What do I mean by you see money with your mind and not with your eyes? Before you could see the physical money, you have to see it with the mind first. For example, before you buy a run down property and sell it for a profit later. You have to imagine how are you going to make improvement to the property? How much are you going to buy it for? How much will you be paying for the renovation? Where do you find the people to buy it? How much will you be selling it when it is renovated? You have to see all this in your mind first and then take action, do whatever it takes and you will see the money at the end of the day.
I was at the East Coast in Singapore last night and saw a group of people riding bicycle and I told my friends about the opportunity that I saw in my mind. Want to know what was the opportunity? Bicycle rental business! The bicycle rental business can be a very good business, why? I was told that the bicycles are rented out at $6 per hour per bicycle. All you need to do is to rent your bicycle for 2 hours a day, multiply it by 365 days per year, you get $4,380. How much does it cost to buy a bicycle? What's the ROI in this case? Of course you will need to look at the rental of the kiosk and the salaries of the workers running the kiosk. Do the numbers, I am sure you will come up with a very decent profit at the end of the day.
Can you see the many opportunities that is available out there? or rather, in your mind? Will share with you more about opportunities next week.
Thursday, May 26, 2011
Thursday, May 19, 2011
Step 26; How to buy properties with little or no money down?
Method number 3; Joint Venture 2
Another way of joint venture is where you look for owners of land or run down properties. Persuade them to let you build or rebuilt their property and share the proceeds when it is sold for a higher price later. Or share the number of properties that you have built for them.
Example; owner of a piece of land that has got permit to build 8 units of apartments. Offer to build for them for free and share 4 units each when it is completed. Your question will be where do you find the money to build? Here is what you do, convince a builder to build the 8 units and offer him 3 units upon completion and you end up with 1 unit for free.
If you want to do this, you will need to have a very good lawyer to help you with the contract with both the builder and the owner.
Will share more ideas next week
Another way of joint venture is where you look for owners of land or run down properties. Persuade them to let you build or rebuilt their property and share the proceeds when it is sold for a higher price later. Or share the number of properties that you have built for them.
Example; owner of a piece of land that has got permit to build 8 units of apartments. Offer to build for them for free and share 4 units each when it is completed. Your question will be where do you find the money to build? Here is what you do, convince a builder to build the 8 units and offer him 3 units upon completion and you end up with 1 unit for free.
If you want to do this, you will need to have a very good lawyer to help you with the contract with both the builder and the owner.
Will share more ideas next week
Thursday, May 12, 2011
Step 25; How to buy properties with little or no money down?
Method number 2; Joint venture
Find partners that are willing to pay for the deposit and you take up the loan from the bank. Here's an example; property priced at $1,000,000, partner's cash deposit of 20% - $200,000, your bank loan is $800,000. So you don't pay any cash upfront.
Your questions will be; where do I find such partners? You see, there will be people with cash but are not able to take up a loan because of their age or they have already maximised their loans limit or for whatever the reason. These people could be your friends or relatives or people from your network. A good place to network is to come to our property investment seminar. This is where you will find many like-minded people who understand about property investment. You will also need to have a proper legal agreement to do that. I have done many such deals with partners and made infinity returns on my zero dollar investment.
Knowing what to buy, where to buy, how to buy and who to buy from is also very important in property investment.
More method next week
Find partners that are willing to pay for the deposit and you take up the loan from the bank. Here's an example; property priced at $1,000,000, partner's cash deposit of 20% - $200,000, your bank loan is $800,000. So you don't pay any cash upfront.
Your questions will be; where do I find such partners? You see, there will be people with cash but are not able to take up a loan because of their age or they have already maximised their loans limit or for whatever the reason. These people could be your friends or relatives or people from your network. A good place to network is to come to our property investment seminar. This is where you will find many like-minded people who understand about property investment. You will also need to have a proper legal agreement to do that. I have done many such deals with partners and made infinity returns on my zero dollar investment.
Knowing what to buy, where to buy, how to buy and who to buy from is also very important in property investment.
More method next week
Thursday, May 5, 2011
Step 24; How to buy properties with little or no money down?
I will be sharing with you the many methods I used to buy properties with no money down over the next few weeks, one method a week. When I say no money down it does not mean literally no money, it means leveraging on other people's money.
The first method will be leveraging on the bank's money. An example will be a property that I bought in Malaysia. I bought it for Rm860,000 and the bank valuation for the property is Rm1,000,000. The bank is also willing to give me a bank loan of 90% of the valuation amount. In other words, I could get Rm40,000 cash for buying a property.
The key to having such a deal is the ability to buy at below market value. Selling and negotiation skills is very important in such transaction.
More no money down deal next week.
The first method will be leveraging on the bank's money. An example will be a property that I bought in Malaysia. I bought it for Rm860,000 and the bank valuation for the property is Rm1,000,000. The bank is also willing to give me a bank loan of 90% of the valuation amount. In other words, I could get Rm40,000 cash for buying a property.
The key to having such a deal is the ability to buy at below market value. Selling and negotiation skills is very important in such transaction.
More no money down deal next week.
Thursday, April 28, 2011
Step 23; Does your government affect your wealth?
The reason why I asked this question is because of the coming election in my beloved country of Singapore. I want to declare that I am not affiliated to any political party in any way and this merely represents my personal opinion based on the results that I have in my country.
My answer to the above question is yes - if you allow them to affect you and no - if you learn to flow with their policies.
When I was broke, I used to blame the government for all my financial problems. One day, while attending a seminar, I learned the distinction of the word "RESPOSIBILITY". From this word I realised that as long as I don't take responsibility and continue to blame, justify and give excuses, I will continue to give away my power to the external world. I also learned "The most important thing is what I say to myself and believe."
From that day onwards I decided to take charge, be responsible for my life and my own actions. I have to admit that it was my own doing that cause my financial downfall. As soon as I changed my beliefs and mindset, I started to take different actions and of course, I got very different results.
Having an academic qualification of only 2 GCE 'O' levels, I can always blame the government for giving all the good jobs to the scholars or I can tell myself that since I cannot get a good job, I may as well create more jobs by being an entrepreneur. I am proud to say that most of my staff are graduates and I am able to create good paying jobs for them.
When I was a bankrupt, I could have easily given the excuse that nobody is going to do business with me because of my financial status. Instead of doing that though, I took the opportunity of finding real and genuine business partners. I am really blessed to have found many good and genuine friends and business associates during that period of time.
I must thank the government for creating an environment where people like me can flourish. Having turned around from bankrupt to become a multi-millionare without a good academic qualification is proof that we have a fair system of governance. Having said that I would also like to thank the many courages opposition members for having the guts to stand for election to keep the government in check. I am very impressed with Nicole Seah, can see her passion and sincerity. She has got the charisma and heart. Braveheart indeed! My only hope is that everybody is doing it to make the country a better place to live in.
At the end of the day, we should all look at creating our own Wealthfare and not want to depend on the state for welfare. If I can do it, so can you!
My answer to the above question is yes - if you allow them to affect you and no - if you learn to flow with their policies.
When I was broke, I used to blame the government for all my financial problems. One day, while attending a seminar, I learned the distinction of the word "RESPOSIBILITY". From this word I realised that as long as I don't take responsibility and continue to blame, justify and give excuses, I will continue to give away my power to the external world. I also learned "The most important thing is what I say to myself and believe."
From that day onwards I decided to take charge, be responsible for my life and my own actions. I have to admit that it was my own doing that cause my financial downfall. As soon as I changed my beliefs and mindset, I started to take different actions and of course, I got very different results.
Having an academic qualification of only 2 GCE 'O' levels, I can always blame the government for giving all the good jobs to the scholars or I can tell myself that since I cannot get a good job, I may as well create more jobs by being an entrepreneur. I am proud to say that most of my staff are graduates and I am able to create good paying jobs for them.
When I was a bankrupt, I could have easily given the excuse that nobody is going to do business with me because of my financial status. Instead of doing that though, I took the opportunity of finding real and genuine business partners. I am really blessed to have found many good and genuine friends and business associates during that period of time.
I must thank the government for creating an environment where people like me can flourish. Having turned around from bankrupt to become a multi-millionare without a good academic qualification is proof that we have a fair system of governance. Having said that I would also like to thank the many courages opposition members for having the guts to stand for election to keep the government in check. I am very impressed with Nicole Seah, can see her passion and sincerity. She has got the charisma and heart. Braveheart indeed! My only hope is that everybody is doing it to make the country a better place to live in.
At the end of the day, we should all look at creating our own Wealthfare and not want to depend on the state for welfare. If I can do it, so can you!
Thursday, April 21, 2011
Step 22; Your network is your networth
I am very blessed to be at my mentor, Robert Allen's house in San Diego, networking with a group of powerful and successful people.
Why do you need to network?
The reason is because in a network you will find people with Resources, Ideas, Contacts and Expertise. This is where you leverage on each other. In order for you to leverage on others, you will need to let others leverage on you too and the more you can put on the table, the more others will want to network with you. In other words, the more you can give, the more you will receive.
"The Rich network, the Poor just work."
Don't underestimate the power of networking, but before you go out and start networking, you need to have the clarity from this ancient chinese saying; Be near to sucessful people and stay away from negative people.
Yes, networking with the right people is very important. You don't want to network with anyone, do you? I learned that a good place to network is to go to the right place and I love to be at places where people are positive and are keen learners. I usually find these people at paid seminars and the higher the amount they pay the higher the quality of the people. Most of my associates and partners are found in paid seminars.
I don't network at country clubs because, generally, the people there may be rich and successful but they may not be that humble. I also found out that most very rich people are very humble too.
End of the day, you want to network with people with a character that suits you. People that will ask more of you. People that will help take you to the next level.
So start looking for a good place to network.
Why do you need to network?
The reason is because in a network you will find people with Resources, Ideas, Contacts and Expertise. This is where you leverage on each other. In order for you to leverage on others, you will need to let others leverage on you too and the more you can put on the table, the more others will want to network with you. In other words, the more you can give, the more you will receive.
"The Rich network, the Poor just work."
Don't underestimate the power of networking, but before you go out and start networking, you need to have the clarity from this ancient chinese saying; Be near to sucessful people and stay away from negative people.
Yes, networking with the right people is very important. You don't want to network with anyone, do you? I learned that a good place to network is to go to the right place and I love to be at places where people are positive and are keen learners. I usually find these people at paid seminars and the higher the amount they pay the higher the quality of the people. Most of my associates and partners are found in paid seminars.
I don't network at country clubs because, generally, the people there may be rich and successful but they may not be that humble. I also found out that most very rich people are very humble too.
End of the day, you want to network with people with a character that suits you. People that will ask more of you. People that will help take you to the next level.
So start looking for a good place to network.
Thursday, April 14, 2011
Step 21; Creating your niche
In business, you will have to learn how to create your niche so that you do not have to compete on price. A niche is where you create a product or service that is unique and where there is also a market demand.
Creating a niche is very simple, just use the simple math of addition, subtraction. division and multiplcation.
Addition is where you combine 2 or more features or benefits into one. For example, my iphone has got almost everything inside it. Phone, email, GPS, compass, calculator, games and many other stuffs
Subtraction is where you reduce the size, noise, time or any unwanted stuff like MSG for food or lead for petrol. The iphone also falls under this category because I don't need to carry so many gadgets with me anymore. Reduces my load.
Division is where you divide something and make it smaller so that it becomes more affordable. Example will be sub-dividing an office and let out to small business owners or self employed. You can also subdivide a piece of land and sell it in smaller parcels and make it affordable to more people.
Multiplication is where you multiply your service or product and reach out to more people. Example will be multi level marketing where you TTP, TTP and TTP. Take The Product and Teach The People to Take The Product.
Real estate companies are also very good at multiplication. They charge a fee for training you on how to market real estate and then charges a fee for every commission that you make. This is where the real estate company owners multiply themselves.
There are six types of evergreen businesses that will always have customers and they are; Food, Shelter, Education, Energy, Entertainment and Health.
You can use any of the above two or more combinations to create your niche in business. Are you able to see that there are many businesses using the above concept? If not, be aware, open up your mind and be on the look out.
Next week we will talk about the importance of networking
Creating a niche is very simple, just use the simple math of addition, subtraction. division and multiplcation.
Addition is where you combine 2 or more features or benefits into one. For example, my iphone has got almost everything inside it. Phone, email, GPS, compass, calculator, games and many other stuffs
Subtraction is where you reduce the size, noise, time or any unwanted stuff like MSG for food or lead for petrol. The iphone also falls under this category because I don't need to carry so many gadgets with me anymore. Reduces my load.
Division is where you divide something and make it smaller so that it becomes more affordable. Example will be sub-dividing an office and let out to small business owners or self employed. You can also subdivide a piece of land and sell it in smaller parcels and make it affordable to more people.
Multiplication is where you multiply your service or product and reach out to more people. Example will be multi level marketing where you TTP, TTP and TTP. Take The Product and Teach The People to Take The Product.
Real estate companies are also very good at multiplication. They charge a fee for training you on how to market real estate and then charges a fee for every commission that you make. This is where the real estate company owners multiply themselves.
There are six types of evergreen businesses that will always have customers and they are; Food, Shelter, Education, Energy, Entertainment and Health.
You can use any of the above two or more combinations to create your niche in business. Are you able to see that there are many businesses using the above concept? If not, be aware, open up your mind and be on the look out.
Next week we will talk about the importance of networking
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