jan 2009 01:36:00 +0000

Income for Life Member Spotlight...

Posted: 28 Jan 2009 06:52 PM CST

Mike Jovic signed up as an Income for Life member in July of 2008 to learn more about real estate investing and he was intrigued about having a coach assist him in his real estate education. Mike is pictured to the left with his beautiful daughter Macie!

Mike had a very nice, completely remodeled home that he had bought of a rehabber prior to his Income for Life membership. Even though the house was gorgeous, he was unable to sell the home for anything near what he had sunk into the property for over two years!

Mike had not dealt with renters, and he felt that Income for Life could be the organization to help him learn the Rent to Own investing approach. He met with Alex Carney, an experienced Wealth Coach, and quickly had a game plan for his property. Here is what Mike had to say:

"I utilized the marketing techniques recommended by Income for Life and my Wealth Coach. They gave advice on the do's and don'ts, what works and what typically does not work. In December 2008, the property was rented to a hard-working couple on a two year Rent to Own program.

The initial down payment collected from the tenants was $2,300. The rent on the property is $800 (positive cash flow per month of about $150). Alex Carney walked me through the process from start to finish...

In the beginning I remember Alex's words...'Don't worry man, we'll find a quality tenant for your property, we'll getcha a down payment and we'll get this elephant off your back.' Alex and Income for Life delivered on their words.

This was quite a learning experience for me. Being a new investor in an extremely tough market brough many challenges to overcome. When asked if I will continue to acquire additional investment proerties I say with enthusiasm... Most Definitely! In this challenging market, it is a great asset to have Income for Life not just working for you... but with you."

Update on my 9 year old daugthers first "real" investment

noreply@blogger.com (MyFavoriteAgent.com) — Thu, 22 Jan 2009 01:39:00 +0000

Update on my 9 year old daugthers first "real" investment

Posted: 21 Jan 2009 09:15 AM CST

Post written by Rob Minton
Follow me on Twitter

This post is a follow up post to:

My 9 Year Old Daughters First "Real" Investment

I received great news yesterday on my daughter's investment. Now, I realize you probably don't care very much about this investment. On the surface it might not seem like this update could benefit you. However, it would be a big mistake to think like this. I'm actually including this follow up post because I believe it offers many valuable lessons for you.

First the update - then the lessons. Sound good?

In late December 2008, we used my daughter's self-directed IRA to buy a used mobile home. Her IRA invested $5,000 to buy a 1979, 3 bedroom mobile home. This same mobile home sold on this past Monday for $13,190. The buyer paid $710 as a down payment and will make 72 monthly payments of $275.33. All combined, this one investment (with interest), will generate $19,824.03 of income.

This investment has a total return on investment of 296%. Divide this total return on investment by 6 years and you'll see that the annual return on investment is 49.3%.

I need to stop and give credit where credit is due. This investment was identified and sold by Brian Beck, our Income for Life mobile home guru. My dauther's IRA wouldn't have achieved these investment results without Brian's help and guidance. In fact, he really did everything for her IRA.We are very grateful for his help.

During this same time frame, the stock market here in the States has dropped again and is testing out new lows. In fact, yesterday was very ugly in the stock market. Her little investment locked in 6 years of 49% returns.

What can we learn from this?

First off, think about how her self-directed IRA will grow over the next 6 years as payments are collected from the mobile home buyer. If she doesn't make any additional contributions between now and then, her IRA will be worth over $!9,000. She will be 15 years old at this time. Imagine what this could compound into when she hits 50 or 60. It's scary, but many adults don't even have this much saved for their retirement.

Within 2 years from now, she might have enough accumulated inside her IRA to buy a second used mobile home investment. Her IRA would then collect two monthly checks. This process could continue on for years to come.

Would she need to save a lot of money as an adult? Probably not. This is assuming that she continues to snowball this first investment within her IRA. My goal was to give her a head start to financial independence. I think the goal has been accomplished.

Couldn't you do the same thing for yourself or for your kids? Most definitely. Contact your local Income for Life group for more information on these mobile home investments. You can apply online at: http://www.IFLApplication.com

Here are a few other lessons for you to consider....

Anyone can invest with the right help and guidance.
You can still make very attractive returns in the middle of a recession.
You don't need a lot of money to get started.
You can design your investments so that the economy doesn't have any impact on them.
The power of investing through a self-directed IRA.

Now it's your turn. Please do something with the information I just shared with you. Knowledge is useless unless it's acted upon. Give your kids head start on financial independence!

2009: The Year of Passion

noreply@blogger.com (MyFavoriteAgent.com) — Mon, 19 Jan 2009 01:38:00 +0000

2009: The Year of Passion

Posted: 18 Jan 2009 09:22 AM CST

Here are some thoughts I had during my latest vacation...

I am sitting on the patio of my room in Punta Cana, Dominican Republic as I write this. It's a beautiful morning with the ocean breeze providing an orchestra of rustling palm leaves.

Before I left I was debating whether or not to bring my laptop. There were things I wanted to get done but people that know me were telling me that I was crazy,to just go, relax, and don't think about the work that lies ahead.

But it didn't feel right, a conversation with my wife while packing pointed me in the right direction. She knew that I am a much more satisfied (and happier!) person if I am able to get things accomplished during the day.

You can see from this picture which point of view won!

It doesn't matter if I am on vacation or sick at home I always want to get things done, or be reading more, just progressing in some way.

It made me start to wonder if I was hooked on work. Did I really fall into the 'workaholic' category? I always prided myself on realizing there is more to life than that.

Whenever I am on vacation I always stack my luggage with books to read. I love thinking about new ideas while sitting on a beach, to me there is no better way to do it.

I was reading "Tribes" by Seth Godin when it all came together for me. Here is an excerpt from Page 100 that made it all click.

"It's four a.m. and I can't sleep. So I'm sitting I the lobby of a hotel in Jamaica, checking my email.

A couple walks by, obviously on their way to bed, having pushed the idea of vacation a little too hard. The woman looks over to me and, in a harsh whisper a little quieter than a yell says to her friend "Isn't that sad? That guy comes here on vacation and he's stuck checking his email He can't even enjoy his two weeks off."

I think the real question –the one they probably wouldn't want to answer-was, "Isn't it sad that we have a job where we spend two weeks avoiding the stuff we have to do fifty weeks a year?"

THAT WAS IT!!!

I am not hooked on work, but I love what I get up to do every single morning.

I know you might be shaking your head, but it's true. I was able to take 5 weeks of vacation last year, 4 were out of the country, most without my laptop :-), I always make time for friends and family, I have hobbies, these aren't characteristics of a workaholic.

Is business on my mind often? Guilty as charged, try all the time!

But that is because I am passionate about it. What we are doing is helping people realize dreams. Who couldn't be excited about that?

I don't go on vacation to get away from work, I go to spend time with my wife and explore the world. I am on the lookout for opportunities to bring back to the people I work with. (Like the Time Share story I will tell you another time)

It is an incredible feeling, one that no person should be allowed to keep to themselves. Yes I know that sounds a bit cheesy but it's not. This is what 2009 is about. Let's get some emotions into our lives.

Awake with a purpose! Don't be one of the zombies that reads a couple doom and gloom headlines and goes into work to complain about life.

Put some passion into every area of your life. If you need to sit on a beach to do it then so be it.......just let me know so I can meet you there.

My next available time for meetings is Jan 27th. That is a week and half away. So you can be crazy busy and love it or at least like it.

Alright that is my rant and that was my big discovery for the New Year.

I recommend the book "Tribes" by Seth Godin to everyone. It was a PHENOMENAL read.

Here is a picture of the other books I got through on vacation. Yes I read them all in one week (although a couple were already half read before I got there).

My goal was to read or finish a book and day and I managed to do it.

You can see I like business books.....but not because I am a workaholic!!! :-)

So with the New Year comes new plans for everyone. Plan to add some passion into your life.

Make it the theme of the year - 2009: The Year of Passion.

- Nick Karadza
Income For Life Toronto

P.S. Check out our FREE weekly newsletter for 'current day, on the streets' investment information or you can watch me at Rock Star TV

The marathon and a lesson about life

noreply@blogger.com (MyFavoriteAgent.com) — Sat, 17 Jan 2009 01:44:00 +0000

The marathon and a lesson about life

Posted: 16 Jan 2009 05:36 AM CST

Last Sunday, I ran in the Disney Marathon. When I started training for this marathon in 2008, my goal was to finish in 4 hours. This meant that I would have to average about 9 minutes per mile. In 1995 (when I was 25 years old), I ran in the Cleveland marathon. I finished this marathon in 4 hours and 47 minutes. A lady pushing a jogger stroller with two kids inside beat me by an hour. Really, she did.

I enjoy running, but wouldn't be considered a "real" runner. I didn't compete in high school. I simply run for exercise and stress relief. I wanted to set a challenging goal that I could accomplish right in the beginning of 2009 to give me momentum for the rest of the New Year.

A marathon seemed like the perfect choice.

Throughout my training, I struggled with knee problems. I found a great podiatrist and learned that my knee problems were caused because I pronate my feet as they strike the ground. He suggested many things to help correct the problem. He recommended special running shoes and orthotics. I found his recommended shoes and they made a big difference. My knee pain began to disappear. I was fitted for special orthotics and they finally arrived the week before the marathon. (I wasn't able to use them during the race...)

According to my running logs, here are my training numbers:

26 weeks of preparation

62.3 hours of running

524 miles covered

72,836 calories burned

All of this to run one 4 hour race....

I ended up missing my goal time, but I finished the marathon in 4 hours and 35 minutes. This was a little faster than my time from 13 years ago. I hit the "wall" at mile 18 and suffered through mile 26.
I must have been dehydrated at the end of the marathon because I felt nauseous for several hours after the race. I was also extremely sore and hobbled around for two days. Stairs were definitely my enemy.

In the midst of the pain after the race, I made the following statement to my wife:

"I'm never running another marathon again."

I've now recovered, for the most part, and feel pretty good. I actually kicked out a few miles yesterday. Guess what I realized?

I realized that it would be a big mistake to "never run another marathon again." I thought about everything I went through to prepare for this marathon. All of the long training runs, the podiatrist appointments, the new special shoes, the orthotics and the actual experience of the race itself.

What is the purpose of running a marathon, if you don't use what you learn again in the future? What I should have said was:

"Boy my next marathon is going to be a piece of cake"

Think about it. I now have the right shoes. I also have special orthotics. These two items will eliminate my knee pain. I won't have to deal with any of this for my next marathon. I also have a great running base from all of my training. I have my high tech running watch which tracks my pace and heart rate. I have a special running belt that allows me to carry water as I run. I have everything I need, plus experience.

I finally realized that the next marathon would be a lot easier than the one I just ran. I also realized that I would probably be able to shave more time off of the next marathon because of my previous training.

Ok, you're probably saying to yourself:

"Great, you're going to run another marathon. Good for you! How does this relate to me?"

Investors make the exact same mistake with their investments. Several years ago a really good friend of mine invested in used mobile home. The plan was to sell the used mobile home to a buyer with financing and create a nice monthly cash-flow. This investment was similar to my daughter's first investment. The problem was he bought this mobile home in the wrong park. He had a hell of a time selling this mobile home because the park had a bad reputation. He boldly stated that he would never make another mobile home investment again. Sound familiar?

Back in 2000, I lost a great deal of money in the stock market crash. I boldly stated that I would never invest in the stock market again. Sound familiar?

Investing can be a painful process, especially if you have a problem or two with one of your first investments.

Wouldn't you make the same mistake I almost made if you decide not to invest again because of these problems? You see, you probably learned a great deal making the original investment. You invested a lot of time, made some mistakes and finally figured everything out. These experiences would allow you to do a better job on your second investment. Would my friend have bought another used mobile home in the same mobile home park? No. He would have avoided this park in all future investments.

The pain or problems you encounter aren't important. They are only temporary. What is important is the knowledge we accumulate along the way. It would be a complete waste to accumulate this knowledge and not apply it again.

So I've decided to run in the Cleveland Marathon in May 2009. I hope you decide to put your investing shoes back on, too! Oh and deep within this post there is another buried lesson about preparation. Do you see it?

Also see my related post titled "Short Term Thinking Destroys Long Term Results."

A challenging physical journey ends on Sunday!

noreply@blogger.com (MyFavoriteAgent.com) — Sat, 10 Jan 2009 01:40:00 +0000

A challenging physical journey ends on Sunday!

Posted: 09 Jan 2009 10:56 AM CST

Many of our Income for Life members know that I've been training for several months to run in the the Disney Marathon, which is on Sunday. This has been a challenge lately due to the weather here in Cleveland, Ohio and significant pain in my knees. However, I pushed forward one step at a time.

Two days ago, my doctor told me not to run because of knee problems. He indicated that I could potentially cause long-term damage to my knees.

I've decided to run anyway based upon two very powerful quotes. Here is the first one from Joe Louis:

"You only live once, but if you work it right, once is enough."

And here is the second one which I in one of Dean Karnaze's books:

"Life is a not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming: "WOW!! What a ride!"

I've decided to have a wild ride. If that means a walker for me, then so be it. I'm going to give it my all on Sunday because I promised myself that I would. You can't win in life when you quit halfway through your journey.

Are you living your life so that you'll end up at the end in a pretty well preserved body? I hope not. Life is too short. Work it right the first time!

The marathon starts at 6:00 am on Sunday. From what I understand, you get some kind of computer chip that tracks you throughout the race. You can track the race live at one of Disney's websites. Here is the link:

http://www.doitsports.com/results/MSG-signup.tcl?sub_event_id=4447

You should be able to find me by searching "Rob Minton". Hopefully I'll keep a 9 minute mile pace!

Have a great weekend!

Rob Minton

My 9 Year Old Daughters First "Real" Investment

noreply@blogger.com (MyFavoriteAgent.com) — Tue, 06 Jan 2009 01:45:00 +0000

My 9 Year Old Daughters First "Real" Investment

Posted: 05 Jan 2009 06:42 AM CST

Over the holidays, I played Robert Kiyosaki's "Cashflow" game with my 9 year old daughter. It's a great game and I highly recommend it. The game teaches kids the importance of passive income. To win the game, you must create more passive income than you make from your job.

I'm happy to report that she beat me!

This was a big break through because I was able to see that she really understood the importance of investing. I decided that it was probably time for her to play the Cashflow game in real life. Here were the challenges we faced with this big step:

1. She doesn't have a credit score and cannot qualify for a loan.

2. She only works part-time and doesn't make very much money.

3. She only had $5,000 to invest.

Actually, she works for me. I use her in marketing and pay her accordingly. She has decided (didn't really have a choice) to contribute 100% of her earnings into a Self Directed Roth IRA. Over the last two or three years, she has accumulated $5,000 in this Self Directed IRA.

What could she possibly invest in with these challenges that would create monthly positive cash-flow? I'm glad you asked. Here is a picture of her 1st investment:

We just finished processing the paperwork with the IRA company to buy this mobile home. Our plan is to sell this mobile home to a buyer with financing. We will offer this mobile home for sale at $9,975. The buyer, if approved, will pay a small down payment and then will make monthly payments until the loan is paid in full. We will charge interest on the loan, which will create additional income. We estimate that this investment will generate a monthly cash-flow of $250 for 4 years.

When we went to walk through this investment opportunity, she was really excited. She asked a lot of questions. We brought a calculator and ran several different "What If" scenarios. We finally locked on to the numbers I shared above. She totaled these numbers on the calculator and then asked:

Can I buy another one?

This was music to my ears! Another investor in the family!!!

I explained that we can save up again inside her IRA and maybe buy another mobile home when she has accumulated enough money. We still have a long way to go with this first investment, but I'm very excited in what we have accomplished so far. She has learned:

1) How important it is to save.

2) How to generate monthly income as an investor.

3) That she must know what she will get back before she invests any of her money. This lesson was taught through the "What If" scenarios.

4) How to leverage one investment into additional investments. I think she learned to use the income generated from this investment to save for future investments.

On a big picture, these lessons are more valuable to her than any profit made on the actual investment. I don't think she would have learned any of this in school. It's sad, but true.
If you're a parent, you cannot rely on someone else to teach your children how to invest and manage their money. Their future financial well being is in your hands. Don't take this responsibility lightly.

Earlier in the year, I gave a presentation about teaching children to become financially independent. The presentation was recorded. The recording quality wasn't the best, but the content delivered was very good. You can watch this video for free right now at:

What I'm trying to teach my kids about money

If you would like to learn how to invest in mobile homes like we did with this investment, you should consider applying for membership in Income for Life. As a new member you'll receive a special guide on how to create monthly income through mobile home investments. You'll also have access to different mobile home investment opportunities.

Rob Minton

The Best Investments You Can Make in 2009!

noreply@blogger.com (MyFavoriteAgent.com) — Wed, 31 Dec 2008 01:42:00 +0000

The Best Investments You Can Make in 2009!

Posted: 30 Dec 2008 05:29 AM CST

It's this time of year when most people sit down and prepare their resolutions for 2009. Here are my recommendations for investments you might consider:

1) Invest into yourself.

Knowledge is extremely powerful, assuming that you apply it in your life. Invest in education. Use what you learn to improve your investing returns. Over the years, I've invested well over $100,000 in books, information products, mastermind groups, training and coaching. I always try to extract the lessons learned and apply them in my life. These little investments have compounded dramatically throughout the last few years.

More importantly, nothing can take the knowledge you acquire away. A slow economy or recession has zero impact on this investment. Your knowledge cannot be stolen in some massive Ponzi Scheme. It's not impacted by the stock market. It is the safest and most profitable investment you'll ever make.

2) Paying down debt.

I realize that paying down debt isn't very sexy. However, it's very safe. Take some time to study all of the recent financial failures. Study both business and personal financial failure. You'll find that in 99% of the failures, excessive debt was the cause. By paying down debt, you'll decrease the odds of financial failure. You also move closer to financial independence. Start by paying off cars, credit cards, and personal loans. Once these are paid off, then focus on paying off your mortgage. The good news is that your investment returns are guaranteed when you pay off debt!

3) Real Estate.

Most people are afraid of real estate right now. I certainly understand why. But consider how your life would be right now had you bought 10 rental properties during the boom and paid them off. Sure the value of your properties would have dropped over the last year or so. However, your monthly rental income would continue to arrive like clockwork. In 2009, buy investment properties with the intention of paying them off quickly. The lower home prices available in today's market actually help enormously in this process.You can buy great homes for pennies on the dollar. This savings in price creates higher monthly cash-flow. Use the increased cash-flow to pay off the mortgage on the property. Once the property is debt-free, the economy will have zero impact on your finances.

4) A mutual fund or stock in a good company.

Just kidding. You have zero control over a mutual fund or stock in a publicly traded company. See my recent post on why "control" is so important by clicking here.

5) Your own "side" business

Starting your own "side" business might be the best thing you can do in 2009. One business can lead to several million dollars of wealth. Don't quit your day job. Start your "side" business in your free time. Use the income generated to build additional wealth. Invest the money back into your side business, into your debt pay down program, or into real estate. Don't use the income generated by your side business to go buy a new car! Use the "side" business income to compound your wealth.

Yes, starting your own business is risky. However, the more you invest in yourself (See number 1 above), the less risky your own business becomes. Refer back to the last few Income for Life newsletters for the best "side" businesses you can launch. Pay close attention to the "9 Qualities of a Great Side Business" as summarized in the November newsletter.

Rob Minton

Why CONTROL is Critical to Your Investing Success!

noreply@blogger.com (MyFavoriteAgent.com) — Thu, 25 Dec 2008 01:36:00 +0000

Why CONTROL is Critical to Your Investing Success!

Posted: 24 Dec 2008 05:04 AM CST

Over the last few weeks, I've been blown away by the biggest "Ponzi Scheme" to hit Wall Street. On December 11, Bernard Madoff admitted that he ran a $50 billion dollar fraud. Thousands of investors have lost millions of dollars. In addition, many charities have been destroyed from turning their money over to Bernard Madoff.

A "Ponzi Scheme" occurs when the money manager uses the funds contributed by new investors to pay existing investors. The scheme can continue for years, as long as new investors are investing new money. When new investors stop investing, as they did with Bernard Madoff, the Ponzi Scheme quickly folds because funds are not available to pay to existing investors.

I have preached many times over, within the Income for Life monthly newsletter, that investors should always control their investments. Control is extremely important in wealth building for many reasons. The investors who lost money with Madoff had no control over their investments. They had no idea where their money was actually being invested. Yes, they did receive account statements showing them where their money was supposed to be invested. However, these account statements were fake.

The one major lesson every wealth builder should take from this situation is that you must control the investments you make. Controlling your investment gives you the ability to have a direct impact on the investment's performance. In addition, it protects you from loss through fraudulent money managers. As an example, consider these different investment opportunities:

1) Investing $20,000 into a mutual fund.

2) Investing $20,000 as a down payment to buy a single family investment property.

3) Investing $20,000 to buy stock in a large company.

4) Investing $20,000 to start your own "side" business.

You can ask yourself many questions to compare these different investment opportunities. In fact, most investors ask themselves the following 3 questions when evaluating different investment opportunities:

Which investment offers the best return on investment?

Which investment contains the most risk?

Which investment is the easiest?

Notice that the majority of people don't even consider "control" of the investment as part of their decision making criteria? The only two investment choices presented that give you 100% control are the single family rental property and the "side" business. These two investments, in my humble opinion, are the safest.

The problem is that most investors are typically attracted to investments that are easy. In fact, they prefer to turn their money over to someone else and then do nothing. It's these 100% passive investments that carry the most risk.

Take some time to study the people who have acquired significant wealth. Look to see if they controlled their investments. I'll bet you'll find that in the majority of them do. Consider the following:

Bill Gates: Bill's wealth came from Microsoft. Did he control Microsoft?

Warren Buffett: Most people believe that Buffett is a passive investor who simply buys shares of stock in good companies. This is not true. Buffett typically owns businesses outright whereby he has 100% control. In the investments where he doesn't own 100%, he typically acquires enough shares to participate in management.

Sam Walton: Sam's wealth came from Walmart. Did he control Walmart?

I could go on and on with many more examples of wealth people. Each example would have the same commonality - CONTROL OVER THE INVESTMENT. This also means that each wealthy person was "active" with their investments. They didn't build their wealth through passive investments.

As we head into 2009, please add one question to your criteria for selecting investments. The one question you should add is:

Do I control the investment?

Happy Holidays!

Rob Minton

The plain truth about panic.

noreply@blogger.com (MyFavoriteAgent.com) — Wed, 17 Dec 2008 01:41:00 +0000

The plain truth about panic.

Posted: 16 Dec 2008 05:09 AM CST

This is a guest post from Dan Kennedy and is part of his series titled "Why People Fail."

Why does so much panic spread so quickly and easily through so many people whenever tough times occur in a given industry or profession, or the national economy?

Without deep roots, the tree topples in the storm. What are 'deep roots' for the business owner, entrepreneur or investor? One, a system of selling and conducting business that has proven reliable and profitable, from which he can draw confidence, and which he can stick to with reasoned persistence. If he is advertising and marketing to attract customers, selling to them, retaining and multiplying them absent system, by random and erratic and even impulsive acts, with unplanned and disorganized effort, he'll be blown off course by a stiff breeze.

Note from Income for Life: Most real estate investors fall into the description above by Dan. They invest in random and erratic acts without a plan or systematic approach.

Two, a support network including continuous in-flow of legitimately useful how-to information, coaching by people themselves tested by tough times and proven successful, encouragement and motivation from like-minded, optimistic, forward-thinking businesspeople. Absent this, with no counterbalance to the relentlessly and excessively negative voices of media and peers, he'll bend then break early not late.

Three, a productive and profitable personal philosophy sharpened with reading, listening; study of successful achievers; association with the confident and capable, so that he is conditioned to be opportunistic, to search for and exploit the opportunities always concealed behind adversity. If he is not daily improving his personal philosophy, he is weakening from the inside out, the core hollow. When Bilbo Baggins said, "I do not like adventures because they make me late for dinner", he expressed profound personal philosophy governing thoughts, actions and outcomes. When someone says something as simple as "I don't have time to process all that information - I have my business to run", he unwittingly reveals profound personal philosophy as well. You have to investigate your own personal philosophy and evaluate how helpful or unhelpful it is likely to be in weathering storms, in navigating rough seas, in unearthing hidden treasure.

A productive and profitable, personal success philosophy. A sound, organized system. A trustworthy support network. These assets do not develop by accident or luck or randomness. Successful people very deliberately work at developing them, seek to connect to the people and resources and associations most helpful in developing them - and once connected, never risk disconnecting. They strategically assemble these assets in keeping with their own goals, stengths and weaknesses. Key word: strategically.

Click Here to apply for membership in Income for Life.

Income for Life TV!

noreply@blogger.com (MyFavoriteAgent.com) — Fri, 12 Dec 2008 01:46:00 +0000

Income for Life TV!

One of our Income for Life Centers in Toronto, Canada, led by Tom and Nick Karadza, started creating little episodes of Income for Life TV. Recently, Tom and Nick Karadza spent some time learning about the US market by visiting the Income for Life Center in St. Louis, Missouri. Our Income for Life Center in St. Louis is led by Matt Shreves.

In this Income for Life TV episode, you'll see Nick Karadza begin his search for investing secrets here in the States. His search begins right when he gets off of the plane. Then you'll follow Tom and Nick as they tour a rehab investment project in St. Louis.

As you could see in this episode of Income for Life TV, there are some great deals available today. The home profiled in the tour was purchased for $25,000 and will have a market value of $100,000 to $110,000 when completed. These and other opportunities are available to Income for Life Members.

You can apply for membership online by visiting: http://www.IFLApplication.com
Make sure you select the area you want to invest so that you're application will be directed to the correct Income for Life Center!