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If you wish to have a very thriving home based business, getting the proper knowledge really is a must!

If you wish to be an effective entrepreneur or have a profitable home based business, you do not want to get your business training from academics. You’ll want to learn from people with real life business experience to become a profitable small business owner.

I’ve assembled a small list of my personal favorite business books. Reading through these excellent business books will definitely help you develop into a well rounded and successful entrepreneur as well as help you to run a flourishing home based business.

How to Win Friends & Influence People By Dale Carnegie
The author discusses means of growing professional relationships, a crucial first step to any successful home based business. He starts the book with “If You Want to Gather Honey, Don’t Kick Over the Beehive”. I always like to reread this book every five or ten years.

Rich Dad Poor Dad By Robert Kiyosaki
This is an educational storyline of a boy growing up with two dads; his father and his friend’s father who treated him as his own child. His Poor Dad encouraged him to perform well in school and to get a good job later in life. His Rich Dad encouraged him to master the power and practical knowledge of investing.

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In general, this book is an excellent read. It will help you to build a solid foundational base for a long and profitable entrepreneurial career. I would recommend this book as a primer to your business understanding plus a must read for anybody who wishes to create wealth and financial self-sufficiency.

Think and Grow Rich By Napoleon Hill
The writer worked very closely with Dale Carnegie to develop this as well as other business books. Napoleon Hill shares with us the fifteen laws of success and thirteen principles of person achievement.

The One Minute Millionaire – The Enlightened Way to Wealth. By Mark Victor Hansen and Robert Allen
This misnomer titled book features a formula for creating wealth; it literally possesses a flow chart of “the one minute millionaire system”. The book lists a set of epiphanies that lead toward economic wealth.

The Millionaire Next Door By Thomas Stanley and William Danko
The authors compare and contrast “Under Accumulators of Wealth” to “Prodigious Accumulators of Wealth” to illustrate the main difference in habits and activities of rich individuals and everybody else. This is among the business books that will help you to get an introspective look at oneself.

The 7 Habits of Highly Effective People By Steven Covey
Steven Covey’s title truly does indeed say it all. He writes in regards to the specific characteristics and habits essential to be effective; this applies directly to owning a profitable home based business.

How Come That Idiot’s Rich and I’m Not? By Robert Shemin
This book may well just top my list of Business Books as my favorite. Although the writer isn’t particularly eloquent , he really did strike the nail on the head for me personally. The question is, if you happen to be doing all of the correct things, why are you not a lot more financially successful? He does a great job of summarizing all the other books on the list.

So that’s my listing of business books that I personally suggest to help you become a profitable business owner and to operate a lucrative home based business. Knowledge is power.

About the Author:
Lee Spaziano is a successful entrepreneur working in several industries including Real Estate, Precious Metals and various other businesses.

Visit our Gold Buyer to learn more.

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In the past, there was a received wisdom (usually among agents selling overpriced ‘investments’ for high commissions) to ‘invest for capital growth’ – i.e. don’t worry so much about what the Yield is, just buy where you think is an ‘up and coming area’ or ‘the next big thing’ – these in Europe were places like Capital cities in Eastern Europe (Tallinn, Riga, Sofia, Prague, Budapest) and Holiday destination such as Spain, and in USA places like Las Vegas or Florida. It’s no coincidence that these are the places now hit hardest in the real estate bust , and has taught a sharp lesson to ‘growth investors’ . Fortunately with the advent of the writings of Robert T Kiyosaki (Rich Dad Poor Dad) and his less famous predecessor Dr William G Hill (Think Like a Tycoon) which gave the same message, there are a growing number of investors who use cashflow as their first ‘box’ to tick when looking for a real estate investment.

When looking at the object to buy – the most important thing and the first calculation to make is to check that the deal is ‘cashflow positive’ This means no matter how the market goes, you are making money regularly. The basic calculation will be to work out the difference between rent money in, and money out –lets say for example, you buy a foreclosed Investment Property – an apartment in a complex, in Florida, for 0,000 (sold for 0,000 in 2007). If the monthly rent is 0, the annual rent is ,600 (gross yield 9.6%) and the service charge is 0 per month (service charges are relatively high here due to pool maintenance and other facilities), the mortgage interest (75% at 3.95% interest rate) is 7, there are more of outgoings, and so the monthly income (0) minus the monthly outgoings (0 + 7 +) = 3 per month positive cashflow.

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However, there are in addition some risk factors worth adding in to make sure the deal is worth it:

1. Vacancies – every year or two there is likely to be some empty time – Calculate in for one month every two years there or one month every year if it’s in a harder to let area (and ask yourself why are you buying in a ‘hard to let’ area?!) Assuming this foreclosure is in an easily letting area with a good tenant pool, then there’s a month to take off the income to cover the potential for vacancy.

2. Mortage Amortisation – currently it’s likely that you’ll be asked to amortise your loan – with the above example, (check our mortgage calculator here) the loan amortised over 15 years will mean the repayment is 3 per month.

As you can see, the above extra checklists will put this ‘bargain’ into negative cashflow territory – 0 – 3 – 0 – – = minus 6 so what on the surface looked like a good cashflow deal, became a ‘growth play’, and isn’t a good investment from the start.
Looking at another example – lets take 63 Simon, Buffalo, on our front page – Rent in per month is 0. Monthly costs are 8, mortgage including amortisation is 0, and let’s take a vacancy of say one month per year to be safe – 950/12 = per month, so there is 0 – 8 – 0 – = 2 positive monthly cashflow.

This is fundamentally important – in every real estate investment you make, every month from day 1 you should be making money.

In Summary

1. Only buy deals with positive cashflow from day 1.

2. Make sure the investment has a good sized pool of potential tenants – i.e. take this into account when selecting 1. Unit size and 2. Area

3. Take into account ALL costs and deductions, not just the patently obvious ones, and assume a conservative scenario at all times.

Alan Findlay is a long term veteran of cash flow oriented investing, in both USA and across Europe and Asia.

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When dealing with real estate investments there are many steps to go through before investing.  Here are my top 10 keys to a successful real estate investment.

(1)    Education – If you are not experienced in real estate investments the very first thing you should do is to get educated.  Take the time to find out what all of the risks are in the investment type you are interested in.  Find others that can help educate you on the investment type, which are not involved in the transaction you are doing specifically so there is no conflict of interest.  Buy books, tapes, and go to multiple seminars in order to continue your education, and don’t buy the ,000+ books and tapes sets from the gurus.  Buy your educational material from the bookstore and save yourself thousands of dollars.

(2)    Goal Settings – If you do not have a goal lined out for your real estate investments how do you plan on getting there?  Most investors buy one property, or invest based on emotion rather than having a set goal in mind.  For example, you could have a goal of obtaining ,000 per month in passive rental income from your investments through buying single family rental homes and apartment buildings.  Your goals should be clearly defined and should include protections and risk mitigation techniques to make sure it is a stable viable plan that can be obtained.

(3)    Building Your Ressources– You WILL NOT become a successful real estate investor without resources.  In real estate resources include, capital investors, property leads, team members and much more.  For this you must go to networking events if you do not already have your resources built.  It’s imperative that you go to networking events and expand your relationship base.  Real estate is a team sport so if you do not go network you cannot build your team.

(4)    Building Your Team –In order to make your investments work you must build your team.  Some of the team members you need are Real Estate Agents, Brokers and Bankers, Private Lenders, Appraisers, CPA’s, Attorney’s, Affiliates, Inspectors, Property Managers and Contractors.  There are much more but it’s pretty impossible to name them all.  It takes quite a bit of time to develop your team and make sure they can be relied upon.  I have found that building a team is the most important aspect of investing other than your due diligence on the investment itself.

(5)    Due Diligence – Before investing in any real estate asset your due diligence is crucial.  You need to analyze the market your investing in, the market timing relative to that market, the specific neighborhood, the market value of the investment, the cash flow it produces, the rental income it should bring in, all of the expenses related to the investment and much more.  Inspections should be done as well as review of all of the backup documentation such as leases and contracts.  Think like an auditor, review all of the backup information provided by the seller and verify it with an outside source as much as possible.  I hear horror stories all the time about how people lost money in real estate.  After inquiring as to what happened I can say that 99% of the time the investor did not do or know how to do the right due diligence on the investment in the first place.

(6)    Property Management– Property management can make or break your investment.  If you do not have a competent property manager that actually cares about your investment and your success you will have a losing investment.  We went through about 5 different property management companies before finally starting our own company and bringing the management in house.  Most managers are bad at some of the basic management functions such as accounting, rent collection, tenanting, leasing and background checks, repair calls and taking care of the tenant. By far the most important and biggest problem is communication with the owner of the property.  Communication is crucial because without communication the investor cannot make decisions regarding the investment and lack control.  Property management also needs to be structured based on performance, meaning, they get paid if it’s occupied only, not when it’s vacant and there are incentives in place to optimize performance.

(7)    Marketing – If you do not know how to market for property, capital, property sales, and resources you will not be successful in real estate.  Marketing and sales is one of the most important parts of any business.  During economic problems and recessions most companies cut back on marketing when it’s most important to increase your marketing efforts.  If there are less investors, buyers, and resources available because of the economy, there is more of your competition going after your resources.  So in order to attract those resources before your competition you have to market more.  Marketing and sales is a business all in itself so getting educated on marketing strategies is imperative to your success.  When most people think marketing they think of posting classified ads, sending out mailers, coupons, billboards and more but the most important and underutilized marketing strategy is internet marketing.  Internet marketing is revolutionizing the way most companies market and if you do not understand it or start to learn about internet marketing you will not gain the market share you deserve and will not be as successful.  85% of buyers go online first for investments.  It is an online world weather you know about it or not.

(8)    Treat Your Investments As a Business – Most investors buy one real estate investment and do not fully utilize all of its capabilities from a business perspective.  If you own one property or 50+ properties you should be treating it as a business.  Be sure to keep track of ALL of your expenses related to the investment, the due diligence you did, travel costs you incurred, etc so that you can get a deduction for those items against income from other sources.  These types of expenses can happen annually and a percentage of your personal expenses can be used as a tax loophole in order to deduct more against your active income from your job.  Your biggest expense in life is your taxes.  It is the government’s job to find more creative ways to tax us.  It is our job to find creative ways to legally not pay taxes.  If you are not winning against the government, start to educate yourself on key tax saving strategies.

(9)    Legal Protection And Tax Structuring – It is crucial that you protect yourself from financial predators.  There are people out there that will sue anyone they possibly can.  It’s really important to obtain additional umbrella insurance or put your assets into a proper entity so that you are not liable in frivolous lawsuits.  Generally for tax purposes you want to keep passive investments (investments like rental real estate that produce income you do not work for) in an LLC and active investments (investments you actively work for) in an S-Corporation or similar entity.  Please consult your individual tax advisor to go over your specific situation as it is impossible for this advice to relate to every situation.  Also be sure to keep yourself separate financially from the investment or entity you hold the investment in so that you do not pierce the corporate veil.  If you co-mingle your funds there is a very real possibility that in court your legal entity protection that you worked so hard to setup is worthless.

(10)Investing In Sustainable Investment Types – Invest in asset types and real estate investments that are sustainable in the long run.  Look closely at the cash flow included in the investment.  If it’s negative, unless you are flipping, do not invest.  Flipping can be much more dangerous than investing for cash flow because you typically have a payment on a flip investment that is not covered fully by the rental income and if you get stuck with the property you find yourself in a negative cash flow situation and can only sustain as long as you have money in the bank that can make that payment.  Many people lose a lot of money trying to flip property, not knowing fully what they are doing and the risk they are taking only to lose a significant amount of money.  On the other side when you are investing for cash flow only invest in quality assets.  Typically if you invest in low end assets in your market you get low end tenants also.  What I consider a low end tenant is someone that does not pay the rent on time if at all, causes damage to your property and is a nightmare to deal with.  This happens quite frequently in low end property for a particular market.   You want to invest in quality long term assets that are going to produce positive monthly cash flow and make you a great return on investment after you have been conservative with the numbers.

I truly believe if you do these things along with increasing your financial IQ you will be successful if you work hard for it.  Most of the wealthy individuals in the world work hard for their money and are constantly evaluating their financial situation and investment goals.  Putting a personal budget together and reviewing it monthly, creating additional income sources, implementing tax savings strategies, protecting your money from financial predators and constantly educating yourself are the keys to becoming wealthy.

 

 

Owens Consulting Group founder Mathew Owens is a California licensed CPA and a full time real estate investor.  He has completed over 100 transactions in the past three years, representing approximately million in real estate, most of which has been sold to cash flow investors.  He does mulitple live educational events and online webinars.  Find out more info about him and his blogs at www.ocgproperties.com

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A Complete Step-by-Step Guide To Successful In House Debt Collection
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According to the Association of American Publishers, 83 per cent of Americans want to

write a book, but for those who follow through, the publishing industry has grim news. Publisher’s Weekly reported that in 2004 Nielsen Bookscan tracked sales of 1.2 million books. Unfortunately, the vast majority did not even sell a hundred copies.

The number of books that sell over one hundred copies is minimal, with 950 thousand selling fewer than 99 books. What this indicates is that just over two per cent of the total number of books published break into triple digit sales.

Taking a look at the cream of the crop, 200 thousand titles sold fewer than a thousand copies. Only 25 thousand books sold more than 5 thousand copies. Fewer than 500 sold more than 100 thousand copies. Only ten books sold more than a million copies each, demonstrating that one thousandth of one per cent of books printed make it to seven-digit sales.

Robert Kiyosaki, creator of the Cashflow Game and the Rich Dad, Poor Dad series, said

that his book is his best business card. Mark Victor Hansen, co-creator of the popular Chicken Soup for the Soul series, stated that the best lead generator is a book. These two examples demonstrate a profound principle.

The most successful authors do much more than sell books. The money earned in royalties is incidental income as compared with what they generate from income streams such as speaker fees, workshops, home study programs, coaching programs, consulting fees, and other high end products and services.

Drew Miles, The Wealth Building Attorney, is an example of this principle in action. He

had his book manuscript sitting in a drawer for a couple of years. He had the idea and the basic structure, but did not have the time or the know-how to complete and market his book, so he came to me. His book, Zero to Success: 10 Keys to Creating a Very Profitable Business by Legally Keeping More of What You Make launched in fall of 2006. Being a published author has boosted his credibility. He launched a coaching program and his speaking business around this book.

Our Entrepreneurial Authoring Program and individual business mentoring teach clients how to create a book that is an entrepreneurially sound lead generator for a well-structured business. The authoring program exemplifies two little known laws. The first is called Zipf’s Law,which states that people will follow an industry leader. The second is Milgram’s Law, which states that people will follow an expert almost blindly.

Glenn Dietzel is the creator of Author And Grow Rich: How To Author A 100 Page Money-Making Book In Less Than 12 Hours of Actual Writing…And Gain Instant Access To A New York Publisher! Find out more about Glenn and his proven authoring system at http://www.authorandgrowrich.com.

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